Hmmm. Well I took my pension money when I could as my final salary scheme went pop and also basically brought my company down as well. If you remember the talk was about people getting their money and buying Lambos. Having suffered the extortionate fees levied by our pension managers well if anyone was gonna have a Lambo with what was left of my pension (thank god for the FAS) it was gonna be me!
Didn't buy a Lambo put it into property which we had started doing when my company was struggling. We buy modernish properties which require refurbishing. New bathroom, new kitchen usually, new carpets and decorate throughout nothing fancy. We let at reasonable rent preferably to families and while most just pay monthly after referencing we have taken people with bad credit ratings who are up front about it and put 3 - 6 months rent up in advance. The vast majority of our tenants have either owned their own property and can't handle it or don't want to take on the commitment. Most are okay, some are great and some are have been b******s. We don't get close to tenants but as my wife quotes "we've fed kids, cats, done the washing up, cleaned the place and ran relationship or financial guidance sessions". We're not perfect but we try to help where we can.
If we weren't renting places out I don't know where most of our tenants would be as they mainly couldn't or wouldn't buy and the local councils/housing associations are snowed under.
We're not all scum and neither are all tenants but its gutting when you walk into a property which was clean, well decorated and homely and its been neglected or abused and you have to start over plus the tenant lies their head off about the state of the place when they took it on despite photos to the contrary. On the other hand we've got some lovely tenants who have improved the property and look after it as if it were their own BUT it is THEIR HOME and that's how we play it.
As for the bombardment of unsolicited letters from letting agents saying kick your tenants out and we'll get you more money - straight in the bin. The rent money obviously pays for repairs, insurance etc but the balance goes back into buying another place and providing a nice home for people who need it. If we get wiped out by a 40 ton truck one day our tenants have the security of a couple of years before executors can sell up plus first refusal on purchasing at a good discount.
In a perfect world everyone could have whatever home they wanted no problem and England would thrash the Aussies at cricket every time.
So we're not all rogues with angels for tenants and like arborists there are good and bad examples and we usually only hear about the bad. Letting ain't easy, you hand the keys over to a stranger on something worth nigh on £170k and hope! If you would spend your life worrying about it - don't do it.
Think I might write a book about it one day but no-one would believe half of it.