Money expert Eoin McGee advises landlords to leave property vacant for two years before renting to be ‘better off financially’
by No-Contribution-1835
Money expert Eoin McGee advises landlords to leave property vacant for two years before renting to be ‘better off financially’
by No-Contribution-1835
28 comments
Tis what he’s paid to do
Let’s be real, he just said it out loud, that’s what they were already doing.
He should be minister for housing
>advises landlords to leave property vacant for two years before renting to be ‘better off financially’
The word “some” is missing here.
He explained the type of situation he would do this in. Where a long term tenant is leaving the property, and it is going for well below the market rate.
The thing is, he has a legal requirement to try get the best return and provide the beat options to his clients.
It’s a numbers game, morality doesn’t come into it.
If a property owner leaves a house deliberately empty for two years there should be a huge tax to pay. Also can’t stand dicks like this fella.
High levels of regulation always seems to create some perverse incentives like this horrible example
r/Ireland: “there… you’re in for it now, Eoin”.
Unless your a Minister…They just don’t register to rtb. Example S.Donnely.
Surely an exaggeration on his behalf
Inevitable consequence of RPZs
Keep telling yourself that landlords offer a service.
Absolute fucking leeches.
This is what you get when you try price fixing, you screw up the natural market incentives.
People angry at financial advisor for providing sound financial advice, more at 9.
Yet if you point out on this forum that RPZs throttle supply you’ll be downvoted to high heaven
Such a punchable face.
Great advice for landlords in a broken system. Another big failure for the government. They just keep coming.
Why the fuck is a government paid employee giving “money tips” that harm the overall society? Fuck RTE man – gonna keep dodging that cable man as long as I keep seeing shit like this.
Vacant properties should be burnt to make room for non-vacant properties
Well he’s right.
People angry at him are just completely shooting the messenger. He didn’t create this situation, and he openly thinks its bad, which is why he is drawing attention to it on social media. I don’t understand what people who are angry with him for saying this are looking for. Do they think if he just shuts up then the fact that leaving a property vacant for a while can be a sensible financial decision will no longer be true, or that nobody else will ever realise it?
He’s not wrong, it makes financial sense. The problem is loopholes and incentives like this (to do the wrong thing) are legal, known about and actively ignored by lawmakers.
We need radical measures to solve housing once and for all. Radical state intervention and mindset change. We basically need to make property investment so unnattractive relative to other things that no individual buys houses unless they’re going to live in them themselves.
In practice, that means much higher taxes on 3rd homes and beyond or outright bans on owning them. Combined with a massive reduction on taxes for investing in other assets. I’m talking capital gains rate of 50% on property, 10% on all other assets.
Click the link, watch his video. People love to jump on soundbites and headlines.
Don’t hate the player hate the game, he’s providing advice based on the reality of situation. It’s up to the government/councils to change that reality.
Doesn’t seem like good financial advise because it’s working off the assumption that rents will always increase and the government won’t bring in punitive vacant taxes.
If the market crashes before those two years they’ve just thrown away income. And given the time value of money, money now is worth more than money in the future, has he properly discounted the future figures to account for that.
You should be taxed to fuck for this and it shouldn’t work.
This is already happening all over the country. Time to increase the vacancy time to 5yrs plus to end this loophole!
We might not like what what McGee here is saying but it’s not his fault that rent controls are a flawed way to deal with high rents long term.
I recommend this video [How Ireland & Scotland are ruining their housing markets](https://www.youtube.com/watch?v=bJrpU6DK0HI) by the Polysee channel, it does a great job of explaining why rent controls don’t work