tinbin Posted November 7, 2011 Share Posted November 7, 2011 (edited) Because that form of supposed entrepreneurial initiative produces precisely nothing, whereas building Audis, VWs etc makes them Europe's most powerful economy. We can't get rich by cutting each other's hair. Groan. A very valid point, I don't see how private landlords are the key to boosting the economy. Lower house prices and associated costs would be a much better, and simpler idea as ppl would have more money to spend. Edited November 7, 2011 by tinbin Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted November 7, 2011 Share Posted November 7, 2011 A very valid point, I don't see how private landlords are the key to boosting the economy. Lower house prices and associated costs would be a much better, and simpler idea as ppl would have more money to spend. I can't see what private LLs add to society myself. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted November 7, 2011 Share Posted November 7, 2011 I wonder how many are ROI BTLers ? I vaguely remember Belfast VI talking about ROI investors buying BTLs in Belfast. Yep lots of ROI BTLers. I also know three personally who own in the holy lands. One has been trying to see for monts and months. No chance because 1: that ship has sailed and 2: they are shit holes. Quote Link to comment Share on other sites More sharing options...
shifty_FTB Posted November 7, 2011 Share Posted November 7, 2011 Yep lots of ROI BTLers. I also know three personally who own in the holy lands. One has been trying to see for monts and months. No chance because 1: that ship has sailed and 2: they are shit holes. i wouldnt buy there because of the parking issue, worse on road parking ever due to cheap commuters unwilling to pay for car parking, would well stress me out living there Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted November 7, 2011 Share Posted November 7, 2011 i wouldnt buy there because of the parking issue, worse on road parking ever due to cheap commuters unwilling to pay for car parking, would well stress me out living there I wouldn't buy there because mort of it is a shi**ole Quote Link to comment Share on other sites More sharing options...
shifty_FTB Posted November 7, 2011 Share Posted November 7, 2011 I wouldn't buy there because mort of it is a shi**ole well there is that too Quote Link to comment Share on other sites More sharing options...
yadayada Posted November 8, 2011 Share Posted November 8, 2011 Yep lots of ROI BTLers. I also know three personally who own in the holy lands. One has been trying to see for monts and months. No chance because 1: that ship has sailed and 2: they are shit holes. Every chance of sales if prices are dropped enough - slash it, they will come. I'd say £40,000 a go would get them shifted - that's where I'd be buying anyway. What do others think? Drunken street football at 3a.m., anyone? Quote Link to comment Share on other sites More sharing options...
shifty_FTB Posted November 8, 2011 Share Posted November 8, 2011 Every chance of sales if prices are dropped enough - slash it, they will come. I'd say £40,000 a go would get them shifted - that's where I'd be buying anyway. What do others think? Drunken street football at 3a.m., anyone? dont think they will go down to £40,000 ever. some of these have 8-10 bedrooms so obviously used a student houses with a sink in each room, would probably have to gut every room, im not a builder but i'd imagine it would cost a lot Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted November 8, 2011 Share Posted November 8, 2011 dont think they will go down to £40,000 ever. some of these have 8-10 bedrooms so obviously used a student houses with a sink in each room, would probably have to gut every room, im not a builder but i'd imagine it would cost a lot The vast majority will be the 3-4 bed conversions with one of the "bedrooms" being down stairs. I think 40K is pretty realistic. The were previously 2 up 2 downs. Again it is a shithole with lots of vacant properties. Quote Link to comment Share on other sites More sharing options...
yadayada Posted November 8, 2011 Share Posted November 8, 2011 (edited) The vast majority will be the 3-4 bed conversions with one of the "bedrooms" being down stairs. I think 40K is pretty realistic. The were previously 2 up 2 downs. Again it is a shithole with lots of vacant properties. High vacancy suggests a low demand - can this be right? Either that or the landlords' idea of rental values is too optimistic. Now that it's going to cost dozens of thousands to get through Queen's, I'd expect more students to be going home to Mammy in the evenings, which is going to lead to a decreased Ballystudent population. And postponed loss of virginity. Edited November 8, 2011 by yadayada Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted November 8, 2011 Share Posted November 8, 2011 http://www.nihe.gov.uk/housing_benefit/ During 2010/11 we paid out a total of £573.3m in Housing Benefit. £211.9m was paid in respect of public sector claims and £361.4m in respect of private sector claims (this includes payments for housing association tenant claims). This was an increase of 10.7% over the previous year. The number of people receiving Housing Benefit increased by 4.3% during the year to a total of 156,991 (68,121 in Housing Executive tenancies, 22,395 in housing association tenancies and 66,475 in the private rented sector). In addition, a further £2.2m was paid to 17,867 Rate Relief claimants and £0.5m was paid to 4,147 Lone Pensioner Allowance claimants. We continued our efforts to reduce the level of fraudulent claims and during the year 276 cases were referred to the Benefit Investigation Service of the Social Security Agency for investigation. The level of overpayments increased from £23.4m to stand at £26.9m at the end of the year. During the year overpayments amounting to £18.4m were identified and £13.1m was recovered with a further £1.8m being written off. Quote Link to comment Share on other sites More sharing options...
PJ1977 Posted November 9, 2011 Share Posted November 9, 2011 I presume that if David Ford's prison reforms go ahead there are going to be a bunch of yield hungry ex-Screws putting their tax-free bungs into BTL? Quote Link to comment Share on other sites More sharing options...
Malthus Posted November 9, 2011 Share Posted November 9, 2011 I presume that if David Ford's prison reforms go ahead there are going to be a bunch of yield hungry ex-Screws putting their tax-free bungs into BTL? Was thinking the same PJ , could be the last chance for savvy investors to find a greater fool Quote Link to comment Share on other sites More sharing options...
nigooner Posted November 10, 2011 Share Posted November 10, 2011 I have a few BTLs, purchased in the last few years.they are new builds that yield about 11-12%. They are on repayment mortgages over 15 years. I can safely say that the profit from them would not be enough to call it a 'business',even if I had 30 of them!. They are a long term investment that will make little profit until the mortgage is paid off.they are an investment that will provide a nice income in 15 years. Unless someone has a large portfolio,probably 50+ houses,I don't know how they can rely on them for a good income today.and that's even if they are interest only,repaid over 25 years. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted November 10, 2011 Share Posted November 10, 2011 I have a few BTLs, purchased in the last few years.they are new builds that yield about 11-12%. They are on repayment mortgages over 15 years. I can safely say that the profit from them would not be enough to call it a 'business',even if I had 30 of them!. They are a long term investment that will make little profit until the mortgage is paid off.they are an investment that will provide a nice income in 15 years. Unless someone has a large portfolio,probably 50+ houses,I don't know how they can rely on them for a good income today.and that's even if they are interest only,repaid over 25 years. Repayment over 15 years and yield 12%. New builds???? What did you buy repos? I seriously haven't saw one single new build in any of my markets that would yield 12%. Quote Link to comment Share on other sites More sharing options...
nigooner Posted November 10, 2011 Share Posted November 10, 2011 They were new builds about 4 years ago,just never been lived in. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted November 10, 2011 Share Posted November 10, 2011 They were new builds about 4 years ago,just never been lived in. Repo I would imagine then? Or they we going to be repos? Quote Link to comment Share on other sites More sharing options...
nigooner Posted November 10, 2011 Share Posted November 10, 2011 Repo I would imagine then? Or they we going to be repos? Yea they repos,but had been repod for a considerable amount of time! Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted November 10, 2011 Share Posted November 10, 2011 Yea they repos,but had been repod for a considerable amount of time! Yeah I was wondering. No chance of getting that yield on any newbuild that wasn't a repo. Quote Link to comment Share on other sites More sharing options...
house67 Posted November 11, 2011 Share Posted November 11, 2011 Do you mean these dodgy 3 bedroom houses sale agreed a few days ago in the Ballymena area? http://www.propertypal.com/search?sort=updatedHigh&max=75000&sta=saleAgreed&sta=sold&page=0&term=4724&pt=residential&st=sale House 1, 3 bedroom house £50k DHSS tenant £94.33 per week £4905 pa + rates @ £608 pa total £5513 pa Gross yield 11%. House 2, 3 bedroom house £48k DHSS tenant £94.33 per week £4905 pa + rates @ £376 pa total £5281 pa Gross yield 11%. House 4, 3 bedroom house £40k DHSS tenant £94.33 per week £4905 pa + rates @ £645 pa total £5550 pa Gross yield 13.8%.. Minimum gross yield of 11% assuming the property sold for the asking price,sounds ok to me. But I would buy at auction or direct from the bank (i've been offered a few like for around £30k ish each. As for lots and lots of BTL's in Ballymena. There's no more than in other similar areas. Larne Area 58 available Ballymoney Area 63 available Ballymena Area 65 available Carrickfergus Area 73 available Coleraine Area 381available (big student area) So which bank is offering btl houses at 30k then ? Quote Link to comment Share on other sites More sharing options...
nigooner Posted November 11, 2011 Share Posted November 11, 2011 Who said it was a bank?Plenty of building society and subsidiary mortgage companies out there. Especially if the mortgagee used an independent mortgage advisor,accessing English based lenders. Quote Link to comment Share on other sites More sharing options...
S S Posted November 11, 2011 Author Share Posted November 11, 2011 So which bank is offering btl houses at 30k then ? Go speak to your bank, find out who deals with property disposal. Higher yield property deals aren't going to come looking for you. What about this one? http://www.propertypal.com/9-alexandra-park-ballymena/173566 Don't get me wrong it isn't a great area, but with £12k spent on it you could rent it to a DHSS'er. £94.33 per week £4905 pa + rates @ £243 pa total £5148 pa Gross yield 17%. If you want to give value to the taxpayers you could rent it for £65 per week + rates and get a gross yield of 12%. I'm sure all the peeps on HPC would do that, or maybe not. Quote Link to comment Share on other sites More sharing options...
S S Posted November 12, 2011 Author Share Posted November 12, 2011 Go speak to your bank, find out who deals with property disposal. Higher yield property deals aren't going to come looking for you. What about this one? http://www.propertypal.com/9-alexandra-park-ballymena/173566 Don't get me wrong it isn't a great area, but with £12k spent on it you could rent it to a DHSS'er. £94.33 per week £4905 pa + rates @ £243 pa total £5148 pa Gross yield 17%. If you want to give value to the taxpayers you could rent it for £65 per week + rates and get a gross yield of 12%. I'm sure all the peeps on HPC would do that, or maybe not. Sale Agreed in 4 days, someone must see value. http://www.propertypal.com/9-alexandra-park-ballymena/173566/insight Not such a bad area after all. Quote Link to comment Share on other sites More sharing options...
Realistic NI EA Posted November 12, 2011 Share Posted November 12, 2011 Absolutely awful area and I'm not from Ballymena or anywhere near. Time to cut the crap SS and stop pretending that there are excellent investment opportunities for BTL landlords in Ballymena. Alexandra Park predominantly consists of burnt out shells so your nice renovated house, costing 17k plus 12k in refurb costs will seem like a shiny nice target to the scum who have burnt out the rest of the houses in the estate. Money down the pan to whoever is stupid enough to buy there. I can only guess they have connections and will make sure their house is never touched. These are the only type of people who can buy in sink estates like these, not you or me, unless you have connections... Quote Link to comment Share on other sites More sharing options...
S S Posted November 13, 2011 Author Share Posted November 13, 2011 Absolutely awful area and I'm not from Ballymena or anywhere near. Time to cut the crap SS and stop pretending that there are excellent investment opportunities for BTL landlords in Ballymena. Alexandra Park predominantly consists of burnt out shells so your nice renovated house, costing 17k plus 12k in refurb costs will seem like a shiny nice target to the scum who have burnt out the rest of the houses in the estate. Money down the pan to whoever is stupid enough to buy there. I can only guess they have connections and will make sure their house is never touched. These are the only type of people who can buy in sink estates like these, not you or me, unless you have connections... I didn't say it was a great area. I'm not pretending this is an excellent investment, however in reply to the previous post of where do you get a house for £30k i think this example fits within that discription. "I can only guess they have connections and will make sure their house is never touched. These are the only type of people who can buy in sink estates like these" Your accusation that the person who has bought the property (it's sale agreed) has in some way "connections" is staggeringly presumptuous, given that anyone could check ownership from land registry once the sale completes. You should know better for someone in your line of business. But obviously not. Good luck. Quote Link to comment Share on other sites More sharing options...
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