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Entering Property Market - Advice Needed

  • 18-09-2017 6:35pm
    #1
    liam650
    Registered Users Posts: 186 ✭✭


    So I am planning to mortgage an Apartment for between 50,000 to 70,000 and rent it out to Students and basically let it pay itself. Then potentially purchase more as time goes on etc. All sounds perfect but any flaws in it? I have very little experience when it comes to these sort of things but from what I have seen I have never seen a broke landlord

    Any pointers would be appreciated
    Tagged:


Comments

  • #2
    myshirt
    Registered Users, Registered Users 2 Posts: 5,245 ✭✭✭myshirt


    This will be interesting.


  • #3
    amcalester
    Closed Accounts Posts: 4,121 ✭✭✭amcalester


    How are you going to get a mortgage when you have no job?

    And even if you did get a mortgage, how are you going to pay it if a tenant stops paying rent (like you have apparently)?


  • #4
    liam650
    Registered Users Posts: 186 ✭✭liam650


    amcalester wrote: »
    How are you going to get a mortgage when you have no job?

    And even if you did get a mortgage, how are you going to pay it if a tenant stops paying rent (like you have apparently)?

    Well the plan is to get a job and save for a few years first


  • #5
    amcalester
    Closed Accounts Posts: 4,121 ✭✭✭amcalester


    liam650 wrote: »
    Well the plan is to get a job and save for a few years first

    Have you paid off your outstanding debt to Littlewoods? Because if you haven't, or don't, then the banks wont touch you.

    As for advice paying your bills which includes rent would be a good place to start.


  • #6
    Cuddlesworth
    Registered Users, Registered Users 2 Posts: 13,997 ✭✭✭✭Cuddlesworth


    I'm guessing your pretty young.


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  • #7
    goldenhoarde
    Registered Users, Registered Users 2 Posts: 861 ✭✭✭goldenhoarde


    I'm more interested in the apartments that are going for 50/60 grand care to share?


  • #8
    liam650
    Registered Users Posts: 186 ✭✭liam650


    goldenhoarde wrote: »
    I'm more interested in the apartments that are going for 50/60 grand care to share?

    3 Bed Apartment for 60,000 rent at 350 a month per room, over 12,000 a year, apartment paid off in 5 years


  • #9
    amcalester
    Closed Accounts Posts: 4,121 ✭✭✭amcalester


    liam650 wrote: »
    3 Bed Apartment for 60,000 rent at 350 a month per room, over 12,000 a year, apartment paid off in 5 years

    What about tax?
    And interest?
    And vacant periods, students generally only rent for 9 months of the year?


  • #10
    liam650
    Registered Users Posts: 186 ✭✭liam650


    amcalester wrote: »
    What about tax?
    And interest?
    And vacant periods, students generally only rent for 9 months of the year?

    say between 5 and 6 years then remember the deposit that i will have paid will reduce the mortgage repayment time. During summer months reduce rent, but 350 is only a ballpark number, rents for rooms in this particular area are between 350 and 500 per week so i am being conservative in the estimate


  • #11
    amcalester
    Closed Accounts Posts: 4,121 ✭✭✭amcalester


    liam650 wrote: »
    say between 5 and 6 years then remember the deposit that i will have paid will reduce the mortgage repayment time. During summer months reduce rent, but 350 is only a ballpark number, rents for rooms in this particular area are between 350 and 500 per week so i am being conservative in the estimate

    Nope, tax alone will eat up to 50% of the rent.

    And theres maintenance costs, management fees.


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  • #12
    LG1234
    Closed Accounts Posts: 310 ✭✭LG1234


    liam650 wrote: »
    3 Bed Apartment for 60,000 rent at 350 a month per room, over 12,000 a year, apartment paid off in 5 years

    Where can I get a 3 bed apartment for 60k with a 12k a year return!?


  • #13
    amcalester
    Closed Accounts Posts: 4,121 ✭✭✭amcalester


    LG1234 wrote: »
    Where can I get a 3 bed apartment for 60k with a 12k a year return!?

    You can't.


  • #14
    LG1234
    Closed Accounts Posts: 310 ✭✭LG1234


    amcalester wrote: »
    You can't.

    I know.


  • #15
    Wesser
    Registered Users, Registered Users 2 Posts: 1,813 ✭✭✭Wesser


    Where us there a 3 bed apartment for sale for 60000 that makes 1500 a week? Where?


  • #16
    liam650
    Registered Users Posts: 186 ✭✭liam650


    Tax is 50%? your having a laugh lol


  • #17
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,688 Mod ✭✭✭✭Stheno


    liam650 wrote: »
    Tax is 50%? your having a laugh lol

    How much do you plan on earning in your job?


  • #18
    Wesser
    Registered Users, Registered Users 2 Posts: 1,813 ✭✭✭Wesser


    By the time you pay some tax at the lower rate and some at the higher rate and usc then yeah tax is 40 to 50 %.


  • #19
    liam650
    Registered Users Posts: 186 ✭✭liam650


    Keeping it on the D - LO id say and all will be perfecto


  • #20
    quadrifoglio verde
    Registered Users, Registered Users 2 Posts: 3,670 ✭✭✭quadrifoglio verde


    liam650 wrote: »
    All sounds perfect but any flaws in it? I have very little experience when it comes to these sort of things

    Any pointers would be appreciated

    This op is the biggest pointer I can give you


  • #21
    Sleeper12
    Registered Users, Registered Users 2 Posts: 17,155 ✭✭✭✭Sleeper12


    liam650 wrote:
    Well the plan is to get a job and save for a few years first

    Any advice you get now will most likely be obsolete in 5 or 6 years time when you might be ready to buy.
    I see some comments above from other posters.
    If you get a job & save for a deposit, I think you need 20% deposit for a property that you won't be living in,you will need to show regular, consistent rent payments while you save or you won't get a mortgage.
    If you have a bad credit rating it'll will take 5 years to clean it up.


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  • #22
    myshirt
    Registered Users, Registered Users 2 Posts: 5,245 ✭✭✭myshirt


    Liam, just think about all the bright ideas you had a few years ago to start on a road to 1,000 after tax.

    And where you are now.

    That will give you a feel for the challenge ahead.

    Patience.


  • #23
    Sleeper12
    Registered Users, Registered Users 2 Posts: 17,155 ✭✭✭✭Sleeper12


    liam650 wrote:
    Tax is 50%? your having a laugh lol

    50% is correct.
    liam650 wrote:
    Keeping it on the D - LO id say and all will be perfecto


    Property is registered with the revenue the day you take possession of the keys.
    You have to register as a landlord. All it takes is one tenant to report you to revenue. When revenue catches you they decide how far to backdate the tax owed & then they add penalties & interest.

    You always run the risk of bad tenants. It can take more than a year to evict tenants & they us do not bother to pay rent while you try to evict them. After you do get them out the property might be wrecked. I've seen places trashed. I saw one place where someone peed in the fridge. All carpets and furniture had to go on a skip. All the while you have to pay the mortgage.
    You can get good tenants took but you always have to be prepared for the bad ones.


  • #24
    liam650
    Registered Users Posts: 186 ✭✭liam650


    Hello, so this summer gone I took out a 12 month fixed term lease in a house share, all was grand until a few months back I fell into financial difficulties and couldn't continue to pay rent, so I said look I can't afford it anymore, he didn't take that into consideration at all, I said I will have to vacate the premises as can't afford anymore, he then says he will track me down and bring me to court, well tracking me down homeless will not be easy

    So any advice in this situation? Also I checked and the tenancy or any of them in the house are not on the PRTB list and on an off note few months back he refused to put his own name on the heating company bill and wanted one of the people in the house to, even though he is the owner, said we will all go without heating this winter


  • #25
    Mike3549
    Registered Users, Registered Users 2 Posts: 1,018 ✭✭✭Mike3549


    Who is he? Your landlord or some guy living in the house with you? It looks you are not a tennant, only licensee, so RTB rules do not apply here. Not sure if fixed lease is valid in this case. Even if you are a tennant, you can end fixed tennancy agreement by subletting the place or if landlord refuses to sublet.
    By the way, theres no chance he'll bring you to court, that would be WAY TOO EXPENSIVE for him


  • #26
    L1011
    Registered Users, Registered Users 2 Posts: 69,545 ✭✭✭✭L1011


    So the buy to let idea didn't work out?

    https://www.boards.ie/vbulletin/showthread.php?t=2057788407


  • #27
    rawn
    Registered Users, Registered Users 2 Posts: 3,093 ✭✭✭rawn


    Oh look, it's Liam.


  • #28
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Threads merged.
    OP- please, just please.........


  • #29
    Wesser
    Registered Users, Registered Users 2 Posts: 1,813 ✭✭✭Wesser


    How would you feel.if somebody wasn't paying you your rent in your hypothetical apartment?


  • #30
    Bananaleaf
    Registered Users, Registered Users 2 Posts: 2,921 ✭✭✭Bananaleaf


    liam650 wrote: »
    So I am planning to mortgage an Apartment for between 50,000 to 70,000 and rent it out to Students and basically let it pay itself. Then potentially purchase more as time goes on etc. All sounds perfect but any flaws in it? I have very little experience when it comes to these sort of things but from what I have seen I have never seen a broke landlord

    Any pointers would be appreciated

    Del Boy, is that you?

    This lad is gas!

    My advice to you would be not to do this, but the decision on this one will be made for you by the banks who won't give you a mortgage due to the bad credit history you have accumulated due to your persistent defaulting


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  • #31
    liam650
    Registered Users Posts: 186 ✭✭liam650


    If the landlord will bring me to court but he hasn't registered the property under the PRTB then surely it will not work?


  • #32
    myshirt
    Registered Users, Registered Users 2 Posts: 5,245 ✭✭✭myshirt


    Is this the same guy who asked if he was to place his telly in his neighbours porch and watch it through a series of angled mirrors, could he technically avoid paying the TV licence fee and also become a millionaire in 18 months? Yes one might hit a few snags, but the fundamentals are there to become a millionaire. . no?

    Liam, calm down.


  • #33
    the_syco
    Registered Users, Registered Users 2 Posts: 37,305 ✭✭✭✭the_syco


    liam650 wrote: »
    Also I checked and the tenancy or any of them in the house are not on the PRTB list
    The list isn't always up to date. I hope he sues you for every penny you have!


  • #34
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    Very entertaining thread :-)


  • #35
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,688 Mod ✭✭✭✭Stheno


    liam650 wrote: »
    If the landlord will bring me to court but he hasn't registered the property under the PRTB then surely it will not work?

    For God's sake learn to live within your means, at your bills and stop dodging your obligations


  • #36
    liam650
    Registered Users Posts: 186 ✭✭liam650


    the list says up to date since 9th December, my tenancy started back in June, by law has to register within 1 month, also found out he bought the house over 4 years ago constantly letting rooms out in it, uncle Sam will come knocking on his door


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  • #37
    HeidiHeidi
    Registered Users, Registered Users 2 Posts: 29,530 ✭✭✭✭HeidiHeidi


    liam650 wrote: »
    the list says up to date since 9th December, my tenancy started back in June, by law has to register within 1 month, also found out he bought the house over 4 years ago constantly letting rooms out in it, uncle Sam will come knocking on his door
    If you're for real (which I doubt, tbh, but sure we'll play along as it's a quiet night otherwise), would you not be better served by worrying about the people coming knocking on your door the whole time?

    What happened with Hugh J Ward Solrs in the end?


  • #38
    liam650
    Registered Users Posts: 186 ✭✭liam650


    HeidiHeidi wrote: »
    If you're for real (which I doubt, tbh, but sure we'll play along as it's a quiet night otherwise), would you not be better served by worrying about the people coming knocking on your door the whole time?

    What happened with Hugh J Ward Solrs in the end?

    Hugh J Ward came to the door with a yellow streak running down his pants, that's in the past, the current matter at hand is this unregistered landlord


  • #39
    HeidiHeidi
    Registered Users, Registered Users 2 Posts: 29,530 ✭✭✭✭HeidiHeidi


    liam650 wrote: »
    Hugh J Ward came to the door with a yellow streak running down his pants, that's in the past, the current matter at hand is this unregistered landlord
    Mmmm, yeah - or the current matter at hand might actually be yet another debt that you owe and are trying to get out of?

    Bit of a pattern developing don't you think?


  • #40
    liam650
    Registered Users Posts: 186 ✭✭liam650


    It is really simple, I do not have the money, food and clothing and shelter come first before these so called debts, especially coming up to xmas, I'm looking at possible homelessness, but no one cares, which yeah fair enough but why should I care then


  • #41
    the_syco
    Registered Users, Registered Users 2 Posts: 37,305 ✭✭✭✭the_syco


    You'll given three meals a day, and a nice room, in a big communal house. But you won't get to leave it for 6 months to a year.


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  • #42
    Bananaleaf
    Registered Users, Registered Users 2 Posts: 2,921 ✭✭✭Bananaleaf


    liam650 wrote: »
    So I am planning to mortgage an Apartment for between 50,000 to 70,000 and rent it out to Students and basically let it pay itself. Then potentially purchase more as time goes on etc. All sounds perfect but any flaws in it? I have very little experience when it comes to these sort of things but from what I have seen I have never seen a broke landlord

    Any pointers would be appreciated

    Why get just the one? If you get two you can double the return which will enable you to climb the ladder quicker when you think about it.

    No need for any experience, you'll learn it all as you go along sure.

    I say go for it OP! Keep us posted


  • #43
    HeidiHeidi
    Registered Users, Registered Users 2 Posts: 29,530 ✭✭✭✭HeidiHeidi


    Bananaleaf wrote: »
    Why get just the one? If you get two you can double the return which will enable you to climb the ladder quicker when you think about it.

    No need for any experience, you'll learn it all as you go along sure.

    I say go for it OP! Keep us posted
    I think there might be a few speedbumps along the road to be negotiated before he's in a position to launch his property management empire!


  • #44
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Ahhhh Liam650, is your memory really that short? :rolleyes:
    Graham wrote: »
    Mod Note:

    OP, in light of your recently closed "I've decided to stop paying rent" thread, this thread too is closed.

    Do not start any more threads along the same subject.


  • #45
    James 007
    Registered Users Posts: 962 ✭✭✭James 007


    Talk to Eddie Hobbs for buying properties within that price range, I hear that in Berlin and places are rising:rolleyes:


  • #46
    Cuddlesworth
    Registered Users, Registered Users 2 Posts: 13,997 ✭✭✭✭Cuddlesworth


    liam650 wrote: »
    Hello, so this summer gone I took out a 12 month fixed term lease in a house share, all was grand until a few months back I fell into financial difficulties and couldn't continue to pay rent, so I said look I can't afford it anymore, he didn't take that into consideration at all, I said I will have to vacate the premises as can't afford anymore, he then says he will track me down and bring me to court, well tracking me down homeless will not be easy

    So any advice in this situation? Also I checked and the tenancy or any of them in the house are not on the PRTB list and on an off note few months back he refused to put his own name on the heating company bill and wanted one of the people in the house to, even though he is the owner, said we will all go without heating this winter

    Jesus your post history is a couple of different levels of cringe.

    At the end of the day, if your landlord has the money and the time, while you intend to earn money by working, he can always recover the money. You can't work without a home and you can't hide from the courts forever unless you want to take up the travelling life. Your wages can be garnished from your employer and any job move will end up with another court case and more money over to the landlord. The people who get away with not paying and playing the system have every intention of being bottom feeders for the rest of their lives, never working, moving constantly and fighting over scraps.


  • #47
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Mod Note:

    sorry folks, Liam650 won't be replying for a while so closing this thread.


This discussion has been closed.
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