Looking like a good call now, congratulations. Too nervous myself with the referendum on the way.
He didn’t say that he was living in the property. He didn’t say if the purchase in 2012 was commercial or residential or location. I wouldn’t congratulate him until I knew that his tenants in his “investment” weren’t stuck in a rent trap.
There are certain investments which aren’t morally acceptable; e.g. British Allied Tobacco, Nestle, Paddy Power, Dublin starter homes while affordable housing is in short supply.
I was talking about his purchase of LLOY at nearly the exact bottom, and I was referring to the UK-EU referendum, up a good bit plus 10% today…
I was a strong advocate back in 2012 (when nobody else was buying) that property was a good buy. I backed my mouth with the purchase of 3 residential properties in D2/D4.
and I am a strong advocate to keep out of the residential property market as it is immoral investment when so many Irish people are caught in a rent trap or can’t even afford to rent and I backed my mouth by selling my residential property in late 2011 despite not being under any financial pressure to sell.
About the only way to invest morally in Irish property is to invest in a derelict and improve it o that it is habitable or finance the building of new property.
Immoral? So I suppose you only invest in ethical companies and stay away from practically every big company in the world?
Can’t speak for my private pension fund which I am no longer sending money to but on the whole yes, I’m not investng in companies who control vital resources which you need to survive like for example the roof over your head.
I am sick to the back teeth of people treating the streets of Ireland like their own monopoly games when young people must pay over 50 or 60% of their salary on rent for basic accommodation and forego anything which elevates their lives above the level of basic existence while the rent seeking classes live a life of leisure at their expense.
I’m not a left wing socialist but what is going on in Ireland is absolutely sickening.
It’s not obvious to me why property investment at any time in the cycle is immoral compared to alternative investments.
For instance, does it lead to better or worse social outcomes than sticking money in a S&P500 tracker?
I suppose that engaging in a personal campaign of counter-cyclical labour-intensive stimulus (e.g. commissioning 50 metre statues of oneself or blowing the lot on coke and hookers) might be more useful, but I’m not sure the planning hassle/STD risk is worth it.
Maybe you don’t see why speculating on residential property is immoral because you don’t have people with young families known to you begging to their relatives for a deposit the size of a premium german saloon just so that they can afford to secure a mortgage through fudging for a shitty little property in Dublin at over 50% of their monthly income which they’ll be obligied to repay for the rest of their natural lives.
Close your eyes, try not to think about it at all and it is a brilliant investment for the parasitic landlord.
+1. The fact that people don’t even see this as a problem that is destroying a generation is symptomatic of Ireland’s malaise. It’s why it hasn’t even been a serious election issue. It’s still considered ‘normal’ or even a status symbol to carry a millstone of a mortgage. Price-wise we may be post-boom, but the mentality hasn’t changed at all.
Did your decision to sell impact the tenant who’s rent was paying your local authority mortgage at the time?
Perhaps your decision was also influenced by the fact you are not entitled to rent a property (without it being your PPR) purchased under the social and affordable housing scheme?
I have never had a tenant in my property. I could have easily bought out that or gone under the radar like everyone else around me or even honestly as my neighbour beneath me went to Australia for two years and was allowed rent out by the Council.
Stick that in your pipe and smoke it.
You have absolutely no moral highground from which to preach to me.
I absolutely abhor how you swagger around this forum.
I’d call you a sophisticated Jimmy Connors but you’d probably take it as a compliment.
Ah, so you rented elsewhere (because your neighbours were not of your ilke) leaving your social and affordable property empty.
You are really grasping. Your problem is that you start off from a position of assuming that everyone is as black-hearted as you.
No, I have never owned a rental property. I would only consider being a landlord on high end property or property where tenants are at a naturally transitory stage of their life or where the intention is to possibly hold the property for my own later personal use. Commercial property is fair game.
So in your mind, it is acceptable to leave the property you brought under the social and affordable housing scheme empty while renting elsewhere in Dublin.
I am also very relieved that my strategy of dealing with high end rental property in the D2/D4 area meets with your approval
I think the moral arguments of how and where to invest belong in another thread.
what is this hypothetical situation to which you refer while trying to extract yourself from the knot you’ve bound yourself in? I’ve never rented property in another part of Dublin or Ireland for that matter while owning property elsewhere in the city\state\universe.
My experience of seeing people forced out of supposed high end rental property in South County Dublin is that it is only “high end” in terms of price and those priced out tenants would enjoy more comfort in a council house if one were available and they qualified for it.
On leaving certain rented houses which can only be afforded by people earning above the average wage, I’ve remarked “God, that place is grim” and been thankful to return to the warmth of the car.
Mr. I’m considerably wealthier than you is happy to crow about his canny investments in Irish Property in 2012 while here in 2016 Ireland is in the grips of a housing crisis.
Distasteful or what?
As a canny I also bought property in 2005, 2006 and 2007