Landlords/Houses/tennants/cunts thread

[Mullach_Ide]

@Massey

It’s gas here how’s lads think they can get everything done for nothing. Shure it’s only a bit of insulation,that a fierce high price,will ye do it for half price for cash.Ill do it myself so,ect ect

I work in construction pal.

[Mullach_Ide]

@Gman

To take out the exiting insulation, all through an attic hatch, dispose of it and bring in new rolls and lay them out, 2 layers of 200mm thick, I doubt you’d get much change out of €2k

400mm of attic insulation , sure you’d have no room left for the Christmas decorations.

[Gman]

I want @smark to be warm. 200 in the joists and another layer over. Sure throw 100 over and it wouldnt be too bad I suppose, but material cost wouldnt be the big saving really from 200mm to 100mm rolls.

[Smark]

Could these BER assessors be got at with a little brown envelope?

[Ambrose_McNulty]

Working in Airtightness and insulation is like playing with zyklon B. You couldn’t get payed enough to do it.

[Massey]

That’s what Victor is for

[Massey]

Well done

[Smark]

Calling all TFK landlords - @hbv @Mac @TheUlteriorMotive @mickee321 and anyone else that I’ve missed. A few questions for ye:

1. Would ye recommend someone get into the landlord game or is it just not worth it? In that you could make a mistake and get in bad tenants who cause you nothing but heartache, also ask you to come out and cut the lawn and unblock the sewers and change the light bulbs.

2. Just how much are you expected to do for them as a landlord in a manual labour capacity and is there a management company you can hire to deal with the clients and their needs both physical and legal? I see a lot of places are rented out through estate agents. Does their involvement end when the tenant is in-situ or would they continue to deal with them? I guess this is a considerable fee and only eating into any profits you are making in the first place.

3. Financially and tax wise how much have you to pay the tax man? Say you are into the upper scale of tax rate at 40% which presumably every landlord would be or at least most, does that mean you’ve to hand over 40% of your take on the house to the taxman? To simplify things if the house was taking in €1000 a month from the tenant, is €400 of this then to go to the tax man? It wouldn’t exactly pay the mortgage on your next property then at that rate. Or are their tax breaks for landlords where they don’t take this much?

4. Also any thoughts on renting out rooms in the house versus the whole house? So three rooms at €400 each instead of the house at €1000. A bit more money but is the hassle worth it to be dealing with three people rather than one.

5. Contracts, do ye get the tenants to sign them and who makes up the contract for you? I presume you’ve to get a solicitor involved and ergo this is another added on cost.

[gilgamboa]

@Smark

Financially and tax wise how much have you to pay the tax man? Say you are into the upper scale of tax rate at 40% which presumably every landlord would be or at least most, does that mean you’ve to hand over 40% of your take on the house to the taxman? To simplify things if the house was taking in €1000 a month from the tenant, is €400 of this then to go to the tax man? It wouldn’t exactly pay the mortgage on your next property then at that rate. Or are their tax breaks for landlords where they don’t take this much?

You can offset the interest on the mortgage and a few other bits

[Juhniallio]

Jaysus. I’d say do it by the book. Register with the petb or you haven’t got a leg to stand on and document any dispute. The amount of hassle depends on the tenants. Do not get a pair of young professional women. They will call you every time a light bulb needs changing as my bro found out. A young family is a good call as they value a secure home above all. There may be some drawing on the wall etc. But there’ll be no parties or structural damage. Will write more later

[Appendage]

If you’re going to buy to let, get a good property management company and you steer clear of any interaction with tenants. They’ll charge between 8 and 10% of the rent but will save you a world of pain.

You’ll pay income tax, USC and PRSI on the rental income so call it 50%.

Loan interest is deductible.

Buy low sell high.

[Mac]

1. If you get good tenants it’s grand. If you’ve bad ones you need to get them out within the first 6 months.

2. Estate agents will usually just handle finding a tenant. Most do fuck all beyond that. You’re expected to fix or replace most things. If you get tenants who are a bit handy themselves then it can help.

3. It’s added as income to your wages and you pay tax but there’s a load of deductable expenses. Basically anything you replace or upgrade in the place can be written off against your taxable income, as can mortgage interest or management fees.

4. Never really thought about it. Probably handier to just deal with 1 person. You’d be constantly trying to find new tenants for rooms which I imagine is harder?

5. There’s standard leases you can get online. That’s what I’ve used in the past. No solicitors

[Appendage]

Self administered pensions are the best way to invest in property. Tax deduction on the contribution and the rent and capital can grow tax free in the fund. Even allowing for charges it’s a winner.

[gilgamboa]

Not available to PAYE employees are they?

[Smark]

@Mac

It’s added as income to your wages and you pay tax but there’s a load of deductable expenses. Basically anything you replace or upgrade in the place can be written off against your taxable income, as can mortgage interest or management fees.

So what could you expect to trouser roughly from €1000 a month let’s say from your tenants? €500-600 seems about right but with any replacements or repairs put in as “expenses”?

[TheUlteriorMotive]

Do you have a mortgage? Some interest deductible. Capital expenses are written off over 8 years.

It’s a hassle to be honest. Depends on tenants - bad tenants will break your heart.

Long term if no mortgage it’s potentially a nice source of retirement income.

[Mac]

Depends on the mortgage. Take roughly 85% of mortgage payment and deduct that from the 1000. Maybe take off another 100-200 for repairs / maintenance etc. And whatever figure you have then half it to account for tax and that’s what you’re left with. It’s likely not going to be huge money.

You’ll have to do a separate tax return then as well so you need to ensure you’re putting money away to pay for that. It needs to be done before the end of October of the following year. You’ll likely need an accountant or bookkeeper to help with that too. Their fees are also deductable of course.

[Juhniallio]

Are management fees definitely deductible? I haven’t been claiming it…

[tazdedub]

Not worth it. Margins are very small if you have a mortgage on the property.

[flattythehurdler]

You can’t put a value on being a cunt mate.