Reply to <Clubman>
We were locked on a rent of €850 on a property that would now rent at €1800 (Would have been €1300 at the time). It was a bit of a job jumping through hoops with CoCo to lease it to them, but we got there in the end. 85% of the market rent, which they think is lower than it is, but thats another story.
They took over the property and put a couple into it. I have had nothing but complaints from the neighbors and the MC since. At least once every two weeks I am getting messages of complaint and being called all sorts of names. Most of the neighbours have sold since. The MC keep threatening me with legal action. I am tired asking CoCo to do something, but they just say they are dealing with it, but do nothing.
CoCo asked me to get parking permits for the tenant. The MC wont give them to me til the tenant is gone. CoCo now threatening legal action if i dont get them the permits.
The whole thing is a disaster. CoCo offered to buy the place from me if i wanted out. At a knock down price i may add. A knock down price caused by their tenant ruining the area.
We had 1 rent review after 3 years. CoCo decided what the new rent would be. Its far less than 85%. Maybe 70% of market value.
So at the end of the day, I have no control over the tenant, yet I am being threatened with legal action about them. I wont go into much detail about them, but it involves, drugs, gangs, fights, threats, vandalism, noise, you name it.
Im sure they put nice tenants into properties too, but if they put a bad one in, you are helpless.
Oh, and every time you get a contact to talk to in the CoCo, within a few weeks, they have moved on and you have to find someone else to talk to.