Landlord discovers 40 years of hoarded rubbish inside £450,000 property he bought without even viewing

It goes without saying that to be able to make a good living as a landlord, you must buy property that’s desirable so you’ll be able to find tenants. One landlord learned the hard way recently just how important it is to view a property both inside and out, before shelling out any cash. The man laid out almost half a million pounds on a property that he’d not properly viewed, only to discover that there was a huge amount of hoarded rubbish inside. Read more details below

Never buy a house at a blind auction: Landlord discovers 40 years of hoarded rubbish inside £450,000 property he bought without even viewing

 

Old newspapers, clothes, books and toys cover every possible surface, piled 5ft high in places.

The stairs are so clogged with rubbish that there’s barely space to crawl up, and the stench is appalling.

Remarkably, however, a couple managed to live in this house  for 50 years – and even more remarkably, someone else has just paid £450,000 for it.

Mehmet Koch, 33, bought the house at auction with his brother. But he made one crucial mistake – he looked at it only from the outside, because the owners would not let him in.

He said: ‘I thought I was having a nightmare – I have never seen anything like this before.

‘We just saw it and thought,  how are we going to clean this up? We just felt sorry for the people who lived here at first.

‘I mean, how could anyone live like this in the 21st century? There was no running water, no electricity and no gas.’

Read more: http://www.dailymail.co.uk/

 

Another story from The Guardian shows how there are a new generation of landlords emerging who are making a killing in the property market due to the steep increase in rented property. Read more details below

 

Meet the new class of landlords profiting from Generation Rent

 

They are the people making a killing from Generation Rent. As owner-occupation in Britain goes into steep decline, a new class of landlord is emerging, claiming they have never had it so good, with buy-to-let interest rates at historic lows and rents at historic highs.

The boom in lettings has also sparked a new phenomenon now sweeping the property market, known as “rent-to-rent” or “multiletting”. This is where investors take a tenancy, paying the landlord the monthly rent, but then sub-let to many more tenants at a much higher price. Lounges and dining areas are converted into sleeping space, leaving tenants with only a shared kitchen.

Daniel Burton, 25, claims to be making £35,000 profit every month from his Rent the Rented business scheme, just a few years after dropping out of the London School of Economics. He sublets 200 rooms across the capital, bringing in rent of nearly £2m a year.

Meanwhile, the scale of some private landlords’ property empires is staggering. Kevin Green in south Wales is challenging Fergus Wilson in Kent as Britain’s biggest buy-to-let landlord, having bought 672 homes around Swansea and Llanelli since 2000, with plans to take the total to 1,000.

 

Source: http://www.guardian.co.uk/

 

It’s no secret that now is a great time for those who are letting property. Since money is so tight for so many people, rented property is at an all time high which means landlords are able to make record profits. Of course this can’t last forever and those who are taking advantage now are reaping the rewards. Keep checking back for the latest in landlord news.

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