Buying a very cheap investment property to rent to myself

Q

queenlex

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Hi all would be extermley grateful for a response to this question. Due to receiving rent supplement and finding myself effectively homeless and staying in hotels until finally now becoming broke and in much credit card debt I wonder is there an option to get a cheap buy to let property to rent to myself any pitfalls other than the tax issues? I would rent a second I dont really care if its in Dublin or not at this stage at end of my tether and need a roof over my head as its affecting my mental health which hasnt been good in recent times anywa... I have a retirement pension for ill health for approx 100 a month. Many thanks for a response as I'm in need and have nowhere left to turn,

Many thanks for anything in response..
 
Sorry, your post is not making any sense. You already have a place but are homeless but are/was in receipt of rent supplement and are seeking a mortgage but have no income?
 
No I have no place or income other then disability benfit and one hundred a month ill health pension
 
So how do you thing you would finance a rental property? And how do you thing you would actually rent it to yourself?
 
I'm talking about somewhere for thirty grand max somewherein leitrimnot somewhere in foxrock now I just want somewhere to live its just very complicated for menow relying on landlords to take me in
 
I am sorry to read about your situation and would hope you are getting some help with the health issues-which is far more important than a mortgage at present.

I think you need to give more information about your current situation
-what age are you?
-are you still working?
-are you living by yourself?
-Children?
-why do you find it hard to get a place to rent?
-what areas are you looking to live in?

Could you live with a family member for a while?
 
Thanks for the concern I'm in my thirties not working main problem with getting a place is a combination of my gender and the rent allowance being accepted very places appear to want males full stop I was living to live anywhere in Dublin I am going to spend the next few nights with my parents after having to beg which is a bit humiliatingat my age I live alone normallyin recent times as I said racking up debt which I have no way to repaying bn myself my parents are both problem drinkers so its not exactly ideal which is why there is urgency plus obviously the debt I'm running up
 
Im sorry to hear things are rough for you at the moment Queenlex, I remember your earlier threads.

A lot of those cheap houses In the midlands are unmortgeable, so you would need to have cash to buy them, and then you cant pay yourself Rent Allowance.
Are you on the housing list in Dublin? have you been in touch with Simon, they should be able to offer you advice and help? simon.ie
 
It's a good idea to put your name on the housing list, but the lists are growing longer and are expected to continue growing following the bank arrears clampdown.

There are a lot of landlords who will not accept rent allowance, however, if you got a written reference from your recent employer, a character reference from someone who has known you for some years and if you offered to pay 2 or 3 month's rent as a security deposit, it may work in your favour.

No-one likes to have to pay that much up front, but you do say that you have €30k available to you and it would be worth using some of that to convince a potential landlord that you are a safe tenant.

Worth a try and good luck, I hope your situation improves.
 
Hi queenlex,

I am not entirely sure how you figure buying to let works out for you? Am guessing that what you are trying to do is get a buy-to-let mortgage and use the rent paid (i.e. in this case your rent allowance?) as the income which pays the mortgage? I suspect that might be a little <ahem> "innovative" for either the tax man or for social welfare. Essentially your rent allowance is not paying for rent in that case it is paying for whatever property you would acquire.

Irrespective of whether or not it is a runner, I don't think you are going to be in a position to get even a small mortgage, you don't indicate that you have any savings and your current income is from a combination of a limited pension and the state. I think the other posters are correct, get your name on the housing list and in the interim, keep trying to find a place to rent. There will be somewhere out there willing to rent to you.
 
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