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

[RealNavyEagle]

I’m not saying every landlord or agent is evil, before anyone jumps in. But I do think there’s something deeply uncomfortable about profiting from people’s basic need for shelter, especially when that profit often comes with minimal accountability and maximum power over tenants’ lives. Rent increases “because the market allows it,” poor maintenance, opaque fees and agents acting as unchallengeable gatekeepers… it doesn’t always sit right with me as a way to earn a living.

AIBU to feel uneasy about this being a normal, socially accepted income stream?

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

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

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

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.

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.

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?

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.

Luckily no one has suggested this

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.

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.

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

Why couldn’t you leave it empty?

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

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

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.

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.

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?

Well, it’s a nothing contribution.

Like your reply here?
A question was asked and I answered

Surely a not for profit means someone still has to invest something (which is what I said) and as it’s not for profit that invested gets no profit (which is what I said)

My parents kept their first house house they bought in 1977 for £18k, in SE London.

it was tenanted, on and off until 2017. When they sold it for £560k.

can anyone really argue that that was a level of work that necessitates a £540k profit? There were many years they barely did 50 hours work a year for it. Some years they did nothing. They had all major repairs paid for (by tenants or insurance) and hadn’t even paid out for a new kitchen in all that time.

they didn’t clear much profit monthly or annually- maybe £5k a year- but it wasn’t much work to earn £500k on top of the day job was it?

The thread has moved on somewhat from the OP. Your question has been answered already many times. To actually add anything to the thread, you'd need to read it and then respond to those answers. That's what conversation is. Just plopping a superficial line that doesn't engage with the conversation is irritating and pointless.

there are millions of not for profit housing units rented at social rents already in the uk, owned by housing associations and other investors. The model exists and is successful. This simply extends it.

Shocking isn't it? Absolutely mental that so many people will defend a system that works for so few. Turkeys voting for Christmas.