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Now ye're talking - to a landlord

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Comments

  • Registered Users Posts: 8,370 ✭✭✭lawrencesummers


    Have revenue ever audited your returns?

    How do you “pick” tenants? Gut instinct? Their job? References?


  • Registered Users Posts: 8,370 ✭✭✭lawrencesummers


    Hi
    I get an accountant to do them at the end of the year for me.
    as far as I remember this years bill was about 500 per house for the year.



    I think your paying wayyyy over the odds here.


  • Company Representative Posts: 87 Verified rep I'm a Landlord, AMA


    How much did you increase the rent by when you found out they had sublet the attic to a ghost?


    Hahahah … the ghost just had to pay to resubmit the amended PRTB form-> 90 euros !


  • Company Representative Posts: 87 Verified rep I'm a Landlord, AMA


    I think your paying wayyyy over the odds here.


    I know yeah .. considering its 3 lines per month each have their own bank accounts...so its quite neat...

    1 mortgage debit
    1 rent credit
    1 house insurance debit

    then end of the year a handful of invoices for repairs and that


  • Company Representative Posts: 87 Verified rep I'm a Landlord, AMA


    Have revenue ever audited your returns?

    How do you “pick” tenants? Gut instinct? Their job? References?

    Yep got a desk audit a few years back as far as I remember
    all was grand with it ..

    A combination of all 3 to be honest .. basically you have 15 mins to make an opinion of someone which might not or might be correct …..


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  • Registered Users Posts: 8,370 ✭✭✭lawrencesummers


    I know yeah .. considering its 3 lines per month each have their own bank accounts...so its quite neat...

    1 mortgage debit
    1 rent credit
    1 house insurance debit

    then end of the year a handful of invoices for repairs and that

    It’s deductible AFAIK, but I pay less than half that, and it’s a one time fee. Irrespective of the amount of property or complexity of the return.


  • Company Representative Posts: 87 Verified rep I'm a Landlord, AMA


    It’s deductible AFAIK, but I pay less than half that, and it’s a one time fee. Irrespective of the amount of property or complexity of the return.

    It is deductible yes ...so basically you can either give it to the accountant or to the revenue ….


  • Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators, Social & Fun Moderators Posts: 22,269 CMod ✭✭✭✭Pawwed Rig


    I was 23 when I bought the first house . I didn't know anything about pensions
    or a self administered fund .. I still don't …

    I didn't buy the houses outright I have mortgages on them .. I don't think the bank would let a self administered pension fund buy them with a mortgage

    They would. Might be worth looking into ;) Zero tax charges


  • Company Representative Posts: 87 Verified rep I'm a Landlord, AMA


    Pawwed Rig wrote: »
    They would. Might be worth looking into ;) Zero tax charges
    thanks for that ill ask the accountant when i see him next


  • Registered Users Posts: 8,370 ✭✭✭lawrencesummers


    It is deductible yes ...so basically you can either give it to the accountant or to the revenue ….

    By that rationale maybe you should see if they could charge you more and you would be saving more.


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  • Company Representative Posts: 87 Verified rep I'm a Landlord, AMA


    By that rationale maybe you should see if they could charge you more and you would be saving more.

    that is a silly thing to say ,but thanks for your input


  • Registered Users Posts: 8,370 ✭✭✭lawrencesummers


    that is a silly thing to say ,but thanks for your input

    Not really. When you justify being overcharged as not costing you anything it’s just along the exact same lines.


  • Company Representative Posts: 87 Verified rep I'm a Landlord, AMA


    Not really. When you justify being overcharged as not costing you anything it’s just along the exact same lines.

    Its not costing me anything extra .. its 100% deductible.

    ie it comes off the tax bill


    im sure you know how it works as you say you are a landlord also .

    your comment about charging more to save more is silly.

    lets keep this on topic please


  • Registered Users Posts: 3,529 ✭✭✭dubrov


    Its not costing me anything its 100% deductible.

    That line is disturbing given how long you are a landlord.


  • Registered Users Posts: 667 ✭✭✭Iscreamkone


    If a future government brings in rent freezes, will you continue as a landlord.

    I reckon many landlords will sell up and tenants will pay remaining landlords cash on top of the rent freeze to get places.


  • Company Representative Posts: 87 Verified rep I'm a Landlord, AMA


    If a future government brings in rent freezes, will you continue as a landlord.

    I reckon many landlords will sell up and tenants will pay remaining landlords cash on top of the rent freeze to get places.


    No I would continue , I have no choice to be honest
    if I added up all the tax ,repairs etc that i paid since 2004 and sold the houses it would only break even … so no point in selling up to break even after 16 years....

    i do agree with you re the tenants paying cash on top if there was a rent freeze ….this has always been the way from Rent Allowance to RAS to HAP .. I think a rent freeze would be a bad thing as it will introduce more of a black market to the industry and tenants would be afraid to raise any issues with a landlord in case they were rocking the boat so to speak


  • Registered Users Posts: 82 ✭✭yuridwyer


    When you were audited how far back did they audit? One year, three years?


  • Company Representative Posts: 87 Verified rep I'm a Landlord, AMA


    yuridwyer wrote: »
    When you were audited how far back did they audit? One year, three years?

    I cant remember to be honest..
    it was what was called a desk audit .. basically the revenue had a few queries about the return .. my accountant dealt with them all and gave them the answers to the questions that they were looking for ……


    but i do know of a landlord (not personally) that was getting cash for the rent and was audited … he had to sell the house to cover the interest and penalties ...he has no idea how or why he was audited....


  • Registered Users Posts: 8,247 ✭✭✭Gloomtastic!


    Jeez, you are being ripped off stupid by your accountant! You’re paying him €1500 a year and he’s not advising you how to save €1000’s off your tax bill!!!!

    I’ve never worked with an accountant that didn’t disappoint. :(


  • Registered Users Posts: 2,577 ✭✭✭circular flexing


    Its not costing me anything extra .. its 100% deductible.

    ie it comes off the tax bill


    im sure you know how it works as you say you are a landlord also .

    your comment about charging more to save more is silly.

    lets keep this on topic please


    He is only trying to help. You are being fleeced by your accountant and you are unaware that this is happening. You don't understand how deductions work.



    Anyway, my question is how long do you think you will hold onto these properties? Does it concern you that there might be another crash and you might be left exposed if you did want to sell them.


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  • Registered Users Posts: 4,757 ✭✭✭enricoh


    Have you had to pay any tenants to leave? I'm not a landlord but having to do so would sicken me.


  • Registered Users Posts: 11,195 ✭✭✭✭Michellenman


    Hi there
    I went to the bank and told them the house purchase was for myself.
    I tried to get a BuyToLet mortgage but they wanted a 25% deposit
    I think it was only 8% when I told them I was going to live in it ..

    They gave you a mortgage on the basis you were going to live in it but it was 3 houses you bought, no? Maybe I’m confused...

    Are you happy for people to make changes and personalise the places? I’ve always been happy with landlords but have to say I’ve heard some bad stories about letting agents. Do you use a letting agent?


  • Company Representative Posts: 87 Verified rep I'm a Landlord, AMA


    enricoh wrote: »
    Have you had to pay any tenants to leave? I'm not a landlord but having to do so would sicken me.

    No I never had to pay to get anyone to leave nor did I ever hear of it to be honest


  • Company Representative Posts: 87 Verified rep I'm a Landlord, AMA


    They gave you a mortgage on the basis you were going to live in it but it was 3 houses you bought, no? Maybe I’m confused...

    Are you happy for people to make changes and personalise the places? I’ve always been happy with landlords but have to say I’ve heard some bad stories about letting agents. Do you use a letting agent?



    Hi
    I told the back the first house was for me to live in in 2004 I bought it and rented it out straight away and 9 months later I went back to the bank and went for a second one and a year after that I went and got the third one ....after saving up for all the stamp duty and sols fees
    The bank were only too happy for my business ...
    Back then I was on about 40k a year and the bank gave me over 807k .... at 23 /25 years old ... looking back it was crazy

    To answer your question I tell people that they can do what they want with the house once they give it back to me the same colour as I gave it to them . They can have pets too no problem . I use a letting agent for one house given the grief I have had with 2 tenants in it


  • Company Representative Posts: 87 Verified rep I'm a Landlord, AMA


    He is only trying to help. You are being fleeced by your accountant and you are unaware that this is happening. You don't understand how deductions work.



    Anyway, my question is how long do you think you will hold onto these properties? Does it concern you that there might be another crash and you might be left exposed if you did want to sell them.

    I’ve no plans to sell them at all .. I’ll be 50 when they are all paid off .. it should give me opportunities to travel and that and not have to work so much


  • Closed Accounts Posts: 1,135 ✭✭✭Better Than Christ


    Perhaps some tax cuts for private landlords

    Why is the idea of paying tax on their income viewed so negatively by landlords? Why should people who are already massively privileged be given tax cuts?


  • Registered Users Posts: 1,313 ✭✭✭Brego888


    Have you ever leased long term to the council or used an agent to manage any of your properties?


  • Company Representative Posts: 87 Verified rep I'm a Landlord, AMA


    Brego888 wrote: »
    Have you ever leased long term to the council or used an agent to manage any of your properties?

    Yep all are currently with the hap scheme at the moment


  • Company Representative Posts: 87 Verified rep I'm a Landlord, AMA


    Why is the idea of paying tax on their income viewed so negatively by landlords? Why should people who are already massively privileged be given tax cuts?

    Hi it’s the way it’s taxed see the previous posts on how the taxing works and all the new taxes that I paid that were not there when I bought them



    , I don’t see how I am massively privileged at all .... I wasn’t given the houses nor was it easy to keep and maintain them i explained that when I was 23 as all my pals were going to Ibiza and buying new cars I was saving up for a house deposit / stamp duty and solicitors fees even down to bringing my own lunch to work and not going out for a year.. they still haven’t broke even after 16 years and last year was the first year where they paid for themselves


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  • Registered Users Posts: 2,436 ✭✭✭dartboardio


    Any horror stories with really bad tenants? causing issues or having fights, or drug addicts for example? how did you deal with them?


    Any tenants you struggled to get out when their lease was up?


This discussion has been closed.
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