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Lou Valdini
Lou Valdini
2598  Profile Views

About Me

Not much to say!

my expertise in the industry

'Amateur' landlord for 18 years. Director of 1 RTM company. Good understanding of the issues faced by 'small' landlords in the private rented sector.

Lou's Recent Activity

Lou Valdini

From: Lou Valdini 28 April 2020 19:14 PM

Lou Valdini
I am 61, and started as an 'accidental' landlord when I bought a larger home with my partner, and we both rented out our previous homes. We then bought 2 BTL apartments which we hoped would help fund our retirement (because neither of us will have a public sector pension). My property in London has been profitable because I was part Freeholder and a Director of our own management company, and I had very good tenants. However, we have actually lost money on the other 2 properties due to rental voids between lets, non-payment and vandalism by 'rogue' tenants, management and legal fees, repairs due to poor construction, and spurious service charges by the landlords and their agents ...so much for those who talk of landlords providing squalid, high rent accommodation, with a license to print money! Following the recent ill-conceived government changes, I decided to sell up in London, but far from the apartment going to a first time buyer or young family, or back to the rental sector, it was bought by a retired couple who had downsized and wanted a London pad as their second home. As for my equity from my London property, I will not be reinvesting in the rental sector, and I believe my situation will be repeated wholesale. I would rather invest in a classic sports car! We would love to sell our other properties. When the 'double whammy' of tax changes and future interest rate rises start to bite, we will be in dire straits. Our rental income will push us into the higher tax bracket, on which we will be taxed, but we will not actually have that income because most of it will have already been paid out in mortgage interest; a normal business expense for a Ltd company. This is fiscal nonsense! How can it be right that a Ltd company (and very strangely, those who buy properties for holiday letting) are permitted to buy rental properties with mortgages, and be allowed to claim the mortgage interest payments against tax, but it is not permitted for a private landlord to do the same? I grew up in a working class family, where voting Labour was never even questioned. When I had a family of my own, and aspired to more than my parents had 'settled for', I voted Conservative ever since, because I thought they were the party for aspirational Britain. This past 6 months has shown just how wrong I am! This government has attacked small business entrepreneurs and landlords, both of which impact me. I guess they are hoping we will simply get used to it before the next election. Wrong! I will not vote Conservative again, and there isn't another party worth voting for, so my vote will be wasted if there isn't a party that looks after my interests. Can David Cameron provide an answer to this? There are many voters in the same position as me who need to know where to place their 'X' next time around ...starting with Europe.

From: Lou Valdini 05 January 2016 10:58 AM

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