Updating post from Reddit.
Hey, everyone! I've been investing in some properties for a few years now, and it's been a mixed bag. I'm curious, what's been the hardest part for you all?
The government!!!
Tbh just being on call all of the time. Every agent I’ve ever used has kind of sucked and their emergency response rate is garbage - I don’t want someone to prevent my tenants from accessing repairs or care they need, I want someone responsive to that to make sure they’re okay. It’s usually fine and totally manageable but when life is busy and then an emergency kicks off it can feel overwhelming, and I feel like it has the tendency to happen right when I’m about to get on a plane.
Tax (both personal and extracting from ltd) tenants who don’t heat/ ventilate, tenants pets particularly small dogs that chew doors, skirtings, furniture, scratch up carpets and floors
As a student landlord who pretty much chooses to rent to Chinese tenants, I think the shittest part will not being able to take more than one month rent upfront thanks to the renters rights bill. I can't see what incentive there would be for landlords to rent to international people without the guarantee of being able to receive 6 months upfront.
So designed..attacked on every front PRS not wanted - yet they provide no viable alternative to the housing crisis. BTL portfolios that got built 2000+ and are coming to the end or mortgages cleared lucky them
Days of MEX same-day remortgage (mortgage express) on BMV deals up to property crash...an ideal decade.
Tenants who won’t leave at the end of the rental period
The entire construction industry is so so expensive. Everyone wants a cut, everyone thinks they are the most important and everyone wants to be millionaires.
Planning is impossible, trades are unreliable, unavailable and unaffordable and even after all this you’ve got solicitors, tenants, estate agents, HMRC etc.
One thing which may be a pet peeve of mine (as I make a habit to mention it to tenants) is that over half of rent now goes to HMRC. Given the choice I would happily half all my tenants rent and often put off increasing it as so much goes to HMRC.
The tax rate on rent is akin to that paid on alcohol, petrol etc.
Letting agents. I did my research & decided that I don’t need them. They really don’t do much. They don’t jump all over a problem because it’s not their property.
I pay a vetting agent a small fee & the tenants are usually in there a few years. Letting Agents are making easy money every month for nothing in my book.
Theyre really only worth it if you have a large number of properties, especially if they’re a bit more spread out.
The hardest part is the council introducing selective licensing in the areas. Im lucky for now on a few properties but you just know they will expand and you’ll have to fork out to get a license and send heaps of paperwork for them to accept me being able to rent my own property out.
Renters rights bill can be beneficial if they just improve their court process and works effectively.
Bad Tenants!!
Agencies that make you do everything!
Insurance was always a nightmare for me, brokers taking 30%-40% every year just to send me a pdf to fill out and then another pdf 😂. But found a new insurance broker called Meshed who are fab
Random deductions from the letting agents. Every month I get my hopes up that I'll have the full amount, every month there's some job or other I'm paying them out of the rent for. At this rate I'm not making much at the end of the month at all.
Boo boo cry little babies
Taken a wrong turn somewhere?