Subject to status and referencing

Reply to the comment left by ameliahartman at 25/06/2019 - 06:08
I hope that you and your son have factored in the difference for tax purposes between capital expenditure and maintenance costs!

Reply to the comment left by ameliahartman at 25/06/2019 - 06:08
"We have just spent an extra £66,000 in the last 18 months majorly refurbishing 9 of our properties. 5 new conservatories, 9 new ensuites, 9 new downstairs WCs, 6 new loft conversions, 9 new kitchens, and 9 new bathrooms."

Wow, that works out at less than 1.5k per new conservatory or new kitchen or new loft conversion etc.. You have some remarkable skills. It's almost unbelievable.

Reply to the comment left by Jessie Jones at 25/06/2019 - 19:02
That is a high ratio.
Life & houses is a numbers game.

Out of 9 houses, I wouldn't certainly have 9 downstairs toilets too. Not on rented stock.
And 5 conservatories out of 9 houses is a high ratio, that's 55%. I have approximately 5%. And like to take them down when disrepair as long as tell tenant before move in, as generally u get no extra rent for a conservatory (except on deluxe detached house), they are just a bill.

And ensuites are a rarity for rented, in fact I have zero, No I do have 1 in my old house I lived in for 14 years.

And 6 loft conversions out of 9, 66%, I have 2% & they are already proper rooms in attic done maybe 50-90 years ago.

Sorry, some astonishing figures on there. And for HB people too.

A fantastic (formal meaning) identity and facts here.

Reply to the comment left by ameliahartman at 25/06/2019 - 06:08
At an average gross profit of £30 a month, your 37 properties give you an annual pre-tax profit of £13,320.

Yet in 18 months you have lavished 5 years’ pre-tax profit on 9 properties.

You’re spoiling your tenants, Amelia. No wonder you get 30 applicants per vacancy, and feel you have to spend 10 hours, without meal breaks, to vet them all, allowing 20 minutes between viewings. You’re making a rod for your own back.

You didn’t make it clear whether you have added back any disallowed finance costs from your 11 mortgages to arrive at the £30 pcm; probably not. Once you add these back you might find you will have to pay a 20% levy on them, thanks to Section 24. That would mean that your profit becomes a loss after tax, and your cashflow becomes negative. Better have a quick word with your son, the qualified accountant.

You wrote that Shelter do a great job, and that we should march against the abolition of Section 21 but not against Shelter because we would be arrested and probably convicted.  With all due respect, that is puerile nonsense. Convicted of what?

Your first post (where you claimed to have 39 properties) ended with "Believe me, Shelter just want to make changes for the best." 

https://www.property118.com/shelter-narcissistic-organisation/#comment-113790

No Amelia, I can’t believe you, or Polly, or Greg.

Your posts remind me of The Archers, an every day story of simple country life, where the latest piece of advice from the Min of Ag & Fish is suddenly read out by one of the characters. In your case it is the fictional life of two landlords simply doing the best for their housing benefit tenants, interspersed with long excerpts from Shelter’s manuals on this, that and the other, plus Shelter propaganda.

Do us a favour Amelia, give it a rest.

Amelia, I think you are posting how you/Shelter/the ‘opposition’ how you wish the PRS operated; how you’d like to believe landlords, in your own mind(s), should act…being best friends with HB tenants, acting as their guardian angel, ploughing all your profits into en-suites and brand new kitchens every half dozen years.

You’re talking nonsense. You’re not genuine. It simply does not add up. Pretending there is someone out there that can do all that won’t somehow ‘shame’ the rest of us into ‘upping our game’. It reminds me of how people expect burglars to look villainous, behave suspicious all the time and be spotted a mile off, when the reality is they look no different from any other person in the street. Similarly, landlords are not what many perceive, we’re not caricatures of someone filthy rich…I think landlording attracts the hatred it does because we are seen as the ‘haves’ by the ‘have-nots’, but worse than that, we have something the have-nots view as so primitive and we have at least two…the property we live in ourselves and this extra one. How very dare we! Then once the have-nots realise either they cannot afford/do not have the credit rating for their own or there is nothing they can do to stop or take it away from the LL, they will jolly well make as sure as they can the LL will share as much of that profit as possible by expecting new kitchens or en-suites at regular intervals. They try to ‘take back’ what they can. Just as they try to apply pressure when there’s a repair…no I can’t have a plumber to you this evening when you call me after hours, you will have to wait just as I do if there’s a problem at night in my own home.

If you’re not a LL Amelia, I suggest you rid yourself of the unrealistic ‘ideal’ of a LL. Just wait until we’ve all been hounded out in favour or the corporates. You’ll be calling an automated helpline for everything. No face to speak to, even shout at when you’re not happy. It’ll be like communicating with a robot with zero emotion.

Reply to the comment left by ameliahartman at 25/06/2019 - 05:08
Monty's list was of changes that might be brought in and wipe out your £30pcm (and more) per property.

He omitted the certainty of mortgage rate increases.

Reply to the comment left by Luke P at 25/06/2019 - 22:12
Luke,

How u say

"Similarly, landlords are not what many perceive, we’re not caricatures of someone filthy rich"

When Licensing was talking to us at the beginning (when they was allowed), they said to me, 'What, u get on with your tenants? You talk to 'em really well? You've had tenants 20 years? They do stuff for u?'

Yes Luke, they was shocked. They never envisaged in their wildest dreams that some Landlords actually get on with their tenants. They thought ALL tenants hated ALL Landlords. They was shocked. They still are now as they thought they would just waltz in & tenants would love to see them. And they were dumbfounded when my tenants started to write to 'em to tell 'em to F-Off & leave us alone, you've gave us a rent increase & we din't have a problem.

I get it now when a Licensing debate on Facebook & the Labour trolls HATE all Landlords, & then my tenants come in sticking up for me & they have no answer saying I've intimidated & bullied them to defend me.
Labour & Shelter need to wake up to this, that to be a Landlord, u don't have to bad. Although we becoming bad with all these taxes & charges & attacks on us by Shelter/Council/Govt, we run out of time & money to do the good things we was doing for the tenants.

Reply to the comment left by Mick Roberts at 26/06/2019 - 07:14Exactly. Well said Mick. Be loyal to your tenants, and they tend to be loyal to you., and this idea that all of us are “bad” and “money-grabbing” and “untrustworthy” is a despicable stereotype created to justify Section 24, abolition of Section 21, etc. I am learning fast now.