0:00:24 > 0:00:28Hello and welcome to Best Of Homes Under The Hammer.
0:00:28 > 0:00:31Today, we're taking the chance to have another look
0:00:31 > 0:00:34at two of our more interesting auction stories.
0:00:34 > 0:00:38Join us as we reveal a couple of auction greats.
0:00:41 > 0:00:46In East London, this massive building had been a sewing workshop. Was its future all stitched up?
0:00:49 > 0:00:52And, in Morecambe, just a stroll from the beach,
0:00:52 > 0:00:58this property solved a problem for someone with cash burning a hole in his pocket.
0:01:01 > 0:01:05We think these are two of the most interesting auction purchases from the early days.
0:01:05 > 0:01:08Here's what happened when they went under the hammer.
0:01:20 > 0:01:26In the 1970s and '80s, Shoreditch in East London was down at heel,
0:01:26 > 0:01:31but the early '90s saw an influx of artists looking for cheap studio space.
0:01:31 > 0:01:34Trendy bars and restaurants soon followed and the area started
0:01:34 > 0:01:39to attract those who rejected the glitz of London's West End.
0:01:40 > 0:01:42Over the last few years,
0:01:42 > 0:01:45Shoreditch really has become the place to be seen,
0:01:45 > 0:01:48with its lively atmosphere and creative buzz.
0:01:48 > 0:01:53The area is no longer up-and-coming, but it's arrived with style.
0:01:55 > 0:01:57And there are great communication links.
0:01:57 > 0:02:03It's very close to Liverpool Street station and lots of tubes go straight into central London.
0:02:06 > 0:02:10Here on Sclater Street, you can really benefit from the transport links.
0:02:10 > 0:02:13You've got the cool, funky bars, and you're literally just moments
0:02:13 > 0:02:16away from the curry mecca that is Brick Lane.
0:02:16 > 0:02:20Now on first glance this building, well, it looks promising.
0:02:20 > 0:02:25It's a substantial four-storey end-of-terrace property
0:02:25 > 0:02:29that's run down on the outside and I don't like the graffiti on the door.
0:02:29 > 0:02:31But what's it like inside?
0:02:36 > 0:02:38This is a huge property.
0:02:38 > 0:02:44On the ground floor is an open-plan warehouse, stuffed with clutter,
0:02:44 > 0:02:48and below that, a basement storage area of 64 square metres.
0:02:48 > 0:02:51At the rear, adjoining this courtyard,
0:02:51 > 0:02:57is what used to be a sewing factory and it looks as though everyone's just suddenly downed tools and left.
0:03:03 > 0:03:07Above this there's a self-contained three-roomed flat, but that's not all.
0:03:07 > 0:03:14Back in the main building there are another three flats of approximately 70 square metres.
0:03:14 > 0:03:17So it all just goes on and on.
0:03:21 > 0:03:25So what have we got up here? Looks like the walls have just been painted.
0:03:25 > 0:03:27Bedroom to the front of the building.
0:03:27 > 0:03:32Got some exposed brickwork and it looks like this wall's just been skimmed as well.
0:03:32 > 0:03:34White bathroom suite to the front.
0:03:34 > 0:03:37A good-sized double bedroom to the back here.
0:03:37 > 0:03:39A lovely feature window, and a beam.
0:03:39 > 0:03:42Separate toilet, that's always good news.
0:03:42 > 0:03:48And a single bedroom facing the back with a lovely sort of factory-style window.
0:03:48 > 0:03:52I love all the windows in this building, they're really unusual.
0:03:52 > 0:03:54This room's really light and airy.
0:03:54 > 0:03:58I'm getting a sort of New York loft vibe in this building.
0:03:58 > 0:04:04I love all these old features. I can really see a City worker renting a pad like this. But look at this.
0:04:04 > 0:04:07You can't get more urban than that.
0:04:07 > 0:04:13This is an area that's really taken off so this property is just begging to be developed.
0:04:13 > 0:04:20All this space for a guide price of just £750,000 to £800,000.
0:04:20 > 0:04:22It seems like a bargain, but is it?
0:04:22 > 0:04:25Whoever buys this needs to have vision.
0:04:25 > 0:04:29It's a real mish-mash of rooms and spaces.
0:04:29 > 0:04:33Now I would recommend talking to as many experts as possible about the building.
0:04:33 > 0:04:38Whoever takes this on will have to have an experienced workforce behind them.
0:04:38 > 0:04:42It's certainly a job for the boys. Let's go to auction.
0:04:46 > 0:04:47You can see it's packed here.
0:04:47 > 0:04:49Lot 33 now.
0:04:49 > 0:04:5293-95 Sclater Street, Shoreditch.
0:04:52 > 0:04:54Big old chunk of property in E1.
0:04:54 > 0:04:55Not far from our Spitalfields office.
0:04:55 > 0:04:58Who's going to start me off at 1 million?
0:04:58 > 0:04:591 million I have.
0:04:59 > 0:05:021,050,000? 1,010,000.
0:05:02 > 0:05:051,020,000?
0:05:07 > 0:05:11Oh, 1,020,000 at the back. Sorry, didn't see you there. 1,030,000?
0:05:11 > 0:05:151,030,000. 1,040,000. 1,050,000?
0:05:15 > 0:05:211,050,000. 1,060,000? 1,050,000 I have, gentleman at the front row.
0:05:21 > 0:05:231,050,000 I have. 1,060,000 anywhere?
0:05:23 > 0:05:261,050,000 I have. 1,055,000?
0:05:26 > 0:05:291,055,000. 1,060,000?
0:05:29 > 0:05:331,060,000. 1,065,000?
0:05:33 > 0:05:351,060,000 I have. 1,065,000?
0:05:35 > 0:05:401,061,000? 1,061,000.
0:05:40 > 0:05:431,062,000? 63? 64?
0:05:43 > 0:05:4565?
0:05:45 > 0:05:4766?
0:05:47 > 0:05:5167? 68. 69. 70.
0:05:51 > 0:05:551,070,000. One? Two?
0:05:55 > 0:05:5773? 74?
0:05:57 > 0:06:0075. 76?
0:06:02 > 0:06:0577?
0:06:05 > 0:06:0978. 1,078,000. 1,080,000. 1,081,000.
0:06:09 > 0:06:131,082,000. 1,083,000. 1,084,000.
0:06:13 > 0:06:171,085,000. 86. 87.
0:06:17 > 0:06:1988. 89.
0:06:19 > 0:06:2190.
0:06:21 > 0:06:2491. 92.
0:06:24 > 0:06:2793. 94.
0:06:27 > 0:06:2995. 96. 97.
0:06:29 > 0:06:3298. 99.
0:06:32 > 0:06:34100,000.
0:06:34 > 0:06:36Shall we say 105?
0:06:37 > 0:06:42What are we on now? Three paracetamol!
0:06:45 > 0:06:4711, we're on.
0:06:47 > 0:06:51111? It's a good job I stuck my teeth in this morning, isn't it?
0:06:51 > 0:06:54111 we're given. 112?
0:06:54 > 0:06:56112. 113? 114?
0:06:56 > 0:06:59Yes, 114.
0:06:59 > 0:07:02You're not bidding anything now? 115?
0:07:02 > 0:07:05116?
0:07:05 > 0:07:07No? 116?
0:07:07 > 0:07:11£1,116,000, going once,
0:07:11 > 0:07:12twice.
0:07:14 > 0:07:16Sold.
0:07:17 > 0:07:21And the millionaire who just paid over a million for this is John.
0:07:21 > 0:07:26He's a serious developer with about 450 apartments in the City.
0:07:26 > 0:07:31I met up with him, not at his new purchase, but at one of his ongoing developments.
0:07:31 > 0:07:34And yes, we arrived in style.
0:07:39 > 0:07:43Now I can't believe this. I knew you were a developer but I didn't realise to this extent.
0:07:45 > 0:07:49Yes, I mean obviously this is like an interesting development.
0:07:49 > 0:07:54It was empty for about 20 years and we purchased it with planning permission.
0:07:54 > 0:07:56It's 135 apartments.
0:07:56 > 0:07:59What did it used to be used as?
0:07:59 > 0:08:00It used to be used as a hostel.
0:08:00 > 0:08:03How much does something like this cost you?
0:08:03 > 0:08:08Approximately, with the interest and so forth, about £20 million.
0:08:08 > 0:08:10Well, that's a lot of money, John.
0:08:10 > 0:08:13It is but it will be worth 40, 45 when it's finished.
0:08:13 > 0:08:16Well, we're talking millions of pounds here.
0:08:16 > 0:08:22But back at Sclater Street, I wanted to know how John first got his feet on the property ladder.
0:08:22 > 0:08:24How did it start for you?
0:08:24 > 0:08:26In the beginning, I was a diamond mounter.
0:08:26 > 0:08:29I had a job in Hatton Garden.
0:08:29 > 0:08:33Then I got into property at the age of about 19 years old.
0:08:33 > 0:08:38So have you built up your vast portfolio over the years?
0:08:38 > 0:08:44Yes, it's taken some time but I've been at it for about 20 years, really.
0:08:44 > 0:08:46John plans seven units here.
0:08:46 > 0:08:49There will be four high-end loft-style apartments
0:08:49 > 0:08:55plus three artists' studios and he's budgeted 125,000 for the refurb.
0:08:55 > 0:08:57Let's talk about this property.
0:08:57 > 0:09:02I love it. It's so interesting, but what are you going to do with it?
0:09:02 > 0:09:07You're going to basically have the trendy-type, New York-type apartments
0:09:07 > 0:09:09where you've got wooden floors, exposed brickwork.
0:09:09 > 0:09:13The kitchens will be done in wood, all the fitted appliances will be there.
0:09:13 > 0:09:16All the walls will probably be white.
0:09:16 > 0:09:23The beams will probably get varnished, to give it that trendy, fashionable artists' studio feeling.
0:09:23 > 0:09:28Are you quite excited about this project or is this just small fry for you?
0:09:28 > 0:09:33Every project really is exciting because you're creating something from nothing.
0:09:33 > 0:09:39Obviously the bigger schemes I find a lot more interesting but it's the same formula, but
0:09:39 > 0:09:43you're simply dealing with different money amounts and different ratios.
0:09:43 > 0:09:50So exactly in how long can we come back through those doors and get that wow factor?
0:09:50 > 0:09:52I'll see you in about six weeks.
0:09:52 > 0:09:55- Really?- Yeah.- You believe you can get all this done in six weeks?
0:09:55 > 0:10:00Absolutely. We've done this many times, so it's not an issue.
0:10:01 > 0:10:04John certainly knows what he's taken on here.
0:10:04 > 0:10:07He's brought in his architect to go over the plans and we'll be back
0:10:07 > 0:10:13to see those New York-style loft apartments and those artists' studios later in the show.
0:10:20 > 0:10:23I say, this old-fashioned beach resort looks jolly spiffing today.
0:10:23 > 0:10:27Get out your bucket-and-spade, Johnny, and kiss-me-quick!
0:10:27 > 0:10:30Morecambe Bay, how beautiful is that?
0:10:30 > 0:10:32Especially on a day like today.
0:10:32 > 0:10:35Morecambe itself is famous for its fantastic sunset,
0:10:35 > 0:10:38wonderful seafood and incredible views.
0:10:38 > 0:10:42But a few years ago, the Lonely Planet guide gave it a bit of a scathing review
0:10:42 > 0:10:49Since then, the promenade's been rejuvenated and the town itself has undergone a £50 million facelift.
0:10:49 > 0:10:52Lot 142 is just round the corner.
0:10:52 > 0:10:57The big question is, is that in good condition or does that need cosmetic surgery as well?
0:10:57 > 0:11:01Claremont Crescent is situated in the west end of Morecambe.
0:11:01 > 0:11:06The auction catalogue says that number 26 Claremont Crescent
0:11:06 > 0:11:09currently comprises six one-bedroom flats.
0:11:09 > 0:11:13They were built in the early 1900s, so bound to be showing some signs of ageing.
0:11:13 > 0:11:16Let's see what work needs to be done.
0:11:18 > 0:11:22This property is really large and I wasn't expecting it
0:11:22 > 0:11:28to be in very good condition because the guide price was a low 240,000.
0:11:28 > 0:11:31The house is very much being billed as an investment property.
0:11:31 > 0:11:37In fact, two of the flats have already been let out for £6,500 a year. That's a very good start.
0:11:37 > 0:11:40This is an average flat.
0:11:40 > 0:11:43Good size bedroom...
0:11:43 > 0:11:46living room area, toilet just that way with a shower in it.
0:11:46 > 0:11:49It is furnished, well, sort of furnished, but one thing
0:11:49 > 0:11:55you must be careful of - make sure that this is up to fire regulations. That's a legal requirement.
0:11:55 > 0:11:57If it's not, it has to go in the skip.
0:11:57 > 0:12:00Over here, you think this is a cupboard
0:12:00 > 0:12:03but no, it's a kitchen.
0:12:03 > 0:12:10Small but practical. All in all, good size flats that would suit a couple or one person very well.
0:12:16 > 0:12:21The six flats are all about the same size.
0:12:21 > 0:12:24Like the others, the upstairs flat has a double bedroom.
0:12:26 > 0:12:30And a large living room as well as a dining area.
0:12:30 > 0:12:33So this is the largest of the six flats in the building.
0:12:36 > 0:12:43The kitchen is small and functional and the bathroom - it's just a shower room, really.
0:12:43 > 0:12:47The property backs on to an alley and it also has extensive grounds
0:12:47 > 0:12:51to the side which is currently used for parking.
0:12:51 > 0:12:55Basically, all the six flats are functional and compact.
0:12:55 > 0:12:58There isn't a lot of period charm left in the property, but if you want
0:12:58 > 0:13:04to make an income from letting you'd have nothing to do in this property, just sit back and take the rent.
0:13:04 > 0:13:08There's a fantastic opportunity for someone with the cash to buy this house
0:13:08 > 0:13:11and make a good income for themselves.
0:13:11 > 0:13:13Let's see what it makes under the hammer.
0:13:13 > 0:13:18The auction's being held in Derby, miles away from Morecambe,
0:13:18 > 0:13:22so who would want to buy this property at this auction?
0:13:22 > 0:13:25Lot 142 is an investment opportunity.
0:13:27 > 0:13:29Start me on this at 185.
0:13:29 > 0:13:31185?
0:13:31 > 0:13:34180? 180, 175?
0:13:37 > 0:13:42175? 170,000 for Claremont House.
0:13:42 > 0:13:45Six letting units capable of producing 20,000 a year.
0:13:46 > 0:13:49170.
0:13:49 > 0:13:51160, start me where you will. 160.
0:13:51 > 0:13:56Start me at 150. 150,000. Thank you very much, 150.
0:13:56 > 0:13:57At £150,000.
0:13:57 > 0:14:03At £150,000. 152, 152. At 152,000.
0:14:03 > 0:14:0854. 154. 154 is bid. 156. 156.
0:14:08 > 0:14:14158. 158. At 158. 160.
0:14:14 > 0:14:15160.
0:14:15 > 0:14:1762.
0:14:17 > 0:14:18164.
0:14:18 > 0:14:21166. 166.
0:14:21 > 0:14:26168. 170. 171.
0:14:26 > 0:14:28172.
0:14:28 > 0:14:32And three. 73. 174.
0:14:32 > 0:14:36174. 175. It's in the market, ladies and gentlemen.
0:14:36 > 0:14:39We're going to sell it at £174,000.
0:14:39 > 0:14:42It's a disappointing price. My instructions are to sell.
0:14:42 > 0:14:44£174,000 once.
0:14:44 > 0:14:47At £174,000 twice.
0:14:47 > 0:14:52Third and last time, Claremont House we're selling at 174,000.
0:14:52 > 0:14:54Sold for 174, thank you.
0:14:56 > 0:15:00No wonder the buyer has a cheesy grin on his face.
0:15:00 > 0:15:08He's just picked up the house for almost 70 grand below the guide price at just 174,000 quid.
0:15:08 > 0:15:10That's almost unheard of.
0:15:10 > 0:15:14What's more, Cal Lakani is a first-time buyer on the auction floor
0:15:14 > 0:15:18and he had an interesting take on why it went for such a low price.
0:15:18 > 0:15:20- Hi.- Nice to meet you.- You, too.
0:15:20 > 0:15:23You must be absolutely thrilled to bits.
0:15:23 > 0:15:26Yeah. I didn't expect it to go that low at the auction.
0:15:26 > 0:15:28So it was a result.
0:15:28 > 0:15:31The auction was a long way away from where the property is.
0:15:31 > 0:15:34It was in in Derby and here we are in Morecambe.
0:15:34 > 0:15:37- Did that affect the price? - Yeah, that's why I went.
0:15:37 > 0:15:42If it had been up here I probably wouldn't have gone because it's too much competition.
0:15:42 > 0:15:47If it's in Derby there can't be that many people who know Morecambe, and have studied that property
0:15:47 > 0:15:51and then made the effort to come to Derby, so I was hoping there'd be low competition.
0:15:51 > 0:15:55Cal had been living in Japan and didn't know Morecambe.
0:15:55 > 0:16:00He thought any information he could find out about the area might pay off.
0:16:00 > 0:16:03I saw this property advertised on the internet.
0:16:03 > 0:16:06I just started looking up Morecambe and the more and more
0:16:06 > 0:16:09I studied up on it, the better and better the deal got.
0:16:09 > 0:16:14So what do you do in normal life when you're not buying properties at auction?
0:16:14 > 0:16:19I used to teach but I've decided it's time for a change so I always wanted to get into property.
0:16:19 > 0:16:24I've been thinking about buying a property for six or seven years.
0:16:24 > 0:16:26Japan to Morecambe, that's quite a leap!
0:16:26 > 0:16:29All the other jobs I had before, I didn't save any money,
0:16:29 > 0:16:34but I did save some money from Japan and I've used it for this plus a bit from Dad as well.
0:16:34 > 0:16:38So it has to work now otherwise I'm in trouble.
0:16:38 > 0:16:42- I'm sure it will. Let's go and have a look at the property anyway.- OK.
0:16:42 > 0:16:46Despite doing his location research, Cal had bought this property
0:16:46 > 0:16:51without viewing it and he had a lot of money riding on the project.
0:16:51 > 0:16:53I was expecting it to be quite a run-down property.
0:16:53 > 0:16:57I was surprised. All of the flats are in pretty good condition.
0:16:57 > 0:17:03I've talked to letting agents and they said they can be let as they are. I don't need to do anything,
0:17:03 > 0:17:05which was good news as far as I was concerned.
0:17:05 > 0:17:08So not much cosmetic surgery needed for Claremont Crescent.
0:17:08 > 0:17:11The six flats will remain in place for now.
0:17:11 > 0:17:15I think the most I've ever spent before is about £1,000 on a guitar.
0:17:15 > 0:17:18So this is suddenly a lot of money and when you're borrowing
0:17:18 > 0:17:22your dad's money as well, it's like double the stress.
0:17:22 > 0:17:25- You don't want to mess up somebody's nest egg.- What was the biggest fear?
0:17:25 > 0:17:28The money I spent and what if I don't get it let out?
0:17:28 > 0:17:32Cal's adamant about keeping Claremont Crescent as flats,
0:17:32 > 0:17:36which only leaves the worry of renting them to keep him awake at night.
0:17:36 > 0:17:41And no sooner had our first visit ended and he'd put them straight out on to the rental market.
0:17:41 > 0:17:45Join us later in the show to find out if Cal's life savings
0:17:45 > 0:17:50and his father's nest egg really are as safe as houses.
0:17:53 > 0:17:58As you know, we leave a few months before we go back to visit our auction properties again.
0:17:58 > 0:18:01Our buyers didn't take long before they were up and at it.
0:18:01 > 0:18:04And there was certainly something worth seeing.
0:18:04 > 0:18:12We're in Shoreditch in East London, where property tycoon John added to his half-billion pound portfolio
0:18:12 > 0:18:19by buying this four-storey building for £1,116,000.
0:18:26 > 0:18:29It's just seven weeks later and John's architect Steve
0:18:29 > 0:18:33came to show us how the property has been transformed.
0:18:40 > 0:18:43Remember this cluttered old warehouse?
0:18:43 > 0:18:45Well, just look at it now.
0:18:53 > 0:18:59Steve has put in floor-to-ceiling windows which flood it with light, making it airy and spacious.
0:19:05 > 0:19:08We've cleared out the partitions, brought back the original floor,
0:19:08 > 0:19:12re-plastered everywhere and brought that back into a lovely shop area.
0:19:12 > 0:19:16Replaced the lighting, electrics and toilet facilities.
0:19:19 > 0:19:26And that dingy basement area below the shop is now a state-of-the-art studio apartment.
0:19:26 > 0:19:30When we got down to the basement we had a little bit more problems there because we had damp coming in.
0:19:30 > 0:19:37So we've taken up the floors there, replaced all the concrete floors, put new screes down and tanked the area.
0:19:37 > 0:19:39We made it into a lovely, usable space.
0:19:42 > 0:19:47And Steve has woven his magic on the outside courtyard, too.
0:19:47 > 0:19:49The courtyard was a mess.
0:19:49 > 0:19:54It's turned into a lovely little area for people to sit out and have a cup of coffee in the afternoon.
0:19:58 > 0:20:01And what used to be that old sewing workshop
0:20:01 > 0:20:05has been tailored to perfection with not a stitch dropped.
0:20:05 > 0:20:10It's a stylish studio apartment with that all-important eye for detail.
0:20:10 > 0:20:13And above it there's a two-bedroom flat.
0:20:13 > 0:20:21Back in the front building, John and Steve had created another three top-notch flats.
0:20:21 > 0:20:25We basically stripped out all the flats, retained what we can.
0:20:28 > 0:20:34Replaced the floors, replaced the kitchens completely, and decorated all the areas.
0:20:41 > 0:20:46We've also sandblasted all the beams in the top flat so those have come through very nice and varnished.
0:20:46 > 0:20:51I think that gives a bit of life to the building and gives it a bit of heart.
0:20:51 > 0:20:57You feel at home rather than in the sterile environments of all the new builds that you go into.
0:20:57 > 0:21:02John had originally budgeted 115 grand for all the work.
0:21:02 > 0:21:04So was he on target?
0:21:04 > 0:21:12It's worked out around 148, to be exact, which is a little bit more but that was my choice.
0:21:12 > 0:21:16I didn't have to spend it but it's best that you do to get the final product.
0:21:16 > 0:21:21I feel very proud. It's come out very nice in a very good time scale.
0:21:21 > 0:21:25As we said, it's all let so therefore we've done a good job.
0:21:29 > 0:21:33Not bad at all. But will two local agents agree with that?
0:21:44 > 0:21:47The changes that have been made are miraculous both in terms of
0:21:47 > 0:21:50the time in which it's been done and the way in which it's been done.
0:21:50 > 0:21:54If I was to market the flats I think I'd be looking at
0:21:54 > 0:21:58somewhere in the region of 300-320 for the two-bedroom flats
0:21:58 > 0:22:04and maybe, for the three-bed, somewhere in the region of 360.
0:22:04 > 0:22:09For the studios I would have thought to try and achieve 250.
0:22:09 > 0:22:13In my opinion, these commercial units will rent out very quickly.
0:22:13 > 0:22:18Between 300 and £350 a week, that shop will let for.
0:22:18 > 0:22:19We're looking up towards £300.
0:22:19 > 0:22:24Maybe between £250 and £300 per week for the back unit.
0:22:24 > 0:22:36John paid £1,116,000 and spent 148 grand on the refurb, making a total spend of 1,264,000.
0:22:36 > 0:22:42So if he sold it for 2 million, he'd make a very healthy profit.
0:22:42 > 0:22:49He has certainly worked his magic on this building and has got this old sewing workshop sewn up beautifully.
0:23:04 > 0:23:07A few months ago, close to the beach in Morecambe,
0:23:07 > 0:23:10this large investment property went to auction.
0:23:10 > 0:23:12There were six flats in this house,
0:23:12 > 0:23:18all compact but in good enough condition to let out and hopefully make a bit of money.
0:23:18 > 0:23:23The property was bought at auction by 34-year-old Cal Lakani, a foreign-language teacher.
0:23:23 > 0:23:31He paid 174,000, well under the guide price and no-one was more surprised than him.
0:23:31 > 0:23:34Three months down the line and his purchase was looking like it might
0:23:34 > 0:23:39have paid dividends, even though he hadn't exactly worked hard on the place.
0:23:39 > 0:23:42Since I got it I haven't really done anything.
0:23:42 > 0:23:44The main thing was deciding on a good agent.
0:23:44 > 0:23:48So I spent a while interviewing different letting agents here.
0:23:48 > 0:23:51Once I said I was happy with them then I have just left it with them.
0:23:51 > 0:23:57So, once Cal had a letting agent on board they took over the renovations and management of the property.
0:23:57 > 0:24:02Of course, he had to pay them a fee for their advice and he didn't always agree with what they said.
0:24:02 > 0:24:06I wanted to actually do some stuff because...
0:24:06 > 0:24:11for me I thought they weren't up to standard but they told me they were lettable as they were
0:24:11 > 0:24:15so there wasn't much to be done. One of the rooms needed painting and that's about it really.
0:24:15 > 0:24:20They cleaned the carpets and they gave a fresh lick of paint and that was it in one flat.
0:24:20 > 0:24:25Now the flats are looking quite clean and tidy and they're ready to be let out.
0:24:25 > 0:24:29And Cal already has a new tenant, and he's making himself at home.
0:24:29 > 0:24:34I was looking for somewhere round Morecambe or Lancaster
0:24:34 > 0:24:37because I'm from Lancaster originally.
0:24:37 > 0:24:42I came to view this, took about three to four weeks before everything
0:24:42 > 0:24:46was sorted out, then I moved in about two-and-a-half months ago.
0:24:46 > 0:24:49There was some furniture in when I moved in.
0:24:49 > 0:24:55I had to move some bits in, like my television and table and units but everything else was here.
0:24:55 > 0:25:02It's a good enough area, it's quite handy for everything like shops, banks, Post Offices.
0:25:02 > 0:25:06Even pubs. It's got everything really right on the doorstep.
0:25:06 > 0:25:10You don't have to go too far, even for a local supermarket.
0:25:11 > 0:25:17The property also has an enormous backyard area, ideal for parking.
0:25:17 > 0:25:23The car park... I spoke to some people here and they said it might be possible to do
0:25:23 > 0:25:28some lock-up garages so that's one possibility in the future but at the moment I'm not gonna do anything.
0:25:35 > 0:25:44So this property cost Cal just £174,000, which does seem like an amazing bargain but will it be?
0:25:44 > 0:25:50Time to find out what two local agents think the six flats are really worth on the open market.
0:26:06 > 0:26:09The buyer asked us to manage the property on his behalf.
0:26:09 > 0:26:13Our actual aim was to ensure that we got the proper tenants
0:26:13 > 0:26:16that would be suitable for the property.
0:26:16 > 0:26:18£70 per week is probably the maximum you could charge
0:26:18 > 0:26:20for a one-bedroom unit at the moment.
0:26:20 > 0:26:25But what would it be worth if Cal decided to sell the whole property?
0:26:25 > 0:26:29Current open market value would be in the region of about £250,000.
0:26:29 > 0:26:33£250,000. That's an amazing return.
0:26:33 > 0:26:37Dad was very happy about how good the deal was but he's told me not to get big-headed,
0:26:37 > 0:26:41just keep your feet on the ground and go slowly from now.
0:26:53 > 0:26:56I had my first rent cheque last month so that was good.
0:27:06 > 0:27:09We hope you enjoyed seeing those properties again,
0:27:09 > 0:27:11We've certainly had fun choosing them for you.
0:27:11 > 0:27:15- And we'll have lots more for you next time.- See you then.- Goodbye.
0:27:21 > 0:27:24Subtitles by Red Bee Media Ltd
0:27:24 > 0:27:27E-mail subtitling@bbc.co.uk