Homeless homeowner

Donald Trump · 15-12-2022 12:15pm

https://www.boards.ie/discussion/comment/119999172#Comment_119999172

So you are accredited now?

It doesn't seem too onerous in fairness. 20 multiple choice questions. Answer 14 correctly. I couldn't a reason not to do it for anyone who doesn't understand the rules and regulations

StrawbsM · 15-12-2022 12:16pm

https://www.boards.ie/discussion/comment/119999172#Comment_119999172

When did you attend it?

15-12-2022 1:06pm

https://www.boards.ie/discussion/comment/119989402#Comment_119989402

Who will pay their mortgage for them then?

15-12-2022 1:18pm

https://www.boards.ie/discussion/comment/119999239#Comment_119999239

I was, but accreditation expires I completed the course in 2019 and in my view its not worth renewing. It was a very straight forward assessment but the content was poor and still left a lot open to interpretation, questions could not be asked on the day.

"Who will pay their mortgage for them then?" presume they just continue paying the mortgage as they did when they had tenants.

StrawbsM · 15-12-2022 1:23pm

https://www.boards.ie/discussion/comment/119999459#Comment_119999459

They haven’t had a course since 2019 either. This is the current info on their website

Perhaps they’ll give info on the 2022 dates in the new year 😂

15-12-2022 1:38pm

https://www.boards.ie/discussion/comment/119999486#Comment_119999486

The course I attended was in person, they sent me a letter in 2021 to say an online course would be available soon and to be honest 2 year turn around to stick a few slides and questionnaire online is not bad going for the RTB you'd often be left waiting on the phone to them for longer.

StrawbsM · 15-12-2022 1:40pm

😂 😂 😂

machaseh · 15-12-2022 1:43pm

https://www.boards.ie/discussion/comment/119996747#Comment_119996747

A taxi driver does not take away the possibility for someone to buy their own car and drive from the city to Baldoyle.

A landlord buying up houses takes away houses from the total available housing stock to buy, thereby increasing housing prices. Then the landlord also wants to profit off his societal leeching and thus charges more rent than they would need to to break even, thereby exploiting people who weren´t born in some Fine Gael family and thus weren´t born with enough capital to buy.

Dav010 · 15-12-2022 2:09pm

https://www.boards.ie/discussion/comment/119999564#Comment_119999564

Newsflash.

Investor wants to make profit. Public outraged.

15-12-2022 2:19pm

https://www.boards.ie/discussion/comment/119999564#Comment_119999564

Taxi drivers purchase cars, there is not an infinite supply of them only so many are made each year therefore taxi drivers are limiting supply of cars or driving prices of cars up for others. Taxi drivers charge their customers more than the car repayment and we don't consider this exploitation, strange that.

We are fortunate that the state runs a low cost method of transport (the bus) for those who cant afford to buy a car or use a taxi all the time, part of the problem is that they are not doing the same in the accommodation sector at the moment at the scale that's required.

The current accommodation policy would be the equivalent to taxi drivers being limited to one customer until they decide they want to use a different taxi and only being able to charge a fair set 10 years ago even though fuel, insurance and maintenance prices are rising because that's when they first picked up that passenger.

15-12-2022 2:45pm

https://www.boards.ie/discussion/comment/119999415#Comment_119999415

as I’ve said before, if I’m away for less than two years (which I am currently), maybe even a little more, I’m happy to just pay the mortgage myself. It’s not wasted money, especially if late in the term (as mine is) when most of the mortgage payment is capital

after paying 50% away in taxes and agents fees, the remaining income is not worth the risk (the probability) that a tenant won’t or can’t leave when I come back. It’s just not a risk : reward dynamic that makes any sense

so, yes, my apartment in D8 is sitting empty. I drop in when I’m in town, as do family or friends if they’re in Dublin, but having someone living there is not worth it (and it still wouldn’t be worth it if there was a vacant property tax imposed)

15-12-2022 3:02pm

https://www.boards.ie/discussion/comment/119999824#Comment_119999824

Yeah I actually agree, it's not worth it for a person with a single unit. Maybe there's an incentive for institutions but not so much for the individual.

15-12-2022 3:45pm

https://www.boards.ie/discussion/comment/119999824#Comment_119999824

I’d just like to add that I really wish that it wasn’t like this. It doesn’t sit well with me that there are people struggling when there is a flat there, that I would be more than happy to rent out below the stupid market levels. But the risk of me being screwed is just too high

15-12-2022 4:29pm

https://www.boards.ie/discussion/comment/120000122#Comment_120000122

Stronger legislation that is actually enforced would be a start. Something that protects both parties. Surely there are models to follow in Europe.

Donald Trump · 15-12-2022 5:09pm

https://www.boards.ie/discussion/comment/119999702#Comment_119999702

The analogy you are looking for is not taxi drivers but the holders of taxi plates back in the day before licenses were opened up.

At that point, all the owner of the plate had to do was sit on their hole and rent it out to a few drivers. Many such "investors" had large quantities of plates. I think plates were selling for in or around 100k.

Many owners of the plates did not drive taxis. Pure rent seeking behaviour.

Is this relevant to housing today? Most definitely yes. Can I build 20 houses in the field out the back tomorrow? No, because the government limits who can build and where. That artificial regulation which is interference by the State in the market adds a lot of value to your property.

Another analogy might be a ticket tout. They buy up something already in short supply in the knowledge that they can then make a profit by selling to those who actually want them.

Ginger83 · 15-12-2022 6:11pm

https://www.boards.ie/discussion/comment/119999415#Comment_119999415

Many properties are mortgage free. 1 in 10 are inherited.

It will get to the stage and is happening already that properties will be left vacant.

15-12-2022 6:13pm

https://www.boards.ie/discussion/comment/120000435#Comment_120000435

You might have noticed I quoted machaseh who was rambling on about Taxi drivers. Your analogy about taxi plates sounds more like subletting, you'll find the majority of tenants are now very demanding and unfortunately landlords don't get to sit around on their holes counting all their cash for too long.

As somebody who thinks that landlords just need to get on with whatever legislation comes their way, you appear to take issue with planning rules that's a little hypocritical don't you think. What adds value to property is purchasing in the right location, people will pay more to live in an area with a good reputation and amenities.

Donald Trump · 15-12-2022 6:29pm

https://www.boards.ie/discussion/comment/120000660#Comment_120000660

Who said I have issues with planning regulation. I am merely pointing out that you appear not to be aware of the many rules and regulations that increase the price of your property.

15-12-2022 7:57pm

https://www.boards.ie/discussion/comment/120000720#Comment_120000720

You did, you implied that you would like to build a rake of properties tomorrow if it wasn't for planning restrictions in your previous post. It might have been a tongue in cheek comment but you are constantly complaining about landlords giving out about regulation and legislation and here you are now giving out about regulation benefiting landlords. Planning rules are to the benefit of everybody, its the process of objecting that's holding back development.

I'm assuming anybody that purchased property at the right time will have benefited from price increases not just landlords. There is a view that landlords selling up will drive prices down for buyers but there were record levels of rental stock sold last year and house prices are still increasing. Having contributed to a lot of accommodation threads you are also aware the rules and regulations change on a regular basis, three months time the landscape could be totally different. Investing in property is speculative we have seen massive crashes in the past, a large return on property is not a guarantee. The issue faced by all is a limited housing stock, renters and purchasers are at a disadvantage but hopefully the situation will improve in the future. Getting cranky and blaming landlords for all the issues in the housing market isn't the answer. Renters need landlords if they don't want to continue living with their parents until they have a sufficient deposit to buy a place of their own.

FishOnABike · 15-12-2022 8:02pm

https://www.boards.ie/discussion/comment/119999664#Comment_119999664

Nothing wrong with making a long term profit on a long term investment but expecting immediate short term profit while accumulating a significant asset with potential for significantly higher future profit is not realistic.

Most business startups require up front investment and can take several years before that investment starts to return a profit. Why should investing in property be any different. It's a long term business investment not get rich quick scheme.

herbalplants · 15-12-2022 8:15pm

https://www.boards.ie/discussion/comment/120001028#Comment_120001028

Investing in property is just the same as any other investments. What planet do you come from? Do you need help!

You could buy a property today and market crash next year and you are paying for a huge mortgage while renting it for half of the money. What part do you not understand!

Property is just like any other investment, it can go down or up in value. And history showed us just that. Many haven't recovered from negative equity.

Yes like other businesses, it requires investment, your own cash!!!

herbalplants · 15-12-2022 8:19pm

https://www.boards.ie/discussion/comment/120000720#Comment_120000720

Are you a landlord! Not you are not! So from what experience are you here berating us from! From what you read on the Internet! What experience do you have in property? Can you even handle a hammer?

Donald Trump · 15-12-2022 9:01pm

https://www.boards.ie/discussion/comment/120001088#Comment_120001088

No need to be so hyper sensitive. I'm only informing you that there are rules and regulations that greatly benefit you. It hardly qualifies as berating

It's a little strange that you weren't aware of them.

Donald Trump · 15-12-2022 9:02pm

https://www.boards.ie/discussion/comment/120001011#Comment_120001011

You did, you implied that you would like to build a rake of properties tomorrow if it wasn't for planning restrictions in your previous post.

No I didn't. I pointed out that there were rules and regulations that vastly benefit you.

I gave the example that I could not just go out and build houses. I never said that I wanted to. It was an (apparently vain) attempt to explain things on a level you might be able to understand

I can only explain it to you. I can't understand it for you

L1011 · 15-12-2022 9:04pm

https://www.boards.ie/discussion/comment/119998155#Comment_119998155

Neither of these would be legal. Illegal suggestions are not allowed here

This is a moderation instruction - do not reply to this post.

Bass Reeves · 15-12-2022 9:06pm

https://www.boards.ie/discussion/comment/120001028#Comment_120001028

Take a two bed apartment in Dublin it's probably 400k+ in the south rental belt. Yield will be about 24kX.095=22.8k if it was a new rental. If not a new rental anything from 12-19k.

30% deposit is 120k mortgage of 280 over 25 years is 16kish/year. IMO we are at peak yield at present. You are probably going to subsidize it for the entirity of its mortgage period.

Fixed costs Management fees, property tax( not tax deductible) insurance( contents), RTB registeration, 3k+, maintenance probably 2k/ year ( and that is carrying out a lot of the painting etc yourself.

What is left will pay about 50% of the mortgage you pay the other 50% yourself. Now we are probably at peak prices and we have not factored in the 120k deposit and probably another 5k in costs at purchase so 125k.

Invested in an investment fund the return would be 3-5% compounded if left in place.

Property is normally a no better or worse investment than any other investment. However for smaller LL that have below market rents the good has gone out of it

Donald Trump · 15-12-2022 9:19pm

https://www.boards.ie/discussion/comment/120001257#Comment_120001257

Not sure where in Dublin you are only getting 1k a month for a 2-bed 400k+ apartment in the "south rental belt". But how and ever.

Where are you taking into account the tax implications? One one hand you are putting in a lump sum up front and then the equivalent of 50% of your mortgage (using your unrealistic figures) into a fund over time. You will pay tax on your gains over the money you put in.

On the other side, you will only pay tax on your gains over 400k. Yes, you pay income tax on the rental income, but you have already deducted that. You can't deduct it twice.

Edit: Here are daft listings for 2-bed apartments in South Co. Dublin. Sorted with lowest price (1750) first

https://www.daft.ie/property-for-rent/south-co-dublin-dublin?numBeds_from=2&numBeds_to=2&sort=priceAsc

Here are the prices of properties sold in that area. They aren't anywhere near 400k

https://www.propertypriceregister.ie/website/npsra/PPR/npsra-ppr.nsf/PPR-By-Date&Start=1&Query=%5Bdt_execution_date%5D%3E=01/01/2022%20AND%20%5Bdt_execution_date%5D%3C01/01/2023%20AND%20(%5Baddress%5D=*Cedar%20Brook*%20OR%20%5Beircode%5D=Cedar%20Brook)%20AND%20%5Bdc_county%5D=Dublin&County=Dublin&Year=2022&StartMonth=01&EndMonth=12&Address=Cedar%20Brook

FishOnABike · 15-12-2022 9:20pm

https://www.boards.ie/discussion/comment/120001077#Comment_120001077

I can't figure out if you are agreeing with me or disagreeing with me.

Like any other business it requires up front investment. It isn't risk free and if the business fails the investor can lose.

Unfortunately, before the 2008 crash, too many amateurs viewed it as a risk free license to print money akin to having someone pay into their pension fund, pay them several hundred euro a month on top of that and leave them with an asset worth five times their original investment index liked for inflation or more. That was never a realistic view.

Like any other business an investor needs to weigh up the potential risk v reward and not invest what they can't afford to lose.

Investments can go up or down, the investor needs to be able to ride out the lows to reap the long term rewards. If they haven't taken that into consideration they shouldn't be investing.

herbalplants · 15-12-2022 9:28pm

https://www.boards.ie/discussion/comment/120001240#Comment_120001240

I am not a landlord! So don't worry nothing you say is for my benefit.

Anyhow you talk for the pleasure of talking as you have no personal experience.

Bass Reeves · 15-12-2022 9:34pm

https://www.boards.ie/discussion/comment/120001285#Comment_120001285

My son is in Dublin there is four of them paying 2.7k for a four bedroom house. He had to move from a two bed that was more expensive but nicer and .ore central LL sold up. He nearly got a two bed house that a workmate was supposed to move from that was 1.2k

I was giving the figures on what a new Investment would cost. But gave the variation of rents across such houses at present.

Deposit on rental investment is 30% so 120k on a 400k property. Leaving a 280k mortgage.

After costs and maintenance you are probably left with 16k in rental income, half will go in tax. ( Actually slightly more giving it would drive you in in the USC band, proia bit with 7.5k net.

Like everything else you post you have actually got no understanding of the reality on the ground. I surprised by your claim that you run your own business, it must be a franchise where all the donkey work is done for you.

Homeless homeowner

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