How much to say? Roofer tomorrow

[andytake2]

Sept 9, 2023 8:26:01 GMT mick said:

Sept 8, 2023 7:46:51 GMT andytake2 said:

Here's something from the other side. First one of my sons is an 'accidental' landlord. He owns a property that he can't live in for health reasons. He's not well off but the rental income covers the mortgage and other outgoings with a little left over that he saves for repairs. There are three flats in the building and he owns one of them. He lived in it before his health prevented him. He is not the freeholder.

Here's the story of one of his tenants - a single mother.

1. The top of the frig/freezer ruined with cigarette burns. It was new when she moved in.

2. The bath needed to be replaced because of the candle (?) burns all around the rim.

3. The carpet had to be replaced because of innumerable, indeterminate, stains in every room.

4. She had been keeping a hamster in the shower cubicle.

5. Every work surface in the kitchen needed replacement (burns again)

6. Front door frame smashed after an argument with her boyfriend.

7. A professional oven cleaner refused to touch the oven because it was too bad.

8. She failed to pay the full rent - but that didn't reduce the mortgage or the other bills.

9. My son or I were constantly fielding complaints from the other tenants (not my son's) about noise, arguments, comings and goings, child left alone etc.

10. I forgot - 'sharps' found on top of cupboards and in various drawers after we got rid of her.

I could go on for several pages. I'm just pointing out that the lot of a landlord isn't all milk and honey!!

Mick

With these buggers, the only thing to do is evict.

There's a world of difference between not being able to afford the rent and plain wrecking a place.

Our former upstairs neighbours sound like your son's.  Sharps everywhere, dog and cat crap everywhere - tradesmen refusing to go in, volume on stereo only has one setting - blow the bloody roof off,arguing and fighting, water and piss coming through our ceiling etc. etc.

As far as your son goes, if he is an accidental landlord, I would get rid of it (the flat, not the son!).  Being a landlord is a huge responsibilty, one that I would not want. 

Refusing to pay the full rent is a grey area.  The council has a way of assessing what is a 'fair rent' and this should be used as a guide.  If the tenant simply refuses to pay the amount, then legal action is the only solution.  If the amount the Landlord charges is higher (i.e. to cover mortgages etc) then it isn't the rent amount that is at fault - it is the mortgage, which leads us to the root cause of a hell of a lot of the financial problems people have in this country: 'Property' prices

High prices of homes benefits only the banks.  If someone buys a property and decides to rent it out to cover the mortgage and that falls flat on it's face, then tough titty - it is no different to any other form of gambling, except in this case the damn successive governments see to think backing it is a good idea.

For someone in your Son's position, if he has been forced into the situation he has my sympathy, but my own take on it is as I posted above- stop being a landlord and go spend the money on something else.

I dread to think what is going to happen when the inevitable crash comes round next time - it will not only take the value of the home since the last fart of a crash, it will take it down further.  Bail out.  Get the parachute on, Swim, Run away!

[mick]

I could also tell you the story of another son who is a deliberate landlord and lets to students. He's got a reputation of being a 'good' landlord and the accommodation he provides is top-notch. He rarely needs to advertise because of his reputation - students leaving pass on the details to students looking, and so it goes on.

The story is that he let to a wealthy Chinese couple, and they absolutely trashed the place before disappearing to China. Of course he kept their deposit (of no account to them)but it came nowhere near covering the renovation costs. Although money was an issue, the real stress came from trying to get the place right for the next tenants who were expecting somewhere to live at the start of their course. Even after the new lot moved in he was still replacing things because, for example, the wardrobe had become so contaminated with smells that it was in turn transferring to the clothes of the new tenant.

As you say, being a landlord can be a bit dodgy - but as you also say (indirectly) if you can't stand the heat stay out of the kitchen!

Mick