What have you bought today?

[Dork Lard]

My Uncle moved into a pub that he was managing and rented his house out. Eventually the tenants stopped paying the rent. It took him exactly a year to get them out and he's no mug. They wrecked the place. Turned me right off of BTL. I’ll probably rent my workshop out when I retire but that’s just basically four walls and a roof. I think it’s a bit different with commercial lets. Anyway, it’s worth more selling as a building plot so if it got to a non-paying stage, I’d burn the place down!

Probably the best decision I ever made was to get out of housing & move solely to commercial.

I remember being sat with my BiL in his local t'pub & one of his mates came up & asked him if he still owned this particular house 'cos he'd just seen the garage door for sale on eBay, they'd already ripped out all the copper, sold most of the landscaping (slabs, fence panels etc).

Selling the workshop will give you a one off lump sum, which will be taxed & then frittered away on new kitchens, exotic holidays, alcohol etc . . . . Renting it out will give you a steady income for not much bother, which can then be frittered away on new kitchens, exotic holidays, alcohol etc . . . Many owner/occupiers consider this to be their pension when it comes time to retire. I have a few units let to motor trade & never had a problem with 'em.

 

[Dork Lard]

A 3m Himalayan Birch tree.

Not a lot of folk know this, but most of the white birch's bark has some very interesting uses, some folk will even pay good money for the larger pieces that readily peel off.

 

[Mottie]

I have a few units let to motor trade & never had a problem with 'em.

That’s one thing I wouldn’t let it for - motor trade - a dirty, noisy, messy trade in a residential area. Different with me - I mainly do training with relevant motor trade jobs that the students can learn and be assessed on - servicing, brakes, tyres, light repairs etc. I’ve had the place since 1984 and I’m about the only commercial premises left in that area - all other businesses have been converted to residential plus I wouldn't do it to my neighbours. When I’ve rented it out in the past, it’s been as a builders base and an electrician installation company's base - just offices, yard, car parking space and storage and I tell them no work to be carried out on the premises.

 

[diy_fun_uk]

I have three BTLs, none of which earn me massive sums either in rental or capital appreciation. Thankfully, the other two are rented by really good tenants. I'm doing it to (hopefully) bolster my pension pot and the plan is to sell two of them around a decade from now, retaining one with mortgage cleared to bolster my monthly pension. However the plan's becoming ever less appealing.

Private landlords are detested by the SNP/Green government. The general consensus is they're slowly making things more and more arduous for the private sector (e.g. by adding ever more mandatory stuff to the repairing standard) so that landlords will sell up. However if that's true, it's a strange strategy as they're still not providing enough social rents, so people that have to (or want to) private rent have less and less options.

I think if you're a landlord in the fortunate position to own x properties outright, it's probably still an okay business to be in if you have decent tenants with the occasional bad one (to be expected unfortunately.) However if your properties are mortgaged and not high earners, it's less and less 'worth it' these days.

Yeah as you say, maybe having a basic commercial unit to rent out is a route to less hassle.

 

[Brigadier]

the plan is to sell two of them around a decade from now,

I don't know whether you had already planned to do this, but would there be any mileage in letting the current (good) tenants of this plan?

This way, they could have plenty of time to plan their next move if they don't want to buy yours, and plenty of time to plan if they want to make you an offer.

If I were a tenant, I'd appreciate the heads-up.

 

[Diver Fred]

Private landlords are detested by the SNP/Green government. The general consensus is they're slowly making things more and more arduous for the private sector (e.g. by adding ever more mandatory stuff to the repairing standard) so that landlords will sell up. However if that's true, it's a strange strategy as they're still not providing enough social rents, so people that have to (or want to) private rent have less and less options.

I think if you're a landlord in the fortunate position to own x properties outright, it's probably still an okay business to be in if you have decent tenants with the occasional bad one (to be expected unfortunately.) However if your properties are mortgaged and not high earners, it's less and less 'worth it' these days.

All the UK (mainland) governments are the same. From what I see the Welsh are the worst followed by Scotland then England. I'm about to tell my tenants I'm selling up this year. Giving them 6 months notice.

As for the 'Green's' - I seriously don't believe they have any understanding of what is a 'green' policy.

Mind you the BBC isn't much better about understanding the rental market - this morning Archers Omnibus there was mention of a tenancy agreement coming to an end and 'Brian' wasn't going to renew; That's unnecessary as the tenancy can just go to being 'Periodic, the T&C's remain the same just the notice period changes (2 months LL, 1 month tenant).

 

[diy_fun_uk]

I don't know whether you had already planned to do this, but would there be any mileage in letting the current (good) tenants of this plan?

This way, they could have plenty of time to plan their next move if they don't want to buy yours, and plenty of time to plan if they want to make you an offer.

If I were a tenant, I'd appreciate the heads-up.

Yeah this is years away tbh. If those tenants are still there, I'll be giving them plenty notice.

 

[Brigadier]

Yeah this is years away tbh. If those tenants are still there, I'll be giving them plenty notice.

My point is, considering giving them ten years' notice could be incredibly helpful to all concerned.

 

[diy_fun_uk]

My point is, considering giving them ten years' notice could be incredibly helpful to all concerned.

Yeah tbh I don't think I'd be giving them a decades notice for a number of reasons, however if they're still renting the properties on the run up to me selling, they'll get plenty notice to enable them to plan accordingly.

 

[Justin Passing]

Very strange phone call:
That teacher I let off a rent increase has contacted me asking if I'd mind them repainting a room to a calmer colour (fine, it's white, he wants a pale pastel) but he spent more time trying in by-the-way mode, to find out why I hadn't put the rent up. The agent's a busybody type who's probably raised a flag.
Small talk - Teachers pay 3%, not striking, chatter yadder blah tougher for landlords isn't it? Well a bit, but I own the place so there's no mortgage, which pleases him it seems. No I don't need to sell it. No. Really no. No.
I'm wondering what he's on about.
Then I mentioned the kids
then he's horrified that I knew and wants to know why I'm checking on him. (The gas man told me she was preggers)
Had I been doing credit checks?
No.
What's going with the rent?
Nothing.
So why didn't you put it up, like normal...?
I was being nice - twins, loss of some income, and that.

mmmmmSilence.

I can stick it up 10% if you like? £250 a month increase?
Oh, oh, oh, .....

mmmmmSilence.

Leave it as is then? Quieter colour is for the kids' room, is it?
Yes, Oh oh thanks

Bye..

-

Bloke's paranoid.

 

[Brigadier]

Very strange phone call:
That teacher I let off a rent increase has contacted me asking if I'd mind them repainting a room to a calmer colour (fine, it's white, he wants a pale pastel) but he spent more time trying in by-the-way mode, to find out why I hadn't put the rent up. The agent's a busybody type who's probably raised a flag.
Small talk - Teachers pay 3%, not striking, chatter yadder blah tougher for landlords isn't it? Well a bit, but I own the place so there's no mortgage, which pleases him it seems. No I don't need to sell it. No. Really no. No.
I'm wondering what he's on about.
Then I mentioned the kids
then he's horrified that I knew and wants to know why I'm checking on him. (The gas man told me she was preggers)
Had I been doing credit checks?
No.
What's going with the rent?
Nothing.
So why didn't you put it up, like normal...?
I was being nice - twins, loss of some income, and that.

mmmmmSilence.

I can stick it up 10% if you like? £250 a month increase?
Oh, oh, oh, .....

mmmmmSilence.

Leave it as is then? Quieter colour is for the kids' room, is it?
Yes, Oh oh thanks

Bye..

-

Bloke's paranoid.

Perhaps thinking "if something is too good to be true"......?

 

[fillyboy]

Landlord I used to do work for had 3 houses trashed over the years, cost of refurbs, loss of rent etc. But when he had a good tenant, and he had a number of good clean reliable tenants, he often held off on rent increases because he wanted to keep them as tenants. He was a big softy, nice bloke though.

 

[diy_fun_uk]

Landlord I used to do work for had 3 houses trashed over the years, cost of refurbs, loss of rent etc. But when he had a good tenant, and he had a number of good clean reliable tenants, he often held off on rent increases because he wanted to keep them as tenants. He was a big softy, nice bloke though.

I forgot to check the loft yesterday so popped round today, thankfully nothing nasty up there! They've left the property minging, how folk can live like that goodness only knows.

 

[ReganAndCarter]

I forgot to check the loft yesterday so popped round today, thankfully nothing nasty up there!

Always a relief that they haven't left the remains of a weed farm when they go.

Brother is selling a BTL. Unfortunately he made the mistake of charging reasonable rent, a little below market rate for the area. The dumb beetch who rents it, and has been given 5 months notice, is bleating she can't get anything in the area at a similar rent. Also moaning her kid needs to go to local school. So what is my brother supposed to do? Cancel sale and keep the house for years until she decides she wants to go? Unbelivably, she's fighting eviction and she got a barrister at no cost to her on a housing rights charity bleeding-hearts type basis to go to court. Barrister threw a curve ball which wasn't on the paperwork stating their basis for fighting eviction. This blind-sided my brother although all his paperwork is correct - but he didn't have the document he needed in court. So judge found in tenant's favour. Brother is appealing (not physically, he's actually an ugly, bald **** ) and presenting the paperwork needed. All the cards are stacked against you as a LL. She'll be out in a month.

He's now lost the buyer for his house because their mortgage offer at a lower rate has expired. Appears you're only cutting your own throat by giving tenants a good deal.

 

[diy_fun_uk]

Always a relief that they haven't left the remains of a weed farm when they go.

Brother is selling a BTL. Unfortunately he made the mistake of charging reasonable rent, a little below market rate for the area. The dumb beetch who rents it, and has been given 5 months notice, is bleating she can't get anything in the area at a similar rent. Also moaning her kid needs to go to local school. So what is my brother supposed to do? Cancel sale and keep the house for years until she decides she wants to go? Unbelivably, she's fighting eviction and she got a barrister at no cost to her on a housing rights charity bleeding-hearts type basis to go to court. Barrister threw a curve ball which wasn't on the paperwork stating their basis for fighting eviction. This blind-sided my brother although all his paperwork is correct - but he didn't have the document he needed in court. So judge found in tenant's favour. Brother is appealing (not physically, he's actually an ugly, bald **** ) and presenting the paperwork needed. All the cards are stacked against you as a LL. She'll be out in a month.

He's now lost the buyer for his house because their mortgage offer at a lower rate has expired. Appears you're only cutting your own throat by giving tenants a good deal.

If you have 5 mins to kill, Google 'First Tier Tribunal Scotland' and check the Google reviews. This'll give you an idea what it's like up here now if you need to evict. If Labour get in down south, things for private landlords might start to go from bad to worse for you guys.