That’s It! I’m Going to Rent!

I’ve just about reached the end of my tether and have decided that renting has just got to be an easier option.  This week the following problems have jumped to the top of my maintenance schedule pushing all the others that have been patiently waiting right to the bottom until I have the money:

1. Three bed terraced house deserted by tenant who was offered council accommodation – besides dog poo in the garden, changed locks, doors hanging off, carpets ripped and evidence that she mistook the house as the local Tip – estimated bill to put right £2,500

2. Broken gutters and new damp course in another family home – tenant has been very patient whilst I’ve saved up the money to get the work done before the winter – £1,500 bill

3. Just received an email from a tenant asking which fence boundary we own.  Guess what?  We own all three sides!!  Without needing a phone call, I’m guessing a fence has blown down in this week’s wind – estimate £100 – £500

4. Roof leaking on an HMO – £1500 to include scaffolding and repair damage

That’s nearly £7,000 in one week and could have been an awful lot of shoes.  This is ongoing proof that most Landlords DON’T MAKE MONEY if they’ve got a mortgage and a conscience.  Wouldn’t it just be fantastic if, the next time my boiler failed or I found a damp patch in my own home, I could just pick up the phone to the landlord?  No idea how to pay as none of these can be put on a credit card – (sensible) suggestions?!

5 Comments

Filed under being a landlord

5 responses to “That’s It! I’m Going to Rent!

  1. You’ve had a rough time, all landlords go through these from time to time. Maybe you could use these tools to check your numbers and see what you can do to improve your profits http://www.property118.com/index.php/number-crunchers/

    I’m not an HMO landlord but I have been investing into property and dealing with tenants since 1989 so there’s bound to be some overlap in strategies. The following links may be useful too:-

    http://www.property118.com/index.php/how-i-minimise-rental-voids/

    http://www.property118.com/index.php/how-i-choose-my-tenants/

    http://www.property118.com/index.php/%20how-i-minimise-property-management-issues%20/

    http://www.property118.com/index.php/are-your-tenants-your-best-ambassadors/

    and just for a bit of fun ….

    http://www.property118.com/index.php/due-diligence/

    • Thanks, Mark, I’ll check out those links. However, HMO tenants tend to behave differently from normal tenants and sometimes the rules have to be relaxed a little in order to accommodate their changing circumstances. E.g. I can’t make someone stay to the end of their tenancy if they’ve decided to do a midnight flit and it’s pointless pursuing someone who doesn’t have any money! Luckily, if this happens the others are still paying so costs are still covered.

  2. What sort of landlord insurance do you have? Many companies do rent protection insurance of around £70 for 6 month’s cover @ £2,500 and often with legal representation thrown in too but check on ex-offenders charity ‘Unlock’ here http://www.unlock.org.uk/staticpage.aspx?pid=11
    as many insurance wont pay out on tenants with even minor convictions, Unlock’s list tells you the few who do.
    What did you do with the deposit for the 3 bed house that was left in a state? that should re-imburse a chunk of it.
    Sign up to this forum http://propertytribes.ning.com/ loads of landlords hang out there and you can get good advice.
    Finally, a long shot but contact your local council about the roof to see if they have any grant money available. In London we would laugh you out of the room and then follow you down the street and in and out of the shops until the laugh wore down to a titter but where you are you might find a fund. You are housing residents of the council’s borough and different council’s have different schemes with a variety of ways of funding them.
    If you are charging your HMO tenants rent inclusive of bills have a look at Spark Energy http://www.sparkenergysmartmeters.co.uk/ who have a special landlord/tenant tariff, they can fit smart meters for free that meters each room and when the tenant leaves the debt follows them, it doesn’t stay with you. This has the added bonus of eliminating arguments between HMO tenants about is using more fuel than the others

    • You’re right about me investigating rent guarantee insurance but I know they make tenants jump through hoops in order to get it and I doubt many of mine would make the grade. Unfortunately, if a tenant is claiming housing benefit (even if they had a perfectly good job before and always paid their bills on time) I’m not sure the system would work. However, I will add it to my To Do list. Yes, she did put down a deposit of £495 which will be taken by the agent. Grant money? I think it would be easier to trying to get blood out of a stone but I’ll ask when I next see our council boys at the landlords meeting. Your comment did make me laugh out loud!! Will also investigate Spark Energy – stop giving me things to do and highlighting my flaws, I’m only learning!

  3. Ben Reeve-Lewis

    I’m not highlighting your flaws I am pointing you in the right direction…its called a learning curve and if you are gonna stay in this game its gonna a steep one for now.

    But look on the bright side………………………………er………………..there must be one…………………..hang on………………gimme a minute……. erm………….

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