Why so much hate for Landlords on MN?

[coulditbeme2323]

Who do LL's get so much hate on MN?

It seems so much more hate than there is any real life.

So how many hours a year do you reckon that all adds up to?
What is the annual profit on your rental, including estimated capital gains?
So how much is your hourly rate for this work?

I don't expect you to answer.

Landlords are generally held in the same esteem as estate agents and car salespeople, though MN does seem particularly outspoken about it. I am not sure why - sure there are terrible landlords, but most are fine. I have rented in the past while saving to buy, and what would I have done without that possibility? I don’t care if my landlord was making a profit or not - I hope so as otherwise why would anyone deal with the hassle? As long as the property was taken care of by me and them then great, an essential need fulfilled.
My DD lives in a shared student house. Again where else could she live?
I am a landlord. When my DH passed away when my children were 4 and 6, I invested in a property. This would make money through capital growth and give me an income. It would also house a family. When they gave notice three years later I sold at a good profit and bought two smaller properties. Again, housing two families. One gave notice a couple years later and I sold and bought another, using some of the equity for family expenses. My properties are lovely - I’d be happy to live in any of them. I’m a good landlord- addressing issues immediately. Most of my tenants have been great, bar three, one I had to evict due to non payment of rent and nuisances, and a couple others with unreasonable demands. But I have had a mostly steady income and this has supported my children to adulthood.
There are many reasons why people rent. Some because they can’t afford to buy and renting allows them to live in a nicer area. Done want the freedom. Some are only in the area temporarily. Some are students. Some are saving. Rentals will always be needed.
And if rentals are needed someone has to provide. Enter the private landlord who commands 70% of the market. Now why would someone rent out a place unless there was an advantage in doing so? Of course money is the reason why. It’s a business. A tenant needs something, the landlord provides it. For most people it’s a happy arrangement. It’s not greed.

I will try to answer what I can.

I would estimate about 10-12 hours per week.

No hourly rate, we pay ourselves a fairly nominal yearly wage - and the rest is made up of dividends depending on how the company has done.

Ok, I apologise, I missed it
Thanks for pointing that out, I needed a laugh.

Make sure gas and electric certificates are up to date - once a year and you don't do it yourself, you make a phonecall.
Carry out minor repairs. - Sure you do. And if you do, it's five minutes and it's your own property anyway, you are maintaining your own asset.
Book and instruct tradespeople - oh no. A phonecall and a couple of emails.
Attend AGM's and quite often sit on the board - once a year you sit in a room. Voluntarily.
Deal with debt enforcement agencies - you tell people to go and extract money for you. Stressful.* *
Transport furniture from one property to another dependent on tenant's requests - I've never rented a furnished property in my life, neither has anyone I know. I assume you mean stuff like remove a fridge if the tenant has their own or something? So you take something away but still get the same money for not providing it. Poor you.

You do next to nothing for recieving a huge chunk of a full time working person's salary. Multiple people by the sounds of it. And you think that's work.

10-12 hours a week my ass 🤣

I think it’s complex and some landlords are terrible.
we are becoming accidental landlords soon as moving abroad for a spell so renting our family home. On paper we are ‘charging a fortune’ (the going rate locally recommended by the estate agent and had lots of interest so clearly not crazy high) of £2500pcm. Our mortgage is £1510 half of which is interest. After EA management fees, best quality landlord insurance, boiler cover, window cleaner etc etc we will make about £700pcm pre tax. Ours is an old house so 6 months of this could easily cost for roof issues/boiler issues etc. before leaving we have replaced anything broken, paid for a full professional clean and fixed any tiny snag we’ve lived with for months. We left a card, bottle of wine and info on the area, neighbours and how everything in the house works. Hopefully we are not horrible cruel landlords in their eyes!

a colleague has recently been served notice to leave her rented home as landlord needs to sell to pay for parents car. He came round to explain, was apologetic and said he’d do them an excellent reference and see if he has friends renting houses. Everyone’s response when colleague tells them is ‘dickhead landlord’ ‘so selfish why should you leave’ and the council and shelter and told her not to move until effectively removed by bailiffs. How is this fair??

A tenant needs something, the landlord provides it.

The only way the landlord 'provided' this housing is by buying it, i.e. using money to get more money.
The person who truthfully provided the housing was the builder.
After it was built, the landlord is not providing anything extra beyond a bit of maintenance.

Many mortgage companies require rent to be 150 percent of mortgage.

I think we need some well regulated landlords. Other countries like Germany seem to manage this. This will account for those people who want to rent.

However since 2004 the proportion of homes for private rental has increased from 11 to 19% of the uk housing stock.

This change must be contributing to frustrated renters who look enviously at their older neighbours who were able to buy at younger age than them.

All landlords do share responsibility for this. I don't think this has created wealth for the uk as a whole and is contributing to the country becoming less equal

Would you class a property manager a job out of interest?

Believe what you want, but it's about 2 hours per day.

To be fair, this is a policy failure if you feel this is the case. You can't expect the general population to adhere to a morality decision of this kind. Especially one where the outcome won't manifest until the future.

I think it's slightly odd to blame the Landlords. It's like blaming people for getting shares in Tesla back in the day and then when it transpires that Elon is a fascist, saying how horrible the people that bought the shares are....

Is it? I don't remember saying that.

It's easy if you have money or assets you can borrow against already - not so easy when you don't.

You aren't doing the landlord cause any favours here OP.

Ah, but I forgot, you said you don't care. Just as well really.

It's not easy to make the money in the first place though is it?

You realise a landlord is taking on a massive amount of financial risk and so of course there needs to be a financial incentive.

I am not sure they do.

Depends. Some people just get given it.

Fair.

Depends on deposit. They're reducing risk (although it ought to be mortgage plus estimate of usual additional costs paid by landlord imo - but lucky for my tenant it's not, eh?)

Imagine bread is the only food available. The baker has one loaf left. Someone with no bread would like to buy it and offers the baker the most money they can afford. Someone else who already has bread offers more and sell it back to the first person a slice at a time for a profit. This makes it harder for the the first person to ever buy a loaf of bread and makes it easier for the second person to buy even more bread.

Obviously the first person is the renter and the second person is the landlord. It’s a problem.

Is the baker supposed to sell it to them for less than it cost to make it?

Does the bread have a price, or not?

I just can't bear the hideous and disrespectful comments on here from landlords on any post about tenants. A lot of them are despicable.

Of course they do. They take out debt on a property, and pay interest. At any point the following things could happen to reduce their income or increase their costs:

1. sharp increase in interest rates leading to increased costs
2. fall in housing value leading to negative equity
3. empty property - so they have to cover mortgage shortfall
4. tenants refuse to pay - it takes an incredible amount of time to evict someone and they aren’t receiving income at this time
5. significant damage to property by tenants - large costs to rectify.

most of the time these things won’t happen, but sometimes they will. So yes, they absolutely are taking on a significant financial risk.

Though I do now see that you’re playing both sides of the coin with nonsensical responses that are designed to elicit a long winded response…are you writing an article or are you just bored?

On this thread?

Orrrr the baker sells it at a slice at a time and makes the profit, then increases his bread production to ensure that there never is just one loaf left…thus removing the ability to make huge unreasonable profits on a slice of bread lol