Returning to the property development that changed my life and career | VLOG

[@smiley9872]

You Sir, are a survivor!

[@MorePlausible]

Terry, greetings from Canada. I’d love to hear more about your transition from property development to law. Thanks for the consistent posting.

[@vince7735]

That was interesting to learn from whence you came. Nice music and fly-over footage. You're a very talented, smart man. -from Canada

[@michaelchance7759]

I am just renovating to sell my 2006 apartment in Belfast. Exactly the same kitchen with the peeling doors. If you strip off the plastic and paint the doors white it matches in with the rest of the wood plastic trim. Cheap and quick fix. looks good. I slept in a q to buy the place in 2006. I am soo happy to be getting out with my deposit back 17 years later. Not all roses in the property game . I could see the celtic tiger trauma in the video. If you dont want to own these apartments in ten years time now maybe your chance to sell. Thanks for the vids!

[@smiley9872]

I do appreciate the vlog Terry, thank you!

[@mikekelly5869]

I also built a small block of apartments at the same time. What a feckin wild ride that was . Us small developers got hammered, and the big boys got new helicopters.

[@White_Chapel]

All things considered, I'd say that did well to hold onto the place when you think back to how things went after the crash. It's a different story now, rent prices are way up so if you got the right tenant you're on to a winner. You could also negotiate a lease with the council, that might be a way to solve some of your rent headaches? Best of luck with it anyway..

[@NOVA-hw4pt]

Good afternoon, Terry! Thank you for your videos! Since I am from another country. I learned a lot about the laws and regulations in Ireland from your videos! As an interior designer and civil engineer, I have encountered these types of properties many times. Once, lived in a similar environment and did renovations in parallel there as well. In agreement with the landlord. Once I rented out my own apartment. And my tenant did small repairs by agreement with me. I gave him a discount on the rent. And I bought materials for repairs. It is a common practice in Eastern Europe. Of course, to do this, a person must understand the basic building processes. Thanks again for your videos! Have a nice day!

[@boradley601]

Memories seem charged with emotion. You survived. Would love to hear more on how you view and feel about your experience of the crash now.

[@terrygorry]

Best thing that ever happened to me👍 Might do a video about it😃

[@jimbobarooney2861]

If you're above water, my advice is sell and get out of. Prices have risen sharply in Longford recently, coming from a low base of course, I remember one of those entire blocks for sale for 150k, individual ones for around 30k. Plenty of work in Longford at the minute for that chap. In reality you'll probably never have good tennants there

[@terrygorry]

I was hoping someone would advise me😉

[@Lord-Brett-Sinclair]

I always use a letting/ managing agent , tenants not so quick to cause problems .

[@nikkion2140]

Yes, I resonate on your feeling on property development work. Though, I have never built such big block, just simple BTL investment, it is amazing how this kind of work has an effect on you. It would not be a surprise that one is being drawn back to property...

[@jamesmcgreal9749]

Terry its your way of expressing reality in Ireland as it is in life is lifting to me anyhow ,on how its far from plain sailing as so many try to say even when so many have such hard times (i don't mean digging ditches or picking potatoes) although back in them days we may had no money but we didn't have banks lending huge amounts of money to the extent of big cars ,holiday s abroad and so on. Reality is its not easy but to live life simple is not a bad way to live

[@sooozannah33]

Love watching your videos Terry

[@bernadetteconnolly512]

Welk done on making thart change I would love to know more about your choice to enter law - thank you for sharing

[@terrygorry]

My back was to the wall when I made the change and it was a last throw of the dice, to be honest. But I always liked law and did well in law in my B.Comm degree many years previously

[@TheCoadyp]

All this fucking drink and ya won't pay the rent 😂

[@horsemanoftheapocalapse5837]

AIR B and B is the best option. They pay up front and they leave after a short time. Having some waster in your property that pays no rent is not a great busiiness propisition. We are in businness to make money or we work all week to make money. Thats the reality of life

[@TomKelly-q3q]

Terry, I enjoy your podcast, always very interesting, your comments on sport, racing, legal thoughts I find intriguing. You give us no figures for cost of work, loss of rental income in the said apartment. Also what income on the other seven apartments and costs of maintenance.

[@eamonnleonard9162]

Was that the Covert tavern in the back ground towards the end of the video?

[@terrygorry]

Yes, it was indeed

[@AbcdEfgh-zp1sn]

@@terrygorry jerry can you do a video on the ludicrous scenario where very profitable dairy farmers pay effectively zero inheritance tax. Yet property owners pay vast amounts on when trying to pass on a property .when you consider this happens each time the property is passed on there government gets paid time and time again on the same property

[@lordkilmainham5025]

@@AbcdEfgh-zp1sn How many jobs does your property create and support? What exactly does your property produce apart from rent?

[@AnthonyMcCaul-c9g]

Would you consider giving the management over to a letting agency? I am paying 10% commission on the rent I am paid but all rent collections and maintenance is carried out for me. Plus the fee is tax deductible against rent paid. Something to consider if it suits.

[@terrygorry]

I have done that 👍

[@lordkilmainham5025]

It's the residents of Edgeworthstown I feel sorry for. The whole fabric of the town ripped apart to satisfy rampant property speculation and absentee landlords. An asset class that produces nothing. Crime, and anti-social behaviour rocketed and this town now has to deal with that. Absentee landlords who don't care about a place as long as they get the rent, usually funded by welfare. Aided by government policy you held all the cards and still, like the govt. couldn't see the bubble. Towns like Edgeworthstown will never be the same again.

[@jimbobarooney2861]

The rural renewable scheme absolutely devastated County Longford. It's intentions were originally viewed noble to help rejuvenate the county., but with intense lobbying from politicians and developers, the scheme was extended by if memory serves me another four years.. The county is reeling from this period since. Because of the insane oversupply, some of which was later demolished. An example of property building hysteric mania if should a thing could be called. Then came the crash, leaving ghost estates and unfinished estates, which was terrible for folk that overpaid for substandard houses, sewage system not working, no road surface's and no street lighting. The developer s walking away filing bankrupt, but folk will be glad to here some are back again building. This is not a criticism of Terry, it's just to let channel members have a better understanding of how this all played out here. Let's hope history doesn't repeat

[@sean-yx9mn]

@@jimbobarooney2861 how

[@brianmuddiman9844]

Well Terry you said on a pervious video. Buy to let is a simple and straightforward business. Would you still say that ???

[@brianmuddiman9844]

Well worth doing up again?? Are you mad. Vacated. Then sell sell , get the hell out of Longford if you can terry. What's the rent 600 a month??? and half of thst goes on tax . Going to cost you 5k min to get that apartment ready again . Get the hell out of it my friend

[@terrygorry]

Yes

[@brianmuddiman9844]

@@terrygorry 😄😄😄

[@eoghanolf]

Hi Terry, thanks for sharing this video. Out of curiosity, did you own the site on which these apartments were originally built, and did you invest both a mix of your labour and capital +BTL mortgage into it, was the entire estate a joint venture involving yourself? Was this your first buy to let investment or did you start smaller with a previous investment. And why was Edgeworthtown a place you decided on to own apartments during the Celtic tiger. Thanks again for your videos Terry, all the best

[@terrygorry]

I bought the site with FPP for 8 apartments from the main developer of the estate. I then organised the trades and materials and built the apartments

[@davidmurphy3924]

Im in the rental game myself I'd be interested to know how you approach problem tenants eg not paying rent. Be it a legal or legal ish approach to sorting evictions.

[@terrygorry]

I can’t advise an illegal approach.👍

[@ashfieldmullingar2898]

Hi there Terry. How is the renovations progressing

[@terrygorry]

Finished, ready to go😉

[@michaellogan1428]

Mixed feelings there I'm sure. How do you think now about the decision to hold on to the development? I was involved in rental properties but decided to sell out 2005. I found there were too many pieces to pick up, to use your expression. Also I found the redress process ineffective and cumbersome. I'd be interested in letting at half current rents if payment was secured and tennants looked after everything themselves.

[@terrygorry]

It wasn’t my decision to hold on, tbh👍

[@barbechivo]

Here in NYC a $2,000 loss in rent would not be seen as all that great even for small scale landlords. A more typical horror story here would entail years of not paying rent while battling the courts to evict tenants.

[@Corfine]

HSE rent house for people with metal heath but want fire safety alarms fire extinguisher central heating wheel chair ramps

[@nicklad9463]

There's people getting 1.5 million for average houses In Dublin. It's great money to be getting but not when your paying

[@ivankravchuk5706]

Good afternoon, Terry! I could make repairs there, e.g. paint the walls, replace the ceiling, replace the floor. repair the doors and the kitchen, etc. I am from Ukraine. Before the war, my wife and I designed interiors, renovated flats and did house designs. Now I have to run away. In Ireland, owners of holiday homes or other habitable properties are offered a monthly payment of 800 euros from 1 December(this from web not sure). I am used to working hard and I don't want to be a sponger. You will get a clean renovated flat, possibly compensation. I will have the hope of a safe life for my family. Maybe you'd be interested.

[@terrygorry]

Thanks, but I have someone who does that work for me👍

[@ivankravchuk5706]

@@terrygorry OK, but with me you are guaranteed to get 800 euros from the government as a sheltered Ukrainian. And repairs. I don't need money for the work, just materials. And a place to stay for the first time. Maybe I'm writing nonsense. But thank you for your attention and time.

[@smiley9872]

If we thought 2008 was bad, it's nothing to what is about to hit us landlords with the 500 tax credit. A day's work and a rag with soda crystals will take care of a lot of the stuff you showed due to lack of ventilation imo!

[@smiley9872]

No obvious damage, like, your tenant didn't dismantle internal doors etc to burn as firewood. I wish you well on your continued journey as a landlord in Ireland! Knowing your rights are 99% restricted, whilst you look on...

[@neilrafferty2097]

All for free and too lazy to even cut the grass.