How are the landlords doing? .

[mel b3]

I know that pw has a few landlords ,  and i was curious if with all of the covid business , and some rents being suspended / mortgage breaks etc , has it been a major problem so far ?. I'm aware that most renters are decent folks , and most of those that are either still working or on furlough will still pay their rent , but are any less scrupulous renters taking advantage of the covid situation? . I'm also very much aware that were only just at the very beginning of it all , and that things can be expected to get much worse as we move forward.

[TIGHTCHOKE]

Oh you are a ray of sunshine aren't you?

[Old farrier]

10 minutes ago, TIGHTCHOKE said:

Oh you are a ray of sunshine aren't you?

He’s having a bad week trying to get tyres for his bin wagon 😂😂😊

[eddoakley]

Sore subject here.

I increased a few rents last week as they haven't had an increase for a long, long time and were well below the market rate.

I have bills to pay too.

2 have become an issue:

1 can't afford the increase so I've given them more notice then required and they are looking for somewhere.

Another text to say they couldn't afford it so would vacate at the end of the month.

The following day they text again to say that the council had told them to withdraw their notice and not vacate.

Basically I have to give any tenant 6 months notice to start and proceedings to remove them. They will now not pay their rent for 6 months and have the backing of the council so I'm screwed.

The council called me today to tell me so.

Fortunately not all tenants are bad and hopefully the rest will pay.

Great game this being a landlord.

Edd

[Stuarta]

If you are a landlord the council is not your “friend”. 

[Rim Fire]

No problems here never had an issue and they say don't rent to family i rented to 3 family members and they have never missed a payment and two out of the three have redecorated 

Edited February 3, 2021 by Rim Fire

[oldypigeonpopper]

Hello, Buy to let has now become a nightmare 🙄

[mel b3]

1 hour ago, TIGHTCHOKE said:

Oh you are a ray of sunshine aren't you?

I was just curious as I was talking to another binman about it earlier.  He's got iirc 14 houses now , and he's had no problem whatsoever (so far) . He does think that the situation might change in the future , but he's more than a little picky about who he rents to , and he does look after them extremely well , so that they'd never find anywhere better for the same price.

1 hour ago, Old farrier said:

He’s having a bad week trying to get tyres for his bin wagon 😂😂😊

Nothing that can't be fixed with duct tape 😆.

48 minutes ago, eddoakley said:

Sore subject here.

I increased a few rents last week as they haven't had an increase for a long, long time and were well below the market rate.

I have bills to pay too.

2 have become an issue:

1 can't afford the increase so I've given them more notice then required and they are looking for somewhere.

Another text to say they couldn't afford it so would vacate at the end of the month.

The following day they text again to say that the council had told them to withdraw their notice and not vacate.

Basically I have to give any tenant 6 months notice to start and proceedings to remove them. They will now not pay their rent for 6 months and have the backing of the council so I'm screwed.

The council called me today to tell me so.

Fortunately not all tenants are bad and hopefully the rest will pay.

Great game this being a landlord.

Edd

That must be a worry . I would say that the council will encourage them to dig in , so that they don't have to find a home for them . It must be stressful,  but I'd guess that it just sort of comes with the territory. 

I wonder how many renters will just use the whole Covid mess as an excuse not to pay rent ,even if they're still working.  I know the the government said last year that the courts wouldn't evict tenants for unpaid rent , unless it had been unpaid since before the pandemic. 

Edited February 3, 2021 by mel b3

[mel b3]

12 minutes ago, Rim Fire said:

No problems here never had an issue and they say don't rent to family i rented to 3 family members and they have never missed a payment and two out of the three have redecorated 

The houses that my mate rents out , are mainly rented to one extended family (not his own family), he reckons thats why none of them ever miss the rent because of the family gossip 😅.  He has his houses painted from top to bottom,  and recarpeted every few years ,  he reckons that if he keeps the houses in good condition,  so will the tenants. 

[henry d]

I have been trying to get a short term rental property but nowhere will do anything less than six months, some places have been empty for a while and you would think that they would want a grand or so in their pockets rather than £0

[Old farrier]

32 minutes ago, henry d said:

I have been trying to get a short term rental property but nowhere will do anything less than six months, some places have been empty for a while and you would think that they would want a grand or so in their pockets rather than £0

Is there something in your history that you want to tell us about 🤔🤔

[eddoakley]

1 hour ago, mel b3 said:

 

That must be a worry . I would say that the council will encourage them to dig in , so that they don't have to find a home for them . It must be stressful,  but I'd guess that it just sort of comes with the territory. 

I wonder how many renters will just use the whole Covid mess as an excuse not to pay rent ,even if they're still working.  I know the the government said last year that the courts wouldn't evict tenants for unpaid rent , unless it had been unpaid since before the pandemic. 

Possibly the most frustrating is that the one that gave her notice and then withdrew it is never there.

Apparently twice a month as she looks after and lives with an elderly relative.

The council have said that as she gave notice rather than me giving notice that she was voluntarily homeless and not entitled to anything, so screw the landlord for 6 months rent plus all associated costs and then we will house you.

Not happy today.

Edd

[daveboy]

24 minutes ago, eddoakley said:

Possibly the most frustrating is that the one that gave her notice and then withdrew it is never there.

Apparently twice a month as she looks after and lives with an elderly relative.

The council have said that as she gave notice rather than me giving notice that she was voluntarily homeless and not entitled to anything, so screw the landlord for 6 months rent plus all associated costs and then we will house you.

Not happy today.

Edd

I was once told that in this situation you can hold the council liable for encouraging them to

break a contract (by telling them not to pay rent)you may want to take legal advice.

Edited February 3, 2021 by daveboy

[mel b3]

33 minutes ago, eddoakley said:

Possibly the most frustrating is that the one that gave her notice and then withdrew it is never there.

Apparently twice a month as she looks after and lives with an elderly relative.

The council have said that as she gave notice rather than me giving notice that she was voluntarily homeless and not entitled to anything, so screw the landlord for 6 months rent plus all associated costs and then we will house you.

Not happy today.

Edd

That's a tough one to swallow 😕. 

[Mungler]

My residential are all fine. 

Don’t want to tempt the gods though.

I still think we’ve done alright because we under rent immaculate properties to families. They just can’t get anywhere better for less money and once the kids go to school they are anchored.

One of the commercial units has suffered - occupied by people who make ice cubes. No entertainment industry and no New Year’s Eve has done them over. They’re nice people, the unit doesn’t owe me anything and I know they’ll catch up. 

 

[Vince Green]

My view generally is that the problems are being held back artificially because people are paying their rent out of the furlough schemes and support schemes from the chancellor. 

My guess is it will be like standing on a beach watching the tide go out once it starts

[al4x]

Ours has been fine, we tend to get on all right and though the rent can be a few days late it always turns up.  My other half is one of those at the council giving the advise so I guess she is more aware than most of how tenants can screw you. 

[Walker570]

1 hour ago, Old farrier said:

Is there something in your history that you want to tell us about 🤔🤔

OH! OH! OH! 

[figgy]

2 hours ago, henry d said:

I have been trying to get a short term rental property but nowhere will do anything less than six months, some places have been empty for a while and you would think that they would want a grand or so in their pockets rather than £0

Not worth the potential hassle if you wreck the place or don't move out.

Tennant's not paying for six months isn't on. Do the council think people can pay mortgage and other bills just bei the Tennant's won't. Idiots, the system is bent. If they don't pay, they should be booted out, no if buts or maybe. 

Edited February 3, 2021 by figgy

[Mungler]

So, this is the toughy.

3 fairly decent property deals have come across my desk; I hadn't seen a few for years and then 3 come at once (like buses).

It’s a gutter because these are natural deals that have just appeared and have nothing to do with Covid and if we weren’t in Covid I would have gone for all 3 and not given any of them a second thought. 

However, it’s the whole economic climate ‘thing’ that is making me pause - I know there’s a crash coming but how deep, how long and to what I extent I just don’t know. I take a 10 Year view on property and my own view is that the value of a pound in the pocket is about to be significantly devalued and de-flated away and so money in property makes sense (indeed, over time property wins out because of supply and demand and our never decreasing population).

I’d be interested to know what others are thinking and doing.

 

[TIGHTCHOKE]

23 minutes ago, Walker570 said:

OH! OH! OH! 

IT'S MAGIC!

Pilot 1974

Sing along now.

[AVB]

I don’t do property so can’t comment first hand but of those I know who do it 50% are struggling with non payment. The others are OK. 

[eddoakley]

50 minutes ago, Mungler said:

 

I’d be interested to know what others are thinking and doing.

 

People I speak to are predicting a crash of up to 30%.

I'm not sure and to be honest not that bothered.

You never lose on property until you (have to) sell. Locally prices are still rising, and quite rapidly at that.

Some of that is still due to removed tolls on the Severn bridge and even more locally a large new hospital. But even further afield are still rising.

I mentioned recently on here one that cost me £95k (plus fees and a bit of work) but returns £750 pcm. 

There is no other investment that will make that. And the risk is minimal. Worst case would be if I had to sell when the value had dropped but what could cause that? Nothing that I can foresee.

I've seen rents go from £500 2 years ago to £675 now with no shortage of tenants.

Is it all roses? No! Far from it.

There are so many rules in favour of tenants and landlords just have to suck up the losses and accept that even though you may win a battle you will always be out of pocket and the tenant can move on to screw someone else, getting support from councils or the like while they do.

Is it worth it? I think so as long as it's long term and not your sole income.

Generally in the 20 years that I've done it 90+% of tenants have been good or excellent.

I'm not a professional landlord, mine are repayment not interest only.

I just look for deals, pay off the mortgage and remember that eventually I'll do ok out of the work that goes in now. I could swap to interest only and enjoy the income but as things stand I'd rather get mortgages settled and earn my money elsewhere while I can.

 When I retire the properties will be paid off and hopefully provide a good living and then be passed on to my son who can either have an income or sell for a lump sum. 

Finally, covid hasn't really effected me.

I had a few ask early on if I would defer the rent but I said no and that's been it. Everyome has paid.

The only issue is the extra 3 months notice.

Edd

 

 

[12gauge82]

4 hours ago, eddoakley said:

Sore subject here.

I increased a few rents last week as they haven't had an increase for a long, long time and were well below the market rate.

I have bills to pay too.

2 have become an issue:

1 can't afford the increase so I've given them more notice then required and they are looking for somewhere.

Another text to say they couldn't afford it so would vacate at the end of the month.

The following day they text again to say that the council had told them to withdraw their notice and not vacate.

Basically I have to give any tenant 6 months notice to start and proceedings to remove them. They will now not pay their rent for 6 months and have the backing of the council so I'm screwed.

The council called me today to tell me so.

Fortunately not all tenants are bad and hopefully the rest will pay.

Great game this being a landlord.

Edd

Don't mean to be captain hindsight, however... I think hiking rents now is an unwise move, your asking for a situation like that to occur. If your rents are fair and your a good landlord (which I'm sure you are) I'm sure it'll work out okay in the long run, it's just a bitter pill to swallow short term. 

Touch wood, I find if your reasonable with Tennants, they're good with you on the whole. 

[mel b3]

1 hour ago, Mungler said:

My residential are all fine. 

Don’t want to tempt the gods though.

I still think we’ve done alright because we under rent immaculate properties to families. They just can’t get anywhere better for less money and once the kids go to school they are anchored.

One of the commercial units has suffered - occupied by people who make ice cubes. No entertainment industry and no New Year’s Eve has done them over. They’re nice people, the unit doesn’t owe me anything and I know they’ll catch up. 

 

That's my mates theory with his properties . The tenants won't mess about as they'll never get anywhere as good for the same price.

I know nothing about renting out property, but it would seem wise to have someone in there that has a good track record , and who you know will try to catch up if they can . The alternative is lose lose.

1 hour ago, Vince Green said:

My view generally is that the problems are being held back artificially because people are paying their rent out of the furlough schemes and support schemes from the chancellor. 

My guess is it will be like standing on a beach watching the tide go out once it starts

That's very true , but I guess that's the whole idea of the furlough scheme.  It won't save everyone , but it should save a lot , and should spread the crash out , rather than the country running into a brick wall.  I would imagine that it's just the least bad option really . Whatever it is , we're all in for a bit of a spanking in the future.

1 hour ago, al4x said:

Ours has been fine, we tend to get on all right and though the rent can be a few days late it always turns up.  My other half is one of those at the council giving the advise so I guess she is more aware than most of how tenants can screw you. 

My friends wife still collects the rents on his properties by going round on Friday and knocking on the doors . It's the old fashioned way to do it ,and you'd struggle if you had lots of properties,  but it suits him and his tenants , and he says that his wife gets to set eyes on the houses each week , and it keeps everyone friendly. 

1 hour ago, figgy said:

Not worth the potential hassle if you wreck the place or don't move out.

Tennant's not paying for six months isn't on. Do the council think people can pay mortgage and other bills just bei the Tennant's won't. Idiots, the system is bent. If they don't pay, they should be booted out, no if buts or maybe. 

It must be devastating to a small landlord when tenants don't pay the rent , or damage a property.  Especially when some scumbag moves in and doesn't pay a single penny in rent and just plays the game.

I did a few evictions for a landlord mate many years ago . Things are very different these days though.