Tired of being a landlord

M

Magillagorilla

Registered User
Messages
38
I've been letting to the same family for a long time. Good people but fairly demanding. If it's not one thing it's another. A large family. I would love to leave the market and sell up. All the letting regulations have been observed. But I am concerned about where they would go.Exhausted at this stage. It's just not worth it. Any words of advice/encouragement? Thanks
 
ClubMan said:
On what exactly? It's not really clear from your post what specifically you're asking for feedback on.
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If they were served with the statutory eight months notice I don't know how they would secure other accommodation. To be honest,I would just love not to be responsible for the whole thing any more. They are on the housing list but that could take for ever.
 
Personally I would sell and think you should too. However if you’re not keen to do that, how about you appoint a letting agent and change your number?
 
Magillagorilla said:
They would not be in a position to buy it.
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Be very open with them and explain the situation. I tell my tenants this before they move in...

"Guys, I'm doing this to generate a passive income stream. I do not want or have time to be a hands-on landlord. If the washing machine breaks, the onus is on you to replace it. Just order another online and I will pay for it. If a lightbulb goes, just swap it out yourself. I'm not trying to be rude, I just don't have the time to deal with these issues, so if that's going to be a problem for you, do not move in."

I tell that almost word for word to potential tenants and I hardly ever get tenants calling me with issues. It's almost an entirely passive revenue stream.
 
As somebody handy you'd be my ideal landlord, but if you left it to me I'd be ordering a top of the line €1500 Miele washing machine. Do you cap it or tell people to buy the same make?
 
Always Learning said:
Just order another online and I will pay for it. If a lightbulb goes, just swap it out yourself. I'm not trying to be rude, I just don't have the time to deal with these issues, so if that's going to be a problem for you, do not move in."
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The problem with this attitude is that it is below the legal standard which makes the landlord responsible for the maintenance of the interior of the property in the condition it was when the tenant moved in.

 
I have experience of both managing directly and having appointed a letting & management agent. My experience is that, over time, with long term tenants, the communication line invaraibly bypasses the managment agent (this can be for a variety of reasons). Managing direclty is challenging and we spent time to build up a black-book of dependable trades people who we could call as and when required without visiting the property ourselves. We frequently managed all kinds of emergency repairs while out of the country by phone. The communications channel and relationship between your tenant and you is already established, so it will be difficult to put a managment agent in place that will aleviate the calls. In my experience, it is very difficult to get a management agent to take-over a letting without having first placed the tenant, so not sure if you will have much luck going down that route as your tenant is already in place.

I have seen postings on this forum about owning and managing BTLs as being a passive investment. I always viewed it as a second job, not passive. The tenant is paying for a service, and therefore I always viewed it as my responsiblity to deliver a quality service, that is what I was being paid to do. That responsibility does consume time and energy, so the view you are expressing is reasonable and more so if you also have a 9-5 job.

I certainly do not claim to have any knowledge of what the future will bring in terms of additional regulation governing the landlord / tenant responsibilities, but I expect it will only become more onerous. Additional regulations require additional effort. If you do not have an appetite for the "2nd job", then perhaps its time to sell up.
 
Zenith63 said:
As somebody handy you'd be my ideal landlord, but if you left it to me I'd be ordering a top of the line €1500 Miele washing machine. Do you cap it or tell people to buy the same make?
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Yes, it suits a lot of my tenants because tenants really don't want to deal with landlords any more than we want to deal with them. The tenant has to send me on the link of what they want to purchase, I'll make the payment online then, provided the cost is in line with what I want to spend. It's a very simple process but works very well.
 
NoRegretsCoyote said:
The problem with this attitude is that it is below the legal standard which makes the landlord responsible for the maintenance of the interior of the property in the condition it was when the tenant moved in.
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Yes that's correct, but firstly, I vet all all the tenants myself and only take on people I have a good relationship with. Once I explain everything upfront and honestly at the start, it doesn't seem to be a problem as my tenants tend to be the kind of people who would prefer more autonomy in the property.

Secondly, it's a slightly grey area. I'm accepting responsibility for fitting out the places to a high standard, I have no problem paying for the replacement. I simply ask that the tenant arrange the delivery of the items needed. Technically I'm probably in the wrong but it's no where near severe enough to bring any heat on me from the law.
 
If you want out of the property letting business then issue notice and when this can take effect (presumably after the winter moratorium on evictions) you can sell up. Their future accommodation prospects are not your responsibility.
 
sir sell the property too many regulations demands and tax ...sell sir at least you will feel happy and more money in pocket
 
Somehow I'm finding it hard to believe what you've just written, then you tell us you're a landlord with no issues. Holy Moses but ain't you a lucky one and I don't care what vetting you're doing.
 
noproblem said:
Somehow I'm finding it hard to believe what you've just written, then you tell us you're a landlord with no issues. Holy Moses but ain't you a lucky one and I don't care what vetting you're doing.
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What's so hard to believe? If you're straight up and honest with people from the get go it works quite easy provided they are the kind of tenant suited to that type of arrangement. With the market we are in, you can have your pick of tenants so good one's are not particularly hard to find.

Like seriously, what's so crazy about asking a tenant to order a washing machine online if the current one breaks?

Maybe I am just really lucky, but if I've replicated the same results on 7 occasions so far then you'd have to start thinking it's not down to luck anymore and perhaps down to the approach?
 
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