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Prefer Peace to Piece 2 years, 1 month ago.
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To me, renting is like dating/women relationships.
On the surface it seems very appealing and appears to be fair effort for high reward.
In reality its an incredible amount of unnecessary drama you’ve voluntarily immersed yourself into, high risk, low reward.
It almost never ends as good as you imagined, you are always regarded as an asshole, and most keep doing it because they never learn the lesson of AWALT (or in this case ARALT).
Women want everything, but want responsibility and accountability for nothing.
Branched is dead on wrt the UK market.
Annual gas and elec checks.
Comuplsory registration as a landlord.
Compulsory legianaires checks on water supply.
Compulsory energy efficiency assessments.
Mains powered and wi-fi linked smoke and CO2 detectors.
Guaranteed leases that favour tenants and make it very difficult to evict even if in arrears, and nigh on impossible if they play the disabled and in receipt of benefits card.
HMRC determined to make sure you cant make a profit by limiting the maintenace and replacement costs you can offset against tax. Total rental counted as income (not income less costs).
And finally when you sell the property it is liable to capital agins tax should you have been unwise enough to make a profit on the sale.
HM Government slogan tagline
“Working hard to achieve equality in the UK by making sure everyone ends up poor”.I'm a one man guy in the morning, the same in the after noon. A one man guy when the sun goes down, I whistle me a one man tune. I'm a one man guy, one man guy, and the one man is me. 👍🏼Thanks Loudon Wainwright for the wise words
Anonymous38Personally, I am considering purchasing a rental property when I get divorced. I have owned and lived in a rental property years ago when I was single, and am seriously considering to that situation. Overall, I lived inexpensively, had a NICE sized apt., 2 car garage, small yard and full basement while building equity and paying out peanuts each month as compared to having a single family house. The beauty is that if I get a larger building, I can live for free, make money, and build equity.
Excellent.
I own a rental flat in the city centre. It’s mortgaged but the rent covers the mortgage and gives me a decent profit. I will never have a problem renting it out – when I’ve put it up to let my phone goes nuts. I rent it out privately, that is with no agents involved, though I expect to use an agent when I leave this city.
Get good tenants. I was naive with my first guy, I had to throw him out after 2 months for not paying bills. I paid a couple of heavies to show up with me and it wasn’t a problem. He had to leave there and then and the locksmith turned up while he was packing to change the locks.
The best tenants are young graduates with jobs, who want to progress in life. Try and get at least one guy if it’s more than 1 tenant, because you don’t want an all female home – they are f~~~ing complainers and manipulative c~~~s to deal with. I learned that before I became MGTOW!
When I move away I will overpay the mortgage each month to get it paid off quicker, once that’s done I can sell for a good lump sum or keep renting it out for income. I also have a house which I live in alone, again, mortgaged. I’m nearly done renovating it and will sell next year, and buy another apartment. I’ll live in that for 6 months then rent it out. The end goal is two decent apartments in this city, both rented out for the long term. I can retire when they’re both paid off, at the latest. The beauty of my plan is I won’t have to be a wage slave until retirement if I don’t want to, I could spend my life travelling or searching for fulfilling work / starting a business and the apartments will be my retirement backup.
A tip, be friendly with the tenants but not overly so. And consider renting it out privately, that way if there’s an issue you can take matters into your own hands, if you’re up for that. But keep the rental in good condition and the rent reasonable and it’s unlikely they’ll screw you over. I do stuff like buying mine the odd bottle of wine here and there, buying a takeaway when I go over to do some work, getting them a Christmas / New Year gift. It keeps them sweet.
A modern ish apartment doesn’t require much maintenance, although I would say I’ve probably put all of my profit back into the flat for upgrades. I also have done a number of jobs myself. I don’t mind this as I’m in it for the long game and I am increasing the flat’s value. I just paid for a kitchen upgrade with Bitcoin profits 🙂
In the UK tenants have quite a lot of protection by law, basically if they “can’t pay the rent” you cannot just throw them out. With my first guy I actually let it to him on a Lodger’s Contract – lodgers basically have zero rights, which meant I was safe (hence kicking him out).
Screen prospective tenants well. On adverts tell them what documentation you want, if someone fails to provide anything, “ok thanks I’ll let you know after the other viewings (NEXT THEM). Those who willingly provide all will usually make reliable tenants.
What ever you do, do not rent out units to single moms.
They are the worst tenants.
The greatest tragedy in life is to spend your whole life fishing only to discover that it was not fish you were after. - Henry David Thoreau
Why not just buy a smaller place? Sure a big place is nice but if you only get to use part of it and have to have a tenant(s) to break even, is it worth it?
With the rentals I had -I bought them at repo prices (half market value) tehn flipped them. had to tenant them for a year as ta the time ther wer a lot of other repos in the area-so couldnt sell at market value whilst lots of other repos nearby.
http://www.leavemeansleave.eu
What ever you do, do not rent out units to single moms.
They are the worst tenants.
+20 ^^^^^
(be very careful in how you reject their application)..it ain't me babe...it ain't me you're looking for, babe...
As you surmised your question is too vague and the topic too vast for any real answers, Awakened. You’re going to have to assess whether or not each specific opportunity is a good deal for you or not. I know people who have done well owning rental properties and people who have been put through horrors owning rental properties. It all depended on the specifics of each situation.
– I know a man who owns a property consisting of two duplexes, one of which he lives in. His tenants don’t know he’s their landlord because he has a property management group handle everything. He chose to do that at first because of his business travel schedule; he wasn’t around enough to act as a landlord. He says now that it was the best decision he made. It cut into his “profits”, but it saved him from any number of headaches.
– For most of the 90s, I owned a small part of a large apartment building as an investment. You bought units as condos, the investment group corporation then rented them out and handled all the landlord stuff. The rents paid for your mortgage(s) with money left over. I owned 1.5 units out of 120 and it was a nice passive income. I only sold because I was relocating and the man who owned the other half of one of my units wanted to buy me out.
– Another acquaintance of mine whom I’ve wrote about here before first rented and then bought the home in which he rented rooms to other divorced and single men.
– I know a widow who converted her house with part of her late husband’s insurance to include two, fully furnished, 1 bedroom apartments. She rents to traveling nurses only, generally for periods of year. She works in a hospital so she knew about that particular “market” and fills her rentals via word of mouth alone.
However, for all those success stories I know many more horror stories involving hellish tenants, destroyed property, failed investments, foreclosure, and the like. You’re going to have to do your homework and make your decision based on your individual situation.
Do not date. Do not impregnate. Do not co-habitate. Above all, do not marry. Reclaim and never again surrender your personal sovereignty.
Yes I have a flat I rent out, in western Sydney. Sydney has an insane property market, doubling in price every 10 years for well over a century, so I will get the capital gains (the flat is worth nearly double what I paid so is mostly equity now).
One tenant in the last 5 years, a woman, always pays on time. Keeps the place in better shape than I did.
I use a property manager, I never have to worry about a thing. Every six months or so he rings to report she needs a washer changed or something – I generally think, “I can do that”, but it might void the landlord insurance, so I pay the $100 to get it done and get a tax break for it.
I have landlord insurance, so while I have never had any of the nightmares mentioned above, I am hopefully covered.
All good so far, doubtless due to luck.
I know a man who owns a property consisting of two duplexes, one of which he lives in. His tenants don’t know he’s their landlord because he has a property management group handle everything. He chose to do that at first because of his business travel schedule; he wasn’t around enough to act as a landlord. He says now that it was the best decision he made. It cut into his “profits”, but it saved him from any number of headaches.
You must be reading my mind. I know of a competent management company that charges reasonable rates. I would be interested in a building of approximately 6-8 units. I would utilize the property management company to do the renting, collecting rents, take all the complaints, and making emergency repairs that came about when I wasn’t there. I would tell the tenants that I was an on site maintenance man, but all repairs/complaints had to be called in except for emergencies.
In a World of Justin Beibers Be a Johnny Cash
Why not just buy a smaller place? Sure a big place is nice but if you only get to use part of it and have to have a tenant(s) to break even, is it worth it?
It’s nice to use other peoples money to build you equity and an income.
A single family is an expense.
For years, I had people pay me to have my own apartment, yard, and garage. When I’m single, I would like to do it again.
In a World of Justin Beibers Be a Johnny Cash
Great topic and responses. I have thought about getting into this. I have some relatives that started renting out houses in the 80s and they got out within the last 5-10 years. They made out alright but I was told that the quality of renters decreased over time.
If one has a lot of cash to pay for multiple houses in full, this could possibly be a good investment. I’m not sure it would be a good idea to take out a mortgage on a rental in this day and age. Success seems to be a crapshoot, depending on whether one has good renters or not.
One of the things I learned from dealing with the different tenants I have had is just how different the majority of those who rent are from those who rent out.
There are millions of honest hard working grown up people who rent but there are even more millions of people who are essentially “children”. Just like women the government makes sure they get the best end of every deal. Of course all the extra crap a landlord has to comply with that he would never do for the home in which his own children sleep pushes up the rental price but that is OK because the government subsidises many tenants one way or another. If I were one of the honest hardworking sorts, this would really annoy me as I would be paying extra for stuff I did not want done for me because some people are too inept to take responsibility for themselves.
All of my tenants have had a higher standard of living than me -quality of mobile phone, satellite TV, interior décor, food they eat, holidays they take. They just choose to spend when I choose to scrimp and save.
It has made me reflect on society.
A woman is like fire -fun to play with, can warm you through and cook your food, needs constant feeding, can burn you and consume all you own
You must be reading my mind.
The man I know and you must very much think alike!
He never presents himself as the on-site maintenance man because he knows he’ll be taken advantage of. Being on-site does mean he has “eyes” on whatever is occurring in the units however, especially now that he’s no longer traveling for work.
He’s caught tenants violating occupancy limits a few times and just calls the management company handle it. He also caught one couple who owed rent trying to disappear by moving out in the middle of the night.
Do not date. Do not impregnate. Do not co-habitate. Above all, do not marry. Reclaim and never again surrender your personal sovereignty.
> All of my tenants have had a higher standard of living than me -quality of mobile phone, satellite TV, interior décor, food they eat, holidays they take. They just choose to spend when I choose to scrimp and save.
Yet they probably see you as the “rich asshole” who is taking advantage of them, even though that is not the case.
It’s easy as pie to figure out if your prospective tenants will be good or not. Do they have their s~~~ together? Do they arrive on time with ALL of the proper paperwork? Walk them back to their car after shaking their hand and LOOK INSIDE. Is it a trash heap? Do they take care of their car? Keep strict income requirements and STICK TO THEM. 3x the monthly rent minimum – NO EXCEPTIONS! CHECK references! Call the references more than once to throw off any potential “friends” posing as references. Check the tenants out THOROUGHLY. If they lied on ANYTHING, even something small, THEY BLEW IT!
It can take a little while to find the right tenant, but that’s better than being stuck with some ANIMAL that will destroy your property and stiff you with the rent for months on end. I’ve also started to demand that they allow me to tour where they currently live before I’ll consider them. Once I get a good feel for a prospective tenant, I’ll voice my concerns and ask to see where they live IMMEDIATELY. I don’t give them time to clean up or anything. If their current house stinks or has damage, RUN! It can be messy, but damage and smells are deal breakers.
He never presents himself as the on-site maintenance man because he knows he’ll be taken advantage of. Being on-site does mean he has “eyes” on whatever is occurring in the units however, especially now that he’s no longer traveling for work
It would be made clear by the management company as well as myself that ALL REPAIRS NEED A WORK ORDER VIA THE MANAGEMENT COMPANY except for an Emergency like a broken pipe, overflowing/blocked toilet etc. In other words forward (IE:call, email) ALL requests and complaints to the management company, and they can get in touch with me.
Kind of hard to get away with not admitting to being the “on site” maintenance man as I will be actively repairing, maintaining, and have complete access to the building and apartments.
Prospective pain in the ass tenants may look elsewhere when they are told that an ON SITE EMPLOYEE LIVES AND WORKS IN THE BUILDING, and being there daily you get to know what’s going on so there’s less BULL S~~~ over all.
In a World of Justin Beibers Be a Johnny Cash
He also caught one couple who owed rent trying to disappear by moving out in the middle of the night.
How did your friend stop the couple from moving out and paying the money they owed?
"Once you’ve taken care of the basics, there’s very little in this world for which your life is worth deferring." -David Hansson. "It’s not when women are mean or nasty that anything is out of the ordinary. It’s when they are NICE to you that you have to be on high alert..." -Jackinov.
What ever you do, do not rent out units to single moms.
They are the worst tenants.
+20 ^^^^^
(be very careful in how you reject their application)http://www.nononsenselandlord.com/2017/10/prescreen-a-tenant/
Here is a blog post that addresses how to do this. ALL of the examples given of problematic applicants are single mothers. You reject them not because they are single mothers, but because of the problems they bring with them, such as low credit score, a history of evictions, etc.
"Once you’ve taken care of the basics, there’s very little in this world for which your life is worth deferring." -David Hansson. "It’s not when women are mean or nasty that anything is out of the ordinary. It’s when they are NICE to you that you have to be on high alert..." -Jackinov.
How did your friend stop the couple from moving out and paying the money they owed?
He did’t stop them from moving out. He stopped them from disappearing.
He already had some sort of judgement against them through the management company. Not only were they were they placed on a court-mandated payment plan, they also could only move their stuff out with a management rep and the cops on hand. Instead, they were moving out at ten or eleven o’clock at night.
He dropped a dime, the cops showed up, everything was moved back in, and the couple was “reminded” to obey the court order.
Do not date. Do not impregnate. Do not co-habitate. Above all, do not marry. Reclaim and never again surrender your personal sovereignty.
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