Gerry Canning
Registered User
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Do the maths on it. Rent less property manager, less estate agent, less property tax, less PRTB registration. You can be sure that everything will be charged at top dollar by the 'professionals.'
It's hard enough right now to be a landlord, if you also had to hire the experts you can be guaranteed that you will be running at a loss.
Do you actually believe that the OA should become a property manager?
pat2;
From what I am seeing the practise is not cost effective in many cases.
It maybe effective in larger urban areas where binding leases etc are in place.
In the smaller properties I see rent/Esb/gas bill issues with too many residents being more transient rather than them viewing the property as a home.
Eviction is still difficult ,even if warrented in some cases.
I cannot but think that in many cases Rent Receivers are in place whilst the Lender studies his options.ie a short term fix for lender.
In short, the underlying problem has not been tackled.
We are talking about the OA here and not lenders. I can imagine when it comes to lenders it's quite messy.
It's up to the OA to maximise returns. If keeping tenants in situ is what he see's fit well and good. He has quite a bit of time(unlimited I think) to deal with property and he would be mad to sell close to the bottom with rent coming in.
I think this whole forum is an indication of the failure of the reformed Irish bankruptcy law. It continues to be dominated by people looking at UK solutions.
Where do you think the reform of the Irish bankruptcy law has failed?
What benefits do you see with the Irish system versus the UK?
Pat2
You seem to have an issue with the whole ideas of insolvency. I think my post was clear enough, Askaboutmoney.com posters on this forum don't even to seem to consider using the Irish route, if at all possible. The title of this thread indicates that failure.
There are plenty of reasons why the Irish system has failed: 2 off the top of my head:
1) In an IVA the secured lender has a veto, and the CEO of BOI has indicated that they will always exercise that veto
2) A UK bankruptcy is for one year and unless you mess around its straight forward. In Ireland its three years, and maybe three more or five or whatever the assignee feels like.
I don't have a problem with your view that bankruptcy is morally worng and that it creates a "a moral hazzar" but posting on this form with such a political view is unhelpful to those people looking for advice, help and a solution.
The Irish insolvency legislation has failed, look at the numbers on this thread.
Ger
Yes of course the OA should become a property manager. That is his job. Should he decide to keep the property for the moment I would expect him to contract some sort of letting agent/property manager. I know very little about letting or landlords but I thought the charge for these services would be 10-15% of annual rental income. Am I close?
I cannot but think that in many cases Rent Receivers are in place whilst the Lender studies his options.ie a short term fix for lender.
In short, the underlying problem has not been tackled.
. If keeping tenants in situ is what he see's fit well and good. He has quite a bit of time(unlimited I think) to deal with property and he would be mad to sell close to the bottom with rent coming in.
You are way off, that's in a normal owner with an estate agent managing and all going well. What happens in involvency is vastly different.
I know a property rent about 500, rent receiver 1200 or so monthly, and he's not the guy going to do the renting that will be an estate agent.
So in essence if house eventually gets sold the bank will get paractially nothing.
I read an article recently about the New Land League/Jerry Beads. While I'm totally not a fan of his, I do agree that the banks are going to get peanuts after all the rest have been paid off.
Those top name people cost a lot of money. We are talking about the big boys.
I haven't heard of this, it sounds truly bizarre to pay somebody 1200pm for a property with a rental income 500pm.
.
Who do you think are making the big bucks in the economic downturn?
Can you clarify exactly what you mean here please? I'm confused as to who is getting €500 and who is getting €1200.I know a property rent about 500, rent receiver 1200 or so monthly, and he's not the guy going to do the renting that will be an estate agent.
So just to be sure I'm understanding you, the rent is about €500 per month, and bank rent receivers fee is about €1200 per month?Sure Rainyday, figures are approx, but the rent was about 500 Euro, when tenants started getting 'legal' letters from rent receivers they decided to leave. The bank rent receiver's fee is 1200 Euro, but this does not involve them doing the actual renting. They seem to act as the banks agent. In turn an estate agent has to manage the property, they seem to organise the locksmith, the gas/water/esb connections, or disconnections and ultimately the tenant. There is an added mess in the fact that the deposit the tenant paid to the original landlord is not the obligation of the bank/receiver, so you can well see why a tenant would up sticks.
I think you are a landlord like myself, doing things this way would be insane.
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