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10-01-2019, 06:27   #1
handlemaster
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Threat to protest stops eviction

https://m.independent.ie/irish-news/...-37698013.html

On the outset no real details of how this situation came about. But the issuing of a threat to protest and then in the background buying the property is not a good road ireland is taking.
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10-01-2019, 06:40   #2
gctest50
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So the iCarehousing vultures buy your house off the bank and then rent it back to you

Then after 25 years you can buy the house from iCarehousing
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10-01-2019, 06:50   #3
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What will iCarehousing do if they stop paying the rent ?
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10-01-2019, 07:05   #4
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What will iCarehousing do if they stop paying the rent ?

Give it a few years and rent to iCarehousing will be deducted at source from wages or dole
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10-01-2019, 07:12   #5
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So if you are say ......... 35

and you can buy your house back from iCarehousing in 25 years time

What bank is going to give you a mortgage @ 60 years of age ?
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10-01-2019, 08:19   #6
handlemaster
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So if you are say ......... 35

and you can buy your house back from iCarehousing in 25 years time

What bank is going to give you a mortgage @ 60 years of age ?


maybe icare been non profit will sell you back the house minus the rent you have paid .... NOT
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10-01-2019, 08:34   #7
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So the iCarehousing vultures buy your house off the bank and then rent it back to you

Then after 25 years you can buy the house from iCarehousing
I am sorry but the whole ICarehousing just does not add up. From reading on the Indo ICare housing state they purchase the property from the vulture fund/bank they then rent it to you the tenant the same way the social welfare would on a 25 yr lease.

If at the end of the 25yr lease you can afford to you can purchase the property from ICare Housing at the same price they paid the vulture fund/bank for it.

Am I missing something here? If someone was smart they could rent their property from ICare for a low rate, while at the same time save money to eventually buy the property back in 25 yrs time and at the same time saving interest payments on the mortgage while ICare housing take care of the maintenance of the property under the rental agreement.

I just think the ICare model is just to good to be true if my understanding of it is correct.
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10-01-2019, 08:42   #8
Maryanne84
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Originally Posted by handlemaster View Post
https://m.independent.ie/irish-news/...-37698013.html

On the outset no real details of how this situation came about. But the issuing of a threat to protest and then in the background buying the property is not a good road ireland is taking.
The details are in the article. “In the Cabra case, the woman and her husband bought their home in 1995 with a mortgage from First National Building Society but soon got into difficulties paying off their loan. Start Mortgages took over the mortgage in 2006 and began High Court proceedings the same year”
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10-01-2019, 08:48   #9
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Fair play to ICarehousing.

What will they do though when the tenant doesn't pay them their rent?
Which sounds very likely to happen.
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10-01-2019, 08:54   #10
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what happens after 25 years? ICare seem to be the winners here. LA make up difference in full rent and they own the asset
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10-01-2019, 09:03   #11
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what happens after 25 years? ICare seem to be the winners here. LA make up difference in full rent and they own the asset

So:

Icarehousing buys the house, gives tenant 25 year lease, tenant pays means tested equivalent council rent, council makes up difference in rent to market rate? Then tenant has the option to buy the house for what Icare paid for it after 25 years (no inflation etc to worry about?) ?

I don't really understand..
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10-01-2019, 09:09   #12
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I'm very dubious of anything that David hall is involved in, I think he was shrieking about a tsunami of repossessions a few years ago...which has not happened.
if you look a the detail of this case there have been issues for probably about 20 years so something had to be done to resolve it.

If banks cannot even attempt to rightfully repossess homes the system is screwed..

It'll be interesting to watch iCarehousing develop over the next few years...
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10-01-2019, 09:10   #13
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So:

Icarehousing buys the house, gives tenant 25 year lease, tenant pays means tested equivalent council rent, council makes up difference in rent to market rate? Then tenant has the option to buy the house for what Icare paid for it after 25 years (no inflation etc to worry about?) ?

I don't really understand..
Icare own the asset and get full market rent for 25 years! Win for them

If the tenant can't buy the house they get that too! $$
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10-01-2019, 09:19   #14
Tacitus Kilgore
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Icare own the asset and get full market rent for 25 years! Win for them

If the tenant can't buy the house they get that too! $$
So, it's a vulture fund then?
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10-01-2019, 09:38   #15
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Icare own the asset and get full market rent for 25 years! Win for them

If the tenant can't buy the house they get that too! $$
Icare paid for the house so of course they get it.

If the tenant can buy the house Icare effectively lose out on the inflation of the house price, so in some ways its a bit of a gamble.

Lets say house worth 300k and iCare pay that for the house, they then make 25 years of rent on it (the same as if they had bought another equivalent house for 300k). At the end of 25 years the tenant can buy the house for 300k, this is effectively a loss for iCare as compared to buying a house on open market the asset is worth far less. Or they continue to own the house and rent it out the same as if they bought another house.

So in effect they are taking a risk on the tenant buying the house back, whats the gain for them compared to buying a house on open market?
Guaranteed rent for 25 years maybe??

Thats my understanding of it anyway.
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