The Progressive Property Podcast How to Fix The Housing Crisis
Kevin has been investing in property for 18 years, has built up a multi-million pound business and uses creative property investment strategies.
In this episode, Kevin reacts to a recording of Judge Rinder on Good Morning Britain about landlords. Kevin gives his take and insight on this video and gives his thoughts on how we can actually tackle the Housing Crisis in the UK.
KEY TAKEAWAYS
- Yes, there are rogue landlords out there. But Kevin, his team and the landlords Progressive Property train are not part of them. In fact, they invest in run-down, sub-standard properties and make them better for future tenants of theirs as well as bringing properties back into use.
- Section 21 can get abused by some landlords. But Kevin has never done this, he wants his tenants to treat the property as their home. We have to think about the other side, section 21 is there for bad tenants, for the ones who don’t look after the property, who don’t pay on time. There are also many landlords out there who aren’t investors, that just have one property-when that tenant doesn’t pay or creates expensive repairs it can leave them in financial ruin.
- There is a lot of unnecessary red tape and it actually becomes an obstacle for tenants and landlords when there are issues to be solved.
- Unfortunately there are many tenants that don’t look after a rental property in the same way they would if they owned it. This is especially demonstrated when it comes to preventing damp. Not opening windows, not wiping down the shower and drying clothes incorrectly can cause damp issues, simple things that could be avoided.
- The types of property Kevin buys/invests in aren’t properties that would appeal to first time buyers. He isn’t creating competition for them as they wouldn’t purchase what he does, without landlords like him they simply wouldn’t be bought.
- Everything has to be in balance. There needs to be robust legislation that supports both landlords and tenants.
- To solve the housing crisis the country needs to become creative with solutions, the government, councils and landlords need to work together:
-We need better accommodation to solve the housing crisis. There are plenty of buildings out there, it’s about bringing them back into use and to a good enough standard. The council could work with landlords to bring these back into use.
-We need a more streamlined way of the government/councils paying landlords when tenants cannot. Universal credit has made this much harder. - Capping rents would only harm tenants in the long run. Proper landlords reinvest their money back into the property creating a higher standard of living accommodation.
BEST MOMENTS
“Don’t tar every landlord with the same brush, don’t make every landlord a rogue landlord, because not every landlord is”
“Maybe he’s got a hidden agenda”
“They create damp in the properties”
“Everything has got to have balance”
“The private investors are the ones that can solve this problem”
VALUABLE RESOURCES
https://www.progressiveproperty.co.uk
ABOUT THE HOST
Kevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom.
CONTACT METHOD
https://www.facebook.com/kevinMcDonnellProperty/
https://kevinmcdonnell.co.uk/