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anecdotal.here's exactly how strong the affordable


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4 months ago, i bought a flat without looking at it, i got into a bidding situation and paid 2k over asking price, and concluded the sale @ 47k. i was in a stronger financial position than the other buyer.

when it came to exchanging i thought i'd better go and have a look at the place. it was ok condition, but did need some TLC which i'll get to in a moment. similar properties were selling for 56-58k, so even with the works required it still seemed a good buy. the property had been put on the market at a price to sell immediatley (vendor needed 10k very quickly as i was later to find out.)

before i had a chance to get round to sorting out the works after completion, somebody decided they wanted to rent it (a spin off from another property) however at the last moment they had to go into hospital, and i have'nt heard from her since. consequently so the works never did get completed,by myself. now last week i mentioned to another tenant who lives nearby that once i had had the works done, the flat was to let.

fast forward to this week and i get a phone call from my tenants friend. he and his sister want to have a look at the property and are keen to take it straight away, i explain it needs some works done, but they are insistent on taking a look. i showed them around it this morning and they have took it exactly as it is. in return they have paid me no bond. they both work (carers and seem throughly nice people) they have 6 days off and have paid me a month in advance and are going to do all the work (out of their pocket) over the next 6 days . here is what they are going to do...........

1) fit new plinth to kitchen

2) re tile bathroom

3) retile kitchen (only splashback mind you)

4) fit new skirting board to new back bedroom

5) fit new door and handle to living room door

6) fit new carpets to 3 rooms

7) decorate from top to bottom

8) ''de- jungle'' rear garden

so there you go. who says the rental market is'nt as strong as an ox?

bear in mind these people have come to me, asking to see the place, they seemed well chuffed at the thought of decorating to their spec, not mine. ''knock yourselves out were my words''

i was going to ask them to make sure the tiles they put on the bathroom were white, but thought that would be pushing my luck :lol:

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These newbie renters, they've got no idea have they :P

seriously now, how much would all that work cost you to do if you got people in? 10K sounds like a seriously good profit..or have I underestimated the cost of that work.

On the face of it, doesn't sound too much (although carpet might be expensive!) and i would say that if they had the time to do the work then, its the next best thing to owning your own property (that is the biggest bug bear for us at the moment, that we can't stamp our own style on a place!) so good on 'em...they'll probably be happy for it. If it is costly, then what are they thinking!!!

Whichever it sounds like a heads you win and Tails they Lose situation, well done BBB.

However, this just shows me to what extend FTBs have been removed from the market place...it'll come back to bite ya, BBB! I promise :D

Topher Bear

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Guest Charlie The Tramp
he and his sister want to have a look at the property and are keen to take it straight away

It sounds like they are to good to be true.

Are you sure they are brother and sister who are carers and appear as nice people. Our local rag is full of adverts for caring people. :D

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Sounds like you've been done up like a kipper.

Next time you see the inside of that place will be 8 months down the line after zero rent and a court case for re-posession.

Plus it'll be no better than the day you let it, if you're lucky.

I cant believe you let the place with out a deposit, at least.

BBB please tell us of one of your bad experiences on your road to BTL riches.

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BBB you are a businessman/woman.

You are a good landlord/lady and get recommendations.

Business from word of mouth is what you should be striving for as this reduces marketing costs.

Unfortunately, most landlords are not professionals and do not not have a clue.

You are a good landlord/lady and get recommendations.

Err, what was the point of your post beyond a boast?

Bottom line - if you know how to run and get an edge in your business, then you will do well.

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BBB, always had time for you. But this post saddens me.

You are letting a couple of carers (ave salary £7 per hour) pay to do up your flat.

You are the lowest of the low. You're get out would be, with a winning smile, 'It was their idea!"

Yeah right, you selfish money grabber.

You are rolling in dosh (if you are to be believed) yet you let a couple of people who scratch a living, compared to you, pay for materials and labour on your property. The very least you could do is provide the materials!

You walk away smugly, soothing your conscience by thinking "Well they didn't pay a deposit!"

I have always suspected that many BTL landlords have no scruples, this is the ultimate confirmation that you have none.

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BBB, always had time for you.  But this post saddens me.

You are letting a couple of carers (ave salary £7 per hour) pay to do up your flat.

You are the lowest of the low.  You're get out would be, with a winning smile, 'It was their idea!" 

Yeah right, you selfish money grabber.

You are rolling in dosh (if you are to be believed) yet you let a couple of people who scratch a living, compared to you,  pay for materials and labour  on your property.  The very least you could do is provide the materials!

You walk away smugly,  soothing your conscience by thinking  "Well they didn't pay a deposit!"

I have always suspected that many BTL landlords have no scruples,  this is the ultimate confirmation that you have none.

:lol: i knew someone would come out with this line..... give over!!! :lol: they came to me ...pitching me, not vice versa.i did'nt even want to show the property as it was!!!!! if you read my post properly, i did have a tenant lined up that i was going to do the work for, but she had to go into hospital. these people needed a property ASAP, if they want to take it as it is, and pitch me accordingly on my conditions, that is up to them!!!! you could say they have taken advantage of me by using the flat as a bargaining position to pay no deposit. the fact is you can't rent a flat with no deposit, try it and you'll see what i mean.

the rent i've charged them is also £5 p/w less than what i would normally charge. if they stop there 2 years that's £500 back to them.

besides suppose they don't pay me any rent after the advance? what would you say then?

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I did read your post, I understand they pitched for it.

I realise they needed in the hurry up, I understand they were keen to do the work. But you could help. You could do your bit to make their life a little easier, keep them from running up their overdraft, which I guarantee they are.

Oh you sad, greedy man.

And, as it happend, I did rent a property without deposit. So it is possible. It was a mess, so the Landlord agreed no deposit, and no rent for 6 weeks, which I used to pay for a total, if cheap, re-dec.

I knew you would try to justify yourself, making me out to be dumb.

Ah bless, you reduced their rent by £5 p/w, how big hearted of you. That makes you feel better does it. Salves your hard heart.

You have no social conscience. I say again, you are selfish money grabber.

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Sounds like you've been done up like a kipper.

Next time you see the inside of that place will be 8 months down the line after zero rent and a court case for re-posession.

Plus it'll be no better than the day you let  it, if you're lucky.

I cant believe you let the place with out a deposit, at least.  

BBB please tell us of one of your bad experiences on your road to BTL riches.

i'm a good judge of character, and am usually not wrong. i know these people will make good tenants. however you ask for some instances of bad experiences here's a couple for you (i'm Yieldman on SP btw)

http://www.singingpig.co.uk/discussion/forum/?f=7&m=27280

http://www.singingpig.co.uk/discussion/forum/?f=7&m=27351

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BBB, I'm going to have to agree with the other posters here. These people sound desperate for somewhere to live, hence they'll take an undecorated property and do it up at their own expense. This is probably because both property prices and rent prices are so high. It is likely they have no choice by to do something like this to put a roof over their heads at a price they can afford.

As carers they perform a selfless job that genuinely benefits society and humanity, and for people like that too be in this position, and lining your pockets despite the fact they probably can barely afford to really shoul be seen as a social crisis, not a "strong rental market".

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I did read your post, I understand they pitched for it. 

I realise they needed in the hurry up,   I understand they were keen to do the work.  But you could help.  You could do your bit to make their life a little easier, keep them from running up their overdraft, which I guarantee they are.   

Oh you sad, greedy man. 

And, as it happend, I  did rent a property without deposit.  So it is possible.  It was a mess, so the Landlord agreed no deposit, and no rent for 6 weeks, which I used to pay for a total, if cheap, re-dec.

I knew you would try to justify yourself, making me out to be dumb. 

Ah bless, you reduced their rent by £5 p/w, how big hearted of you.  That makes you feel better does it.  Salves your hard heart.

You have no social conscience.  I say again, you are selfish money grabber.

i'm a business, if someone wants to take the flat on as it is and is chuffed at the prospect (genuinely so) to do it up to their spec, for a long long rent then who am i to refuse? it's a free market, they obviously feel its the best thing going for the money, or the best thing going with no bond. it is their choice to take it on.they are two sane people with their own minds, their mother even came round and gave the flat a nod while i was there for christs sakes!!!! you make it sound as though i've forced this couple into taking it or conned them in some way. i am not a charity, what aspects of that don't you understand?

do you want me to go round all my other properties and give my tenants stuff that they did'nt request as well?

you see me as a selfish money grabber. i see you as a twisted bitter individual. 2 opinions.......end of story.

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BBB. As it's a 47k flat, I'd guess the rent isn't that much.

As they're carers, their incomes probably aren't that much and probably think they can cut their monthly costs as the soaring cost of living brutalises thosein modest incomes and transfers their wealth to parasites feeding off the malaise.

In the South East, we live in a compete dive too and rent on a fairly informal basis. It's not ideal, but move somewhere better and our saving capacity would be cut by a few hundred pounds each month. I consider even the rent for a complete dive to be extortionate in the South East. It obliterates people's ability - and will - to save, which is darned unhealthy.

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BBB. As it's a 47k flat, I'd guess the rent isn't that much.

As they're carers, their incomes probably aren't that much and probably think they can cut their monthly costs as the soaring  cost of living brutalises thosein modest incomes and transfers their wealth to parasites feeding off the malaise.

In the South East, we live in a compete dive too and rent on a fairly informal basis. It's not ideal, but move somewhere better and our saving capacity would be cut by a few hundred pounds each month. I consider even the rent for a complete dive to be extortionate in the South East. It obliterates people's ability - and will - to save, which is darned unhealthy.

the rent is £90 p/w . thats only £45 p/w each for them. the property is in a reasonable location. the flat is'nt a dive, it is just cosmetic stuff . the fixtures and fittings are spot on bathroom suite/kitchen etc.

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BBB, I'm going to have to agree with the other posters here.  These people sound desperate for somewhere to live, hence they'll take an undecorated property and do it up at their own expense.  This is probably because both property prices and rent prices are so high.  It is likely they have no choice by to do something like this to put a roof over their heads at a price they can afford. 

As carers they perform a selfless job that genuinely benefits society and humanity, and for people like that too be in this position, and lining your pockets despite the fact they probably can barely afford to really shoul be seen as a social crisis, not a "strong rental market".

RJ, the couple (bros+sis) would be 19+ 20 at the oldest. they choose to leave their parents house to rent with their own money. they could afford to buy the property if they wished (do the maths) they could choose to live at home and just pay board to mum and save up a bigger deposit. i know for a fact they did'nt even have the bond saved for a rental. i personally see no social crisis with these people, just two young people unwilling (or unable) to manage their money. typical of so many young people today (not all i hasten to add)

mind you the guy did have a nice new car (seriously) :P

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Just goes to show how much the rental market has changed since I last rented - around 20 years ago. In those days you expected to do your own decoration and supply your own carpets, unless you really wanted to live with the landlord's horrible green or pink paint and nasty nylon offcuts.

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Maybe they're the sorts of people who'd afford council housing (and you have to decorate yourself there, and unless you like long waits you do basic DIY yourself) - but there is huge queues for it and you're unlikely to get it ever in some areas.

If the rents comparable then I can see why they're keen.

I know some private landlords don't like people decorating cos of people's strange tastes but if you think they're going to stay long term then why not.

Of course they might be as bad as me at wallpapering ;-)

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  • 440 Brexit, House prices and Summer 2020

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