Tenants not paying rent

19-04-2020 5:01am

TheChizler wrote: »

It's zero cash flow not breaking even. Most investments are negative cash flow until the time comes that they sell or vest, pensions, shares, portfolios. All come with risk.

It's breaking even

Browney7 · 19-04-2020 10:06am

Niner leprauchan wrote: »

It's breaking even

If it was an interest only mortgage or a house purchased for cash outright would it be more profitable in your definition of what constitutes profit?

19-04-2020 10:13am

Niner leprauchan wrote: »

Couldn't be

1700 x 12 = 20400.
Mortgage interest reduction, wear and tear, insurance, agency fees, repairs, etc. Should be able to reduce by half depending on the interest.

10200 net isn't costing 6000 in income tax

Also even though you are technically supposed a lot don’t pay preliminary tax.

Pkiernan · 19-04-2020 10:31am

Quite a few people on here in for quite a shock when Revenue disagree about their definition of income.

LoL

19-04-2020 10:35am

Browney7 wrote: »

If it was an interest only mortgage or a house purchased for cash outright would it be more profitable in your definition of what constitutes profit?

What any sane person would consider profit would be positive cash flow every month i.e. additional income from your rental property. If you don’t see a way of doing this then the sums don’t work imo. Why would you open any business if you were going to have to be putting money into it all the time from another source of income, it would be madness.

People will come back and say it’s an investment but it’s much more than than its operating a rental business and an investment. The investment is done in the hope of capital appreciation and a rental business aiming to be profitable day to day and supplement your income from your day job (I.e. cover mortgage and all expenses and leave extra over to save or spend).

dennyk · 19-04-2020 10:39am

Accepting their offer of a reduced rent with no arrears could be used against you; when you ask them to pay the original amount again, they may go to the RTB and claim that the reduced amount was a rent review and that it is now their actual rent, and you won't be able to raise it again for 1-2 years (and then only by 4% if they're in an RPZ).

Instead, you could allow them to accumulate arrears without taking action right now, and come to an agreement with them allowing them to pay off the arrears (in addition to their full rent, of course) over a reasonable period of time once their situation is better. This would not be a rent review; the periodic rent they owe does not change because they are in arrears or because they've only made partial rent payments of their own volition, even if the landlord hasn't taken action against them for the arrears they owe. Also, if they balk at actually paying off the arrears later, you can always move to give notice at that point if necessary. There is still a risk that you might never recover the arrears you allow them to accumulate (or at least not without great difficulty and hassle), so keep that in mind, but it is still less risky than ending up with a permanently lower rent (possibly for a very long time, if you're in an RPZ) should an RTB judgement about your "rent discount" being a rent review go against you.

Pkiernan · 19-04-2020 10:41am

Lexie Black Oaf wrote: »

What any sane person would consider profit would be positive cash flow every month i.e. additional income from your rental property. If you don’t see a way of doing this then the sums don’t work imo. Why would you open any business if you were going to have to be putting money into it all the time from another source of income, it would be madness.

People will come back and say it’s an investment but it’s much more than than its operating a rental business and an investment. The investment is done in the hope of capital appreciation and a rental business aiming to be profitable day to day and supplement your income from your day job (I.e. cover mortgage and all expenses and leave extra over to save or spend).

Revenue tax you on your rental income.

You may not deduct the mortgage payment (except for the interest portion) from your declared rental income.

For example.

Rent is 1000 per month.
Mortgage payment is 900 per month of which interest is 300 per month.

Revenue will tax you as if you earned 700 per month.

You will be taxed at full margin rate + PRSI + USC on 8400 per year.

You may not agree, but that is the reality.

Sheep Shagger · 19-04-2020 10:44am

Niner leprauchan wrote: »

Couldn't be

1700 x 12 = 20400.
Mortgage interest reduction, wear and tear, insurance, agency fees, repairs, etc. Should be able to reduce by half depending on the interest.

10200 net isn't costing 6000 in income tax

If he's in the upper tax bracket 6k wont be far off his tax bill on the net of 10k

It is VERY difficult to make an after tax profit in this country on a single rental property. Scary how so many people think it is free money.

19-04-2020 11:07am

Pkiernan wrote: »

Revenue tax you on your rental income.

You may not deduct the mortgage payment (except for the interest portion) from your declared rental income.

For example.

Rent is 1000 per month.
Mortgage payment is 900 per month of which interest is 300 per month.

Revenue will tax you as if you earned 700 per month.

You will be taxed at full margin rate + PRSI + USC on 8400 per year.

You may not agree, but that is the reality.

I’m not arguing with how revenue tax income from a let property, yes it’s unfair as the full mortgage payment should be deductible along with many other deductions standard for or other businesses but not allows for rental businesses but I know how it works.

I thought the conversation was about what constitutes profit.

Browney7 · 19-04-2020 1:02pm

Lexie Black Oaf wrote: »

I’m not arguing with how revenue tax income from a let property, yes it’s unfair as the full mortgage payment should be deductible along with many other deductions standard for or other businesses but not allows for rental businesses but I know how it works.

I tonight the conversation was about what constitutes profit.

Your desire for the repayment of borrowed capital to be tax deductible is fantasy land nonsense

TheChizler · 19-04-2020 1:55pm

Niner leprauchan wrote: »

It's breaking even

Going way off the OP's topic here, so month to month breaking even on cash flow, but when you consider you're reducing debt with each payment you're doing a hell of a lot better than just "breaking even", you can't ignore that part.

If I pay into a pension each month I have a negative cash flow but I don't consider that losing money. Barring some (entirely possible) disaster I'll get that money back plus more when I retire.

bbehan202 · 19-04-2020 2:31pm

Thanks everyone for all the feedback. I think I have rested on:

1. Month 1 - I will accept the lower payment and consider the remainder arrears. I will take money from the deposit to cover the money I am at a loss. I am not considering this a rent reduction.
2. I will let them know the arrears needs to be paid back to top back up the deposit before the end of the tenancy / when we come out of COVID-19 situation. I will be specific about the criteria here.
3. Month 2 - If the situation continues I need to see bank statements etc to show evidence of depletion of no savings / depletion of income. At this stage I will re-consider re-using more of the deposit to pay back.

I will document all of my interactions / keep everything in writing.

This is the fairest I feel I can be while being empathetic towards their situation but protecting my own financial one.

TheChizler · 19-04-2020 2:38pm

bbehan202 wrote: »

Thanks everyone for all the feedback. I think I have rested on:

1. Month 1 - I will accept the lower payment and consider the remainder arrears. I will take money from the deposit to cover the money I am at a loss. I am not considering this a rent reduction.
2. I will let them know the arrears needs to be paid back to top back up the deposit before the end of the tenancy / when we come out of COVID-19 situation. I will be specific about the criteria here.
3. Month 2 - If the situation continues I need to see bank statements etc to show evidence of depletion of no savings / depletion of income. At this stage I will re-consider re-using more of the deposit to pay back.

I will document all of my interactions / keep everything in writing.

This is the fairest I feel I can be while being empathetic towards their situation but protecting my own financial one.

Good plan I think except for using the deposit (or at least telling them you're taking it out of the deposit). In their minds you'll be paid at that stage and I wouldn't bet on ever seeing the arrears, and you could be stuck without a deposit at the end.

Asking for money to top up the deposit could be seen as increasing the deposit midway through a tenancy which I don't think is allowed. Best keep it simple and do things by the book, deal with arrears during a tenancy and deposit at the end.

19-04-2020 4:09pm

Browney7 wrote: »

If it was an interest only mortgage or a house purchased for cash outright would it be more profitable in your definition of what constitutes profit?

no mortgage means no interest which means by mine and revenues definition, more profit.

Profit and loss balancing is balanced out or breaking even. Yes, his ASSETS have increased by the value - Outstanding mortgage. Not arguing that but he can't realise that without selling.

19-04-2020 4:13pm

TheChizler wrote: »

Going way off the OP's topic here, so month to month breaking even on cash flow, but when you consider you're reducing debt with each payment you're doing a hell of a lot better than just "breaking even", you can't ignore that part.

If I pay into a pension each month I have a negative cash flow but I don't consider that losing money. Barring some (entirely possible) disaster I'll get that money back plus more when I retire.

No, not ignoring it. I said it in the original comment. Asset portfolio has increased but that's no good when the only way to realise that is by selling an asset that may or may not increase in value.

My house is now valued more than my mortgage thankfully but considering I still need to buy somewhere to live and they also cost more now, the profits not benefiting me.

19-04-2020 4:35pm

TheChizler wrote: »

Going way off the OP's topic here, so month to month breaking even on cash flow, but when you consider you're reducing debt with each payment you're doing a hell of a lot better than just "breaking even", you can't ignore that part.

If I pay into a pension each month I have a negative cash flow but I don't consider that losing money. Barring some (entirely possible) disaster I'll get that money back plus more when I retire.

Why the assumption that these properties are comparable to pensions or that they ever plan on selling them? For many they are a side line business designed to bring in extra income and the intention to never sell but rather add to a portfolio.

Eric Cartman · 19-04-2020 4:50pm

allow a temporary reduction for 3 months but be very clear that there are arrears, spread the arrears over 12 months when they're back to work.

A lot of tenants chancing their arm at the moment thinking they're in for a big reduction in the future or the economy will crash and landlords will be desperate for tenants. If the property is under an hours commute from a city I'd hold your ground. Loads of great tenants out there.

robinbird · 19-04-2020 10:09pm

Eric Cartman wrote: »

A lot of tenants chancing their arm at the moment thinking they're in for a big reduction in the future or the economy will crash and landlords will be desperate for tenants. If the property is under an hours commute from a city I'd hold your ground. Loads of great tenants out there.

There will be a big fall in rent levels unless FG has the additional funds available to significantly increase the subsidy to landlords which is currently one billion a year. e.g. as soon as the Dublin airbnb properties came on the rental market in March Eoghan Murphy acted decisively to pay landlords to take 350 off the market again before they negatively affected supply.

Danger is they may not have the funds to keep rent levels high if there is a recession.

Marcusm · 19-04-2020 11:06pm

Lexie Black Oaf wrote: »

I’m not arguing with how revenue tax income from a let property, yes it’s unfair as the full mortgage payment should be deductible along with many other deductions standard for or other businesses but not allows for rental businesses but I know how it works.

I thought the conversation was about what constitutes profit.

No business gets a deduction for the repayment element if a loan and no sane person would see it as reducing profit. Landlords are not disadvantaged by this.

19-04-2020 11:10pm

Marcusm wrote: »

No business gets a deduction for the repayment element if a loan and no sane person would see it as reducing profit. Landlords are not disadvantaged by this.

There are capital allowances available for buildings for many businesses, this would be essentially tax relief on the capital cost as its in addition to full relief on interest.

Obvious Desperate Breakfasts · 20-04-2020 4:07am

Lexie Black Oaf wrote: »

There are capital allowances available for buildings for many businesses, this would be essentially tax relief on the capital cost as its in addition to full relief on interest.

With rental properties, the building is the business though rather than a place in which to conduct the business. So it’s not a valid comparison.

davindub · 20-04-2020 8:00am

Lexie Black Oaf wrote: »

There are capital allowances available for buildings for many businesses, this would be essentially tax relief on the capital cost as its in addition to full relief on interest.

I hope you are aware that if capital allowances were claimable on dwellings, they would need to be repaid on sale of the asset......

Marcusm · 20-04-2020 8:31am

Lexie Black Oaf wrote: »

There are capital allowances available for buildings for many businesses, this would be essentially tax relief on the capital cost as its in addition to full relief on interest.

That’s the capital cost of an asset not the repayment element of a loan. The capital allowance is intended to reflect the diminution in value as a result of the wear and tear on the asset. There is no requirement for it to diminish in value but it does in 99% of the cases of capital allowances. With the exception of hotels, industrial and agricultural buildings, it would not also not be due on structures. No point in rebutting, simply acknowledge a misassumption!

beauf · 20-04-2020 9:04am

robinbird wrote: »

There will be a big fall in rent levels unless FG has the additional funds available to significantly increase the subsidy to landlords which is currently one billion a year. e.g. as soon as the Dublin airbnb properties came on the rental market in March Eoghan Murphy acted decisively to pay landlords to take 350 off the market again before they negatively affected supply.

Danger is they may not have the funds to keep rent levels high if there is a recession.

I missed this. What subsidy? What 350 off the market.

20-04-2020 11:04am

Marcusm wrote: »

That’s the capital cost of an asset not the repayment element of a loan. The capital allowance is intended to reflect the diminution in value as a result of the wear and tear on the asset. There is no requirement for it to diminish in value but it does in 99% of the cases of capital allowances. With the exception of hotels, industrial and agricultural buildings, it would not also not be due on structures. No point in rebutting, simply acknowledge a misassumption!

It’s not a misassumption so I won’t be acknowledging it as so.

Capital allowances give tax relief on the capital cost of a building which basically means you are getting tax relief on your capital repayment.

hmmm · 20-04-2020 11:20am

I'd be glad that they've opened with 1400, it could be an awful lot worse. Many will start with zero.

If I was in your shoes I'd happily accept the 1400, don't make a quibble about it - that is if you want them as long-term renters which they sound happy to be. I certainly wouldn't start taking money from a deposit, and if you pulled that trick on me I'd be out of there first chance I get.

Obvious Desperate Breakfasts · 20-04-2020 11:34am

Lexie Black Oaf wrote: »

It’s not a misassumption so I won’t be acknowledging it as so.

Capital allowances give tax relief on the capital cost of a building which basically means you are getting tax relief on your capital repayment.

Think about what you are saying when you say that capital repayments should be tax-deductible. If you owned a rental property outright, would you be happy having to pay a lot more tax on your rental income than somebody who holds a mortgage on their rental property? I seriously doubt you would. Why should outright owners be penalised like that?

Pawwed Rig · 20-04-2020 11:39am

Obvious Desperate Breakfasts wrote: »

Think about what you are saying when you say that capital repayments should be tax-deductible. If you owned a rental property outright, would you be happy having to pay a lot more tax on your rental income than somebody who holds a mortgage on their rental property? I seriously doubt you would. Why should outright owners be penalised like that?

The magnitude of capital allowances have no bearing on the amount of an asset you own or don't own.

Obvious Desperate Breakfasts · 20-04-2020 11:52am

Pawwed Rig wrote: »

The magnitude of capital allowances have no bearing on the amount of an asset you own or don't own.

I’m simply talking about how much tax is paid. That other poster is saying that capital repayments should be fully tax-deductible. I’m saying somebody who owns their house outright has no capital repayments to deduct from pre-tax revenue, therefore will pay more tax. A lot more.

I’m not sure what your point is re: ownership. How does that relate to what that poster is proposing?

Pawwed Rig · 20-04-2020 11:57am

Not sure what your point is then tbh but either way it doesn't matter as you cannot claim CA on a residential premises anyway.

Obvious Desperate Breakfasts · 20-04-2020 12:02pm

Pawwed Rig wrote: »

Not sure what your point is then tbh but either way it doesn't matter as you cannot claim CA on a residential premises anyway.

I don’t know what the confusion is.

Capital repayments aren’t tax-deductible on rental properties.
Nox thinks they should be.
Capital repayments being deducted would greatly reduce the tax bill for mortgage holders.
Non-mortgage holders would not qualify for that considerable deduction and would therefore pay a lot more tax on the their rental income.

Maybe some people think that’s okay but I very much doubt if Nox owned a rental property outright, that he’d be happy paying way more tax on rental income that somebody who is servicing a mortgage. I’ve pointed this out to him before and got no response because I doubt he can square it in his head.

20-04-2020 12:13pm

Obvious Desperate Breakfasts wrote: »

Think about what you are saying when you say that capital repayments should be tax-deductible. If you owned a rental property outright, would you be happy having to pay a lot more tax on your rental income than somebody who holds a mortgage on their rental property? I seriously doubt you would. Why should outright owners be penalised like that?

It would all have to be looked at. The taxation strategy for LLs needs serious overhaul as the rates are far too high. Taxation at marginal rate needs to be scrapped and a much lower flat rate for example, far more deduction allowable which would be available to other businesses but no to a LL (not referring to CA here there are many more) etc.

Scoundrel · 20-04-2020 12:34pm

The kind heartedness and public spirit of Irish landlords always amazes me they constantly say there's no money/profit in it yet they continue to rent out properties out of the goodness of their own hearts never making a profit according to themselves! Bravo you unsung heroes.

Claw Hammer · 20-04-2020 12:39pm

Scoundrel wrote: »

The kind heartedness and public spirit of Irish landlords always amazes me they constantly say there's no money/profit in it yet they continue to rent out properties out of the goodness of their own hearts never making a profit according to themselves! Bravo you unsung heroes.

If it wasn't for them tenants would be on the side of the road.

Obvious Desperate Breakfasts · 20-04-2020 12:40pm

Lexie Black Oaf wrote: »

It would all have to be looked at. The taxation strategy for LLs needs serious overhaul as the rates are far too high. Taxation at marginal rate needs to be scrapped and a much lower flat rate for example, far more deduction allowable which would be available to other businesses but no to a LL (not referring to CA here there are many more) etc.

How would you make up the shortfall on all these tax cuts? Genuine question though possibly outside the scope of this subforum.

beauf · 20-04-2020 12:42pm

Obvious Desperate Breakfasts wrote: »

How would you make up the shortfall on all these tax cuts? Genuine question though possibly outside the scope of this subforum.

This thread has long left what ever it was about at the start.

Scoundrel · 20-04-2020 12:45pm

<SNIP>

Obvious Desperate Breakfasts · 20-04-2020 1:42pm

beauf wrote: »

This thread has long left what ever it was about at the start.

We Irish love to ramble on interminably.

I’m reminded of that every time I visit the UK. On every visit, I get at least one person staring at me with puzzlement as I shite on about this and that.

The Cool · 20-04-2020 2:04pm

Good god this is a bleak thread. There's a horrible attitude here of, how dare they, make sure they don't scam you, the cheek of them etc. Bear in mind, they have simply requested a reduction, of 18%. They are out of their jobs and are trying to keep all bases covered while also trying to do right by you. Give them some credit, they are clearly trying to work with you on this.

Can I ask - what did you get in rent for this property 5-10 years ago? I'd imagine a fair bit less, though would I be right in saying your mortgage costs etc would stay the same? To explain what I mean - the house I rented in 2014 for €900 is now up on Daft for €1700. If yours has increased in price with the same scale over the years, how were you managing back then? Bear in mind we are looking at another recession coming at us - if you lose these tenants, depending on when you are replacing them, your market value could be back down to €1400 anyway. I would keep them on with their lease for €1700 in good faith that by June or July they'll be back to paying rent in full.

For what it's worth, I rent with my Oh for €1450 a month. His job and salary are secure. I'm self employed and have lost all my work so am on the Covid payment. Bear in mind that there are only 6 weekly installments of it, I have 3 left, but little to nothing coming in from invoices until July at least. Our landlords have fully cancelled our rent for the time being, on their own initiative, which we absolutely appreciate is very very kind. As a result, we'll make a point of doing some extra bits around the house, freshening up paint, servicing things etc. We had been considering moving this year, but won't now, because we don't want to hand them notice so quickly after them being so kind. Just trying to be sound tenants. Sounds like yours are the same.

beauf · 20-04-2020 3:50pm

The Cool wrote: »

Good god this is a bleak thread. There's a horrible attitude here of, how dare they, make sure they don't scam you, the cheek of them etc. Bear in mind, they have simply requested a reduction, of 18%. They are out of their jobs and are trying to keep all bases covered while also trying to do right by you. Give them some credit, they are clearly trying to work with you on this. ....

Sounds like the rental is no longer sustainable. The LL is effectively broke (taking what was posted at face value) and should sell up at the first opportunity and start over.

20-04-2020 3:52pm

beauf wrote: »

Sounds like the rental is no longer sustainable. The LL is effectively broke (taking what was posted at face value) and should sell up at the first opportunity and start over.

This is awful rubbish. How you arrive at this conclusion from what the op posted is just bizarre. Maybe it time for the tenants to move out if paying their rent is no longer sustainable (I'm not saying this should have to happen but its equally as big a question why renters haven't savings to tap into as asking why LLs can't subsidise tenants)?

Scoundrel · 20-04-2020 4:09pm

Lexie Black Oaf wrote: »

This is awful rubbish. How you arrive at this conclusion from what the op posted is just bizarre. Maybe it time for the tenants to move out if paying their rent is no longer sustainable (I'm not saying this should have to happen but its equally as big a question why renters haven't savings to tap into as asking why LLs can't subsidise tenants)?

You're hardly going to have much savings forking out 1700 in rent ffs what planet are you on?

20-04-2020 4:24pm

Scoundrel wrote: »

You're hardly going to have much savings forking out 1700 in rent ffs what planet are you on?

It's not one person paying 1700 it's two, so 850 each assuming an even split.

beauf · 20-04-2020 4:47pm

Lexie Black Oaf wrote: »

This is awful rubbish. How you arrive at this conclusion from what the op posted is just bizarre. Maybe it time for the tenants to move out if paying their rent is no longer sustainable (I'm not saying this should have to happen but its equally as big a question why renters haven't savings to tap into as asking why LLs can't subsidise tenants)?

I read what the OP said. They said they couldn't afford to cover any drop in rental income, and couldn't re-finance the mortgage.
Say the tenants move out. What then. Whats the backup plan? Is the only plan to get tenants who can pay the same rent as 2019 or more?
The tenants wanting a reduction is just the last straw. This ship was already in trouble. Unless of course the OP is exaggerating.

20-04-2020 4:52pm

Scoundrel wrote: »

The kind heartedness and public spirit of Irish landlords always amazes me they constantly say there's no money/profit in it yet they continue to rent out properties out of the goodness of their own hearts never making a profit according to themselves! Bravo you unsung heroes.

Many posters have complained that lettings are run in a haphazard way and should be run as a business where each party lives up to their responsibilities. The LL is still providing the service/property so I’m not sure why you think kindheartedness should be anything more than a personal choice on the LLs part. If you feel you can get better value elsewhere, there is nothing to stop you renting a different property. The LL may regret not agreeing to a lower rent, but that is his/her choice and can be dependent on other factors. Many small landlords also have jobs and may too be suffering as a result of Covid 19, that is not the tenants problem though. Renting is not philanthropy, someone has to pay, either the tenant paying the LL and/or the LL paying the bank. So less of the moralising please.

JustAThought · 20-04-2020 5:11pm

If both are in the airline industry and are not working for Ryanair who seemed to gave come yp with a relatively reasonable deal fir its staff what have their salaries been reduced from and to, and what are their longer terms prospects?

Are they on the covid payment which has recently been increased and if so which bracket - one was e370 a week, the other slightly more. Even if each of them are on the lower of this two payments then they would have e1200 pm EACH incoming . It wouod seem reasonable to take the hot of this was the case and they had longer term prospects of their jobs returning. But - isn’t there a new hardship ‘grant’ that renting tenants can apply for from the SW. Have you or they looked at this? It might be worthwhile particularly as it won’t get you into a mess with decreasing rent in what could ve a rent control area and all the complications that could entail -and have the advantage of enabling you not to have to subsadise their rent but not crucify them either? Might be worth a look.

I’ll always try hard to accommodate good tenants but we pay huge amounts of tax in our salaries and on the 50% of the rent due in government tax - might as well see if they can avail of a state covid 19 support forst before you take the
hit. Otherwise take the hit but put it in writing that it of r x period on an once off basis once and put a time limit or re-evaluation time limit on it. Seems fair as nobody wants to be locked into something as nobody knows what may happen. Explore the options before you take the hit.

JeffKenna · 20-04-2020 5:19pm

Lexie Black Oaf wrote: »

It’s not a misassumption so I won’t be acknowledging it as so.
Capital allowances give tax relief on the capital cost of a building which basically means you are getting tax relief on your capital repayment.

Capital allowances write down the tax value of the asset. They are not linked to whether you got a loan or not to purchase the property.

It wouldn't make a huge difference in the long run anyway as if you plan to sell a rental in a few years, you would have an additional capital gains tax charge on the value of the asset that was wrote down.

Who it would really benefit is someone who planned to pass down properties on death to children. No capital gains tax on death and the acquisitions relief would probably cover the transfer to a child.

Ray Palmer · 20-04-2020 5:30pm

Here is a situation. 4 tenants sharing a 3 bed. All apparently foreign students study and working part time. At the start they are told not to worry about rent as knew PUP was coming.Told them just get prepared to be living together in close quarters and respect each other. Already issues so knew to warn them.

PUP is all setup. Contact them to say now they should be covered and let me know if they needed a temporary discount for the month as I am sure they had unexpected expenses. One of them tells me they may just be able to give 25% of their rent while the others pay their full rent.

I ask him if is getting PUP and he says yes so I ask is that not very close to his normal income if not more. Student visas allow you to do 20hours paid work a week. And he says it is a lot lot less. So he says while he is only meant to work 20 hours Dublin is so expensive he has to work 40 hours. So I ask do you get paid a lot more than minimum wage and he says no just minimum wage. So silence for a bit and I eventually say I assume you don't have to use maths in his job. More silence. Explain while Dublin is expensive his rent is incredibly cheap and were his food and bills in lock down are just over €1000 a month. More silence, then he says he has a loan to pay off. OK why are you paying off a loan with rent money and not asking the bank to wait? More silence.

No discount on the rent next month and you owe the rent for this month.

the_syco · 21-04-2020 12:21am

bbehan202 wrote: »

My costs for the property are pretty high and I don't make much money off of it - just break even. I have savings but it's not much. I can't avail of any mortgage holiday from the bank. (That's a whole other story.)

Why can't you?

daedal · 21-04-2020 1:54am

E. Stop being a greedy bastard and reduce the rent to €1200. What kind of ****ed up country we live in where a tenant has to pay €850 a month on rent alone. That’s more than half their salary if they are on minimum wage.

Tenants not paying rent

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