To not agree with how some people make their money, specifically landlords and letting agents?

OPs question
To not agree with how some people make their money, specifically landlords and letting agents?

My Answer
Of course the landlord should make a profit, they have put a huge investment into that property so why shouldn’t they gain from it?

What was wrong with that?

For many, many landlords it really is extremely easy money. They have multiple properties, sometimes dozens, hundreds or even thousands, and it's totally passive income that's all managed by third parties. The fact that your individual circumstances did not make it an attractive investment does not mean it's not a system that doesn't massively benefit other very privileged people. Otherwise obvious nobody would do it. You still kept the place tenanted for the entire 18 months so you obviously calculated that it was financially advantageous to you.

Agree. I accept it’s a necessary endeavour (as in society needs landlords) but I do question their morality. I could never date a landlord.

Read the thread- it’s very clear. A not for profit model

So what is being suggested, people invest money and get nothing back for it?

Why couldn’t you leave it empty?

Read the thread and you'll be able to engage in the conversation with meaningful input.

Do people really think that those complaining about LLs and private renting think it should be free? Certainly feels like it from the posts here!

No. Those stuck sinking their earnings into paying off LLs mortgages and unable to save for a home of their own are rightly upset because it’s impossible to buy when they can’t save.

But no, we should be thankful for the altruism of LLs.

I became an accidental landlord when my mother died. I had to retain the property for 18 months for legal reasons, before putting it on the market to cover her debts.

I hated every minute. And of course I then had to serve notice on the tenants in order to sell, which was traumatic and they left it in a terrible state. Any rental income there been went on tax, maintenance, cleaning and cleaning.

I spoke to the agent at one point and said "I have no idea why anyone wants to be a landlord"
She replied "I'm a lettings agent and I don't know why anyone would want to be a landlord, either"

It really isn't easy money.

Luckily no one has suggested this

Alot of people I work with in their mid to late 40s to retirement age rent, because they couldn’t get mortgages, to buy the houses that they were busting their hump to rent - it has never been easy for transport workers, warehouse workers, semi skilled workers to get on the property ladder. I’m pleased that it’s being different for you. and I truly wish it had been different for many of my friends and work colleagues.

Take away all rented accommodation, all landlords and the only way to be housed it to buy your own…. See how many people end up on the streets. Landlords are needed especially in a time when plenty of people can’t afford to buy. Of course the landlord should make a profit, they have put a huge investment into that property so why shouldn’t they gain from it?

We bought at a similar time, 2008. Also got a fixer upper and have managed to work our way up the ladder since. I see my adult children though with a very much harder job getting started and it makes me so sad for younger people.

The idea that is supposed to underpin capitalism is that each stage of a process should add value.

The holy grail for some, is a world where you have endless layers between buyer and seller that extract a proportion whilst doing fuck all.

Yes you’re quite a bit older than the golden age I was referring to. It was far easier in the early 2000s for people 40-50 now

I don’t know what part of the country you are from.but property doubled in price in our area in 1997, New Labour had arrived, so an 80s baby was still at school.

Our first mortgage was three times my husbands and one times mine and that was tops - I was expected to give up work and be a good stay at home mother - even though I earnt a few pounds a week more than my husband!

Our first house in 1989 was £30,000 (and thst was a good good price) like many terraced houses at the time it had no proper indoor bathroom, they were minimum of £40,000 nearer £50,000. I was grossing £150 a week £3.75 per hour, and my husband £3.50 per hour which was £140 per week. Overtime/bonuses was not considered as income as you couldn’t guarantee it.

Its never being easy buying a property in this country especially the south, a film that was made and shown in 1966 called “Cathy come home” was shocking and actually helped the law to be changed. Unfortunately, getting on the property ladder for many is hard work and “mortgage” is actually french for “debt for life”.

i wish it was easier to buy - I truly do

I’ve said hundreds of times in real life and on forums the first house I bought I was earning £26,000 a year plus car for the job that I do now that pays 35 with no car
The house was a three bedroom semi detached with a garage walking distance to the station 67,000 in 2001. The proof required by the mortgage company was three payslips, That was it. I was a single parent with a daughter in full-time nursery and I had been in the job for precisely three weeks and one day.

I wouldn’t have been approved for a mortgage now, not a chance

Also I don’t get when are these people referring too? I’m an early 80s baby and house buying when I was in my 20s was easy as fuck; no questions asked 100% mortgages, pre hyper property inflation, jobs were easy to come by especially in big cities

these rags to riches house buying surely belong in the 70s (my parents!)

Fortunately, you’re unfortunately depending on how you want to look at it the absolute dives haven’t existed for awhile because you know Law
And therefore they have to be paid for
I don’t look back romantically at the shit holes. We lived in in Bristol with no heating damp everywhere no hot running water and the price reflected that obviously. But today’s kids wouldn’t stand for that and they’re not wrong.

Rags to Riches stories like your friends are becoming rare and rare because again student loans, even applied to the OU.

But again, that’s not the point. You as a landlord exist in a profit system, and you are getting a slice, or no slice, your choice- but profit is built in throughout.

the main issue for your profit is you bought the property on the private, profit making residential market. That’s exactly where your problems start

do you know what housing associations will sell the property you paid £450k for to each other? £40,£50k. Non profit valuation is totally different.

they have no mortgage- no high profit product sold by a lender, which you probably have.

they don’t need to pay for multiple people to make profit in the supply chain for repairs, maintenance and services like you do.

the fact that you don’t make profit in a capitalist market is totally unrelated to the behaviour of a NOT FOR PROFIT market.

the fact that you’re mixing the 2 shows how little of the suggested regulation you are able to relate to and put into context.

When we were courting and saving for our first home we used to make 2 halves of lager and a cigarette scrounged from parents last all Saturday night - those were the days!

Yes. I looked at what I bought for and sold for and any equity i built up when figuring out whether my roughly 5 years as a landlord were profitable or not. Taking into account cost of repairs for damage done by the tenants, missed rent, gaps in tenants, letting agent fees, legal costs.

One tenant alone caused 4k+ of damage over a years tenancy. Their rent was £450 a month, I got about 375 of this after fees. I paid £100 a month in service fees and insurance to the landowner, so that left 275. The total rent I received over this year was therefore around 3250, less than the damage caused. I withheld their 475 deposit, which they had the cheek to challenge. So still less than damage caused, without even factoring in my mortgage of around 400 per month which I still had to pay, after also paying rent whilst working at GOSH on a salary of around 25k at that point.

Yep, I lived in some absolute dives and didn't get buy car until I was 34, when I was on my third home purchase (having bought a flat at 23 and sold at 29, another house did up and sold at 33) and any holidays were £20 easyjet flights, a bed in a hostel and eating bread and cheese from supermarket on the beach, many a holiday done for under £100 each. DH and I were on our 2nd joint purchase before 1st child was born, and bought our final forever home when youngest was 1. Which still needed work, but was perfect plot and location. As you say, with hard work, a long term plan and willingness to make compromises it is possible. We had emotional support from family, but no financial support. Both our parents had worked their way up from nothing and were very determined we do the same. Mine could have helped financially but they didn't, they wanted us to 'make it' under our own steam. Which annoyed me at the time but with hindsight I'm glad - I'm really proud of what DH and I have built through hard work, despite both having a disability.

My best friend was kicked out of home at 16 by her alcoholic father, worked 4 jobs to rent a bedsit, did an OU degree in her (limited) spare time and now owns a house worth over 700k.

Many private landlords don't make much profit if they have a mortgage

Are you mentally deducting the mortgage contributions from the tenant from your calculation of profit? The fact that the tenant pays your mortgage so that each year you own more and more of the property is really the bulk of the money you're making as a landlord.