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Any landlords on here?


eddoakley
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3 hours ago, serrac said:

If a private landlord letting out a few properties rattles your cage, this should really get you going.
"you will own nothing and be happy..."

https://noqreport.com/2021/06/11/yes-blackrocks-home-buying-spree-should-concern-you/

https://www.creherald.com/blackrock-outpost-jv-to-invest-500m-in-uk-residential-assets/
 

 

Interesting, I’ve never heard of anyone selling their home to an institutional investor; have you?

I’ve seen a lot of firms advertising quick purchases for those who need cash quickly but they’re buying at a discount, not 20% above market value as indicated here.

I can understand why BR would be interested but before we get all Daily Mail about it let’s first see if anyone has heard of it actually happening!

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On 18/02/2022 at 10:01, harrycatcat1 said:

I beg to differ, I wouldn't pay most of the "agents" in washers.

I agree, most letting agents I've experienced couldn't find their bottom with both their hands, with my one rental property I've done the due diligence myself and so far haven't had issues.

If I had multiple properties, or didn't live in the same country, I can see the appeal, but for a small timer like me, nope.

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1 hour ago, Munzy said:

Interesting, I’ve never heard of anyone selling their home to an institutional investor; have you?

I’ve seen a lot of firms advertising quick purchases for those who need cash quickly but they’re buying at a discount, not 20% above market value as indicated here.

I can understand why BR would be interested but before we get all Daily Mail about it let’s first see if anyone has heard of it actually happening!

The likes of Zoopla report the sale price a couple of months after a property is sold but not the identity of the buyer so unless you happened to personally know the seller you wouldn't know who the property was sold to.

These firms you mention may well be front organisations for large financial institutions - how else would they secure the finance required to simultaneously purchase multiple properties up and down the country?  And what is the fate of these properties once acquired by these firms - do they do them up and flip them or maybe let their staff live in them as a perk?

Buying properties at discount from distressed sellers is certainly the way to go in terms of maximising return on investment.

On the other hand we've been shocked to see multiple properties sold locally at 20% - 30% above the  home report value and wondered who is making such offers in times of such economic uncertainty.

If Lloyds entry into the market will result in a significant increase in new builds being started and added to the rental market I'm in favour of that, but their acquisition of 50,000 existing properties is hardly going to help the likes of smudger687 get on the housing ladder.

https://www.landlordtoday.co.uk/breaking-news/2021/8/lloyds-bank-landlord-plans-even-bigger-than-first-anticipated

 

 

Edited by serrac
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2 hours ago, Munzy said:

Interesting, I’ve never heard of anyone selling their home to an institutional investor; have you?

I’ve seen a lot of firms advertising quick purchases for those who need cash quickly but they’re buying at a discount, not 20% above market value as indicated here.

I can understand why BR would be interested but before we get all Daily Mail about it let’s first see if anyone has heard of it actually happening!

A friend of mine sold his house in Leeds to some Chinese company. They had a woman working for them that goes around looking at a few houses everyday.

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5 minutes ago, JTaylor91 said:

A friend of mine sold his house in Leeds to some Chinese company. They had a woman working for them that goes around looking at a few houses everyday.

Funnily enough my best mates neighbours house sold before Xmas to someone from Hong Kong who hasn't arrived yet, and hasn't seen the house in person,  someone else viewed it then it was bought. 

2 hours ago, serrac said:

On the other hand we've been shocked to see multiple properties sold locally at 20% - 30% above the  home report value and wondered who is making such offers in times of such economic uncertainty.

There maybe so called economic uncertainty but houses near me are selling in a week or so.

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12 hours ago, serrac said:

The comments section below!!! Tin foil hats all round!! 😂

Is this the country's premier flat-earth, anti-vax, conspiracy theorist landlords website?  It's got that sort of ring to it...

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Blackrock started buying residential in prime locations as soon as inflation was on the cards and as part of their basket of investments spread for their clients. Indeed, history has shown us that you can’t print more land / property in the right locations and in the right (stable) jurisdictions like central London and so that kind of property tends to be inflation proof.

Real world inflation is running a lot lot higher than any of the indexes suggest (and that’s because every government tries to rig the index or the basket of goods upon which inflation is officially assessed). A bit of inflation for a government with a £3 trillion covid debt is rather handy because it means they’re not paying back the same £3 trillion (in real terms).

The bet is this - the Bank of England with its arm put up its back by the government says ‘yes we have inflation slightly above where we want it to be because of post covid and Brexit related supply chain issues, but it’s not going to last and it will sort itself out, thus we won’t touch interest rates too much’. However, if you think inflation is here for a while, you will mortgage your kidneys and borrow as much as you can on a fixed rate for as long as you can and you will then pile that money into an investment that you think will give you a better return than the rate you are paying to borrow it. Everyone appears to have an anxiety about stock markets being artificially high and so picking another form of investment to make sure all your eggs aren’t in one basket makes perfect sense.

Throw in regional instability, whacking gas prices and currency uncertainty and it makes even more sense.

There’s a reason dirty money loves London - it’s stable and the legal system is safe. If you’re an oligarch running out of Ukraine (for example) or a high ranking member of the Chinese communist party looking for a safe place for your nest egg, no Putin or political party is going to be able to take your Kensington house in London off you.

Edited by Mungler
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Interesting reading ! ....... As  slight aside, whats the take of airbnb influence on the rental market, it seems many landlords are going down that route and creating a shortfall of rentable properties

 https://www.landlordtoday.co.uk/breaking-news/2021/12/switch-from-long-term-lets-to-airbnb-worsens-housing-crisis

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3 hours ago, islandgun said:

Interesting reading ! ....... As  slight aside, whats the take of airbnb influence on the rental market, it seems many landlords are going down that route and creating a shortfall of rentable properties

 https://www.landlordtoday.co.uk/breaking-news/2021/12/switch-from-long-term-lets-to-airbnb-worsens-housing-crisis

I sold a house that fetched £420 pcm rent, the youth that bought it furnished it, put it on Airbnb and gets on average £1200 per month.

Good luck to him 👍

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On 16/02/2022 at 15:15, eddoakley said:

Specifics are no problem, first was paying £485, going rate is £750. I offered £600 they couldn't or wouldn't pay the extra.

Second was paying £500, going rate £750 I offered £600.

Most recent was paying £750, going rate £1000. I offered £850.

They were all offered 3 months notice before any increase.

 

So on those 3 alone I was short by £765 a month. I don't know many that could or would accept that situation.

 

And as far as it being brutal for renters then it's generally a lack of thought, forward planning or ability to save or spend wisely. Not always the case I know.

The only reason I own houses is because I worked hard and didn't waste money. Never had cars on finance, never had expensive holidays, worked 90+ hours a week for a long time and invested my money. It wasn't easy and sometimes I was adding money to the rent to cover the mortgage.

Am I doing it for the benefit of my health? Or to be charitable? No I am certainly not. But does that make me the bad guy and in the wrong for applying the relevant rent?

What about when I had to subsidise the rent? Should the tenants have felt sorry for me and paid over the odds?

The council sold off (almost) all of their property to private associations. The council have a duty to provide housing. Surely they should look after private landlords instead of screwing them?

I feel a story in the local paper explaining just what the tenants were told and how I will now never accept anyone claiming benefits ad the council deliberately abuse the system to support the tenant and screw me.

 

Edd

 

 

 

 

Fair play. I am currently in the same situation as you describe above. Not much help I’m afraid but I would surgest picking better people ie private rental. I put my property into an agency yes they take a chunk of the rent but hopefully it will stop the situation you find yourself in. Good luck mate and hopefully it all works out in the end for you 

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20 hours ago, harrycatcat1 said:

I sold a house that fetched £420 pcm rent, the youth that bought it furnished it, put it on Airbnb and gets on average £1200 per month.

Good luck to him 👍

There's also the small matter that holiday lets are not subject to most of the tenant-enabling regulations which disadvantage long-term rental landlords.  Hmm, who would have thunk it - cause and effect...?

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21 hours ago, harrycatcat1 said:

I sold a house that fetched £420 pcm rent, the youth that bought it furnished it, put it on Airbnb and gets on average £1200 per month.

Good luck to him 👍

I was listening to a programme on radio 4 about housing in Devon and they were saying its impossible to find a house to rent long term, due to holiday lets/ airbnb etc,  this is not just confined to Devon but is often anywhere rural. The answer I guess ....more new social housing or affordable first time buys

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Air BnB isn't all it's cracked up to be unless you have a perfect holiday let, near to complete occupancy and can charge a decent amount because the wear and tear is higher and you really do need a 24/7 property manager, cleaner, laundry service etc.

The grubby end of the market is HMO's - you can make a packet but you have to be tough and local to stay on top of it everyday.

It all depends if you want to chase every penny or are content to take passive income (with capital appreciation) and do something else with the time and money you're not wasting litigating with dead beat tenants who probably can't pay you even in you get a CCJ.

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3 hours ago, Mungler said:

Air BnB isn't all it's cracked up to be unless you have a perfect holiday let, near to complete occupancy and can charge a decent amount because the wear and tear is higher and you really do need a 24/7 property manager, cleaner, laundry service etc.

The grubby end of the market is HMO's - you can make a packet but you have to be tough and local to stay on top of it everyday.

It all depends if you want to chase every penny or are content to take passive income (with capital appreciation) and do something else with the time and money you're not wasting litigating with dead beat tenants who probably can't pay you even in you get a CCJ.

I have to disagree,  the terrace I sold fetches 3 times on Airbnb what used to take in a month. This particular house is a mid terrace in a poor area. I will be honest I laughed my socks off when he said he was putting it on Airbnb, I said no one will flippin stop there 🤯🤯 it's me that has egg on my face now.

With regards to capital appreciation, that's OK in the city or affluent areas but a backwater in a poor area there is little appreciation 😉 

To be honest I don't understand your last paragraph because with Airbnb they pay up front.  

Edited to say, ah you are talking of HMO'S even I wouldn't touch them with a bargepole. 

Edited by harrycatcat1
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My wife does cleaning work for a company that started 5 years ago - took out a long term let on 4 adjacent properties in Chester - no car parking - the nearest place for a car to get there has about 30 traffic wardens hovering in the day - basic decoration - can take up to 14 people - absolutely raked it in - Gatherings at the weekend - builders in the week. They are now buying and doing up places - one has 30 beds near to the city with a bar underneath (it was a backpackers hostel before). They have a nice property in another town - I was in there on Sunday as my wife had forgot her glasses so I dropped them in - Victorian 3 storey - all en-suite etc.... Sleeps up to 18. They are also in 2 other cities now

This has been done with very little outlay initially - just covering the long term monthly payment at the beginning - all done through Air B&B

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