Becoming a landlord

hytrogen

audi12 wrote:

Best investment you could ever get is houses to suggest otherwise is lazy talk all depends on the price its bought at. The crash proved nothing only that overpriced property shouldent be bought. I will buy this year and keep buying for years to come while the value is there.

If you bought 20 - 30 years ago and are selling now yes but for the foreseeable future no way. That's just playing on the Irish inherent desires to own ones land and road frontage stemming all the way back to famine days.
What the crash proved was that we are glutinous animals with desires to be perceived as fashionably superior and successful by any means no matter what the consequences.
I'm curious to know what level of return would you be anticipating buying now and selling in 20years?

Moonbeam

Christine Warm Stepsister wrote: »

Second time this has been mentioned on the thread, I would have assumed any overpaying or lump sum going against a mortgage would automatically come off the principal it would make nonsense to put it against interest for the bank or the mortgage holder.

unfortunately not.
It is Irish banks that we are dealing with.

Pawwed Rig

handlemaster wrote: »

I think most LL have horror stories. .. Maybe let the OP have some so reality can be viewed

Being left in the lurch to the amount of €5,000 which is unrecoverable,
Spending New Years Day cleaning blood off a driveway after tenants party gets out of control,
Dealing with Gardaí after repeated complaints about anti social behaviour in the property,
Having neighbours swearing at and abusing you because your tenant is an absolute cretin and making life unbearable for anyone within the vicinity,
Being treated as a pariah by the PRTB when trying to evict a tenant that smashed up a neighbours car for having the cheek to complain about them,
Approaching the property with a concealed hammer in case I am faced with any violence during an inspection for damage,
Disinfecting a house after a cat lady moves out (which was one of the scummiest experiences of my life),
Having to drive 100 mile return trip to 'fix' the heating of someone who it turns out had run out of oil and hadn't realised it.

The above represent 3 separate tenants, none of whom were on rent allowance and all came with glowing references from previous landlords.

Ursus Horribilis

What sort of money do you need right now? Why not put aside some of this €100k that you need for now and do something else with the remainder?

the_syco

Pawwed Rig wrote: »

The above represent 3 separate tenants, none of whom were on rent allowance and all came with glowing references from previous landlords.

The fun is that glowing references come from good tenants, and really really bad tenants who also get a cash sum from the landlord to get rid of them! :mad:

4ensic15

Christine Warm Stepsister wrote: »

Second time this has been mentioned on the thread, I would have assumed any overpaying or lump sum going against a mortgage would automatically come off the principal it would make nonsense to put it against interest for the bank or the mortgage holder.

Of course it comes off the principal. The issue is how the remaining balance is repaid. Either the monthly payment is reduced and the mortgage ends as originally scheduled or the monthly payment remains the same and the mortgage ends earlier than originally scheduled.

handlemaster

handlemaster wrote: »

I think most LL have horror stories. .. Maybe let the OP have some so reality can be viewed

I'm on either 5th or 6th tenants in 10 years, first chap stayed 3 years, current tenants are in their 3rd year too.

The other 3/4 all left after a year in the period when rents were falling to I think they all moved on as they could get somewhere better/more convenient for them.

No horror stories, all done above board..... registered tenancies etc.... whatever replaced when required asap.... letting agent used ...... I've never met any of the tenants.

I hope there won't be either.

filbert the fox

Deandre Steep Storyteller wrote: »

I have a small inheritance of 100k

We shouldn't even be talking to you... we're not in your league.

This is a small inheritance? the only thing I ever inherited was my late father's watch and my mother in law's mantle clock. About £25 worth. That's small.

Miname

Had a tenant that decided the flat roof on a porch was the best spot to have a party and then collapsed it. Another who smoked 80 a day and had a fear of leaving the house. Destroyed the inside. Had a drug dealer and even had a couple who started pulling off plasterboard because there were spirits living in the walls. All came recommended but after all they are paying off for my nest egg.

Roselm

Deandre Steep Storyteller wrote: »

No I don't really know how it works. I did contact the bank about paying off a lump off my mortgage and they said it would reduce my term. But I would still be paying the same monthly amount wouldn't I? I'm sure it would save me money in the long run but it's now I need the extra money. Or am I missing something? I'm very green about mortgages / interest etc! I think I do need a financial advisor for sure!

There are mortgage repayment calculators online. You can input your mortgage balance, interest rate, current monthly payment. You then input a lumpsum amount or an increased monthly amount and it will show you how much it saves you. It's a HUGE amount-you'd be surprised.

Doodoo

Roselm wrote: »

There are mortgage repayment calculators online. You can input your mortgage balance, interest rate, current monthly payment. You then input a lumpsum amount or an increased monthly amount and it will show you how much it saves you. It's a HUGE amount-you'd be surprised.

Mentioned in this forum before. It's very handy.


https://m.drcalculator.com/mortgage/#/input

wdmfapq4zs83hv

filbert the fox wrote: »

We shouldn't even be talking to you... we're not in your league.

This is a small inheritance? the only thing I ever inherited was my late father's watch and my mother in law's mantle clock. About £25 worth. That's small.

Yes sorry it's not small to me either! I posted that after browsing my home. Ie where there were about 4 properties in my budget

handlemaster

filbert the fox wrote: »

We shouldn't even be talking to you... we're not in your league.

This is a small inheritance? the only thing I ever inherited was my late father's watch and my mother in law's mantle clock. About £25 worth. That's small.

Plus your Fathers DNA

athtrasna

Mod note : Makood, delicately veiling generalisations does not make them acceptable on this forum. Please do not post on this thread again.

Other posters are asked to report rather than (not as well as) retorting on thread. Thanks

Sound Landlord

Hi there, I have a few quid on deposit earning nothing and am looking at buying a buy to let in Leinster. Does anyone know the cheapest mortgages available for buy to let. My broker says ICS Mortgages are the cheapest at 4.29%. Has anyone found a lower rate for new lending that that? Thanks.

__..__

Sound Landlord wrote: »

Hi there, I have a few quid on deposit earning nothing and am looking at buying a buy to let in Leinster. Does anyone know the cheapest mortgages available for buy to let. My broker says ICS Mortgages are the cheapest at 4.29%. Has anyone found a lower rate for new lending that that? Thanks.

I take it youve been asleep since this time last year, or even the last two years then

Spanish Eyes

Sound Landlord wrote: »

Hi there, I have a few quid on deposit earning nothing and am looking at buying a buy to let in Leinster. Does anyone know the cheapest mortgages available for buy to let. My broker says ICS Mortgages are the cheapest at 4.29%. Has anyone found a lower rate for new lending that that? Thanks.

Buy Prize Bonds instead.

You will keep your hair and your sanity and may win a few bob too.

Sound Landlord

ha ha ha. Thanks for the advice and btw, the hair is long gone!

Hollister11

I would say go for it.

My parents have 2 rentals and make a tidy sum every year. Yea some years there are significant costs. But usually, they end up with an extra weeks wage every month.

I hope to get into BTL in the next 10 years, after first starting my career, and secondly buying a residence.

pwurple

Spanish Eyes wrote: »

Buy Prize Bonds instead.

You will keep your hair and your sanity and may win a few bob too.

Never ever buy prize bonds. Complete swizz in terms of income, reduced to almost nothing, less than a regular bank account and extremely difficult to cash in if you ever need them.