0:00:02 > 0:00:05- Welcome to the show.- Now home is where the heart is, so they say,
0:00:05 > 0:00:07but is your heart in buying a home at auction?
0:00:07 > 0:00:11Well today, we meet our buyers who put their heart and soul
0:00:11 > 0:00:14into buying their home under the hammer.
0:00:39 > 0:00:42Buying at auction can be the road to success,
0:00:42 > 0:00:44but there can also be risks involved,
0:00:44 > 0:00:46so make sure you tread carefully.
0:00:46 > 0:00:49Yes, even experienced buyers can make the wrong moves,
0:00:49 > 0:00:54so what got people interested at the auctions on today's show?
0:00:55 > 0:00:59'This two-bed bungalow in Darlington is not as simple as it looks.'
0:00:59 > 0:01:02Is this a bedroom? Is this a lounge? Well...
0:01:02 > 0:01:04I don't know!
0:01:05 > 0:01:07'In Kent, it may be small,
0:01:07 > 0:01:10'but there's more to this odd-shaped plot of land than meets the eye.'
0:01:10 > 0:01:15You get plans to build a two-bedroom house.
0:01:15 > 0:01:19'And this mid-terrace in Greater Manchester might put a spring in your step.'
0:01:19 > 0:01:22It's a bit more bouncy than it could be.
0:01:22 > 0:01:25Perfect if you want to hold ballroom dancing competitions.
0:01:25 > 0:01:28'All these properties have been sold at auction
0:01:28 > 0:01:33'and we'll find out who bought them and what they paid for them when they went under the hammer.'
0:01:33 > 0:01:34That's your property, sir.
0:01:37 > 0:01:41# Come, come north
0:01:41 > 0:01:45# Come north with me. #
0:01:45 > 0:01:48'This is Darlington in the north-east of England,
0:01:48 > 0:01:52'an area so influenced by the Quaker movement in Victorian times,
0:01:52 > 0:01:56'that the local football team is affectionately known as the Quakers.'
0:01:56 > 0:02:00The property I'm here to see is about two miles outside Darlington.
0:02:00 > 0:02:03But it is on this really busy main road,
0:02:03 > 0:02:07so you've got all sorts of trucks and things thundering past,
0:02:07 > 0:02:10which isn't a good start. Hopefully it's got double glazing.
0:02:10 > 0:02:14But this is the property. It's a two-bedroom bungalow, had a guide price of 90,000 quid.
0:02:14 > 0:02:16Let's take a look.
0:02:16 > 0:02:19# Here we go, here we go... #
0:02:19 > 0:02:23'The thundering trucks could be a problem with no respite, really.
0:02:23 > 0:02:26'But this main road means it's very useful for commuters.
0:02:26 > 0:02:29'It's also quite close to the town centre,
0:02:29 > 0:02:31'with plenty of shops and facilities, schools
0:02:31 > 0:02:33'and a good bus route too.'
0:02:34 > 0:02:37OK, well, in through the front door and straight away,
0:02:37 > 0:02:40nice somebody's stripped wallpaper off for you.
0:02:40 > 0:02:43I actually quite like that because at least you can see what you're playing with.
0:02:43 > 0:02:46At least they've stripped it off in here.
0:02:46 > 0:02:47Bedroom there,
0:02:47 > 0:02:50on the front, so you have got a bit of noise from the road there.
0:02:50 > 0:02:53Another room here, bedroom, lounge? Not too sure.
0:02:53 > 0:02:56Big bay window, so we like that.
0:02:56 > 0:02:59Bathroom and loo, a bit small and definitely needs updating.
0:02:59 > 0:03:04And this is, I guess, the central part of the bungalow.
0:03:04 > 0:03:06Well, that's interesting.
0:03:06 > 0:03:08I can't get up there, but it looks like that has been converted
0:03:08 > 0:03:13to be some kind of usable space. There's a roof light in there.
0:03:13 > 0:03:17I don't know if it meets building regulations. That needs a bit more investigation.
0:03:17 > 0:03:18But then through here,
0:03:18 > 0:03:19it, er...
0:03:21 > 0:03:25..right. Is this a bedroom? Is this a lounge? Well...
0:03:25 > 0:03:29I don't know! I say that, because it's got a wardrobe there,
0:03:29 > 0:03:33so that equals, um, bedroom.
0:03:33 > 0:03:36But it's got this kind of strange bit out here,
0:03:36 > 0:03:42which has got this, sort of, nice bit of flat roofy, plasticky stuff over it.
0:03:42 > 0:03:45So this is naturally a day room, going out into the garden,
0:03:45 > 0:03:48but you wouldn't have a day room off a bedroom,
0:03:48 > 0:03:51but that makes that the other bedroom. Well, you know, I'm...
0:03:51 > 0:03:53a tad confused with this one.
0:03:53 > 0:03:58# Well, I get confused I guess you would be
0:03:58 > 0:04:01# So, so am I... #
0:04:01 > 0:04:05'Sometimes layouts leave you just a little flummoxed.
0:04:05 > 0:04:08'But get your imagination going and you could make some major changes for the better.
0:04:08 > 0:04:11'Convert the attic space properly
0:04:11 > 0:04:15'and, immediately, you've opened up the options downstairs too.'
0:04:16 > 0:04:19It really is surprisingly spacious, this property.
0:04:19 > 0:04:22But I still can't figure out quite what all the different rooms are.
0:04:22 > 0:04:28For instance, this one here links that bedroomy, loungey bit with the kitchen area.
0:04:28 > 0:04:32I guess it could be a dining room. It's not quite big enough because you can't get a table in there.
0:04:32 > 0:04:36A room that doesn't disappoint is the kitchen itself.
0:04:36 > 0:04:40It's obviously had a bit of money spent on - Oh, hello! -
0:04:40 > 0:04:43a bit of money spent on it at some stage.
0:04:43 > 0:04:46The units would benefit from being replaced.
0:04:46 > 0:04:50But if you're renting it out, put a new cooker here, clean it up a bit
0:04:50 > 0:04:53and I think it would be perfectly serviceable.
0:04:53 > 0:04:57Lots of light coming in here, so this room at least,
0:04:57 > 0:04:59I know exactly what it is.
0:04:59 > 0:05:01Thank goodness for that.
0:05:01 > 0:05:06# What a, what a, what a what a, what a, what a what a relief... #
0:05:06 > 0:05:09'Perhaps that little area could become part of the kitchen
0:05:09 > 0:05:12'to make the space bigger as a dining kitchen,
0:05:12 > 0:05:14'or maybe that conservatory could be the dining room.
0:05:14 > 0:05:17'It's just like one big jigsaw puzzle.
0:05:17 > 0:05:22'But perhaps we'll get a clearer view on how to put it together from the outside.'
0:05:22 > 0:05:24Well, step out to the rear of the property
0:05:24 > 0:05:26and you have got a nice large area.
0:05:26 > 0:05:30But out here, you can really see the hotch-potch that's been going on.
0:05:30 > 0:05:32The kitchen's built into an extension there,
0:05:32 > 0:05:34so that explains why you've got a lower roof
0:05:34 > 0:05:37and you've got this little conservatory bit,
0:05:37 > 0:05:40which is a different height. Hmm. Whatever.
0:05:40 > 0:05:43Reasonable space at the back here, which we like,
0:05:43 > 0:05:46and then, looks like there's some kind of large garage...
0:05:46 > 0:05:51Wow! A very large garage. A double garage in fact. Almost a triple garage.
0:05:51 > 0:05:54So lots of space there too. So...
0:05:54 > 0:05:57for what seems on the outside not a massive property,
0:05:57 > 0:06:02you at least have got loads and loads of room, which is good news.
0:06:02 > 0:06:04# Good news... #
0:06:04 > 0:06:06'All things considered, then, a good-sized bungalow,
0:06:06 > 0:06:09'with enough space to re-work the quirks of the current layout.
0:06:09 > 0:06:13'Time to find out what a local estate agent makes of this property,
0:06:13 > 0:06:17'guided at £90,000.'
0:06:17 > 0:06:19It needs a bit of work doing to it. It's a little bit dated.
0:06:19 > 0:06:22It needs a little bit of improvement.
0:06:22 > 0:06:25The kitchen needs attention, general decor needs attention,
0:06:25 > 0:06:27but all in all, it's a reasonable property.
0:06:27 > 0:06:32'I agree and, once renovated, I think it could be a great retirement or family home.
0:06:32 > 0:06:35'But what can it make on the resale market?'
0:06:37 > 0:06:40Once renovated to a decent standard, I would say that
0:06:40 > 0:06:45the property's going to be somewhere between £115,000 and £120,000.
0:06:45 > 0:06:48'How does that translate into rental terms?'
0:06:48 > 0:06:50In the current market, once renovated,
0:06:50 > 0:06:53I would suggest that the rental value for this property
0:06:53 > 0:06:57would be somewhere round about £550 per calendar month.
0:06:58 > 0:07:02Well, despite the slightly quirky layout, I do like this property
0:07:02 > 0:07:05and not too much work required to get it sorted out.
0:07:05 > 0:07:09And it does of course have the benefit of that fantastic garage at the back,
0:07:09 > 0:07:12which you could potentially rent out for a bit of extra cash.
0:07:12 > 0:07:15Let's find out who fancied it when it went under the hammer.
0:07:15 > 0:07:17We've got this with a price guide
0:07:17 > 0:07:20of 90,000 plus. Can I have a bid at 90,000?
0:07:21 > 0:07:2385,000.
0:07:23 > 0:07:25Gentleman standing, nodding at 85,000.
0:07:25 > 0:07:30I've got the one bid at £85,000. Gentleman in the sweater at 85,000.
0:07:30 > 0:07:3287 anywhere else?
0:07:32 > 0:07:3587, gentleman seated. 87.
0:07:35 > 0:07:3889? It's against you, it's the gentleman sitting.
0:07:38 > 0:07:4189 bid. 91.
0:07:43 > 0:07:4590? 90 bid.
0:07:45 > 0:07:4891. You're shaking your head now. Are you sure?
0:07:48 > 0:07:51I'm going to sell it, last chance, to the gentleman in the white shirt.
0:07:51 > 0:07:55I'm going to sell at 90,000. I'm selling once at 90,
0:07:55 > 0:07:57for the second time at £90,000,
0:07:57 > 0:08:02sold to the gentleman seated in the white shirt at £90,000.
0:08:02 > 0:08:04'That successful bidder was Chris,
0:08:04 > 0:08:08'who got it for bang on the guide price of £90,000.
0:08:08 > 0:08:10'He's a kitchen renovator and property developer.
0:08:10 > 0:08:13'He'll do the work with the help of his son, Sam.
0:08:13 > 0:08:20'I met up with the duo to see how they plan to make the most of this two-bedroom bungalow.'
0:08:20 > 0:08:25# Small things, mama Big things one day come... #
0:08:25 > 0:08:30- Chris and Sam, lovely to meet you. - Hi.- Congratulations. Tell me why you wanted to buy the bungalow.
0:08:30 > 0:08:32It's in a really good area.
0:08:32 > 0:08:34I think it's a really solid, well-maintained house.
0:08:34 > 0:08:38I think bungalows are pretty good for resale and for renting as well.
0:08:38 > 0:08:42In addition to that, I've got the opportunity to steal a garage,
0:08:42 > 0:08:44which will help me with my business.
0:08:44 > 0:08:46Great. What do you mean steal the garage?
0:08:46 > 0:08:49I think I can split the garage, keep the smaller garage
0:08:49 > 0:08:52and leave a decent-sized garage for the house.
0:08:52 > 0:08:54I'm going to reconfigure it out there
0:08:54 > 0:08:59so there's no impact from my garage on the property that remains.
0:08:59 > 0:09:03Oh, right. And then, you'll use it for storing what?
0:09:03 > 0:09:07- It's a lock-up for my kitchen business which I have.- Oh, OK.
0:09:07 > 0:09:11I currently rent a lock-up, which costs me around £600 a year.
0:09:11 > 0:09:14So I'm thinking, if I can save that,
0:09:14 > 0:09:19steal the garage and have an added capital benefit as well.
0:09:19 > 0:09:21Sam, what's your involvement in all this?
0:09:21 > 0:09:23Well, we're a father-son duo, basically.
0:09:23 > 0:09:26I graduated from university in June
0:09:26 > 0:09:28and I've just come home and I'm earning my keep
0:09:28 > 0:09:30and doing bits and pieces. Nothing too technical,
0:09:30 > 0:09:33but stripping walls and ripping up carpets and that sort of thing.
0:09:33 > 0:09:37- Right.- Just general dogsbody work, to be honest.
0:09:37 > 0:09:39- What did you do at university? - I did a finance degree.
0:09:39 > 0:09:42A finance degree? OK, so are you handling the purse strings?
0:09:42 > 0:09:43- Er, no.- No.
0:09:43 > 0:09:45THEY LAUGH
0:09:45 > 0:09:50- Do you enjoy the practical side of all this, compared to university? - I do, to be honest with you.
0:09:50 > 0:09:52I got a bit fed up with uni by the end.
0:09:52 > 0:09:55I've got a job lined up down in London, an accountancy job,
0:09:55 > 0:09:58but I'm enjoying just sort of working.
0:09:58 > 0:10:02- It's nice having your dad as your boss as well.- Good.
0:10:02 > 0:10:05- You get time off to play golf... - You get to play golf?
0:10:05 > 0:10:06Bits and pieces.
0:10:06 > 0:10:10'I have a sneaky suspicion there's going to be so much work to do here
0:10:10 > 0:10:13'that he'll be very lucky to fit in any golf practice at all.'
0:10:13 > 0:10:17# Bye-bye, birdie... #
0:10:18 > 0:10:21So what was it about this house you particularly like?
0:10:21 > 0:10:23It's the position.
0:10:23 > 0:10:25Harrogate Hill is a good area.
0:10:25 > 0:10:27Bungalows are very popular.
0:10:27 > 0:10:30Easier to sell, easier to rent,
0:10:30 > 0:10:33um, and it's a good, solid house.
0:10:33 > 0:10:35There's some upgrading to do but there's nothing major,
0:10:35 > 0:10:38there's no horrible major works to do.
0:10:38 > 0:10:40The roof's reasonably sound, the windows have been done.
0:10:40 > 0:10:44So it's a lot of cosmetic changes. New kitchen.
0:10:44 > 0:10:50New bathroom, we'll do the carpets, decor, the usual stuff,
0:10:50 > 0:10:53- knock through to the kitchen. - Right, get rid of that...?
0:10:53 > 0:10:56Yes, the funny little "no room" which doesn't really do anything.
0:10:56 > 0:10:59- And that will form part of the kitchen?- Yes, a kitchen diner.
0:10:59 > 0:11:01Now can you tell me which room is which,
0:11:01 > 0:11:04because I got very confused when I saw the house?
0:11:04 > 0:11:08You've absolutely hit the nail on the head, it's a good question, that.
0:11:08 > 0:11:11If you look along here, and I've done my homework, I've wandered along,
0:11:11 > 0:11:14there's quite a few houses have this room as a bedroom.
0:11:14 > 0:11:16But an awful lot have it as the living room.
0:11:16 > 0:11:21So I'm going to try and do it in such a way that people can choose.
0:11:21 > 0:11:23So I've got a fireplace lined up
0:11:23 > 0:11:28and I'll put in a gas supply for a fire to either there or in the other room
0:11:28 > 0:11:30so I'm going to leave it open for people to choose.
0:11:30 > 0:11:36'The idea of leaving the rooms on the ground floor as versatile spaces
0:11:36 > 0:11:41'greatly increases the appeal of this property and is a good one.
0:11:41 > 0:11:44'Now, about the loft room, what's the plan for that?'
0:11:46 > 0:11:50We'll put a loft ladder in there, proper loft ladder, decorate it, re-carpet it,
0:11:50 > 0:11:53again, put heating up there, make good the wall at the end
0:11:53 > 0:11:55and possibly take the chimney breast out
0:11:55 > 0:11:58for proper space. It can't be defined as
0:11:58 > 0:12:02a proper bedroom, but at least it's a useful hobby room or occasional room.
0:12:02 > 0:12:06- And it's got the roof light up there as well, hasn't it? - Yes, it's a good space.
0:12:06 > 0:12:08'So what about the budget?
0:12:08 > 0:12:11'What does Chris expect all this is going to cost them?'
0:12:13 > 0:12:18I'm looking at about £15,000 all in with legals
0:12:18 > 0:12:20and possible re-sale costs as well.
0:12:20 > 0:12:22- Right.- There or thereabouts.- OK.
0:12:22 > 0:12:25- Does that sound OK from a planner's point of view?- Sounds about fine.
0:12:25 > 0:12:29I'll do the calculations later.
0:12:29 > 0:12:31Brilliant and what about timescale?
0:12:31 > 0:12:34I would hope that we'll get it done in about six to eight weeks.
0:12:34 > 0:12:37- Right, does that sound feasible? - I think so.
0:12:37 > 0:12:40- I don't think there's too much work to do.- I'll remind you of that.
0:12:40 > 0:12:41THEY LAUGH
0:12:41 > 0:12:45'Six to eight weeks is a relatively quick turnaround,
0:12:45 > 0:12:47'but Sam seems undaunted,
0:12:47 > 0:12:49'although his words may come back to haunt him
0:12:49 > 0:12:52'if his dad has anything to do with it.
0:12:52 > 0:12:56'So, when the work is finished, what are the plans for this place?'
0:12:56 > 0:13:01I think it's to sell, is the ideal, the ideal option.
0:13:01 > 0:13:04But we've got the fall-back of renting it if we need to,
0:13:04 > 0:13:06cos it's in a good area and the bungalows rent well,
0:13:06 > 0:13:08so if we don't get what we want, we'll rent it.
0:13:08 > 0:13:11Great. Well, we look forward to seeing how you get on.
0:13:11 > 0:13:12Congratulations.
0:13:12 > 0:13:16- Thank you.- Good luck to you both and we'll be back in a few months.
0:13:16 > 0:13:18- Fantastic.- Thank you.
0:13:19 > 0:13:22Well, I think Chris has done well with this bungalow
0:13:22 > 0:13:24and, with the help of son Sam,
0:13:24 > 0:13:29they should be able to get it restored and rejuvenated within that budget.
0:13:29 > 0:13:33You can find out how they got on transforming this place later in the show.
0:13:36 > 0:13:39'For the next lot that went under the hammer,
0:13:39 > 0:13:43'I journey to Kent to a town called Gillingham.
0:13:43 > 0:13:47'It's a popular area with great transport connections
0:13:47 > 0:13:49'and affordable property.'
0:13:49 > 0:13:54Today, I'm here to see a triangular site with a single lock-up garage,
0:13:54 > 0:13:58all for the guide price of £25-£30,000.
0:13:58 > 0:14:00Now, it gets quite exciting,
0:14:00 > 0:14:04because you get much, much more than just this piece of grass here.
0:14:04 > 0:14:07You get plans to build a two-bedroom house.
0:14:07 > 0:14:10# Tra-la-la-la-la-la-la Triangle
0:14:10 > 0:14:13# Tra-la-la-la-la-la-la Triangle... #
0:14:13 > 0:14:18'The surrounding area is largely residential, so it seems odd that
0:14:18 > 0:14:22'this triangular bit of land hasn't been utilised before.
0:14:22 > 0:14:25'Well, it's because this used to be the garden
0:14:25 > 0:14:27'of the next-door property.
0:14:27 > 0:14:30'Once this garage has been demolished,
0:14:30 > 0:14:32'there will be quite a sizeable plot.'
0:14:33 > 0:14:36I've got the plans here. It's all quite exciting stuff.
0:14:36 > 0:14:40I've got to say, it does really look nice. You can imagine what it will look like from the roadside.
0:14:40 > 0:14:46It's funny, because the house that was once end-of-terrace will now become a terraced property.
0:14:46 > 0:14:48We've got the floor space inside
0:14:48 > 0:14:51and it's actually just as I would like it,
0:14:51 > 0:14:54really does have a good flow to it.
0:14:54 > 0:14:57You've got the kitchen, the dining area and the living room.
0:14:57 > 0:15:01There's a downstairs loo and, currently, there's a little shower room there,
0:15:01 > 0:15:03which does offer something else to a buyer.
0:15:03 > 0:15:05Bit of a downside for me,
0:15:05 > 0:15:08it doesn't really have a garden, just sort of...
0:15:08 > 0:15:12a little back yard area and a bit of lawn to the side of the property.
0:15:12 > 0:15:14So, for me, that's a bit of a negative.
0:15:15 > 0:15:19'It's great to think that this plot of land that went to auction,
0:15:19 > 0:15:21'guided at 25-30,000,
0:15:21 > 0:15:25'will soon be made use of and a new property built here.'
0:15:26 > 0:15:28# The sky is the limit now... #
0:15:30 > 0:15:31'The lack of a garden here,
0:15:31 > 0:15:35'because this used to be the garden, isn't ideal.
0:15:35 > 0:15:38'But any developer thinking about resubmitting plans
0:15:38 > 0:15:40'for possibly two flats
0:15:40 > 0:15:45'needs to be aware that a former planning application for flats was rejected.
0:15:45 > 0:15:49'So, I think you're best to stick with the accepted plans for a house.'
0:15:49 > 0:15:52This is an incredible investment opportunity
0:15:52 > 0:15:56because this building plot is in a really strong rental area.
0:15:56 > 0:15:59So, once you've built your house, who's your target market?
0:15:59 > 0:16:03Students. You're 10 minutes away from the University.
0:16:03 > 0:16:07Doctors and nurses. There's a hospital just around the corner.
0:16:07 > 0:16:11And commuters. Gillingham train station is just a short walk away.
0:16:11 > 0:16:15'And if you need access to London for meetings or social events,
0:16:15 > 0:16:19'you can be there in under 50 minutes.
0:16:19 > 0:16:21'To find out a bit more about the options here,
0:16:21 > 0:16:24'we invited a local estate agent to take a look around.'
0:16:24 > 0:16:27# Tra-la-la-la-la-la-la Triangle... #
0:16:27 > 0:16:30'So what does he think of this triangular piece of land
0:16:30 > 0:16:33'that was guided at 25-30,000?'
0:16:33 > 0:16:35It's a very small plot.
0:16:35 > 0:16:40The planning permission I've seen is for a small two-bedroom house.
0:16:40 > 0:16:44The only problem with that is it doesn't seem to have a particularly large garden.
0:16:44 > 0:16:46I don't think it would necessarily put people off,
0:16:46 > 0:16:49but it would just restrict the size of the market that it'll appeal to.
0:16:49 > 0:16:52'Remembering that guide price of 25-30,000,
0:16:52 > 0:16:55'and added build costs of around 50 grand,
0:16:55 > 0:16:58'is it a good investment for the resale market?'
0:16:58 > 0:17:02I'd put this property on the market for £110-£115,000.
0:17:02 > 0:17:05'What income could a two-bedroom house generate?'
0:17:05 > 0:17:07# The sky is the limit... #
0:17:07 > 0:17:10Two-bedroom house in this area would rent for approximately
0:17:10 > 0:17:13£575-£600 per calendar month.
0:17:14 > 0:17:18OK, so the only negative for me is the small garden.
0:17:18 > 0:17:21The plans that come with the lot are fantastic.
0:17:21 > 0:17:23You're in close proximity to the train station,
0:17:23 > 0:17:27you're near a university, so you're almost guaranteed tenants.
0:17:27 > 0:17:31Let's see who is interested in this lot when we go to auction.
0:17:31 > 0:17:34Lot 57 is the land at Gillingham. Start me where you will.
0:17:34 > 0:17:36Start me at 20 if you like.
0:17:36 > 0:17:37At 20,000 for a plot.
0:17:37 > 0:17:3920,000. 20,000.
0:17:39 > 0:17:42I'm on the way at 20. It's with you at £20,000.
0:17:42 > 0:17:43£22,000 if you like.
0:17:43 > 0:17:4522 sitting down in a fresh place.
0:17:45 > 0:17:46And four.
0:17:46 > 0:17:4924. 24. And six.
0:17:49 > 0:17:5026.
0:17:50 > 0:17:53And eight. 28. 28.
0:17:53 > 0:17:56I'll take seven if it helps you. Seven in a fresh place.
0:17:56 > 0:17:5728 is against you.
0:17:57 > 0:17:5929 if you like. At 29.
0:17:59 > 0:18:0229. And 30. At 30. At 30.
0:18:02 > 0:18:04And one.
0:18:04 > 0:18:0731 I've got. And two now. Two now if you like. 32.
0:18:07 > 0:18:09And three.
0:18:09 > 0:18:12At £32,000 to the gentleman sitting down. 33. It's back with you.
0:18:12 > 0:18:14And four. Nearly.
0:18:14 > 0:18:1734. 34. And five.
0:18:17 > 0:18:19Still worth it. 35,000.
0:18:19 > 0:18:21And six. 36.
0:18:21 > 0:18:2436. At 36.
0:18:24 > 0:18:26And seven. 37.
0:18:26 > 0:18:29At £36,000 I've got then for the first time.
0:18:29 > 0:18:32At £36,000 for the second.
0:18:32 > 0:18:34Third and final time.
0:18:34 > 0:18:35BANGS HAMMER
0:18:35 > 0:18:37Sold for £36,000.
0:18:37 > 0:18:40'That final winning bid of 36,000
0:18:40 > 0:18:42'was made by husband and wife Mark and Shirley.
0:18:45 > 0:18:48'I met them, along with their daughter, Isabelle,
0:18:48 > 0:18:49'back at the plot of land.
0:18:52 > 0:18:54'Mark used to work as a graphic designer...
0:18:57 > 0:19:00'..but 7½ years ago left his job in the printing industry
0:19:00 > 0:19:03'to start his own building company.
0:19:03 > 0:19:07'Shirley's involved with the administrative side of the business as well.
0:19:07 > 0:19:09'Although they built their own house,
0:19:09 > 0:19:11'this will be their first investment property.
0:19:11 > 0:19:15'I wanted to hear how they felt about taking this project on.'
0:19:16 > 0:19:20- Guys, congratulations. It's great to meet you today.- Thank you.
0:19:20 > 0:19:22£36,000 you paid at auction.
0:19:22 > 0:19:24- Yup.- That's right. - Were you happy with that price?
0:19:24 > 0:19:27It was the top end of where we wanted to go.
0:19:27 > 0:19:30- We wouldn't have gone any higher than that.- No.
0:19:30 > 0:19:32We wanted 35 and we just thought we had one more chance,
0:19:32 > 0:19:34see what happens when we were there.
0:19:34 > 0:19:37So, guys, how did you stumble across this little triangle?
0:19:37 > 0:19:39Tell me the story.
0:19:39 > 0:19:42Well, we get the auction catalogue, saw it before it had planning permission,
0:19:42 > 0:19:45thought about it, decided not to go for it.
0:19:45 > 0:19:48Two months later, it came up again WITH planning permission,
0:19:48 > 0:19:49so we thought we'd go for it this time.
0:19:49 > 0:19:52We went to the auction and we were successful.
0:19:52 > 0:19:55Initially, we wanted just something that we can get cracking on
0:19:55 > 0:20:01straight away and get built and then release our capital back to us.
0:20:01 > 0:20:04# Tra-la-la-la-la-la-la Triangle... #
0:20:04 > 0:20:07'The fact that this auction lot came WITH planning permission
0:20:07 > 0:20:09'was a HUGE bonus for the couple.
0:20:09 > 0:20:11'It was a prime reason for purchasing the land
0:20:11 > 0:20:14'and they're well equipped to take on this build.'
0:20:14 > 0:20:17Yeah, we run our own property maintenance business,
0:20:17 > 0:20:19which we started seven years ago.
0:20:20 > 0:20:23About 18 months, 2 years ago,
0:20:23 > 0:20:27we took the decision to buy a plot of land for ourselves
0:20:27 > 0:20:31and built our own environmentally-friendly house.
0:20:31 > 0:20:34Following that, business has been good to us,
0:20:34 > 0:20:36and it's given us more experience.
0:20:36 > 0:20:38Building the house has given us the experience.
0:20:38 > 0:20:41And we decided that we can do this sort of project
0:20:41 > 0:20:43alongside running the business.
0:20:43 > 0:20:45So, Mark, what did you do before building?
0:20:45 > 0:20:48I ran a printer's in Croydon.
0:20:48 > 0:20:51Having left college, I became a graphic designer,
0:20:51 > 0:20:54saw how the industry was changing,
0:20:54 > 0:20:58got into the management side of the print,
0:20:58 > 0:21:02still using my background, and then got quite disillusioned with it
0:21:02 > 0:21:04and completely jumped ship.
0:21:04 > 0:21:08Went from a very good salary to having no job at all.
0:21:08 > 0:21:12Remortgaged my house and started my own company
0:21:12 > 0:21:14where we just were basically going round,
0:21:14 > 0:21:18doing little jobs for people, maybe an hour or two.
0:21:18 > 0:21:21And now we're regularly doing projects,
0:21:21 > 0:21:25£100,000 size, without any trouble.
0:21:25 > 0:21:30Wait a minute! Now, Shirley, tell me about the day he came home and said,
0:21:30 > 0:21:31"Right, that's it.
0:21:31 > 0:21:33"I'm not interested any more in graphic design.
0:21:33 > 0:21:35- "I'm going to jump ship." - Well, it had gone...
0:21:35 > 0:21:37Obviously, it had gone downhill quite a lot.
0:21:37 > 0:21:39I could see his attitude towards it was changing.
0:21:39 > 0:21:41And then we he come home with this idea...
0:21:41 > 0:21:45But, you know, I just have faith in him from that point of view.
0:21:45 > 0:21:47And if he wants to do it, there's not a lot I can say about it, really.
0:21:47 > 0:21:50It's just something he needs to do, so... That's fine.
0:21:50 > 0:21:52I mean, he's... You know, you worked your way up from doing
0:21:52 > 0:21:54just the odd jobs to building extensions,
0:21:54 > 0:21:57so just let him get on with it, really, Lucy, to be perfectly honest!
0:21:57 > 0:21:59- THEY LAUGH - You're a great wife!
0:21:59 > 0:22:02'This project seems tailor-made for these two.
0:22:02 > 0:22:05'They've given themselves a budget of 50,000,
0:22:05 > 0:22:08'and Mark's confident he can get it built in just nine months.'
0:22:10 > 0:22:12Shirley, are you a bit worried about that?
0:22:12 > 0:22:15No, not really. He just does it anyway. It's just him.
0:22:15 > 0:22:17So, it doesn't really concern me at all.
0:22:17 > 0:22:20Having built the other house,
0:22:20 > 0:22:22every weekend he was down doing the house,
0:22:22 > 0:22:24so it's just part of what he does, really.
0:22:24 > 0:22:28There's no point trying to stop him because it won't make any difference!
0:22:28 > 0:22:30# Busy man... #
0:22:32 > 0:22:34'There's another lady in his life
0:22:34 > 0:22:37'who would rather he slowed down and took it a tad easier,
0:22:37 > 0:22:41'their 11-year-old daughter, Isabelle.'
0:22:41 > 0:22:42So, Isabelle, what do you make of all this?
0:22:42 > 0:22:44Your dad is building ANOTHER house!
0:22:46 > 0:22:49Well, it's OK, but I don't really want him to work on weekends again
0:22:49 > 0:22:52cos last time, he was working on weekends for mainly the whole year.
0:22:52 > 0:22:56So, what do you think this house is going to look like when it's up and when it's finished?
0:22:56 > 0:22:59- D'you think your dad's going to do a good job?- Yeah.
0:22:59 > 0:23:02- He did on the other house. - So, thumbs up for daddy?- Yeah.
0:23:02 > 0:23:04And how do you help your dad out?
0:23:04 > 0:23:07Well, last time, I clipped the underfloor heating down.
0:23:07 > 0:23:10But it didn't exactly work, cos I couldn't push it down hard enough.
0:23:10 > 0:23:12'Well, for Isabelle's sake,
0:23:12 > 0:23:15'let's hope she's not roped in to such tricky tasks here.
0:23:15 > 0:23:17'But bearing in mind the timescale,
0:23:17 > 0:23:20'well, Mark may need all the help he can get
0:23:20 > 0:23:22'because he's going to be pretty pushed.'
0:23:22 > 0:23:24# Busy man... #
0:23:24 > 0:23:28'Do they want to change the existing plans?'
0:23:28 > 0:23:32Essentially, the drawings will stay almost identical.
0:23:32 > 0:23:35We're going to take out the shower that they've put in,
0:23:35 > 0:23:40in the cloakroom downstairs, cos it's an unnecessary expense.
0:23:40 > 0:23:44Other than that, we're just going to bring one of the walls in off of the boundary.
0:23:44 > 0:23:46So, how are you going to find the time
0:23:46 > 0:23:49to build a house on this plot here?
0:23:49 > 0:23:51- In between your other jobs that you're doing.- Yeah.
0:23:51 > 0:23:53Obviously, he won't be here all the time.
0:23:53 > 0:23:55He'll have contractors here, doing things for him.
0:23:55 > 0:23:57So, in between doing the other things,
0:23:57 > 0:23:59he'll just fill it in, you know, over the next year.
0:23:59 > 0:24:01Well, it's been brilliant meeting you today.
0:24:01 > 0:24:03I can't wait to hear all about it.
0:24:03 > 0:24:04Good luck with this project,
0:24:04 > 0:24:07and I want to see a house up here SOON!
0:24:07 > 0:24:09- Shirley, lovely to meet you. - Thank you.- Mark, thank you.
0:24:09 > 0:24:12- Thanks very much.- Thank you.- Thanks.
0:24:14 > 0:24:17Mark and Shirley have made a savvy purchase here
0:24:17 > 0:24:19with their first investment.
0:24:19 > 0:24:22Now, my only worry is is that they want to alter the plans,
0:24:22 > 0:24:26and sometimes, that CAN throw up a few issues.
0:24:26 > 0:24:28Join me later on in the programme,
0:24:28 > 0:24:31and you can find out how their first investment purchase goes.
0:24:32 > 0:24:34'Coming up, in Greater Manchester,
0:24:34 > 0:24:39'will this two-bed mid-terraced house hold any great surprises?'
0:24:39 > 0:24:40An exciting cupboard?
0:24:40 > 0:24:42No.
0:24:43 > 0:24:47'In Gillingham, Kent, the size of this plot may have been tiny,
0:24:47 > 0:24:49'but did it give Mark big problems?'
0:24:49 > 0:24:52This site became very, very crowded because it was so small.
0:24:54 > 0:24:56'But first, in Darlington,
0:24:56 > 0:24:59'did father and son, Chris and Sam, see eye-to-eye on their renovation?'
0:24:59 > 0:25:02Well, we've had our moments, but yes, we got on really well.
0:25:06 > 0:25:08'We're returning to the North East,
0:25:08 > 0:25:12'where Chris had purchased this rather puzzling bungalow in Darlington for 90,000.
0:25:12 > 0:25:18'He planned to lick the layout into shape with the help of his son, Sam,
0:25:18 > 0:25:21'who was approaching the project with a relaxed attitude.'
0:25:23 > 0:25:27- I don't think there's too much work to do.- I'll remind you of that!
0:25:27 > 0:25:28THEY LAUGH
0:25:29 > 0:25:32'So, was it a case of famous last words for Sam?
0:25:32 > 0:25:37'The plan was to restore and renovate the bungalow in 6-8 weeks.
0:25:37 > 0:25:40'We returned five weeks after we first met Chris and Sam
0:25:40 > 0:25:41'to see how they'd got on.
0:25:57 > 0:26:01'Looking good! The house has been overhauled with new decor, carpet,
0:26:01 > 0:26:04'electrics and central heating.
0:26:04 > 0:26:08'And what Chris referred to as a "funny little no room",
0:26:08 > 0:26:12'it's now been knocked through to make a bigger, better and brighter kitchen.'
0:26:16 > 0:26:19As you can see, we've done quite a lot of work in the kitchen.
0:26:19 > 0:26:21Previously, we had a small dining room here
0:26:21 > 0:26:25with a big boiler cupboard which was really a waste of space.
0:26:25 > 0:26:27So, we've tried to create a nice large living area,
0:26:27 > 0:26:31a dining kitchen, really. We've taken the wall out,
0:26:31 > 0:26:35fitted a completely new kitchen with integrated appliances,
0:26:35 > 0:26:37levelled the floor, the whole lot.
0:26:37 > 0:26:40And we feel it's a lot better area than it was previously.
0:26:41 > 0:26:44'And whilst he may have integrated these two rooms together,
0:26:44 > 0:26:47'elsewhere, it was more about separation.'
0:26:47 > 0:26:51In order to create some storage space for the other kitchen refacing business that we run,
0:26:51 > 0:26:55we've taken one of the double garages and kept it for ourselves.
0:26:55 > 0:26:58We've blocked up the window and moved the door across
0:26:58 > 0:27:01and blocked up inside, and also shifted the electrics across,
0:27:01 > 0:27:03so it's a completely separate entity from the house.
0:27:03 > 0:27:06We've also landscaped the garden a bit
0:27:06 > 0:27:08and made it easily manageable
0:27:08 > 0:27:11and a blank canvas for whoever wants to buy the property.
0:27:13 > 0:27:15'So, they've turned the bungalow around, inside and out,
0:27:15 > 0:27:18'and in just five weeks.
0:27:18 > 0:27:20'And what about that room that made me wonder
0:27:20 > 0:27:22'whether it was a living room or a bedroom?'
0:27:24 > 0:27:27What we've done is we've put the fireplace in in this front room,
0:27:27 > 0:27:30but it's not fixed in place, so it could be moved into the other room.
0:27:30 > 0:27:34There's an electric spur in this room for an electric fireplace in the same...
0:27:34 > 0:27:36in EXACTLY the same spot in the other room.
0:27:36 > 0:27:39And equally, under the floorboards,
0:27:39 > 0:27:42there's a gas supply if people prefer the gas fire in both rooms.
0:27:42 > 0:27:46So, it's completely flexible for somebody to choose where they want to be, really.
0:27:46 > 0:27:49'Making the property as flexible as possible
0:27:49 > 0:27:53'is a great way to raise its appeal to whoever's going to move in.
0:27:53 > 0:27:58'So, it wasn't just down here that Chris and Sam had that in mind.
0:27:58 > 0:28:00'They've also tidied the loft.
0:28:00 > 0:28:04I think, really, we've created a room that people can use
0:28:04 > 0:28:06for a variety of options,
0:28:06 > 0:28:08possibly as a study, a hobby room,
0:28:08 > 0:28:11maybe an occasional guest room sort of thing.
0:28:11 > 0:28:13It isn't technically a bedroom
0:28:13 > 0:28:16because we've just really tidied up what was already there.
0:28:16 > 0:28:18But it's got loads of scope.
0:28:18 > 0:28:21'Sam is about to head off on his travels,
0:28:21 > 0:28:26'but hopefully not because working with Dad caused any friction.'
0:28:26 > 0:28:29Well, we've had our moments, but yes, we got on really well.
0:28:29 > 0:28:31He's been a good help for me,
0:28:31 > 0:28:33but he's not going to be much help in South America, is he?
0:28:33 > 0:28:34HE LAUGHS
0:28:34 > 0:28:37I'll be back for a few months between, sort of, moving down to London.
0:28:37 > 0:28:39So I think, hopefully, ideally,
0:28:39 > 0:28:41he'll have another property on the go then
0:28:41 > 0:28:45that I can get into and do a similar sort of job.
0:28:45 > 0:28:48'So, father-son relationship still intact.
0:28:48 > 0:28:52'What else helped make this project go SO smoothly?
0:28:52 > 0:28:56I think it really helped, having good trades people around you, to be honest.
0:28:56 > 0:29:01We use the same group of fellas to come in on most of our properties that we do,
0:29:01 > 0:29:04and you build up a rapport with them and it sort of...
0:29:04 > 0:29:08It helps. It means you're not changing over people all the time,
0:29:08 > 0:29:11and you can guarantee a good finish on the house out of them.
0:29:11 > 0:29:12Yup. That's very true.
0:29:13 > 0:29:15'Chris had set a budget of £15,000.
0:29:15 > 0:29:18'Did he manage to keep to THAT?'
0:29:18 > 0:29:21I think we're pretty much there, to be quite honest.
0:29:21 > 0:29:22I'm still waiting on some final bills,
0:29:22 > 0:29:26but I think we're looking at a spend of about £14,000,
0:29:26 > 0:29:30which is really more or less where we said we were going to be.
0:29:30 > 0:29:33So, we've won some, we've lost some.
0:29:33 > 0:29:35We've made some savings, but spent some more.
0:29:35 > 0:29:37So, yeah. We're about on budget.
0:29:38 > 0:29:42'So, has keeping within budget and all their hard work paid off?
0:29:43 > 0:29:45'We invited two local estate agents to the property
0:29:45 > 0:29:48'to cast their eyes over its new look.'
0:29:49 > 0:29:53I think there's a great improvement in the property since I saw it last.
0:29:53 > 0:29:55There's been a grand refurbishment done.
0:29:55 > 0:29:58The kitchen-breakfast room is particularly appealing.
0:29:58 > 0:30:00So, all in all, I think it's a very good job.
0:30:00 > 0:30:03I think it's absolutely fantastic. Good standard that he's done it too.
0:30:03 > 0:30:07High quality. Obviously, nice internally. Good presentation.
0:30:08 > 0:30:12'So, first impressions are impressive.
0:30:12 > 0:30:13'But let's talk money.
0:30:13 > 0:30:15'Chris paid £90,000 at the auction for the bungalow,
0:30:15 > 0:30:18'and, with £14,000 spent here,
0:30:18 > 0:30:23'his total outlay is 104,000. If he WAS to rent it out,
0:30:23 > 0:30:25'what could he charge per calendar month?'
0:30:27 > 0:30:29In the current rental market,
0:30:29 > 0:30:32I would anticipate an income of around about
0:30:32 > 0:30:34£550 per calendar month.
0:30:34 > 0:30:37I would place this on the market at £550 per calendar month.
0:30:37 > 0:30:40I think that sounds about right. That's what I would have expected.
0:30:40 > 0:30:43I've got other properties of a similar nature around the area
0:30:43 > 0:30:45and that's the sort of mark that we're at.
0:30:45 > 0:30:48So, yeah, yeah. That's good. That's where I thought it would be.
0:30:48 > 0:30:51'At that price, the rental yield here
0:30:51 > 0:30:53'would be healthy at just over 6%.
0:30:53 > 0:30:56'But the plan for this property is to sell.
0:30:56 > 0:30:59'What would these estate agents put it on the resale market for,
0:30:59 > 0:31:03'bearing in mind the total spend here of 104,000?'
0:31:05 > 0:31:07If the property was placed on the open market for sale,
0:31:07 > 0:31:11I would suggest an asking price of somewhere around £130,000.
0:31:11 > 0:31:14I'd place on the market at £130,000.
0:31:14 > 0:31:17I think that's good. That's great. It's slightly more than I expected,
0:31:17 > 0:31:19to be honest, so I'll be very pleased with that.
0:31:19 > 0:31:24'A £130,000 sale price would give Chris a £26,000 profit
0:31:24 > 0:31:28'on his £104,000 outlay
0:31:28 > 0:31:30'minus tax and selling expenses.
0:31:30 > 0:31:33'This project HAS been a real success story.
0:31:33 > 0:31:36'So, we can't leave without asking if they've any tips
0:31:36 > 0:31:38'for anyone heading to the auctions.'
0:31:40 > 0:31:42Go in with your eyes open.
0:31:42 > 0:31:45Make sure you do your homework.
0:31:45 > 0:31:49Certainly, check out the property as much as you can in advance of buying it
0:31:49 > 0:31:51because then there's no nasty shocks.
0:31:51 > 0:31:54'And Sam?'
0:31:54 > 0:31:58Not particularly. I think he's the man in the know, so we'll let him give the advice.
0:31:58 > 0:32:00That's a first! THEY LAUGH
0:32:04 > 0:32:07'I'm in Ashton-under-Lyne in Tameside, Greater Manchester.
0:32:07 > 0:32:11'This town has held markets for over 700 years,
0:32:11 > 0:32:17'and there are still over 150 outside stalls open seven days a week.'
0:32:17 > 0:32:20# The market's free... #
0:32:20 > 0:32:23'Being only six miles east of Manchester city centre,
0:32:23 > 0:32:25'and with good transport links,
0:32:25 > 0:32:29'this is a busy old town with a bright future.
0:32:29 > 0:32:32'I've come just over a mile out of Ashton town centre
0:32:32 > 0:32:36'to a largely residential area to see this solid-looking property
0:32:36 > 0:32:41'on a pleasant, quiet, if somewhat rainy today, road.'
0:32:41 > 0:32:43Well, it's pretty lousy weather, so I'll keep this brief.
0:32:43 > 0:32:48I'm here to see a mid-terraced property with a guide price of 42,000 quid.
0:32:50 > 0:32:51So, what have we got?
0:32:51 > 0:32:54Well, first things first, I like the fact it's got a porch.
0:32:54 > 0:32:59Really great way to keep the noise and the cold from outside out of the lounge
0:32:59 > 0:33:02because this is a fairly classic configuration,
0:33:02 > 0:33:07straight through the door into your living room area, basically.
0:33:07 > 0:33:08I could do something with that.
0:33:08 > 0:33:12At the moment, bit of an old, tired fireplace and that gas fire,
0:33:12 > 0:33:16but make something there, so the moment you walk through the door,
0:33:16 > 0:33:19you think, "Oh, this place is a bit different." But while I'm here,
0:33:19 > 0:33:22when you do walk through the door, the floor...
0:33:22 > 0:33:23What's going on there?
0:33:23 > 0:33:27I'm a bit concerned, because it's a bit more bouncy than it could be.
0:33:27 > 0:33:30Perfect if you want to hold some ballroom dancing competition,
0:33:30 > 0:33:32but other than that, not brilliant.
0:33:32 > 0:33:35Yes, maybe the joists need to be checked out.
0:33:35 > 0:33:38Some damp, perhaps, causing a problem there.
0:33:38 > 0:33:42But through there, into the kitchen. An exciting cupboard?
0:33:42 > 0:33:45No. Just a cupboard you can put things in.
0:33:45 > 0:33:49But through to the kitchen, as I said, and a good-sized space.
0:33:49 > 0:33:53Nice high ceilings. VERY old units. This all needs to be replaced.
0:33:53 > 0:33:57But what a difference a bit of thought,
0:33:57 > 0:33:59imagination, and oh yes, a bit of money,
0:33:59 > 0:34:01could make to this property straight away.
0:34:01 > 0:34:04'On closer inspection of the living room,
0:34:04 > 0:34:08'it may be that the bounce is caused by some badly laid wooden flooring.
0:34:08 > 0:34:12'If that's the case, this problem could have a simple solution.
0:34:15 > 0:34:17'Upstairs, there's a good-sized double bedroom
0:34:17 > 0:34:20'at the front of the house. But it comes with some mould on the wall,
0:34:20 > 0:34:23'which is a sign of damp, of course.
0:34:23 > 0:34:27'At the back of the house, there's another double bedroom
0:34:27 > 0:34:29'with a similar problem.'
0:34:29 > 0:34:30Well, there's damp in there as well.
0:34:30 > 0:34:34It's significant that both bits of damp are below the windows there.
0:34:34 > 0:34:36So, it could be frames, rot and water,
0:34:36 > 0:34:39pounding down the window and in through the frames,
0:34:39 > 0:34:41or the windowsill cracked.
0:34:41 > 0:34:42Definitely needs to be checked out.
0:34:42 > 0:34:44And if those are windows replaced,
0:34:44 > 0:34:47you may well cure the problem at the same time.
0:34:47 > 0:34:49While I am up here, though, good news.
0:34:49 > 0:34:51A decent-sized bathroom.
0:34:51 > 0:34:53The bathroom suite, I think, could definitely do with replacing.
0:34:53 > 0:34:56It would freshen that up in there, make it look a bit more modern.
0:34:56 > 0:34:59But it's where it should be - upstairs. It's a good size.
0:34:59 > 0:35:03So that's good. And it hasn't taken away from the size of the bedroom.
0:35:03 > 0:35:05So, this is really good news.
0:35:05 > 0:35:07'This house has great potential
0:35:07 > 0:35:11'and most of the work that needs doing is just cosmetic.
0:35:11 > 0:35:14'There's something that needs to be done in every room,
0:35:14 > 0:35:18'but not a mountain to climb in terms of a renovation project.
0:35:18 > 0:35:23'With its guide price of £42,000, was it an attractive auction lot?
0:35:23 > 0:35:26'We asked a local estate agent for his thoughts on it.'
0:35:29 > 0:35:33First impressions are it doesn't need a huge amount doing to it.
0:35:33 > 0:35:37Obviously, nothing that short of £10,000 wouldn't put right.
0:35:37 > 0:35:40'How would that £10,000 budget be best spent?'
0:35:40 > 0:35:43I think really, it's obviously going to have to be repainted,
0:35:43 > 0:35:46the wiring will need to be looked at,
0:35:46 > 0:35:49I would definitely put a new kitchen in it and a new bathroom.
0:35:49 > 0:35:52'I would be sure to add new windows to that list.
0:35:52 > 0:35:56'But once the work's complete, how much could this place be worth?
0:35:56 > 0:35:59I think you would put the property on the market
0:35:59 > 0:36:00for round about £70,000.
0:36:00 > 0:36:04You would probably get offers in round about £65,000.
0:36:04 > 0:36:07'What about renting it out?'
0:36:07 > 0:36:09The rental, per calendar month on this property,
0:36:09 > 0:36:12I think you would easily achieve £450 per calendar month.
0:36:16 > 0:36:18Well, if you were starting out
0:36:18 > 0:36:20in the world of property developing and renovation,
0:36:20 > 0:36:24I think this would be the perfect property to cut your teeth on.
0:36:24 > 0:36:28There's stuff that needs to be done, but nothing too daunting.
0:36:28 > 0:36:31And I think you could learn a lot as you progress through the damp,
0:36:31 > 0:36:35the kitchen, the bathroom, the dodgy floor, blah, blah.
0:36:35 > 0:36:39No, seriously, it'll be one to go for. Let's see who agreed when it went under the hammer.
0:36:43 > 0:36:46Right, lot 19. We've got a guide on this for 42.
0:36:46 > 0:36:51I've got a bid at £42,000 already. At 42,000 I have, do I see 43 now?
0:36:51 > 0:36:5742 I have, 43 I'll take. At 43 I have now, at 43,000, do I see 44?
0:36:57 > 0:37:00At 44, do I have now? At 43½ if it helps.
0:37:00 > 0:37:05At 43½, then. At 43½, do I see 44?
0:37:05 > 0:37:10At 44,000, your bid at £44,000. 44½. 45, then, at £45,000.
0:37:10 > 0:37:1345½. 46, may I say?
0:37:13 > 0:37:18At 46, 46½, 46½, 47? No.
0:37:18 > 0:37:21At 46,500, then, seated, for the first time.
0:37:21 > 0:37:24At 46,500 for the second time.
0:37:24 > 0:37:27We all done at £46,500? That's yours,
0:37:27 > 0:37:29your paddle is 157.
0:37:30 > 0:37:36That final £46,500 bid was made by local businessman, Mohammed.
0:37:36 > 0:37:40He met me back at the house with his full-time employee, Zafir.
0:37:40 > 0:37:43I was keen to find out what their plans were for this pleasant pad.
0:37:43 > 0:37:48- Mohammed, Zafir, lovely to meet you both.- Hi.- Congratulations.
0:37:48 > 0:37:50- Thank you.- Tell me why you wanted to buy this place.
0:37:50 > 0:37:54I went to the auction to buy another property which
0:37:54 > 0:37:58I was interested in, and I was a little bit late to get that property.
0:37:58 > 0:38:00No! What do you mean, late?
0:38:00 > 0:38:03The property was, like, lot number one or two, I think it was.
0:38:03 > 0:38:06By the time I got to the auction, the property was already sold.
0:38:06 > 0:38:11- You missed it?- Yes.- That's the thing with auctions, you see!
0:38:11 > 0:38:15Then I was also looking at this one as well and it was
0:38:15 > 0:38:19going for a good price, reasonable price, for a two-bedroom property.
0:38:19 > 0:38:23At the moment, the market price is about 60,000 average
0:38:23 > 0:38:26in this area for two bedrooms.
0:38:26 > 0:38:31So, I kept about £10,000 margin to find the money to do up the property.
0:38:31 > 0:38:34And I've had no chance to look around this property,
0:38:34 > 0:38:35I just bought it out of the blue.
0:38:35 > 0:38:39- So, you hadn't seen it?- No.- Inside or outside.- No, nothing at all.
0:38:39 > 0:38:44- Had you read the legal pack?- Yes. - What, on the day?- On the day.
0:38:44 > 0:38:46On the day.
0:38:46 > 0:38:50'Being late for the auction wasn't an ideal start for the project,
0:38:50 > 0:38:54'but I think Mohammed has been quite lucky with this purchase.
0:38:54 > 0:38:57'He buys a few properties like this a year, does them up
0:38:57 > 0:39:02'and sells them on, making around £5,000-£7,000 profit each time.
0:39:02 > 0:39:03'But Mohammed is a busy man,
0:39:03 > 0:39:06'and that's where employing Zafir comes in.'
0:39:08 > 0:39:11So, Zafir, what's your role in all of this?
0:39:11 > 0:39:13I'm the project manager for this house,
0:39:13 > 0:39:15specially for looking after this one.
0:39:15 > 0:39:19We are going to skim all this property
0:39:19 > 0:39:22and put in some new doors and windows and everything.
0:39:22 > 0:39:26- I'm looking after the project. - Right, so you're going to be physically doing the work as well?
0:39:26 > 0:39:30- No, I'm not! - So, you've worked together before?
0:39:30 > 0:39:34Yes, he's working for me as a store manager on my other business,
0:39:34 > 0:39:37which is my main business.
0:39:37 > 0:39:40- Which is what?- Petrol retail.- OK. So you've got a petrol station.- Yes.
0:39:40 > 0:39:45- Or two. Around here?- Just round the corner. Further down the road.
0:39:45 > 0:39:49Property and petrol, you've picked some tough industries!
0:39:49 > 0:39:54Yeah, obviously, it's a good time to get in as well, you see.
0:39:54 > 0:39:56And it will give you good returns.
0:39:56 > 0:40:00'So Mohammed isn't scared off by a challenge.
0:40:00 > 0:40:03'Between managing his petrol stations and this project,
0:40:03 > 0:40:07'it sounds like Zafir is following suit.
0:40:07 > 0:40:10'It's just as well, because this property does come with a problem or two.'
0:40:14 > 0:40:17Now, a couple of things I did notice upstairs.
0:40:17 > 0:40:19Both the windows, front and back, lots of damp.
0:40:19 > 0:40:21Any ideas how you're going to sort that out?
0:40:21 > 0:40:25The damp's coming in because the window shrouds are broken
0:40:25 > 0:40:28and the rainwater is coming in.
0:40:28 > 0:40:32So, once they replace the window for UPVC,
0:40:32 > 0:40:35so it will be stopped.
0:40:35 > 0:40:39Then the builder is going to re-skim that area. The whole room.
0:40:39 > 0:40:41So, that will get that sorted. Good.
0:40:41 > 0:40:43And what about the kitchen and bathroom?
0:40:43 > 0:40:46The kitchen is in good shape, you know,
0:40:46 > 0:40:49but he is going to clean it, give a good wipe and do a gloss paint on it,
0:40:49 > 0:40:52to make sure it looks nice and new.
0:40:52 > 0:40:55OK. What about the bathroom?
0:40:55 > 0:40:58The bathroom, he's going to redo it and also,
0:40:58 > 0:41:01the wall is going to be re-skimmed and the ceiling will be re-skimmed.
0:41:01 > 0:41:03And what about the sanitary ware?
0:41:03 > 0:41:08I think the toilet will be changed, but the bath will stay.
0:41:08 > 0:41:10Is that because it will save a bit of money?
0:41:10 > 0:41:12Just to save a bit of money, obviously.
0:41:12 > 0:41:15So, I'm trying to stay within my budget as well.
0:41:15 > 0:41:20- What's the budget for the work? - We are aiming for £5,000-£6,000.
0:41:20 > 0:41:25- £5,000-£6,000?- Yes.- Including new windows?- Yes.- And central heating?
0:41:25 > 0:41:28- Yes.- Skimming throughout. - Yes.- And repainting.- Yes.
0:41:28 > 0:41:29And redoing the bathroom
0:41:29 > 0:41:32and sorting out the kitchen in a very time-consuming manner!
0:41:32 > 0:41:36- Right, OK!- We'll try!- We'll try.
0:41:36 > 0:41:40That's our target, when we start the work, this is an old property,
0:41:40 > 0:41:42it is possible there's something else needs doing,
0:41:42 > 0:41:45when you start digging up the walls or the ceiling
0:41:45 > 0:41:48or something like that, but this is our budget, we will see how it goes.
0:41:48 > 0:41:52So, you've been given an impossibly low budget for your first project to manage!
0:41:52 > 0:41:56Make sure you don't take the rap if it goes over budget, won't you?
0:41:56 > 0:42:00No, it will be all right, I believe.
0:42:00 > 0:42:04Because I have contacted the builders and everything,
0:42:04 > 0:42:07- and I think I can manage.- Wow!
0:42:07 > 0:42:11'I really did think the house would benefit from a new kitchen
0:42:11 > 0:42:13'and bathroom, but Mohammed is determined to turn it round
0:42:13 > 0:42:18'in just two to three weeks within that tight £5,000-£6,000 budget.
0:42:18 > 0:42:22'And despite a potentially good rental yield for this area,
0:42:22 > 0:42:24'he plans to sell it on.'
0:42:24 > 0:42:27It's a good return on your investment, isn't it?
0:42:27 > 0:42:31Are you not tempted to keep it and rent it out?
0:42:31 > 0:42:34Don't like people, you know, ringing up, toilets not working or something.
0:42:34 > 0:42:36You're sitting in your home,
0:42:36 > 0:42:40you get a phone call from your tenant, that's a bit hard to do that.
0:42:40 > 0:42:42Listen, congratulations and good luck,
0:42:42 > 0:42:45we'll come back in a few weeks' time and see how you got on.
0:42:45 > 0:42:48- Thank you very much. - Thank you very much.
0:42:48 > 0:42:51Well, I do think that Mohammed is giving Zafir an almost
0:42:51 > 0:42:55impossible task to bring this place into a state of loveliness
0:42:55 > 0:43:01on a budget of just £5,000-£6,000 and in just two to three weeks.
0:43:01 > 0:43:04Still, you never know!
0:43:04 > 0:43:07You can find out how they get on later in the show.
0:43:09 > 0:43:13Getting your property for the right price is the first step to success.
0:43:13 > 0:43:16But the next stage is just as important.
0:43:16 > 0:43:21Sticking to timescales and budgets is the only way to maximise profit.
0:43:21 > 0:43:23Let's see how our buyers are progressing.
0:43:24 > 0:43:28'Earlier in the programme, we were in Gillingham in Kent,
0:43:28 > 0:43:30'where Mark and his wife Shirley had bought
0:43:30 > 0:43:35'this tiny, triangular plot of land for £36,000.
0:43:35 > 0:43:39'It had planning permission to build a two-bedroom house.
0:43:39 > 0:43:43'Mark had set up his own building company 7½ years ago
0:43:43 > 0:43:47'and Shirley helps out doing the paperwork for the business.
0:43:47 > 0:43:49'The couple had built their own house in the past.'
0:43:52 > 0:43:56About 18 months, two years ago, we took the decision to buy a plot
0:43:56 > 0:44:01of land for ourselves and built our own environmentally-friendly house.
0:44:01 > 0:44:06Following that, the experience of building the house has given us
0:44:06 > 0:44:09the experience and we have decided that we can do this
0:44:09 > 0:44:11sort of project alongside running the business.
0:44:11 > 0:44:15Well, one year later, we've come back to Gillingham.
0:44:18 > 0:44:21And the three-sided plot of land now has a house on it.
0:44:23 > 0:44:26It continues the line of buildings on the road
0:44:26 > 0:44:29and fits in incredibly well.
0:44:29 > 0:44:30There's no off-street parking,
0:44:30 > 0:44:34so it's a case of first-come, first-served on the road.
0:44:37 > 0:44:40Inside, the property is surprisingly spacious.
0:44:40 > 0:44:43The large living room runs the length of the house
0:44:43 > 0:44:46and opens out onto the main outside space.
0:44:49 > 0:44:52Whilst the fabulous new kitchen opens out onto a smaller,
0:44:52 > 0:44:54separate paved area at the back.
0:44:56 > 0:44:59- So, how did Mark decide on the design?- The kitchen, I just
0:44:59 > 0:45:03wanted to keep it nice and simple and clean lined,
0:45:03 > 0:45:08room for a dining table over by the window.
0:45:08 > 0:45:14I just wanted to keep an open plan feel to it and keep it nice and airy.
0:45:15 > 0:45:17Mark retained the plans that had been
0:45:17 > 0:45:19approved for the two-bedroom house.
0:45:19 > 0:45:22The only change he made was to remove a shower
0:45:22 > 0:45:26from the downstairs cloakroom, something he felt was unnecessary.
0:45:29 > 0:45:33Upstairs, there are two bedrooms.
0:45:33 > 0:45:35The rear bedroom has one window, but the one nearest
0:45:35 > 0:45:39the front is dual aspect and lets in a lot of light.
0:45:42 > 0:45:47The bathroom has a modern white suite and a shower over the bath.
0:45:48 > 0:45:51The house has utilised the plot very well.
0:45:51 > 0:45:55Outside, the two wedge-shaped pieces of the plot that remain
0:45:55 > 0:45:56have been put to good use.
0:45:58 > 0:46:03The garden has come out a lot better than I had anticipated.
0:46:03 > 0:46:06I've paved both of them from a maintenance issue.
0:46:06 > 0:46:09For the size of plot that it was, I'm very pleased with it.
0:46:11 > 0:46:13'Were there any issues with building
0:46:13 > 0:46:16'on such a limited construction site?'
0:46:16 > 0:46:19When we were digging out and having bricks and things delivered,
0:46:19 > 0:46:24the site became very, very crowded, because it was so small.
0:46:24 > 0:46:27But we did just about manage to stay within our boundary,
0:46:27 > 0:46:30although it was very close to the edge.
0:46:32 > 0:46:35'Every centimetre of the plot has been used here.'
0:46:35 > 0:46:40The one thing that came as a little bit of a surprise and an expense
0:46:40 > 0:46:46I wasn't expecting, was that I had to put on photovoltaic panels,
0:46:46 > 0:46:52which generate their own electricity, all as part of the new building regs,
0:46:52 > 0:46:55which was an additional cost that I hadn't budgeted for.
0:46:55 > 0:46:59That cost me an additional £2,500 and we were able
0:46:59 > 0:47:02to install them ourselves and then get them commissioned.
0:47:02 > 0:47:06'What effect did that have on the construction costs?
0:47:06 > 0:47:10'Did he manage to keep to his initial budget of 50,000?'
0:47:12 > 0:47:17I've ended up spending 58,000, which is more realistic.
0:47:18 > 0:47:22'Mark's building business has been very busy on other projects,
0:47:22 > 0:47:24'but whenever there's been some slack time,
0:47:24 > 0:47:29'he's sent his team of builders here to continue building this house.
0:47:29 > 0:47:32'So, what about Mark himself? Has he been on site much?'
0:47:32 > 0:47:36I haven't spent very much time on the project myself at all.
0:47:36 > 0:47:39Probably only 15, 18 days.
0:47:40 > 0:47:43'What's the plan for the house now it's finished?'
0:47:43 > 0:47:48I'm intending to, hopefully, if the rental values are right,
0:47:48 > 0:47:51to get a buy-to-let mortgage on it, rent it out,
0:47:51 > 0:47:53and keep it for our long-term future.
0:47:53 > 0:47:57Mark paid £36,000 for the plot of land with planning permission
0:47:57 > 0:48:00and spent £58,000 building the house.
0:48:00 > 0:48:06He reckons his total for the land and build costs comes in at 95,000.
0:48:06 > 0:48:08But how much will it be worth now?
0:48:10 > 0:48:12Time to get some local advice from two estate agents.
0:48:14 > 0:48:16First of all, I'm just amazed at the building
0:48:16 > 0:48:19that's been put up here. It's truly amazing.
0:48:19 > 0:48:21I couldn't have imagined something like this going on.
0:48:21 > 0:48:24I think the property's very nice and it's been done
0:48:24 > 0:48:29to a very good standard and, um, should sell
0:48:29 > 0:48:32- or rent very easily. - I expected to see
0:48:32 > 0:48:35a fairly ordinary two-bedroom house with really not a lot of flair.
0:48:35 > 0:48:38And really, the owners have created the exact opposite.
0:48:38 > 0:48:42I like the fact that he's kept two good-sized bedrooms
0:48:42 > 0:48:47rather than try to compromise with the space and get three bedrooms,
0:48:47 > 0:48:48one of which could be a box room.
0:48:48 > 0:48:53'So is the house worth more than the 95,000 that Mark's invested here?'
0:48:53 > 0:48:58I would look to market this property for £125,000.
0:48:58 > 0:49:01I'd expect to sell this house for approximately £130,000.
0:49:01 > 0:49:06'Well, those valuations would generate Mark a gross profit
0:49:06 > 0:49:10'of between 30 and 35,000, before the usual selling expenses.'
0:49:10 > 0:49:16Better than I had thought, to be honest. Yeah, I'm pleased with that.
0:49:16 > 0:49:19'So, is Mark now tempted to sell?'
0:49:19 > 0:49:22No, I think rental is probably the right choice.
0:49:24 > 0:49:27'Right, let's check out the income potential here.'
0:49:27 > 0:49:32I would expect to rent this property for 650 to £675 per calendar month.
0:49:32 > 0:49:36The rent per calendar month would be in the region of £700.
0:49:36 > 0:49:39700 is certainly a lot more than I thought it would be worth.
0:49:39 > 0:49:44I'm pleased with both those figures, but probably will rent out at somewhere between the two.
0:49:44 > 0:49:50'So, with a potential yield of between 8%-9% on the horizon,
0:49:50 > 0:49:53'how does Mark feel about his new house on the block?'
0:49:53 > 0:49:55It's been good. It's run fairly smoothly.
0:49:55 > 0:49:57We've had the odd hiccup,
0:49:57 > 0:50:00but nothing that we don't anticipate when you're doing a new build.
0:50:00 > 0:50:04It's certainly an improvement on the little bit of land that was here before.
0:50:04 > 0:50:07And yeah, I'm really proud of what everybody's achieved.
0:50:14 > 0:50:18'Back in Ashton-under-Lyne, this two-bedroom mid-terraced house
0:50:18 > 0:50:23'went up for auction and Mohammed bought it for £46,500.
0:50:25 > 0:50:29'He's a local businessman who owns several petrol stations in the area
0:50:29 > 0:50:32'and develops properties as a sideline.
0:50:32 > 0:50:35'For this one, he'd recruited his friend and employee, Zafir,
0:50:35 > 0:50:39'to project manage the refurbishment work and, rather unintentionally,
0:50:39 > 0:50:43'this two-bedroom mid-terrace was to be their first project together.'
0:50:44 > 0:50:48I went to the auction obviously to buy another property which I was interested in.
0:50:48 > 0:50:51And I was a little bit late to get that property.
0:50:51 > 0:50:53No! What do you mean, late?
0:50:53 > 0:50:56That property was lot number one or two, I think.
0:50:56 > 0:51:01- And by the time I got to the auction, the property was already sold. - You missed it?!- Yes!
0:51:01 > 0:51:03# I missed again! Uh-huh... #
0:51:03 > 0:51:06'So, having missed his intended target,
0:51:06 > 0:51:08'he ended up with this two-bedroomed terrace.
0:51:08 > 0:51:10'The house was in a sorry state,
0:51:10 > 0:51:13'with wallpaper hanging off the walls, signs of damp,
0:51:13 > 0:51:19'old windows, a tired kitchen and bathroom, and generally poor decorative order throughout.
0:51:19 > 0:51:22'Mohammed had set a budget of just 5,000 to £6,000
0:51:22 > 0:51:25'for Zafir to project-manage the changes
0:51:25 > 0:51:28'and get the house ready for the resale market.
0:51:28 > 0:51:31'Quite a challenge. And as if that wasn't enough,
0:51:31 > 0:51:35'he hoped to get the work done in just two to three weeks.
0:51:36 > 0:51:37'Well, seven weeks later,
0:51:37 > 0:51:40'we're back to find out how the pair have got on.
0:51:44 > 0:51:47'On the outside, there are new windows and doors in place.
0:51:48 > 0:51:50'And inside?'
0:51:53 > 0:51:55Yeah, this is the main living room.
0:51:55 > 0:52:01We reskimmed all of this living room and we put the new fireplace,
0:52:01 > 0:52:05put the new windows and the main door as well.
0:52:05 > 0:52:08They were nasty before, but it's looking nice.
0:52:11 > 0:52:13'So there's a big improvement in this room,
0:52:13 > 0:52:15'but what about that tired old kitchen?'
0:52:21 > 0:52:24There is no big development, we put no time on the kitchen.
0:52:24 > 0:52:27We just repainted these cupboards and everything.
0:52:27 > 0:52:31We put a lino on the floor. So it's looking nice, it's very good.
0:52:31 > 0:52:33'Yeah, the kitchen is a whole lot better.
0:52:33 > 0:52:36'It's amazing what a bit of paint and elbow grease does.
0:52:41 > 0:52:44'Upstairs, there's a new fitted carpet.
0:52:47 > 0:52:50'With the leaking windows replaced, the signs of damp
0:52:50 > 0:52:54'have been removed and the bedrooms look much fresher and brighter.
0:52:58 > 0:53:01'And the bathroom? Well, as with the kitchen,
0:53:01 > 0:53:03'the whole place has been spruced up
0:53:03 > 0:53:06'with some cleaning, paintwork, and new flooring.
0:53:07 > 0:53:10'But did Zafir meet that two to three week timeline
0:53:10 > 0:53:12'that Mohammed had set him?'
0:53:12 > 0:53:15It was about a week later than what we were expecting.
0:53:15 > 0:53:19- So I think he managed it really well. - I enjoyed it a lot.
0:53:19 > 0:53:22Basically, I learned many things which I didn't know before.
0:53:23 > 0:53:26Basically, it's very good.
0:53:26 > 0:53:29'So, Zafir has just about met the timescale set by Mohammed.
0:53:29 > 0:53:31'But he was just project-managing it.
0:53:31 > 0:53:36'The majority of the work was carried out by tradesmen, so to me,
0:53:36 > 0:53:39'his biggest, dare I say, almost mission impossible...
0:53:42 > 0:53:46'..was to do all the work for that budget of just 5,000-6,000.'
0:53:48 > 0:53:50I think we stayed well within the budget.
0:53:50 > 0:53:53The initial budget was £5,000 to £6,000.
0:53:53 > 0:53:56On top of it, we had to change the fireplace,
0:53:56 > 0:53:59put new carpet all the way upstairs and downstairs and the lino.
0:53:59 > 0:54:03- But still we managed it within the budget.- Within the budget.
0:54:03 > 0:54:06'Well, for Zafir, it looks like mission complete!'
0:54:06 > 0:54:09MUSIC: Theme from "Mission Impossible"
0:54:15 > 0:54:20'So, with an original purchase price of £46,500 and a budget
0:54:20 > 0:54:24'that worked out at £6,000, plus £2,200 in fees,
0:54:24 > 0:54:28'Mohammed has invested just short of £55,000 here.
0:54:28 > 0:54:30'He wants to put the place on the resale market,
0:54:30 > 0:54:35'but has he done it up to the right standard and made a good investment?
0:54:35 > 0:54:38'What do two local property experts think?'
0:54:40 > 0:54:42I think they've done a very basic refurbishment on the property,
0:54:42 > 0:54:45but it's clean, it's tidy and it's bright.
0:54:45 > 0:54:48So, you know, it will probably do for the rental market.
0:54:48 > 0:54:53Overall, it looks like it's been fairly basically refurbished.
0:54:53 > 0:54:56But in a good, let-able standard. So, pretty reasonable.
0:54:56 > 0:54:58If they were going to put the property up for sale,
0:54:58 > 0:55:00I think they should possibly have put a new kitchen in
0:55:00 > 0:55:05and a new bathroom and just done the finer little bits.
0:55:05 > 0:55:07Round the light switches, plug sockets, etc.
0:55:07 > 0:55:09It's all a little bit unfinished.
0:55:09 > 0:55:14'Those missing finishing touches may mean it could be slow to sell.
0:55:14 > 0:55:16'So rental may be Mohammed's best option.'
0:55:16 > 0:55:19The achievable rental figures for this property
0:55:19 > 0:55:22are currently £400 to £425 per calendar month.
0:55:22 > 0:55:27I think a property in this condition would achieve £425 per calendar month.
0:55:28 > 0:55:32'A possible rental return of £425 per calendar month
0:55:32 > 0:55:37'could give Mohammed a yield of just over 9%. So rental definitely adds up.
0:55:37 > 0:55:43'But what about the preferred resale route for his investment of just shy of 55,000?'
0:55:43 > 0:55:45If I was to put this property on the market,
0:55:45 > 0:55:50I'd be putting it on around £70,000, expecting to receive offers around 60,000.
0:55:50 > 0:55:53I think, if you're going to put the property on the market for sale,
0:55:53 > 0:55:56I'd put the property on the market for £65,000,
0:55:56 > 0:55:58looking for offers round about 60.
0:55:58 > 0:56:03Yeah, our price bracket was putting it on the market just above 65,
0:56:03 > 0:56:07and we should be getting something between 60 and 65.
0:56:07 > 0:56:11'So, Mohammed could be in line for a gross profit of at least £5,000
0:56:11 > 0:56:14'before the usual selling expenses.
0:56:14 > 0:56:16'If it doesn't sell immediately,
0:56:16 > 0:56:19'he will fall back on to the very decent rental option.
0:56:19 > 0:56:23'So it seems that arriving at the auction late hasn't worked out badly
0:56:23 > 0:56:25'after all and it certainly hasn't put him off.'
0:56:29 > 0:56:32We're looking at other properties, so if we get something good
0:56:32 > 0:56:35which needs some work needing doing to it, we probably will do it.
0:56:35 > 0:56:38And we're looking into a couple of properties
0:56:38 > 0:56:42and if we get the deals done, then Zafir will be the project-manager for them too.
0:56:44 > 0:56:49Has all this whetted your appetite to buy property at auction?
0:56:49 > 0:56:52If so, we'll have lots more interesting opportunities
0:56:52 > 0:56:54here on Homes Under The Hammer.
0:56:54 > 0:56:56- See you next time.- Goodbye.- Goodbye.
0:56:59 > 0:57:01Subtitles by Red Bee Media Ltd