overlander

Btl Scum Regrouping And On The Offensive. -- Merged

10,516 posts in this topic

I wonder what yield £200 rent would give.  Note how selling is not even considered as an option. 

I blame this on Busta himself.  If the block was full of homeowners, they would have made some effort to deal with the problem.  As tenants, they can just leave and move elsewhere.

 

https://www.property118.com/halifax-druggies-making-lovely-flat-unlettable/98789/

After nearly 30 years in this business and being the founder of Property118 and run the forum since 2011 I thought I had encountered most problems.

However, this is a new one for me.

The picture above is my “problem property”. It is in Queensway, Halifax, West Yorkshire HX1.

My tenant has moved out because of a major problem in the block. The Police and the Freehold Management company have been about as useless as a chocolate fireguard so far but I have yet to unleash our legal hounds (Cotswold barristers) onto them.

The problem is that druggies keep breaking into the secure communal areas and trashing the place. They are the worst kind, young ‘hoodies’ taking heroin so discarded needles are common place.

The freeholders are now refusing to mend the doors, smoke alarms and clear up their filth.

We only have a tint mortgage on the property so I could just secure the place, leave it empty and sit back whilst somebody else finds a solution or the druggies eventually kill themselves or each other. However, for those who know me, I’m not like that.

My first thought was to offer to rent my flat to a hard ass ex military man or a Police officer for half rent for 12 months and see what happens. I’m still considering that.

Market rent is only £450 for a two bed flat. I’d actually accept £200 for the right tenant.

I put a post about my dilemma on my Facebook wall and many other suggestions were offered including:-

  • Put up posters and give leaflets to all local residents offering a reward of £1,000 for information leading to the arrest and conviction of the drug dealers operating in the flats
  • Start a Neighborhood watch group
  • Contact the local amateur Rugby club and consider offering the 50% discount on rent to a couple of burly Rugby prop forwards

I think these are all great ideas.

Any other thoughts and suggestions?

Thanks in advance

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24 minutes ago, Bear Hug said:

I wonder what yield £200 rent would give.  Note how selling is not even considered as an option. 

I blame this on Busta himself.  If the block was full of homeowners, they would have made some effort to deal with the problem.  As tenants, they can just leave and move elsewhere.

 

https://www.property118.com/halifax-druggies-making-lovely-flat-unlettable/98789/

After nearly 30 years in this business and being the founder of Property118 and run the forum since 2011 I thought I had encountered most problems.

However, this is a new one for me.

The picture above is my “problem property”. It is in Queensway, Halifax, West Yorkshire HX1.

My tenant has moved out because of a major problem in the block. The Police and the Freehold Management company have been about as useless as a chocolate fireguard so far but I have yet to unleash our legal hounds (Cotswold barristers) onto them.

The problem is that druggies keep breaking into the secure communal areas and trashing the place. They are the worst kind, young ‘hoodies’ taking heroin so discarded needles are common place.

The freeholders are now refusing to mend the doors, smoke alarms and clear up their filth.

We only have a tint mortgage on the property so I could just secure the place, leave it empty and sit back whilst somebody else finds a solution or the druggies eventually kill themselves or each other. However, for those who know me, I’m not like that.

My first thought was to offer to rent my flat to a hard ass ex military man or a Police officer for half rent for 12 months and see what happens. I’m still considering that.

Market rent is only £450 for a two bed flat. I’d actually accept £200 for the right tenant.

I put a post about my dilemma on my Facebook wall and many other suggestions were offered including:-

  • Put up posters and give leaflets to all local residents offering a reward of £1,000 for information leading to the arrest and conviction of the drug dealers operating in the flats
  • Start a Neighborhood watch group
  • Contact the local amateur Rugby club and consider offering the 50% discount on rent to a couple of burly Rugby prop forwards

I think these are all great ideas.

Any other thoughts and suggestions?

Thanks in advance

Maybe not one of his best buys, especially if he bought from new.

These two are part of the same development, either in the same block or very close. Looks like he could have already lost most of his investment: 

Address: 66 Queensway,
Halifax, HX1 4RN
Type: Other
Tenure: Freehold
New build: No
Estimated value: £12,500
Links: Map icon Price map Wikipedia icon (Halifax)
Transaction type: Additional price paid transaction

Registered sales:

Date Price Nominal
change
Real
change
20 Feb 2015 £12,600 -64.0% -66.9%
15 Aug 2011 £35,000 * ** *** n/a n/a
Address: 25 Queensway,
Halifax, HX1 4RN
Type: Flat
Tenure: Leasehold
New build: No
Estimated value: £53,250
Links: Map icon Price map Wikipedia icon (Halifax)
Transaction type: Additional price paid transaction

Registered sales:

Date Price Nominal
change
Real
change
23 May 2014 £52,000 -52.9% -64.3%
12 Feb 2006 £110,500 * ** n/a n/a
  • * New build
  • ** Standard price paid transaction

 

 

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10 minutes ago, Confusion of VIs said:

Maybe not one of his best buys, especially if he bought from new.

These two are part of the same development, either in the same block or very close. Looks like he could have already lost most of his investment: 

Address: 66 Queensway,
Halifax, HX1 4RN
Type: Other
Tenure: Freehold
New build: No
Estimated value: £12,500
Links: Map icon Price map Wikipedia icon (Halifax)
Transaction type: Additional price paid transaction

Registered sales:

Date Price Nominal
change
Real
change
20 Feb 2015 £12,600 -64.0% -66.9%
15 Aug 2011 £35,000 * ** *** n/a n/a
Address: 25 Queensway,
Halifax, HX1 4RN
Type: Flat
Tenure: Leasehold
New build: No
Estimated value: £53,250
Links: Map icon Price map Wikipedia icon (Halifax)
Transaction type: Additional price paid transaction

Registered sales:

Date Price Nominal
change
Real
change
23 May 2014 £52,000 -52.9% -64.3%
12 Feb 2006 £110,500 * ** n/a n/a
  • * New build
  • ** Standard price paid transaction

 

 

Good find.  And explains why selling is not considered as an option )!

Clearly the market rate for a flat in that place is not £450, otherwise the places wouldn't be selling for £12,000.  If Busta is willing to accept £200, the actual market rate is somewhere between £0 and £200.

And what's absolutely great about such low rent (even if high yield) investments, is that a broken boiler or an investment in a secure door could easily wipe out few years' profits in one go.

Edited by Bear Hug

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On a bright side - I can see why he is not worried about the capital gains tax!

Guess his fund-raising for the next book:  "Advantages of going bust in Malta" will start any time now.

Edited by Bear Hug

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1 hour ago, Bear Hug said:

I wonder what yield £200 rent would give.  Note how selling is not even considered as an option. 

I blame this on Busta himself.  If the block was full of homeowners, they would have made some effort to deal with the problem.  As tenants, they can just leave and move elsewhere.

 

........

The problem is that druggies keep breaking into the secure communal areas and trashing the place. They are the worst kind, young ‘hoodies’ taking heroin so discarded needles are common place.

The freeholders are now refusing to mend the doors, smoke alarms and clear up their filth.

.....

Any other thoughts and suggestions?

Thanks in advance

 

 

Quote


CF: What about the communal door. Can you buy a stronger door and give FOBS to all residents?

---------------------

MA118: Already done but it got kicked in!

---------------------

MB: CCTV? Private security?

---------------------

MA118: CCTV cameras were stolen!

---------------------

DP:  As to Charles’ suggestion concerning a stronger door, I have installed a stainless steel door (£6,000) with electronic control. It would be easier to get through the wall than to enter without a key. The druggies still get in.

--------------------
DP:  Airlock doors may be the answer but they must be tough and with space for only one person.

--------------------
MA118: Nightmare for old people, wheelchairs and pushchairs.

Forget the door idea.

Airlocks lol ?!

Do such door-ways really exist?

I thought DP was joking but MA118 taken him seriously it seems... 

BTLers have some imagination to protect the mad-gainz and rental streams.  Whatever next would they like to get away with...?

 

 

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With a few more 'investment' like this he might be able to put his capital gains tax problems aside but the losted equity will have to hurt the LTV of portfolio. Interesting that he feels he can post details like this and expect that his lender to turn a blind eye. I wonder who holds charges against those properties?

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Sounds like a  investment he should be thinking of walking away from to me. Maybe there is a consolidation clause preventing him from doing so...?

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It's ever staggering stuff from 118. The latest suggestion with some acceptance from Busta that it's a reasonable idea is to contact the police and see if a few policeman would like to rent the place cheap for a few months to sort it out.

Like the police give a sh*t about protecting your investment, like they they haven't got anything better to do than speak to a landlord about it, like policeman haven't got a life of their own to lead or that even if they were just sitting around waiting for the opportunity to move into a crap house that they would be inclined or allowed to indulge in some off duty vigilante behaviour in order to sort out these 'druggies'.

Deluded entitled t*ssers. It beggars belief. Maybe if people had a stake in their community instead of it being ruined by these morons then it might not be such a problem.

Get f*cked

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6 minutes ago, Lavalas said:

It's ever staggering stuff from 118. The latest suggestion with some acceptance from Busta that it's a reasonable idea is to contact the police and see if a few policeman would like to rent the place cheap for a few months to sort it out.

Like the police give a sh*t about protecting your investment, like they they haven't got anything better to do than speak to a landlord about it, like policeman haven't got a life of their own to lead or that even if they were just sitting around waiting for the opportunity to move into a crap house that they would be inclined or allowed to indulge in some off duty vigilante behaviour in order to sort out these 'druggies'.

Deluded entitled t*ssers. It beggars belief. Maybe if people had a stake in their community instead of it being ruined by these morons then it might not be such a problem.

Get f*cked

If you were a copper then would probably not want to live over the shop, so to speak.

 

Again he problem with simple turkey pluckers from Norfolk, and naice people from Surrey buying up slum places in the the North is that there is lots of social housing. The private sector soclail LL gets the people the council/LHA dont want.

 

 

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Exactly - if you want a stake in this community then get your fat ar*e over from Malta and sort it out instead of wasting people's time with your 'problems'. You make your choices.

 

Although I wouldn't want these people hanging around my communal spaces that's for sure... or the druggies come to think of it. Ho ho ho.

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I've just sold a new build house which was a good little house and suited me fine but what I hadn't bargained for was the way the place was going downhill fast mainly as there were quite a few BTLs with dubious tenants in them.  The management committee are key here and were pretty lax and useless in my case.  It needs a zero tolerance stance towards anti-social behaviour/litter/parking issues otherwise the lowest common denominator wins out.

I've learnt a valuable lesson which is watch out who your neighbours are and if you buy a new build you have no say on who you might have to put up with.

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Lies, damn lies and moneywise btl articles. Some rubbish analysis here:

http://www.moneywise.co.uk/news/2017-05-19/buy-to-let-still-popular-among-moneywise-users-despite-tax-hikes

'Just 3% of buy to let landlords who voted in our poll said they’ve sold or are in the process of selling all their properties'

59% of the respondents were not btl landlords. Therefore looks like 22% have sold or are planning to!

 

 

 

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On 18 May 2017 at 11:10 AM, Byron said:

I don't suppose that is exactly a 'hatchet' job.

If you hoover up scarce resources, apparently make a mint, or at least publicly boast about doing so, then you can expect the limelight to be turned on you.

Problem with limelight is that its intensity reveals all the ugly bits.

Remember, BTL has been around for ages. At first it was only the young would be OOs that were affected, but now they have grown older and been promoted.

Now they are becoming very influential people.

And they've got a limelight lamp.

Tough ain't it!

It's a really good point. The shift in power is inevitable and it won't just be housing. 

I am no boomer but I am on the shirt tails of them. And as an 'all powerful upper management employee' aged just shy of 50, I have absolutely no doubt where the influence is shifting. Those spotty 'early twenty-year-olds' moaning about renting and student loans are now in their early 30's and are catching me up, and those in the mid 30's are starting to rub shoulders with me....indeed my boss is early 40's.   I don't want to create a generation divide debate....only to state that in another 5 years time the influence will absolutely be in the hands of that younger generation and in 10 years time generation rent will be in power. I appreciate priveledge will prevail in many cases but even so the most influential will have had friends who are renting and who struggled.  At that point HPC will hopefully be readily embraced rather than feared and protected from like today.

Hoping for a crash before then of course. 

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6 hours ago, Lavalas said:

It's ever staggering stuff from 118. The latest suggestion with some acceptance from Busta that it's a reasonable idea is to contact the police and see if a few policeman would like to rent the place cheap for a few months to sort it out.

Like the police give a sh*t about protecting your investment, like they they haven't got anything better to do than speak to a landlord about it, like policeman haven't got a life of their own to lead or that even if they were just sitting around waiting for the opportunity to move into a crap house that they would be inclined or allowed to indulge in some off duty vigilante behaviour in order to sort out these 'druggies'.

Deluded entitled t*ssers. It beggars belief. Maybe if people had a stake in their community instead of it being ruined by these morons then it might not be such a problem.

Get f*cked

+1

Dear policeman. Put your job and decent salary at risk to save yourself about £200 p/m (£2400 total) ps to save this money you need to live in a craphole and beat up drug dealers for a year. 

Its ridiculous....maybe Busta will fly over from Malta and move an old fridge for me. There's £20 in it for him. Why wouldn't he? It's something I need someone to do, so it MUST be something he will want to do....that's how it works when you look at the world through just one viewpoint  

The prices later in the thread tell me everything I need to know about the area. £450 p/m because that's what the social pay....without it the market rent would be much less. Anecdotal I know but I once asked a friend who lived in a similar area what type of price the houses went for - he honestly said...."you don't buy houses round here.....you just take them".

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39 minutes ago, Phil321 said:

+1

Dear policeman. Put your job and decent salary at risk to save yourself about £200 p/m (£2400 total) ps to save this money you need to live in a craphole and beat up drug dealers for a year. 

Its ridiculous....maybe Busta will fly over from Malta and move an old fridge for me. There's £20 in it for him. Why wouldn't he? It's something I need someone to do, so it MUST be something he will want to do....that's how it works when you look at the world through just one viewpoint  

The prices later in the thread tell me everything I need to know about the area. £450 p/m because that's what the social pay....without it the market rent would be much less. Anecdotal I know but I once asked a friend who lived in a similar area what type of price the houses went for - he honestly said...."you don't buy houses round here.....you just take them".

Sad to say,

Quite a few Police Officers are Landlords.

They are not allowed to have a business interest, but nothing can be done about their wives having one.

Edited by Byron

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35 minutes ago, Byron said:

Sad to say,

Quite a few Police Officers are Landlords.

They are not allowed to have a business interest, but nothing can be done about their wives having one.

Maybe Section 24 will help put this right.

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38 minutes ago, Byron said:

Sad to say,

Quite a few Police Officers are Landlords.

They are not allowed to have a business interest, but nothing can be done about their wives having one.

Yes they are. 

But, they have to declare it. And, they have to ensure they are not going anywhere near implying their business is good because they are a cop - ie no selling burglar alarms in uniform 

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33 minutes ago, disenfranchised said:

Yes they are. 

But, they have to declare it. And, they have to ensure they are not going anywhere near implying their business is good because they are a cop - ie no selling burglar alarms in uniform 

Do coppers still get the sack if they are bankrupt?

Edited by spyguy

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15 minutes ago, spyguy said:

Do coppers still get the sack if they are bankrupt?

Why?

Do you know something that we don't?

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5 minutes ago, Byron said:

Why?

Do you know something that we don't?

They used to have to resign. They dont now, provifing they declare it yo yheir professional conduct team.

Solicitors and like are in shit.

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According to the economics masterminds at PovertyLater, they're going to deal with section 24 by putting the rents up.

The whole of the Philip Adrick piece from which the following quote is drawn (What Britain needs is either massive wage inflation or a debt clearout, The Times, 20 May 2017) is worth a read, but this bit is particularly eye-catching

Quote

Most of those in trouble are under 40 and living in private rented homes. They are Britain’s hidden working underclass, living hand-to-mouth with no capital to fall back on. Nearly nine million resorted to credit to pay for household expenses last year and six million, with no savings, borrow to cope with income shocks. It’s no coincidence that debt problems have mushroomed as consumer credit grew at 10 per cent a year, the fastest in more than a decade.

Over-leveraged landlords with tenants who are hanging on by the skin of their teeth. What could possibly go wrong.

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On ‎19‎/‎05‎/‎2017 at 8:13 PM, Phil321 said:

+1

Dear policeman. Put your job and decent salary at risk to save yourself about £200 p/m (£2400 total) ps to save this money you need to live in a craphole and beat up drug dealers for a year. 

 

and when you've succeeded in this, I'll jack the rents up to the maximum LHA again.

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Busta somehow thinks his predicament can be solved with tactics from a primary school playground . Draft in cops and rugby players with the reward of a cheap flat ! ? These druggies are connected (maybe by default) to organised crime and drug criminals have guns and knives and are prepared to use .

I dont envy the his or the other residents situation but to move the druggies on will require a far better plan of action than the one he has . It could take months and it looks like only committed owner occupiers would have the incentive to save their homes and make their environment safe.  Absentee landlords are the worst when a problemm occurs . He has no allies - stick it in the next auction Busta and accept the peanuts you will get.

 

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7 minutes ago, chicker said:

Busta somehow thinks his predicament can be solved with tactics from a primary school playground . Draft in cops and rugby players with the reward of a cheap flat ! ? These druggies are connected (maybe by default) to organised crime and drug criminals have guns and knives and are prepared to use .

I dont envy the his or the other residents situation but to move the druggies on will require a far better plan of action than the one he has . It could take months and it looks like only committed owner occupiers would have the incentive to save their homes and make their environment safe.  Absentee landlords are the worst when a problemm occurs . He has no allies - stick it in the next auction Busta and accept the peanuts you will get.

 

If the solution to problem neighbourhoods was as easy as this, then urban crime would have been all but eradicated by now. 

At least Busta will not need to worry about CGT on this particular property. 

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I don't think this is an entirely unreasonable plan: he is essentially trying to hire a security guard, which might be effective. After all, he is only trying to move the problem somewhere else, rather than stop the anti-social behaviour. I think he's just under-estimating the cost. Assuming (and I have no idea) someone is willing to do part-time security for £200 a month, he is ignoring the fact he is also asking them to live in an awful, crime-infested dump, and he will need to cut the rent for that too. I am guessing here, but I think that if he's lucky, he would be able to pursuade the right person to stay and be a security guard if he charged £0 rent for a year (and perhaps throw in a sweetener by covering the council tax). I'm not trying a poke a stick in his eye: I think that would actually be a smart thing to do; and, as Lavalas said, he created this problem in the first place by taking property out of the hands of people with a stake in the community, so he should suffer some pain to fix it.

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