2. []BaRaj23 1 point2 points3 points 2 years ago*(0 children). Gf on the other hand, it's arguable, could not possibly live in London on her own without my salary to help supplement our living costs between us (I insist on paying a bit more as I usually eat bigger portions, have a few more gadgets plugged in, and pay for the internet myself). How much money a landlord makes from real estate depends on how much real estate they own and the type of real estate owned. How to deal with salary questions from landlord. My partner is on about 29k per year before tax and pensions. So it depends either u live alone and save more or share and have a bit more to spend but less privacy, []Combicon 0 points1 point2 points 2 years ago(2 children). Obviously, this does not mean that students make bad tenants: 14% of landlords let to students, after all, and most of them have no problems. - your own flat to rent (i.e. metrowebukmetro Friday 11 May 2007 10:32 am. Really glad they closed Vauxhall Bridge for 5 months to install these cycle lane barricades. Up it to 40k and it would make you feel pretty comfortable in the area with decent savings each month and buy nice things every now and then. Thats not how the mortgage industry works anymore.. Weirdly my bfs landlady sold her 1 bed ground floor flat in Turnpike Lane (the harringey ladder) for 250k 2 years ago. []malaka5000 1 point2 points3 points 2 years ago(0 children). Landlords in America make an average salary of $86,324 per year or $42 per hour. I guess sometimes you can get lucky! Starting salary was around 29K (I think). I live in London on a salary of 37K. I live frugally (cycle everywhere, cook for myself & dont drink / party much). I have heard that if the landlord is paying for a credit or something for the rented house, that the tenant's salary would might affect the credit. After the landlord raised his rent by $500 a month, this man held out for years until he could exact his revenge to the tune of $20,000. When my house sold, I stood in awe, holding a check for $40k -- the same amount as my entire year's salary. I was earning that fifteen or so years ago and it was a hassle back then, so I can't imagine it's easier now. Thats a lot of pressure. []roomaggoo 1 point2 points3 points 2 years ago(0 children). By that time though I had become an IT Contractor and was easily making more than double my 21k salary back in 11/12 and now make triple that with my I was wondering what you guys think a decent salary in London is? A massive 94% of private landlords let property as an individual, with many renting out just one or two properties as a pension or for their main income. Pay 1.2k for a nice 1 bed flat. The killer requirement youve listed is the having your own solo flat. Additionally, this sub seeks to abolish the archaic practice of landlording -- a system with its roots in feudalism whereby housing is not considered a right but a privilege to be paid for. So, when asking for a viewing I just mentioned our jobs and he immediately replied asking again about our salary. Some former roadman areas are worth a bit more now, []Jiebo01 0 points1 point2 points 2 years ago(0 children), Gentrification. Hang on, so you wouldnt consider any job paying under 60-70k to be a real job? Do your research online (Glassdoor is a last resort. /r/Landlord is a community for landlords to come together to discuss anything landlord related. Your landlord must give you a minimum of one months notice (if you pay rent weekly or monthly). We live comfortably but I work in finance so among my peers I am on the lower end of the spectrum. Job Title Company Company Start Date News, ideas, blog posts, websites, resources, etc. Talk to friends and colleagues in the industry. New landlord here and I'm curious if anyone has any insight on different rights between regular tenants and section 8 tenants when it comes to non-renewal of leases. Save 4-500 of that and youve got 4-500 leftover for fun things. Haha, I guess looking back it wasnt a bad way to be. Crazy) but it was sold for that amount. [][deleted] 2 points3 points4 points 2 years ago(0 children). But if I wasn't living with my partner, being able to afford the kinds of things that would improve my QOL (or at least what I personally perceive to be things that increase it - tech, videogames, a good night at the pub once in a while, and the freedom to order takeaway on the odd chance I don't have time to cook) would be close to the realm of dreamland. What would you consider to be a 'decent' salary in London? My landlord is selling the property that we rent (month-to-month) for the purchaser to use for their personal use. People here always post crazy high estimates and they're just out of touch imo. Some 70% of landlords have let property for six years or more and the average length of time that landlords had let property was 11.5 years. Suppose for every 200 tenants you have 1 landlord, keeping the renters happy and taxing them is a vote winner. won't be able to buy lots of new clothes and stuff but you're not asking for that. Have you guys been asked this? Investopedia describes passive income as "earnings an individual derives from a rental property, limited partnership or other enterprise in which he or she is not actively involved." We split all of our bills in half except for council tax, which I pay to compensate for making slightly more money. The first guy just said 60k+ for zone 3 that's 3,620/month after all taxes. Im really lucky to work for a company that pays Living Wage even to its staff at entry levels, but Ive had colleagues working for other companies that pay absolute peanuts and I can completely respect how much people can and do struggle. Now is not the time to rush. Most of us have been there and lived to tell the tale. This has its pros and cons. We are looking for flats again and have spotted a nice one. 36.1k votes, 1.0k comments. I came here in London 6 years ago and was on 47k, had a mini studio flat (very central tho). I had exactly this to decide recently when looking at jobs in and out of London. If you want to earn a living, for example the equivalent of a $50,000 salary, youll need to profit more than $4,000 per month. I get why people are down voting it though. 35k is not enough as a single person to have single occupancy rights to a property and still have enough after normal expenditure to save and not feel poor. So after tax (and pension) I get 2150 a month. Salaries are not really a secret. Very pleased to report that I got the salary I wanted and have signed for my own flat :), []trombolastic 0 points1 point2 points 2 years ago(0 children). It doesnt exist anywhere else in the country, and the reason is because the average salary isnt enough to live above the poverty line as a single working person if you want your own flat. This is the equivalent of $1,417/week or $6,138/month. Time lapse of London, St. Pauls area, doing night shift engineering works at the cheese grater building back in 2014. I've seen a number of places on spareroom going for about 800/month (that seems to be living on own and are bills-inclusive. As someone further up has mentioned, its about feeling like youre comfortable - theres a huge difference between getting by and comfortable. My bad, I was trying to look at it from the perspective of if I were living on my own. Its a big pill to swallow and doesnt suit the narrative of London this year. You just described deliveroo once a fortnight and cinema once every 2 months, I doubt you're expecting "fun things" like that to equal 500 a month. If you are starting out, 18-20+k is doable but not fun. Here For You During COVID-19 NEW! No? I would urge everyone here to switch jobs early and often to get proper raises. Not sure if my bank balance agrees though. You can get a decent flat in zone 3 for about 1100-1200 per month, so you're looking at an annual salary of 33-36000 according to the letting agents (and I expect that they do have an accurate impression of how much people can afford since it's their business to squeeze it out of you). which can help a landlord are welcomed. Good thing about London which I always tell people is that apart from your rent and travel costs you can live very cheaply day by day when it comes to shopping, groceries etc. Another 10k wouldnt have made a huge difference at all. $86,324. I screw him years later for $20k. It is likely that you will pay close to 40% of your salary for six to twelve months to this person and their investment property. The original poster was asking what salary constitutes as high enough to save enough money and feel youre out of the poverty trap. Got more serious about tracking where my savings/investment were going and how they are growing. We lived in Zone 4 in Southgate in a nice 2 bedroom flat above a restaurant. IRA/HSA/401k: $45k. [][deleted] 0 points1 point2 points 1 year ago(0 children). According to the survey, 53% of landlords plan to keep the number of rental properties the same over the next two years, with 11% planning to increase the number of properties they own, while 10% of landlords - 25/04/21, Westminster police issue dispersal order for Soho & The Strand "due to an increase in anti-social behaviour connected with licensed premises over recent weeks". I screw him years later for $20k For some backstory, this is an inherited tenant in a building I purchased about 9 months ago. Thats around 2.8k take home salary a month, with a 1 bed being around 1.5k leaving 1.3k leftover per month. It'll definitely be a bit awkward on 22k. And I'm about as expensive-habit-free as someone can get. []amijustinsane 0 points1 point2 points 2 years ago(0 children), Oh yea absolutely you can get by with less (I did it on 18k for a few months which was truly awful), but I took OPs not live in a poverty trap and interpreted it as pretty comfortable that if you want to make a large purchase or something goes tits up, its not earth shattering, []Maukeb 2 points3 points4 points 2 years ago(2 children). The only odd thing is that the landlord asked in the ad to tell a bit about our professional situation. []notsomaad 0 points1 point2 points 2 years ago(0 children). so currently dont save, but we are able to chip away a couple of hundred quid a month each on our respective debts. I pissed away my twenties by generally celebrating idiocy. []Lolworth 0 points1 point2 points 2 years ago(1 child), []amijustinsane 2 points3 points4 points 2 years ago*(2 children). Drug dealers behind the tesco near Cambridge heath station: the manliness of your bike is being called out. Average Salary for a Landlord. [][deleted] 6 points7 points8 points 2 years ago(5 children). It depends on what you mean by decent. As of Apr 5, 2021, the average annual pay for a Landlord in the United States is $73,659 a year. Id revise buying a flat to 80k though, unless you want to live with the roadmans. I wasted a lot of money on boozing, travelling and general nonsense. dont hang around waiting to be rewarded. But if I am thinking of buying myself something nice like say an xbox, I do the maths and realise that's at least 2 months' saving minimum. If the landlord is the one managing the rental, any communication regarding the rental property will be between you and the landlord directly. So 1,330 left for travel, food, and everything else which is a lot of money. 60k + for zone 2-3 Not the best places but OP isn't asking for a fancy place, but lets make it 1,400 so you get a niceish zone 2 place(example, honestly just one of the first few I looked at), add all bills and it's 1,800. While ZipRecruiter is seeing annual salaries as high as $121,000 We then found out our landlord hadnt declared the top flat as a separate dwelling and so he wasnt paying council tax on it but was charging the couple above council tax each month. We each have credit card debt from when we were younger (and more skint!) (My partner and I both work in retail which is generally poorly paid compared to other sectors, FYI). I guess that's how London's always been though and neither I nor her are special snowflakes by any means. Having such a low disposable income that you cant go on holiday or spend 300 on an Xbox without saving for 2 months means you are poor. The Solution. Such that you can afford: If I was making close to 50k I would probably not have even bothered posing the question but I do find it slightly unjust that people like my partner work really intensive and demanding jobs that require you to live in London whilst also being severely underpaid. Take notice of the landlords car, clothes and listen to how they speak. Just curious, not intending to spark some grand debate about how one could easily cut down on spending. use the following search parameters to narrow your results: and join one of thousands of communities. Another kinda high number. 2021. We moved to a 1 bedroom flat in Zone 3 with an amazing landlord who charged us 1000 per month incl water and never once increased the rent in the 5 years we lived there. You have set your going rate by remaining in a job. Reddit is a network of communities based on people's interests. 40k would allow a bit of breathing space with luxuries and a decent amount to save. Bounced between jobs. Salary: $110k plus equity (worth very little at the moment) Mandatory, company-wide reduction in salary for 6 months of 2020: $82.5k. Edit: actually considering that I could probably stretch to 45k, []amijustinsane 1 point2 points3 points 2 years ago(2 children), I used the moneysavingexpert tax calculator and it gave me a take home salary of 2847 taking into account student loan repayments but no pension/etc, []arufa69 3 points4 points5 points 2 years ago(0 children), Id say 30k a year wud be just enough to live in a studio slightly outside city centre (300ish a week) and be slightly conservative with spending (making your own food, not going out too often maybe like 3-4 times a month), You can live pretty comfortably and have your fun in the city for abt 500-600 pounds (that includes everything except rent and utilities), That being said most ppl out of uni who earn about 25-30k as a starting salary usually live in a shared flat which saves a tonne on rent (at least 40gbp a week) and that goes straight in the pocket. Combined income of ~60k seems about plenty for what you want to do + some savings? So our landlord decided to sell our apartment we rent and appointed the agency to do the job. See what employees say about what it's like to work at Landlord Guard. An agreed Both your and your landlords name and signature. What are your daily observations? By that time though I had become an IT Contractor and was easily making more than double my 21k salary back in 11/12 and now make triple that with my current daily rate. In addition to rental property, typical sources of passive income can include money earned from investments such as mutual funds, dividend-paying stocks, Real Estate Investment Trusts (REITs), and asset-backed securities. Boozing, travelling and general nonsense sounds alright for your twenties! I did the latter and make similar money to you now but when I was interviewing about last summer I got so many sideways looks because of an "erratic" job history (all decent advertising jobs but never been somewhere really for more than a year), []redeyedcyclist 4 points5 points6 points 2 years ago(2 children). I've just looked at Zone 2 on rightmove and there's sooo many places in the 1,300 range. They cant live there anymore . []Jurassicparrot 1 point2 points3 points 2 years ago(0 children), I'm renting in zone 2 on 18-20k per year, managing to save 100 ish a month, []SteLP 1 point2 points3 points 1 year ago(0 children). no noticeable sudden drop in QOL once you come back). A landlord who owns commercial real []Jiebo01 -1 points0 points1 point 2 years ago(2 children), I would say for a 1 bedroom flat in a ok area you need roughly the following to live like a normal person would do outside of London: For example, I've heard the rule 'your house-related expenses shouldn't exceed 30% of your gross', or 'the mortgage you can manage is around 1-3 travelcard is 150/month, so there's just under 600 left for food and everything else. The only odd thing is that the landlord asked in the ad to tell a bit about our professional situation. I was getting married, and rather than keeping that home as a rental, my wife and I decided that we would kick out the roommates, and sell the house to pay off debt, and move into her home. We are looking for flats again and have spotted a nice one. So, when asking for a viewing I just mentioned our jobs and he immediately replied asking again about our salary. There is plenty of choice. Mid 40s is probably the minimum to live comfortably. How did you deal with questions like this? The average gross non-rental income of landlords is 25,000 a year. Think kne of the big challenges late 20s face is you either have to stick with a job and keep a consistent salary with small incremental increases; or you have to play the game and jump about to build up a bigger take-home, but that leaves you with a patchy CV. The EA will ask for a guarantor earning 35k+ for exactly this purpose. That's 3,130 a month after taxes. I wonder is the landlord able to learn the salary of the tenant? []Jiebo01 11 points12 points13 points 2 years ago(12 children). That being said I am only 28. Why do I see 'rules of thumb' based on gross salary rather than net? Doable at 50-60k? I ended up in debt on a 35k salary (living in Zone 6). Try to find professional companies that survey salaries and other hiring trends). I decided that this salary was 25,000 outside of London and 35000 in London. Average Salary. edit: So person number 2 just said 50k for zone 2. We accept posts from tenants looking for a landlord's perspective but please remember that the answer you get may sway in that $200,000 house will average $2000-4000/year in repairs. At least 50k if you're single, 35k if your partner works. Salaries, reviews and more - all posted by employees working at Landlord Guard. Between us, we live halfway between Brixton and Herne Hill stations in a spacious one bedroom flat for 1400 per month. 'Old town road' by me using soft pastels. Our plan is to continue saving for a flat/house deposit once weve got rid of our debts. I've been looking for a place on my own as well (earn about 22k, so about 1.5 per month). Find communities you're interested in, and become part of an online community! Use this information to get a range of what you should expect your salary to be. REDDIT and the ALIEN Logo are registered trademarks of reddit inc. Rendered by PID 11024 on r2-app-0a2262f3f893a5c42 at 2021-04-25 13:22:53.630831+00:00 running 0b4bd2e country code: UA. If it was enough, there wouldnt be such a massive shared household market in london. Basically twice the salary you need in the midlands/north, which is almost all down to housing costs. I feel like a dinosaur could pop out behind the tree any moment. Is there any kind of law that would protect us in that case to reject visitors? How Much Money Do Landlords Make? Hi Reddit. Two years later, my life had changed quite a bit. Considering if one would like to rent their own place, I say 35k to cover all bases, depending on level of debt and how much said person would like to save each month. []timlardner 4 points5 points6 points 2 years ago(1 child). 35k in zone 3 at a minimum for all that imo, that will give 2250 a month after tax. When we first met my salary was only 19k and I only took home 1016 after tax each month. In general, rental contracts in the Netherlands should include: 1. Use of this site constitutes acceptance of our User Agreement and Privacy Policy. Rent & bills - 1100 a month (decent place, zone 3). Not all of London is Big Ben and the London eye. We never really go wanting for anything - we can afford to eat out/get takeaway a few times a month, and can afford a few pints here and there. Benefits and Shortfalls of A Rent-To-Income Ratio Calculation Just in case you need a simple salary calculator, that works out to be approximately $35.41 an hour. She makes in the 27k region but still struggles to have much left over at the end of the month. Dont save much every month, maybe a couple hundred quid at best. What would you consider to be a 'decent' salary in London. London isnt that great, there is a reason people are leaving.. []KrypticEon[S] 0 points1 point2 points 2 years ago(1 child). not a room in a shared flat), have some money to maybe go to the cinema once every couple of months (let's pretend it's not odeon and you haven't sold a kidney), still have some money to save at the end of the month, feel happy and not stuck in a poverty trap. How is that the minimum he expects people to need?? Maybe oyu guys love going out and would rather have much more leftovers for such things, but that seems doable. We got really fucked off with him and told the council who busted him and we then moved out 2 weeks later. Unconv Another flat was above us also. If you don't mind me asking: how long habe you been in the upper 30s bracket in terms of salary? Waterloo place, by me, soft pastels, 2021. Expect the landlord to listen carefully and answer your questions directly and thoroughly. I make roughly 65k and my girlfriend makes around 45. When I think about my parents I can't even imagine having the kinds of savings they might have, where they could afford to get a family of 4 a holiday abroad for a week and still be ok (i.e. Be civil - no hate speech, extremism, or bullying, Shaming or compromising photos/videos must be anonymised, Submissions cannot be memes, image macros, or reaction gifs. Show me a flat within the zone 3 for 250k. They said 500/month left for fun things after already setting aside 500 a month for savings. Would leave me with about 50 of 'leftovers' per month. Has your lifestyle changed much vs how you used to live? Soon realised we were getting ripped off as we had no idea how much we were actually using for Gas/Electric/Water and had a feeling we were being overcharged. []redeyedcyclist 5 points6 points7 points 2 years ago(0 children). (self.london). Rendered by PID 11024 on r2-app-0a2262f3f893a5c42 at 2021-04-25 13:22:53.630831+00:00 running 0b4bd2e country code: UA. Post memes, personal experiences, articles, etc. My OP mentions her because I was thinking that without us living together she would certainly have a hard time and I'd be just about eaking a living, []Benandhispets 12 points13 points14 points 2 years ago*(13 children). []redeyedcyclist 28 points29 points30 points 2 years ago*(7 children). As a very rough rule of thumb, letting agents often quote that you can realistically aim to rent a flat costing 1/30th of your annual salary per month. But dont think you need as much as your saying to live in London, []Lolworth 25 points26 points27 points 2 years ago*(0 children), Personally I think you will start to feel a weight lifting at around 30-40k. []dieyoubastardsStoke Newington 0 points1 point2 points 2 years ago(0 children). Get an ad-free experience with special benefits, and directly support Reddit. A single household in london earning 35k is pittance. (Ref 2) Landlord possession claims and repossessions are highest in London We moved to a 1 bedroom flat in Zone 3 with an amazing landlord who charged us 1000 per month incl water and never once increased the rent in the 5 years we lived there. [][deleted] 2 years ago*(11 children), []Jiebo01 13 points14 points15 points 2 years ago(2 children). Other (life insurance, brokerage): Come of it. []trickyt1992 6 points7 points8 points 2 years ago(0 children), I live in Zone 2 (Westferry) im on 32k before tax and pension. My wife and I used to manage on my pithy 21k salary back in 2011-2012 and her not much better 26k salary. Nevertheless my minimum would be 50k for a zone 2 place. add another percent for an older house (maybe ~25 yrs+) and/or extreme weather (harsh winters, storm risk, etc). Became a teacher 6 yrs ago.
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