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08-09-2018, 17:53   #1
Pkiernan
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Why I'm taking my rental off the market

I have a nice apartment in a very desirable area that will rent in a heartbeat.

I haven't raised the rent since 2008, and property was last rented at 40% below market rate. I've never been interested in getting the most rent possible.

Last tenant just abandoned the property without notice owing 4 months rent and has left the place in such a state that the kitchen and bathroom had to be entirely torn out and rebuilt from the studs out.

Living room floor so damaged it has to be replaced.

Kitchen appliances destroyed or missing.
Entire apartment needs to be completely repainted.

With the unpaid rent and repairs I'm out of pocket approx 17k euro, and no hope of reimbursement.

He had been there for 3 years with relatively few issues.


Place will be refurbed by end of September and is going on Air BnB, where 120 days a year occupancy will net me more than renting.

If the government restricts short term rentals then I'll just keep it empty and use it as a holiday home.


I'm sure I'm like many others who are sick of having zero property rights over their own property.
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08-09-2018, 17:59   #2
Seth Brundle
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I'd recommend that you pen this into national media such as the Irish Times as most people are unaware if the hassle from renting and why current policies are contributing to the property problems. Get a bit of fact based discussion going on the topic.
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08-09-2018, 18:02   #3
sunnysoutheast
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Quote:
Originally Posted by Pkiernan View Post
I have a nice apartment in a very desirable area that will rent in a heartbeat.

I haven't raised the rent since 2008, and property was last rented at 40% below market rate. I've never been interested in getting the most rent possible.

Last tenant just abandoned the property without notice owing 4 months rent and has left the place in such a state that the kitchen and bathroom had to be entirely torn out and rebuilt from the studs out.

Living room floor so damaged it has to be replaced.

Kitchen appliances destroyed or missing.
Entire apartment needs to be completely repainted.

With the unpaid rent and repairs I'm out of pocket approx 17k euro, and no hope of reimbursement.

He had been there for 3 years with relatively few issues.


Place will be refurbed by end of September and is going on Air BnB, where 120 days a year occupancy will net me more than renting.

If the government restricts short term rentals then I'll just keep it empty and use it as a holiday home.


I'm sure I'm like many others who are sick of having zero property rights over their own property.
Might be worth a chat with an acct. about whether you can realise any losses you can offset against future income or gains?

Sorry I don't know the ins and outs of it in detail.

Yeah you would be crazy being a landlord in the current regulatory and fiscal environment imho.
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08-09-2018, 18:29   #4
Pkiernan
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Originally Posted by sunnysoutheast View Post
Might be worth a chat with an acct. about whether you can realise any losses you can offset against future income or gains?

Sorry I don't know the ins and outs of it in detail.

Yeah you would be crazy being a landlord in the current regulatory and fiscal environment imho.
Repairs tend to be tax deductible alright, but need income to deduct against!

Anyway, I'll see how Air BnB works out.
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08-09-2018, 18:31   #5
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Would you consider the high-end rental sector, to Big Four accountancy firms etc. for visiting executives?
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08-09-2018, 18:36   #6
niallers1
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Quote:
Originally Posted by Seth Brundle View Post
I'd recommend that you pen this into national media such as the Irish Times as most people are unaware if the hassle from renting and why current policies are contributing to the property problems. Get a bit of fact based discussion going on the topic.

Media are not interested in these type of stories at the moment. Don't suppose you have any cruel landlord stories? They'll bite the hand off you for those.
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08-09-2018, 18:37   #7
ceadaoin.
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Sounds like you need to vet prospective tenants better tbh. And raise the rent in line with market rates.

The place can still get wrecked by air bnb guests
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08-09-2018, 18:39   #8
amcalester
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Sounds like you need to vet prospective tenants better tbh. And raise the rent in line with market rates.
Not much you can do if after 2.5 years the tenant stops paying.

Also, in a RPZ he’s not allowed increase the rent to market rates.
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08-09-2018, 18:39   #9
Pkiernan
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Originally Posted by ceadaoin. View Post
Sounds like you need to vet prospective tenants better tbh. And raise the rent in line with market rates.
Thanks for your constructive input.

Please advise as to what level of vetting will determine if a tenant will stop paying rent after 3 years.
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08-09-2018, 18:41   #10
AndrewJRenko
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Place will be refurbed by end of September and is going on Air BnB, where 120 days a year occupancy will net me more than renting.
Brilliant - tenants are the problem, so you're choosing a strategy that will get MORE tenants with LESS checking and verification into your property.


Great business strategy.
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08-09-2018, 18:45   #11
Browney7
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Presumably you had started the RTB process for rent arrears and you are going to pursue through the RTB to get a determination order even if actually receiving any cash is a remote possibility - has tenant left the country and is uncontactable?
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08-09-2018, 18:48   #12
GarIT
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Quote:
Originally Posted by amcalester View Post
Not much you can do if after 2.5 years the tenant stops paying.

Also, in a RPZ he’s not allowed increase the rent to market rates.
They can raise the rent if they have spent €10k+ on renovations.
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08-09-2018, 18:49   #13
Seth Brundle
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Media are not interested in these type of stories at the moment. Don't suppose you have any cruel landlord stories? They'll bite the hand off you for those.
A letter to the editor is likely to be printed and will generate a reaction.
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08-09-2018, 18:50   #14
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Quote:
Originally Posted by Pkiernan
I haven't raised the rent since 2008, and property was last rented at 40% below market rate. I've never been interested in getting the most rent possible.

I was in that situation many years ago. 2007.

I sold up. However I realised that for the reduced rent I was charging I was expecting the tenants to treat the place better, so i visited it less, took my eye off the ball. Ended up with cockroaches in a house that was gutted and refurbished just two years before.

I guess I was lazy, or too busy, but I didn't nip it in the bud. That was my fault.
I was expecting extra consideration for my property from the tenant because I charged less.

It doesn't work that way.
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08-09-2018, 18:51   #15
GarIT
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Brilliant - tenants are the problem, so you're choosing a strategy that will get MORE tenants with LESS checking and verification into your property.


Great business strategy.
You missed a bit, tenants rights with lact of responsibility is the problem.

Someone renting for a weekend can hardly do as much damage as someone there for 3 years, and if they do Airbnb has their credit or debit card details. +Someone renting short term has none of the crazy rights.
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