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King S
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Recent Activity
Thanks Paul well i wish you well. i got lucky in being able to predict when things were about to fall off the cliff last year. i started marketing my properties for sale in about June 2019. things were slow to begin with but eventually towards the final months of the year into next year, the houses sold quickly. literally getting offers accepted within a week of listing. i was even able to sell on a couple of houses to people who were unsuccessful in buying another of my houses and in one case was interested in one and asked if i had another which i did. i did take a small hit of about 2-4k on mortgage early repayment charges per property but to be honest i would just happy to get rid of them. by the time the pandemic had kicked in, i only had 3 properties going through the completion process and they were all done and dusted by the end of august the only advice i can give is to hang in there and ride out the storm for the next few years and make plans to sell up whenever the situation is ripe. personally i wont ever come back to the PRS in this country after all the issues I had with local authorities and their blind support for rogue tenants. they will be reaping what they sow within a few years thats for sure. the fabric of this country has been steadily and progressively allowed to deteriorate and its not going to get any better
From:
King S
21 October 2020 20:27 PM
To keep you all updated, I have now sold 9 of my 10 rental properties over the last 12 months. The final one is for sale currently. To give you some stats on the sales, 5 were around the 80k mark, none of those were purchased by renters or first time buyers. The remaining 4 were around the 130k mark, of those only 2 were purchased by first time buyers. Personally due to all my previous reasons given in this thread, I would rather liquidate my assets than provide housing, pay taxes on income and be considered a parasite and an opportunist. I will wait with baited breath to see how this helps the rental market whilst I expatriate and sip cocktails looking at the sea view from my balcony in the Far East lol
From:
King S
21 October 2020 17:11 PM
@echis this is the typical response from the ill informed and ill educated masses. A majority of renters would not be able to buy even if property prices were halved! To substantiate my comment unlike yours which is just an ill informed opinion. The average 3 bedroom property in the uk costs £200k. I sold a 3 bedroom Terraced property earlier this year in Derby, fully renovated for £80k. There were zero offers from any first time buyers or those in rented accommodation. A first time buyer would of had to put down a deposit of 10% or 8k. Most renters can barely afford to pay rent, let alone have savings to actually buy a house and I’m sorry but if you can’t afford 8k as a deposit then I doubt you can afford half of that either!
From:
King S
21 October 2020 16:59 PM
@jeremy yeah that would be great unfortunately the only one most likely to be convicted of a criminal offence is a landlord as there is literally nothing that could be used against a tenant unless they actually burn down the property they are renting and even then they are most likely to claim it was an accident and get away scott free!
From:
King S
21 August 2020 12:38 PM
as usual we have been left to fend for ourselves and the tenants. last year universal credit even failed to pay me anything from the tenants benefits when she was over 2 months in arrears as she had a child...... so she was left to pocket all of her rent money at my expense for 6 months until she was evicted and given a council house! in the last 12 months, my portfolio has shrunk by 90% as I no longer want to be funding or associated with people like that
From:
King S
21 August 2020 12:35 PM
i've more than done my share of accommodating tenants and their finances over the last 12 years. if they are financially irresponsible, then its not my responsibility to help them out. The government has done nothing to help us out in the past 10 years, in fact, quite the opposite they have increased taxes, brought out stringent legislation and regulation and the last straw was making us criminally liable with unlimited fines whilst tenants got off scott free and were given more freedoms than the landlord who owned the property! Now they want us to help out tenants again? not a chance in hell. you (LA's) can house these tenants and deal with the regulations you bought in.......... oh wait, those same regulations dont apply to government housing..... smacks of hypocrisy to me!
From:
King S
21 August 2020 12:29 PM
As a landlord with 10 properties last year (now 1), yes some will have planned for down time and some will have scraped to get together the funds to buy a rental property. Not all of them are in the same boat. There were times in my early life when I was scraping the barrel after buying a property and relied on rents being paid on time and not falling into arrears to survive. I did not however plan for unscrupulous tenants playing the system and actively looking to steal from me. Over the past few years the tenants have got worse. Nowadays they are fraudulent with their applications, disrespectful of properties and looking for any reason to not pay rent. Furthermore, you are the first point of call when it comes to their financial difficulties and that is not something that any of us signed up for. Why should be financing a tenants mismanagement of their finances? Just to add with my 10 properties, i didnt have a villa abroad nor a flash car at any point and all through life I have been making sacrifices to get to where I am. Putting the effort in maintaining my investments over having an extravagent or lavish lifestyle! I have personally over the last 12 years lost over 50k to bad tenants where they have resided in my properties and taken the opportunities to get one over on me by not paying rent, damaging properties and even making false claims to the local authority against me. This is something that no landlord should have to live with. The compound effect of all these factors has led me to sell up all of my properties, with the final one going on the market yesterday. It has been a difficult road but at least I have learned not to go back into it again as all the government cares about is helping out criminals!a
From:
King S
21 August 2020 12:24 PM
"material change" whatever it takes to justify bringing in more charges/ fees to local authorities...... nothing new there
From:
King S
21 August 2020 12:09 PM
yes it is but even worse is their attitude towards licensing. They dont come out to inspect the property until at least a year later and it can take up to 2 years for them to actually issue the license and then they claim that they are doing this to improve living conditions for tenants. in that time a number of tenants would of come and gone if the property was substandard! so far i have paid £2730 for my 3 properties, had only 1 inspection last year and they havent even got back to me to suggest improvements or advise of issues. to contrast this to derby where i have done the same, the LA was out to inspect the property within 2 months and had issued the license within 4 and they only charged about £750
From:
King S
01 November 2018 14:44 PM
My LA (Nottingham) does not look beyond the short term. They would rather make a quick buck today than make double that in the future. Their legislation bought out in 2014 to make any property with more than 2 unrelated tenants a HMO is a reflection of that. The £910 fee and increased compliance costs are only being passed onto tenants whilst the council is increasing their revenue and literally nothing more. They have made so much money from this that they are now bringing in the same licensing for any rental property. Landlords who are barely breaking even will now be looking to sell up and move on
From:
King S
01 November 2018 14:30 PM
Agree with all the previous comments. The government bring in new legislation to apparently weed out rogue landlords but all they’ve done is make the environment hostile towards all the legitimate ones. The situation is now untenable as a rogue tenant can basically put a landlord out of business and have a criminal conviction against them by filing complaints against them. Absolutely disgraceful but they will soon realise that when we have all sold up they will be in an infinitely greater mess than before
From:
King S
24 September 2018 16:19 PM
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King's Recent Activity
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21 October 2020 20:27 PM
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