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03-03-2020, 12:04   #1
Boards.ie: Niamh
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Now ye're talking - to a landlord

Our next guest is a landlord and would like to answer your questions about being a landlord and what's involved and maybe clear up some misconceptions as well.

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Hi All
I'm a landlord since 2004. I bought my first rental house in 2004 when I was 23.
I've 3 in total now (hopefully all paid off in 9 years time). I have survived the recession (barely) and met some amazing and crazy people since 2004.

The media has put a really negative spin on all landlords and perhaps this AMA might give a bit of balance to it all, it's far from the cashcow it's made out to be. With 55% tax on rents (ignoring the mortgage!!), they are still not worth what I paid for them...

I have had it all from a bomb being made in my house and it appearing on the news.

Tenants telling me there was a ghost in the attic and what was I going to do about it.

An overweight tenant telling me they were going to sue me as the next doors kids called her a Roly-Poly.

Tenants arguing that punch holes in walls were wear and tear.

Tenants robbing all the lightbulbs when they moved out, etc.

Happy to answer any questions you all may have.
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03-03-2020, 12:52   #2
Doop
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How did you fiance the first purchase in 2004? BTL mortgage?
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03-03-2020, 12:54   #3
Turquoise Hexagon Sun
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It's hard to find a good rental accommadation with all the competion. What can a potential tennant do to stand out from the crowd when trying to get rent a place?
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03-03-2020, 12:59   #4
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Originally Posted by Doop View Post
How did you fiance the first purchase in 2004? BTL mortgage?
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 ..
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03-03-2020, 13:02   #5
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Originally Posted by Turquoise Hexagon Sun View Post
It's hard to find a good rental accommadation with all the competion. What can a potential tennant do to stand out from the crowd when trying to get rent a place?
Its pretty difficult for landlords too , you get overwhelmed by all the responses and some people have genuine hard luck stories ...and its hard to "pick" someone so to speak.. you only really have 15 mins to form an opinion of someone and trust them with your house ..

if I was giving someone advice go to a viewing and have the months rent, and deposit ready to go and all references printed off for the agent/landlord
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03-03-2020, 13:15   #6
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Sounds like you've been through it all!!!
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03-03-2020, 13:39   #7
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So you want to put a bit of 'balance' on the 'negative spin on all landlords', but then in your first reply you say you lied in your mortgage application for your first buy-to-let?
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03-03-2020, 13:45   #8
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Originally Posted by stoneybats View Post
So you want to put a bit of 'balance' on the 'negative spin on all landlords', but then in your first reply you say you lied in your mortgage application for your first buy-to-let?
That is true yes... I did have to save up the 8% deposit myself an then I think the stamp duty was another 15k and then 2k of solicitors bills . I wanted to get a rental house for my future/pension


The negative spin I was referring to was about that we are all in it for the greed and making a fortune with rents not paying any tax etc..
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03-03-2020, 13:55   #9
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Originally Posted by I'm a Landlord, AMA View Post
That is true yes... I did have to save up the 8% deposit myself an then I think the stamp duty was another 15k and then 2k of solicitors bills . I wanted to get a rental house for my future/pension


The negative spin I was referring to was about that we are all in it for the greed and making a fortune with rents not paying any tax etc..
You make a point there, you mention it being for your future or pension.

I feel this gets overlooked by a lot of landlords, yes there is tax on the income, yes you have a mortgage to pay but you also have a hugely valuable asset at the end of it. A landlord of mine during the recession was trying to increase my rent and crying the poor mouth because what she had left after tax/ins etc only covered the mortgage.

With that said, is it your aim as a landlord to be in profit at the end of the month or when you sell the property?
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03-03-2020, 14:08   #10
SureYWouldntYa
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How thorough are you with reference checks for tenants? I'm currently the "landlord" for a few friends, I've gotten a couple calls over the years but I keep it short and just say they were with me x to y and always paid on time, nothing more

Have you ever got a bad feeling with someone at a viewing either and ruled them out? Vice versa, ever got a good vibe off someone and was just happy to take them and didn't do reference checks or the likes
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03-03-2020, 14:12   #11
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Quote:
Originally Posted by LollipopJimmy View Post
You make a point there, you mention it being for your future or pension.

I feel this gets overlooked by a lot of landlords, yes there is tax on the income, yes you have a mortgage to pay but you also have a hugely valuable asset at the end of it. A landlord of mine during the recession was trying to increase my rent and crying the poor mouth because what she had left after tax/ins etc only covered the mortgage.

With that said, is it your aim as a landlord to be in profit at the end of the month or when you sell the property?
Hi , the tax rules have changed a good bit since I bought the first one
there was no PRSI on rental income, no second house tax , no LPT, no levy and as far as I remember you could claim all the mortgage interest back not just 75% of it ,no PRTB etc

last year was the first year since 2004 that the houses actually paid for themselves i.e. they covered the mortgage and paid for the tax bill so for 16 odd years I had to supplement the mortgage and pay a big tax bill annually on them …

My plan is to have them paid off in 9 years then then perhaps I would not have to work so hard or work at all and I could live off the rents and as you said own the assets also
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03-03-2020, 14:13   #12
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What did you do about the ghost?
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03-03-2020, 14:16   #13
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Quote:
Originally Posted by LollipopJimmy View Post
You make a point there, you mention it being for your future or pension.

I feel this gets overlooked by a lot of landlords, yes there is tax on the income, yes you have a mortgage to pay but you also have a hugely valuable asset at the end of it. A landlord of mine during the recession was trying to increase my rent and crying the poor mouth because what she had left after tax/ins etc only covered the mortgage.

With that said, is it your aim as a landlord to be in profit at the end of the month or when you sell the property?
Quote:
Originally Posted by SureYWouldntYa View Post
How thorough are you with reference checks for tenants? I'm currently the "landlord" for a few friends, I've gotten a couple calls over the years but I keep it short and just say they were with me x to y and always paid on time, nothing more

Have you ever got a bad feeling with someone at a viewing either and ruled them out? Vice versa, ever got a good vibe off someone and was just happy to take them and didn't do reference checks or the likes
I've found its more to do with the vibe you get from the person when you meet them .. I suspect most references are made up or pals of the prospective tenant...… the situation out there re property is desperate at the moment so people are doing what they can to secure a place..

I have met people who's references were perfect and just gotten a bad vibe when I met them and I have met people with no references but gotten a good vibe from them and given them the place...
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03-03-2020, 14:17   #14
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Originally Posted by irish_goat View Post
What did you do about the ghost?
told them to move the xmas tree in the attic
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03-03-2020, 14:22   #15
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If the house is for a pension then why are you holding it personally rather than through a self administered pension fund?
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