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  • 28-06-2019 11:08pm
    #1
    iggy
    Registered Users Posts: 2,003 ✭✭✭


    Finally closed sale of my apartment in Adamstown Lucan Co Dublin.
    Won't get into the details but it was sale agreed since February.

    The purchasers were a nightmare.
    Bought in 2008 for €325k and sold for €240k

    Being a landlord was the most stressful, money burning experience I've ever had.. I had a house from an ex which I bought her out then bought a apartment with new partner. Lived in the apartment for a few years than babies arrived.
    Moved back to house then let out apartment.
    Have it rented out since 2011 and it's just being a nightmare. Pumping money into it. Have had great tenants and and idiot tenants but its becoming ridiculous renting out a property.

    . I made a loss and celebrated.


    Anyway I for one am fecking delighted to be out of that sh1t.
    Can start living again.



    The relief is beautiful.

    Noose off the kneck.

    And I'm sure I'll get the surely u making a profit blah blah blah.
    Don't care... I'm back to being a normal mortgage payer /not landlord.
    Thanks all


«1

Comments

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    #2
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    Your point being?


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    #3
    L1011
    Registered Users Posts: 68,786 ✭✭✭✭L1011


    4ensic15 wrote: »
    Your point being?

    Report a post if you have a problem with it


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    #4
    iggy
    Registered Users Posts: 2,003 ✭✭✭iggy


    4ensic15 wrote: »
    Your point being?

    My point being is I'm posting in the Accommodation and Property under the Selling header. What do u not understand?


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    #5
    Dav010
    Registered Users Posts: 14,523 ✭✭✭✭Dav010


    4ensic15 wrote: »
    Your point being?

    Simple point I would have thought, the op doesn’t find being a landlord appealing, apparently it’s an increasingly common opinion.


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    #6
    Timberrrrrrrr
    Registered Users Posts: 25,550 ✭✭✭✭Timberrrrrrrr


    Glad you got out, especially in this day/age. Too many people caught in the LL trap. Onwards and upwards.


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    #7
    iggy
    Registered Users Posts: 2,003 ✭✭✭iggy


    Timberrrrrrrr wrote: »
    Glad you got out, especially in this day/age. Too many people caught in the LL trap. Onwards and upwards.

    Thanks.
    Looking forward to it


  • Options
    #8
    endacl
    Registered Users Posts: 22,305 ✭✭✭✭endacl


    Best of luck with the next phase.


  • Options
    #9
    rightmove
    Registered Users Posts: 995 ✭✭✭rightmove


    I understand. Perhaps there should be a thread simply devoted to ppl exhalating their joy at exiting the LL market. Maybe this one


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    #10
    Steve
    Moderators, Category Moderators, Entertainment Moderators, Sports Moderators Posts: 22,584 CMod ✭✭✭✭Steve


    Glad you're out of the trap.
    iggy wrote: »
    I made a loss and celebrated.

    The only ones that celebrate a loss are banks and vultures, they can write it off against tax for years so the loss actually costs them nothing.

    Sickening.


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    #11
    GIMP
    Registered Users Posts: 1,077 ✭✭✭GIMP


    iggy wrote: »
    Finally closed sale of my apartment in Adamstown Lucan Co Dublin.
    Won't get into the details but it was sale agreed since February.

    The purchasers were a nightmare.
    Bought in 2008 for €325k and sold for €240k

    Being a landlord was the most stressful, money burning experience I've ever had.. I had a house from an ex which I bought her out then bought a apartment with new partner. Lived in the apartment for a few years than babies arrived.
    Moved back to house then let out apartment.
    Have it rented out since 2011 and it's just being a nightmare. Pumping money into it. Have had great tenants and and idiot tenants but its becoming ridiculous renting out a property.

    . I made a loss and celebrated.


    Anyway I for one am fecking delighted to be out of that sh1t.
    Can start living again.



    The relief is beautiful.

    Noose off the kneck.

    And I'm sure I'll get the surely u making a profit blah blah blah.
    Don't care... I'm back to being a normal mortgage payer /not landlord.
    Thanks all


    Well done, been there, sold up last year similar situation, took 5 months to complete sale.

    Great feeling, off loading the place, bloody noose around your neck!!


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    #12
    YipeeDee
    Registered Users Posts: 117 ✭✭YipeeDee


    Well done, glad you made it out. I’d say you are so relieved to be done with it. Best of luck for the future :)


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    #13
    mvt
    Registered Users Posts: 474 ✭✭mvt


    Great post, not a bad word against anyone in it- took the hit & were a man of your word.

    You & your family deserve a good run of luck now, hope youse get it!


  • Options
    #14
    Marcusm
    Registered Users Posts: 10,320 ✭✭✭✭Marcusm


    Steve wrote: »
    Glad you're out of the trap.



    The only ones that celebrate a loss are banks and vultures, they can write it off against tax for years so the loss actually costs them nothing.

    Sickening.

    Your understanding of the Tax system is poor in the extreme.


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    #15
    Steve
    Moderators, Category Moderators, Entertainment Moderators, Sports Moderators Posts: 22,584 CMod ✭✭✭✭Steve


    Marcusm wrote: »
    Your understanding of the Tax system is poor in the extreme.

    If a corporation has a tenant that stops paying rent then it is reflected in their profit and loss accounts and therefore their tax liability. Private landlords are exempt from this.

    https://www.revenue.ie/en/property/rental-income/irish-rental-income/what-expenses-are-not-allowed.aspx
    What expenses are not allowed?
    expenses on premises rented out on an uneconomic basis, where it is not possible to make a profit from the rent received

    Banks operate in a similar manner for non performing mortgages and some will have no tax liability for the next 30 years.

    https://www.irishtimes.com/business/financial-services/banks-sheltering-profits-from-tax-will-not-go-down-well-1.3811520

    Yes private landlords can declare a capital loss and carry it forward but it can only be offset against a capital gain made in the same year as the loss according to this:

    https://www.irishtimes.com/business/offset-your-investment-losses-against-capital-gains-1.3491632

    Maybe you could further explain where I've gone wrong in my interpretation of those articles and information on revenue's website?


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    #16
    martingriff
    Registered Users Posts: 10,914 ✭✭✭✭martingriff


    Steve wrote: »
    If a corporation has a tenant that stops paying rent then it is reflected in their profit and loss accounts and therefore their tax liability. Private landlords are exempt from this.

    https://www.revenue.ie/en/property/rental-income/irish-rental-income/what-expenses-are-not-allowed.aspx


    Banks operate in a similar manner for non performing mortgages and some will have no tax liability for the next 30 years.

    https://www.irishtimes.com/business/financial-services/banks-sheltering-profits-from-tax-will-not-go-down-well-1.3811520

    Yes private landlords can declare a capital loss and carry it forward but it can only be offset against a capital gain made in the same year as the loss according to this:

    https://www.irishtimes.com/business/offset-your-investment-losses-against-capital-gains-1.3491632

    Maybe you could further explain where I've gone wrong in my interpretation of those articles and information on revenue's website?

    Private landlanlords can not write off losses like that. In this case the OP the owner will still have pay of his mortgage so how will banks and vulture funds be celebrating this loss


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    #17
    Sunrise_Sunset
    Registered Users Posts: 1,215 ✭✭✭Sunrise_Sunset


    What took so long to close the sale?


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    #18
    iggy
    Registered Users Posts: 2,003 ✭✭✭iggy


    Sunrise_Sunset wrote: »
    What took so long to close the sale?


    Purchasers dragging their heels and delaying everything.


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    #19
    Sunrise_Sunset
    Registered Users Posts: 1,215 ✭✭✭Sunrise_Sunset


    iggy wrote: »
    Purchasers dragging their heels and delaying everything.

    Were they not wary of their mortgage approval running out during that time?
    I'm sale agreed now and hoping, like everyone else is too, that it's wrapped up pretty quickly.

    Very similar circumstances to you too. Bought in the boom, selling in negative equity, accidental landlord etc.


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    #20
    iggy
    Registered Users Posts: 2,003 ✭✭✭iggy


    Sunrise_Sunset wrote: »
    Were they not wary of their mortgage approval running out during that time?
    I'm sale agreed now and hoping, like everyone else is too, that it's wrapped up pretty quickly.

    Very similar circumstances to you too. Bought in the boom, selling in negative equity, accidental landlord etc.

    They were cash buyers and had the funds but just decided to drag it out whilst I pay 5 months mortgage with nobody in it


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    #21
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    iggy wrote: »
    They were cash buyers and had the funds but just decided to drag it out whilst I pay 5 months mortgage with nobody in it

    If it was empty when you signed the contract, you should have made time of the essence in the contract.


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    #22
    iggy
    Registered Users Posts: 2,003 ✭✭✭iggy


    4ensic15 wrote: »
    If it was empty when you signed the contract, you should have made time of the essence in the contract.

    Let's just say they were a pain in the hole. I won't go into it but I hope no other person has to deal with these people again.

    But from what I'm reading on this forum and others it's taking 5 months or longer to close the sale from start to finish. That's ridiculous. I paid €5k mortgage while the place was empty when it went sale agreed. I know that comes off the capital when I'm paying the bank the final money owed but some landlords won't be able to pay the mortgage on it for that long with no rent coming in. I was lucky as my wife working too and her wage paid the mortgage on the apartment whilst we wait for the purchasers to hurry the feck up.


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    #23
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    iggy wrote: »
    Let's just say they were a pain in the hole. I won't go into it but I hope no other person has to deal with these people again.

    If time was of the essence in the contract, you could have pulled the plug on them months ago.


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    #24
    Sleeper12
    Registered Users Posts: 17,064 ✭✭✭✭Sleeper12


    Congratulations and best of luck for the future.


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    #25
    Sunrise_Sunset
    Registered Users Posts: 1,215 ✭✭✭Sunrise_Sunset


    iggy wrote: »
    Let's just say they were a pain in the hole. I won't go into it but I hope no other person has to deal with these people again.

    But from what I'm reading on this forum and others it's taking 5 months or longer to close the sale from start to finish. That's ridiculous. I paid €5k mortgage while the place was empty when it went sale agreed. I know that comes off the capital when I'm paying the bank the final money owed but some landlords won't be able to pay the mortgage on it for that long with no rent coming in. I was lucky as my wife working too and her wage paid the mortgage on the apartment whilst we wait for the purchasers to hurry the feck up.

    I totally understand that. We've had to move back into our apartment while we wait for the sale to go through. We couldn't afford to leave it empty while we pay the mortgage and rent on another house we were in. We are a one income family, we had no option but to move back in. I really hope it doesn't take 5 months! The apartment is in the next county to where we are buying, and where the kids go to school, so come September I'll have a long commute for the school run twice a day. We are tripping over ourselves in this small apartment.


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    #26
    anewme
    Registered Users Posts: 11,946 ✭✭✭✭anewme


    Good luck, reads like a really stressful time coming to an end.


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    #27
    Steve
    Moderators, Category Moderators, Entertainment Moderators, Sports Moderators Posts: 22,584 CMod ✭✭✭✭Steve


    martingriff wrote: »
    Private landlanlords can not write off losses like that. In this case the OP the owner will still have pay of his mortgage so how will banks and vulture funds be celebrating this loss
    They are celebrating because the OP took the loss, not them.

    Had the OP, like many others simply stopped paying the mortgage, the banks or VF's sell it to NAMA or another VF and write that off against tax so it's win win for them. Meanwhile the private landlord is still liable for the debt till they die.


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    #28
    Pawwed Rig
    Moderators, Category Moderators, Home & Garden Moderators, Recreation & Hobbies Moderators Posts: 22,377 CMod ✭✭✭✭Pawwed Rig


    Steve wrote: »
    Glad you're out of the trap.



    The only ones that celebrate a loss are banks and vultures, they can write it off against tax for years so the loss actually costs them nothing.

    Major misunderstanding about how loss relief works. Losses are never a good thing for anyone. Yes they can use their losses against profits but they still lose 87.5% of the cash.


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    #29
    Marcusm
    Registered Users Posts: 10,320 ✭✭✭✭Marcusm


    Steve wrote: »
    If a corporation has a tenant that stops paying rent then it is reflected in their profit and loss accounts and therefore their tax liability. Private landlords are exempt from this.

    https://www.revenue.ie/en/property/rental-income/irish-rental-income/what-expenses-are-not-allowed.aspx


    Banks operate in a similar manner for non performing mortgages and some will have no tax liability for the next 30 years.

    https://www.irishtimes.com/business/financial-services/banks-sheltering-profits-from-tax-will-not-go-down-well-1.3811520

    Yes private landlords can declare a capital loss and carry it forward but it can only be offset against a capital gain made in the same year as the loss according to this:

    https://www.irishtimes.com/business/offset-your-investment-losses-against-capital-gains-1.3491632

    Maybe you could further explain where I've gone wrong in my interpretation of those articles and information on revenue's website?

    Yes; they can get tax relief for their loss but they have still incurred a loss and are thus not happy! Certainly they will not "celebrate a loss" as you described it. They have suffered a 100 loss to get a tax credit of a smaller amount (12/5, 25 or 33 depending on their tax regime); not a matter for a celebration in anyone's books.


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    #30
    Steve
    Moderators, Category Moderators, Entertainment Moderators, Sports Moderators Posts: 22,584 CMod ✭✭✭✭Steve


    Fair enough, 'celebrate' wasn't the best description.

    It's still no less palatable.


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    #31
    tazdustdevil
    Registered Users Posts: 56 ✭✭tazdustdevil


    Well done Iggy! I’m in the same sinking boat only my 2006 mistake was a one bed. It’s been for sale a while now but no action yet. I am going to have to give tenants notice as hardly anyone is even viewing it with tenants in situ. I just feel I will struggle to pay the mortgage while it’s empty but I can’t deal with the revenue ball and chain anymore. Even if I got asking price, I’d still be €95 k down on what I paid for it. 50k deposit I put down myself. Delighted for you.


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