Daily Boom

[DimPrawn]

Mortgage squeeze fuels surge in buy-to-let investors - Telegraph

The share of residential housing stock owned by private landlords has jumped more than 40pc since the financial crisis, and now makes up almost a fifth of the total, according to estate agent Savills.



Is there a more secure and easy way to riches than this?

Those with a bit of cash and some spare time can grab some bargains out there and make yourselves rich.

[KimberleyChris]

Mortgage squeeze fuels surge in buy-to-let investors - Telegraph


Is there a more secure and easy way to riches than this?

.

Yes, put it all on a horse.

All goes well until your tenant gets benched, which is happening a lot now. You need a reposession order to get them out, and in the current climate no judge will simply throw a tenant out on the street if they have nowhere else to go, as long as the rent has not been withheld maliciously.

I have a friend who is owed over 4000 quid. She actually needs the house back to live in it herself, but she ain't getting it back.

It's a minefield...beware.

Ironically, I am told that the most secure way of letting is through your local housing association, because if you have tenants who are on the dole, the rent comes direct to YOU - not the tenant. So the 'no DSS' thing can be a two-edged sword.

[AtW]

She actually needs the house back to live in it herself, but she ain't getting it back.

She should not have gotten into landlord game if she needed.

Problem with this country is too many amateur landlords - very bad tenant protection laws (unless they squat).

[KimberleyChris]

She should not have gotten into landlord game if she needed.

Problem with this country is too many amateur landlords - very bad tenant protection laws (unless they squat).

Well, it's a bid of a sad story. Her husband got a really good long-term contract in another part of the country, so she rented her house out 'for the duration' and they rented another.

Then he died pretty suddenly. Her tenant has nowhere to go because of the 'no DSS' thing, and she is now stuck alone in a strange part of the country.

Like I said...a minefield.

[stek]

I've got a mate (not a contractor) with about 20 houses, all at the lower-end of the scale, DSS etc, he bought the properties at rock bottom prices in the 80's, but he told me all it takes is one scrote to leave with the boiler and you're a years rent down....

Another mate, who is a contractor rents out one property not far from me, he used to ask me to walk past to have a look, I'd report back - "Rear yard stone wall missing" - turned out that dood sold the stones and had a weed farm in the cellar then did a runner...

I don't fancy it - tho I did consider buying this huge house in Adlershof in Berlin (East part) it was something like 130k Euro, could have lived in a small part of and rent out (and watch closely) the rest. That was when the current mrs stek was working there and I was over every five minutes....

[AtW]

Then he died pretty suddenly.

This is sad, but surely life insurance would have been reasonable given committments like wife, house etc?

[AtW]

all it takes is one scrote to leave with the boiler and you're a years rent down....

I can almost picture sasguru returning back from his "luxury holiday" to find that cheque for £20k he got for Olympic period rental of his Wandsworth mansion bounced and he's got no house in place any more

[KimberleyChris]

That's another benefit of letting via a housing association.

The rent is assured, although you will only get a 'fair rent' not a 'rip-off' rent. If there was such an emergency, then the tenant is already in their system, and the housing association will move them.

If I were in a position to go into the landlord business, I would buy a few nice little terraced jobs, do them up to a good basic standard, and rent them out to DSS people (who have of course been vetted by the association and not grasping agents).

It takes the risk away, and it's better to rent to a dolie who later gets a job, than to a worker who then gets sacked.

[AtW]

It takes the risk away, and it's better to rent to a dolie who later gets a job, than to a worker who then gets sacked.

[KimberleyChris]

To AtW Puzzled :-)

Like I said, the dolie's rent comes straight to you. If you rent via an estate agent to a so-called professional, who then gets benched, HE gets the rent and may not pass it on to you.