0:00:02 > 0:00:03Hello and welcome to the show.
0:00:03 > 0:00:06Now, at property auctions, we meet all sorts of people,
0:00:06 > 0:00:08from first-time buyers to those investors
0:00:08 > 0:00:11- looking to expand their rental portfolio.- Yes,
0:00:11 > 0:00:15one reason why the auctions attract so many people is the variety
0:00:15 > 0:00:16- that's on offer.- Yes,
0:00:16 > 0:00:19but you've got to keep your cool when you look at the catalogue.
0:00:19 > 0:00:20Don't get carried away.
0:00:20 > 0:00:22Oh, no, cardinal sin,
0:00:22 > 0:00:26when you buy your home under the hammer.
0:00:51 > 0:00:54For many people, buying a property is a nerve-racking
0:00:54 > 0:00:57- and important part of their lives. - Yes,
0:00:57 > 0:00:59but you can limit the stress
0:00:59 > 0:01:02by deciding exactly what you're looking for
0:01:02 > 0:01:05and then researching so you make sure you get it.
0:01:05 > 0:01:08Did the buyers on today's show make the right moves?
0:01:08 > 0:01:10Let's find out what they bought.
0:01:11 > 0:01:16Find out if you can guess what type of property I'm in in Wolverhampton.
0:01:16 > 0:01:19It's not an apartment, and it's not a flat.
0:01:20 > 0:01:24There are plenty of surprises at this house in the Welsh valleys.
0:01:24 > 0:01:28Black mould, exposed ceiling,
0:01:28 > 0:01:30a cacophony of problems.
0:01:31 > 0:01:35And at this house in Kent, I make a discovery that's not good news.
0:01:36 > 0:01:38That's a bit like Japanese knotweed.
0:01:39 > 0:01:41That would be serious.
0:01:42 > 0:01:45All these properties have been sold at auction and we'll find out who
0:01:45 > 0:01:46bought them and what they paid
0:01:46 > 0:01:49for them when they went under the hammer.
0:01:53 > 0:01:57This is the city of Wolverhampton in the West Midlands.
0:01:57 > 0:02:00The statue known locally as "the man on the 'oss"
0:02:00 > 0:02:03is actually of Prince Albert.
0:02:03 > 0:02:05Its sculptor, Thomas Thornycroft,
0:02:05 > 0:02:07made a mistake in the horse's statue.
0:02:09 > 0:02:11I know. It's shocking, isn't it?
0:02:14 > 0:02:16Anyway, enough horsing around.
0:02:16 > 0:02:17Let's get to our property.
0:02:20 > 0:02:23I'm in Penfield, not far from Wolverhampton town centre.
0:02:23 > 0:02:26And I'm here to see a corner property
0:02:26 > 0:02:30which has a guide price of 29-£34,000,
0:02:30 > 0:02:33and it's been split up into three separate flats.
0:02:33 > 0:02:35And here it is. Now, as I look around,
0:02:35 > 0:02:38I can't see any others that look like this one.
0:02:38 > 0:02:41No prizes for guessing it was a corner shop,
0:02:41 > 0:02:44but it also includes a ground floor flat,
0:02:44 > 0:02:48one above and a small garden area that is rammed full of rubbish.
0:02:52 > 0:02:54Time to look inside the shop part.
0:02:55 > 0:02:58But it's not a shop any more.
0:02:58 > 0:03:00And I'll tell you what else it's not.
0:03:00 > 0:03:03It's not an apartment, and it's not a flat.
0:03:03 > 0:03:05Right, bear with me.
0:03:05 > 0:03:06You've got a...
0:03:07 > 0:03:09And you've got somewhere to...
0:03:11 > 0:03:13Good work. You're correct. It's a bedsit.
0:03:13 > 0:03:15I've seen bedsits a lot smaller than this.
0:03:15 > 0:03:17You've got your sleeping area there.
0:03:17 > 0:03:19You've got a lounge area with your TV
0:03:19 > 0:03:21and your kitchen over there.
0:03:21 > 0:03:25And bang in the corner, you've got a shower room and toilet.
0:03:25 > 0:03:27It's not in great condition.
0:03:27 > 0:03:31It needs a fair bit of money spent on it to bring it back up to modern
0:03:31 > 0:03:34living. Properties like this are in demand,
0:03:34 > 0:03:37especially for single people and especially,
0:03:37 > 0:03:40close to the town centre and city centre.
0:03:40 > 0:03:42So if you get something like this right,
0:03:42 > 0:03:45I think it's going to be money well spent.
0:03:45 > 0:03:49Getting it right means taking on the rights and obligations
0:03:49 > 0:03:51from the original landlord.
0:03:51 > 0:03:56Two of the three flats are currently let, unassured short hold tenancies.
0:03:56 > 0:04:00That usually means the rental agreement is for six or 12 months.
0:04:00 > 0:04:05As landlord, you are responsible for not only the property's structure,
0:04:05 > 0:04:07but an annual gas safety certificate,
0:04:07 > 0:04:09as well as the electrical repairs.
0:04:09 > 0:04:12The second unit on the ground floor
0:04:12 > 0:04:14is in need of more work than the first.
0:04:14 > 0:04:17This responsibility isn't something you can just ignore.
0:04:29 > 0:04:32The repair bill here will also be hard to ignore.
0:04:37 > 0:04:40Right, in the flat upstairs
0:04:40 > 0:04:43there's a bathroom just round the corner and a kitchen,
0:04:43 > 0:04:46which is bigger than I was expecting, to be honest with you.
0:04:46 > 0:04:50This whole flat is double the size of the two downstairs,
0:04:50 > 0:04:53so there's a bit of space up here.
0:04:53 > 0:04:55There's a lot of windows along this hallway.
0:04:55 > 0:04:58Then you get to the bedroom.
0:04:58 > 0:05:01It does again need to be painted and freshened up,
0:05:01 > 0:05:04but I can see central heating in this building, as well.
0:05:04 > 0:05:09And as we go further down into the living room,
0:05:09 > 0:05:13really freshen this place up, give it a new lease of life.
0:05:13 > 0:05:18But I do feel you could create a really nice one-bed flat up here.
0:05:22 > 0:05:23Fingers crossed that, as usual,
0:05:23 > 0:05:27our local property expert will turn up and...
0:05:27 > 0:05:28# Take a look around... #
0:05:31 > 0:05:32Indeed, he has,
0:05:32 > 0:05:36which is good because I'd like to know about the local area and
0:05:36 > 0:05:39if leaving this as three rental units is the only way to go.
0:05:40 > 0:05:41The area itself,
0:05:41 > 0:05:43it's currently going through a little bit of a renaissance,
0:05:43 > 0:05:47where people are tending to buy the properties
0:05:47 > 0:05:49and modernise them
0:05:49 > 0:05:51and turn them into flatted accommodation
0:05:51 > 0:05:53or bedsit accommodation,
0:05:53 > 0:05:56much like this particular property is.
0:05:56 > 0:06:00I would say that anybody who is a sort of self-respecting landlord
0:06:00 > 0:06:02would probably take this property
0:06:02 > 0:06:04and grab it by the scruff of the neck and
0:06:04 > 0:06:06shake it back down to the brick, uh,
0:06:06 > 0:06:08and refurbish it.
0:06:08 > 0:06:11I don't think there's anything radically wrong with the size of it
0:06:11 > 0:06:13and the way it's been converted.
0:06:13 > 0:06:16It's just that everything here is now very,
0:06:16 > 0:06:19very tired and wants some work doing to it.
0:06:19 > 0:06:23This property was guided at 29-£34,000
0:06:23 > 0:06:26and needs heaps of work.
0:06:26 > 0:06:29So, once sorted out, what kind of rental could it achieve?
0:06:29 > 0:06:31First, the two bedsits.
0:06:31 > 0:06:37They would realise in the region of 375-£400
0:06:37 > 0:06:39per calendar month.
0:06:39 > 0:06:41And the one-bedroom flatlet here
0:06:41 > 0:06:45would probably command in the region of
0:06:45 > 0:06:49450, maybe £475 per calendar month.
0:06:49 > 0:06:55That would be a combined yearly return of £15,300 -
0:06:55 > 0:06:58not bad at all if you can get it for anywhere near that guide price
0:06:58 > 0:07:01and sort out those issues inside.
0:07:01 > 0:07:04Let's see who fancied a challenge when it went under the hammer.
0:07:04 > 0:07:07Freehold residential investment,
0:07:07 > 0:07:10current gross income of £14,400 per annum
0:07:10 > 0:07:12from the three units there.
0:07:12 > 0:07:16How much for that? Can I ask 40,000 to start?
0:07:16 > 0:07:18For £14,400 worth of income.
0:07:18 > 0:07:20£40,000.
0:07:20 > 0:07:22Thank you, sir. 40,000, I'm bid.
0:07:22 > 0:07:2445, can I have?
0:07:24 > 0:07:27Your bid, sir, at 40. 45, can I have?
0:07:27 > 0:07:30Somebody must jump in at 45, surely?
0:07:30 > 0:07:3145, thank you.
0:07:31 > 0:07:3250, I'll come back to you, sir.
0:07:32 > 0:07:3550. 55 in the middle?
0:07:35 > 0:07:36With this great investment potential,
0:07:36 > 0:07:39there were plenty of interested bidders in this lot.
0:07:39 > 0:07:41We rejoin at £81,000.
0:07:41 > 0:07:4581,000 for the first, second and third time.
0:07:45 > 0:07:47Just in time.
0:07:47 > 0:07:49Can I say 82, sir?
0:07:49 > 0:07:5182, sir. 82.
0:07:51 > 0:07:5283, sir, at the back?
0:07:54 > 0:07:5683 bid. 84, sir?
0:07:56 > 0:07:5884 bid. 85 bid.
0:07:58 > 0:08:01Sir? I've got 84, with the fresh bidder.
0:08:01 > 0:08:0585 now. At £84,000 for the first...
0:08:05 > 0:08:07Yes, it's your bid, 773.
0:08:07 > 0:08:11At £84,000 for the first time, second time...
0:08:11 > 0:08:13Are you all done? At £84,000...
0:08:16 > 0:08:17Number 773, sir.
0:08:17 > 0:08:20- Thank you all. - The purchaser of this lot,
0:08:20 > 0:08:23paying 84 grand, was Daldar.
0:08:23 > 0:08:28He's been in property for over ten years and has a rental portfolio
0:08:28 > 0:08:30to which he's going to add these three units.
0:08:30 > 0:08:32I was keen to find out what his plans were
0:08:32 > 0:08:35and how he was going to turn this place around.
0:08:35 > 0:08:38- Dal, nice to meet you.- Nice to meet you.- Congratulations, sir.
0:08:38 > 0:08:40- Thank you.- So, what made you say, "I really want this one?"
0:08:40 > 0:08:43I normally deal with sort of blocks of flats and things,
0:08:43 > 0:08:45which I purchase off the auction,
0:08:45 > 0:08:47but prior to auctions, I can do a deal first.
0:08:47 > 0:08:49OK. Did you view this one?
0:08:49 > 0:08:53I did view this, in the evening. But I didn't see most of it.
0:08:53 > 0:08:56I could get into this one. But I couldn't get into the back one.
0:08:56 > 0:09:00- OK.- So... That's the only one I've seen, really.
0:09:00 > 0:09:02OK. And it was enough to make you go...
0:09:02 > 0:09:05It was, yeah. It's nothing serious, you know.
0:09:05 > 0:09:09- It's nothing I can't do.- So, how do you start on a project like this?
0:09:09 > 0:09:13In your situation, your experience, you've done it before many times...
0:09:13 > 0:09:15- Yeah.- What are you going to do to turn this round,
0:09:15 > 0:09:17to make people want to rent this place out?
0:09:17 > 0:09:20This will be gutted to the bricks,
0:09:20 > 0:09:21to the joists,
0:09:21 > 0:09:23and we'll start again with electrics.
0:09:23 > 0:09:25Plaster.
0:09:25 > 0:09:26Kitchens, bathrooms.
0:09:26 > 0:09:29New floorings. New furnishings... everything.
0:09:29 > 0:09:31- Everything'll be done. - Everything'll be done.
0:09:31 > 0:09:32It'll be a brand-new property.
0:09:32 > 0:09:33So, what about out the back?
0:09:33 > 0:09:36Talk to me, how are you going to sort that one out?
0:09:36 > 0:09:40That one... When the builders are here, that will be all cleared for the time, there.
0:09:40 > 0:09:42And all the demolished buildings that are falling down,
0:09:42 > 0:09:44they'll be repaired or taken down.
0:09:44 > 0:09:47You're looking at about 2-3 skips out the back, really, with all that
0:09:47 > 0:09:50- rubbish out there.- Are you going to get involved, or...?
0:09:50 > 0:09:51I will be on-site, yes.
0:09:51 > 0:09:56I've got a team of lads who come in and gut it all out and put it
0:09:56 > 0:09:58back together. I'll probably supply the kitchens, get the...
0:09:58 > 0:10:01Pick up the things what I need to pick up.
0:10:01 > 0:10:04OK. And they'll put it all in for you? Install everything for you?
0:10:04 > 0:10:07- Yes.- How much are they going to cost you?
0:10:07 > 0:10:09What's your budget for this whole project?
0:10:09 > 0:10:11That's a question, that is, now, isn't it?!
0:10:11 > 0:10:16I've set aside roughly about 25,000...
0:10:16 > 0:10:18- OK.- ..to do the project.- What kind of yield are you expecting?
0:10:18 > 0:10:21I'm thinking in the back of my mind, maybe 12, 12.5.
0:10:21 > 0:10:25- Percent.- OK. What makes you sort of confident in that?
0:10:25 > 0:10:27Well, if I can get like...
0:10:29 > 0:10:31..sort of 400, 450, for the top one...
0:10:31 > 0:10:36- Yes.- Two 400s, 1,250 per month for the three flats.
0:10:36 > 0:10:38- OK.- So that's what I'm thinking of.
0:10:38 > 0:10:41And then £15,000 per year...
0:10:41 > 0:10:44- OK.- So about 12, 12.5%?
0:10:44 > 0:10:46- Depends.- That's not bad maths, by the way!
0:10:46 > 0:10:49- That was quick.- Thank you!
0:10:49 > 0:10:52- And what about your timescale, then? - Er...
0:10:53 > 0:10:55Probably 4-6 weeks.
0:10:55 > 0:10:57I'll say six weeks. It's a big project because it's going to...
0:10:59 > 0:11:00Once we start taking stuff down,
0:11:00 > 0:11:03- we don't know what we're going to come across, either.- Uh-huh.
0:11:03 > 0:11:05So... You know, joists might need changing here,
0:11:05 > 0:11:07tiles might need changing there...
0:11:07 > 0:11:11- So as we're going along, we'll repair everything that needs to be repaired.- OK, so when you stick your
0:11:11 > 0:11:13- men in here, will this be the only job they're working on?- Yeah.
0:11:13 > 0:11:16- Or have you got the stuff you're working on at the moment?- No,
0:11:16 > 0:11:18this'll be the only job that team will be working on.
0:11:18 > 0:11:21Daldar may of course have to work
0:11:21 > 0:11:24around or find alternative accommodation for
0:11:24 > 0:11:27the current tenants while the work is carried out.
0:11:27 > 0:11:30This may have an impact on his timescale.
0:11:30 > 0:11:32But by the time the work is done,
0:11:32 > 0:11:34I'm sure anyone living in this accommodation
0:11:34 > 0:11:37will be happier with a fresh new home.
0:11:37 > 0:11:40And Daldar will have three solid rental properties
0:11:40 > 0:11:42to add to his portfolio.
0:11:42 > 0:11:44Is it just you on your own?
0:11:44 > 0:11:46With the business? Or have you got a partner?
0:11:46 > 0:11:48Yeah, my wife...
0:11:48 > 0:11:50..does all of the paperwork and stuff.
0:11:50 > 0:11:52See, hold it a minute, hold it a minute!
0:11:52 > 0:11:54Hold it a minute. I knew there was something...
0:11:54 > 0:11:57- Yeah.- I knew your partner had to be involved somewhere!
0:11:57 > 0:12:00- Yeah.- When you said she does all the... She does all the... Work!
0:12:00 > 0:12:03- ..is what you were going to say, weren't you?- Yes, she does all the legal side, yeah!
0:12:03 > 0:12:07In fact, it was Daldar's wife, Tahli,
0:12:07 > 0:12:11who first suggested he try the property game over ten years ago.
0:12:11 > 0:12:14Since then, the business has become a full family one,
0:12:14 > 0:12:17as their son Jay also joined the ranks.
0:12:17 > 0:12:20So, as the numbers grow in the company,
0:12:20 > 0:12:24there's only one number I'm thinking about.
0:12:24 > 0:12:26- 12.5%?- Hopefully!
0:12:26 > 0:12:28- Confident?- Hopefully!
0:12:28 > 0:12:29- Fingers crossed.- Dal, good luck.
0:12:29 > 0:12:31- Thank you.- I wish you all the best. - Thank you.
0:12:33 > 0:12:36Now, Dal is an experienced property developer,
0:12:36 > 0:12:38he knows exactly what he's doing.
0:12:38 > 0:12:41But there's a lot of work to be done here and two current tenants to
0:12:41 > 0:12:43negotiate with as well,
0:12:43 > 0:12:45so it might not be that simple.
0:12:45 > 0:12:47You can find out how he gets on later in the programme.
0:12:52 > 0:12:5419 miles from Cardiff,
0:12:54 > 0:12:56in the beautiful Cynon Valley
0:12:56 > 0:13:00is the fantastically named town of Mountain Ash.
0:13:00 > 0:13:02Even more fantastical is the legend
0:13:02 > 0:13:04of local runner Guto Nyth Bran.
0:13:04 > 0:13:08Born in 1700, he was supposedly so fast,
0:13:08 > 0:13:10he could run from here to Aberdare
0:13:10 > 0:13:12AND BACK before his mum's kettle had boiled!
0:13:19 > 0:13:24But will today's property have us sprinting for the auction house?
0:13:24 > 0:13:27It's a one-bed mid-terraced house
0:13:27 > 0:13:30with a guide price of £17,000.
0:13:30 > 0:13:34This is it. OK, not quite as pretty as its surroundings,
0:13:34 > 0:13:36but let's give it a chance.
0:13:43 > 0:13:45Quite a few steep steps to get up
0:13:45 > 0:13:48before you get to the entrance and that would of course
0:13:48 > 0:13:51put somebody off with disability issues or even, you know,
0:13:51 > 0:13:53lugging up a buggy with kids.
0:13:53 > 0:13:57Right, the double glazing seems to be doing a good job because I can't
0:13:57 > 0:13:59hear that busy road outside.
0:13:59 > 0:14:01Can't hear much traffic.
0:14:02 > 0:14:05That stone effect wall, that ain't fooling anyone.
0:14:05 > 0:14:07Not a bad, bright reception room, first of all.
0:14:07 > 0:14:10And then... Ah!
0:14:10 > 0:14:13Suddenly things get darker and damper.
0:14:13 > 0:14:15You have another reception room here,
0:14:15 > 0:14:18with hardly any natural light coming in.
0:14:18 > 0:14:21The wall actually is...really wet.
0:14:21 > 0:14:24Black mould, exposed ceiling...
0:14:24 > 0:14:26A cacophony of problems.
0:14:26 > 0:14:30And through to what has been the kitchen area.
0:14:30 > 0:14:33I can tell by the depth of...
0:14:33 > 0:14:35This has been an add-on, an extension
0:14:35 > 0:14:38and a bit of an afterthought.
0:14:38 > 0:14:41It doesn't look the sturdiest. It doesn't look substantial.
0:14:41 > 0:14:44I can see a metal sheet makes up the roof.
0:14:44 > 0:14:46You would definitely want to see
0:14:46 > 0:14:48if it complies with building regulations.
0:14:48 > 0:14:50There's a lot of work to do.
0:15:09 > 0:15:13At the top of a narrow, gloomy staircase, I didn't expect this.
0:15:13 > 0:15:17So a double bedroom, to one side...
0:15:17 > 0:15:19Actually, getting a double bed up these stairs would be a bit of an
0:15:19 > 0:15:21achievement in itself.
0:15:21 > 0:15:23Let's find out what's up this way.
0:15:25 > 0:15:29OK, up this way, things start to get a bit more complicated.
0:15:29 > 0:15:31And weird. The layout doesn't make sense.
0:15:31 > 0:15:35So you have your bathroom here and here you have a really big cupboard.
0:15:35 > 0:15:37It's certainly too small for a bedroom.
0:15:37 > 0:15:40And you actually have a little cupboard off that cupboard.
0:15:40 > 0:15:44Into the bathroom itself, you've got a lot of black mould gathering.
0:15:44 > 0:15:47It may be down to a lack of extractor fan.
0:15:47 > 0:15:49You hope so, because it's easily fixed.
0:15:49 > 0:15:51Not much can be salvaged.
0:15:51 > 0:15:54It needs to come out. But it's not making sense, this layout.
0:15:54 > 0:15:56You're not utilising your space at all
0:15:56 > 0:15:58and I need to put my thinking cap on,
0:15:58 > 0:16:01as to how you would change the layout.
0:16:01 > 0:16:02Just give me a minute.
0:16:04 > 0:16:06Won't be too long.
0:16:06 > 0:16:07Lots to think about.
0:16:07 > 0:16:10While we wait for my developer brain to kick in,
0:16:10 > 0:16:13why not enjoy this intermission?
0:16:17 > 0:16:19Hey, the weather's really been something, hasn't it?
0:16:20 > 0:16:23Hm. Wonder what Dion and Martin are up to?
0:16:23 > 0:16:25Ah. Wait - hold on.
0:16:25 > 0:16:26I've worked it out!
0:16:28 > 0:16:31When a house is this small, size and light, well,
0:16:31 > 0:16:33they come with a premium.
0:16:33 > 0:16:34Thinking of options,
0:16:34 > 0:16:38downstairs I quite fancy making a feature of the staircase,
0:16:38 > 0:16:42taking down those walls either side, opening the whole lot up.
0:16:42 > 0:16:45You've got your kitchen, your diner, your sitting area.
0:16:45 > 0:16:49Upstairs, things become a bit more complicated because the layout just
0:16:49 > 0:16:51doesn't work as it is.
0:16:51 > 0:16:53You could think about changing the position of the stairs,
0:16:53 > 0:16:57reconfiguring them, if you did want to keep things simpler, well,
0:16:57 > 0:16:59where your bathroom is just now,
0:16:59 > 0:17:02you could have a single bedroom and where the cupboard is,
0:17:02 > 0:17:05you could have a shower room and keep this as a double bedroom.
0:17:05 > 0:17:07Lots to think about.
0:17:09 > 0:17:11Two heads are definitely better than one,
0:17:11 > 0:17:13so what does a local estate agent
0:17:13 > 0:17:16make of this oddly laid out property,
0:17:16 > 0:17:18guided at 17 grand?
0:17:19 > 0:17:24Access to the first floor is via a difficult stair layout.
0:17:24 > 0:17:28That should possibly be investigated to see if it could be simplified.
0:17:28 > 0:17:31However, you are going to have to bear in mind that the cost of
0:17:31 > 0:17:33renovating this property is not
0:17:33 > 0:17:36going to leave a great deal of profit.
0:17:36 > 0:17:39A lot of issues upfront
0:17:39 > 0:17:42and the agent thinks it will also need a damp proof course
0:17:42 > 0:17:44AND a rewire.
0:17:44 > 0:17:48So is it worth it, and is it worth trying to make it a two-bed?
0:17:50 > 0:17:53If this property was renovated to a one-bedroom property,
0:17:53 > 0:17:55keeping the existing layout,
0:17:55 > 0:18:00I would expect it could achieve in the region of 45,000-£55,000
0:18:00 > 0:18:04and a rental valuation of £300 per calendar month.
0:18:04 > 0:18:05As a two-bed,
0:18:05 > 0:18:10it could possibly achieve a sale value of £55,000
0:18:10 > 0:18:14and a rental of £370-£395
0:18:14 > 0:18:17per calendar month.
0:18:17 > 0:18:21While that £17,000 guide price seems attractive,
0:18:21 > 0:18:25you may well need that and more to bring this place up to scratch.
0:18:25 > 0:18:30So for me, the key to making a profit is getting it close to that guide price.
0:18:30 > 0:18:33Let's find out what happened when it went under the hammer.
0:18:37 > 0:18:38Guided at just 17,000.
0:18:38 > 0:18:41Start me, somebody - 17? 15...
0:18:41 > 0:18:42Make it 10,000. Start me.
0:18:42 > 0:18:44Put a hand up at ten. Ten there at the back, if you want to then.
0:18:44 > 0:18:47Two or three hands went up there, quickly went down again.
0:18:47 > 0:18:50Ten, I've got you there. 11, do you want to? Thank you, love. And 12?
0:18:50 > 0:18:5112. 13.
0:18:51 > 0:18:5414. 15.
0:18:54 > 0:18:5516. 16?
0:18:55 > 0:18:5715 and a half.
0:18:57 > 0:19:00- 16.- The bidding kept motoring along,
0:19:00 > 0:19:04going up in halves and we rejoin at £24,000.
0:19:04 > 0:19:0624 for the first time...
0:19:06 > 0:19:08Second time, third and last, then.
0:19:08 > 0:19:1024... 24 and a half.
0:19:10 > 0:19:1225.
0:19:12 > 0:19:1325. 25,
0:19:13 > 0:19:15do you want to? 25.
0:19:15 > 0:19:1625 and a half? No.
0:19:16 > 0:19:20At 25, for the first time...
0:19:20 > 0:19:22Second time, third and last time.
0:19:22 > 0:19:24For £25,000...
0:19:25 > 0:19:27Yours, well done. Number 136.
0:19:27 > 0:19:30Thank you very much. Julie and her husband Peter
0:19:30 > 0:19:32paid eight grand over the guide price
0:19:32 > 0:19:36and although they have done bits and bobs to a previous property,
0:19:36 > 0:19:39this is the first time they've tackled something like this.
0:19:39 > 0:19:42So will they make some cash in Mountain Ash
0:19:42 > 0:19:44on a 25-grand investment?
0:19:45 > 0:19:47Julie, pleased to meet you.
0:19:47 > 0:19:49- Hi.- Peter, pleased to meet you.
0:19:49 > 0:19:50Martel.
0:19:50 > 0:19:54- Are you from round these parts in Wales?- No, we're from Sussex.
0:19:54 > 0:19:56- Ah.- We live near Worthing.
0:19:56 > 0:19:59OK. And what brings you here?
0:19:59 > 0:20:02Well, we had a smaller property in Littlehampton,
0:20:02 > 0:20:07which we sold eventually, but it wasn't as big a scale as this.
0:20:07 > 0:20:10But we thought we'd buy this because it's cheaper in Wales
0:20:10 > 0:20:13and we thought we quite liked the property.
0:20:13 > 0:20:14I'd imagine it's very attractive
0:20:14 > 0:20:17that the house has a guide price of £17,000.
0:20:17 > 0:20:19And you probably looked at it, too.
0:20:19 > 0:20:22- Yes.- No, not at first, we didn't. - Well...
0:20:22 > 0:20:25- OK, you didn't look at it. - No, we broke the golden rule.
0:20:25 > 0:20:28We didn't look at it before the auction!
0:20:28 > 0:20:30But we did look through the window.
0:20:30 > 0:20:33But we were a bit shocked at what we did see, didn't we?
0:20:33 > 0:20:35- Mm.- When we came in.
0:20:43 > 0:20:45Oh, dear, guys.
0:20:45 > 0:20:47That's why it's a golden rule!
0:20:47 > 0:20:51And living four hours away isn't going to be easy, either.
0:20:51 > 0:20:54But these two are new to full-time property development,
0:20:54 > 0:20:57so I think they're allowed to make a mistake or two.
0:20:57 > 0:21:00We had a business for a while,
0:21:00 > 0:21:02which wasn't viable in the end,
0:21:02 > 0:21:04so we had to give it up.
0:21:04 > 0:21:07And Julie's health wasn't very good at the time.
0:21:07 > 0:21:11It didn't help much either. So, we just sort of...
0:21:11 > 0:21:13tried to think of what else we could do.
0:21:13 > 0:21:15And eventually we came up with this,
0:21:15 > 0:21:18- and thought, well, let's give this a go.- Now, the downside of not
0:21:18 > 0:21:20seeing this property is that there's an awful lot of work
0:21:20 > 0:21:23that needs done and you said you were quite surprised...
0:21:23 > 0:21:27- Yes, shocked.- Yeah, so talk me through when you did first come in.
0:21:27 > 0:21:29What was it that made you a bit worried?
0:21:29 > 0:21:32I think it was in the kitchen, with the ceiling.
0:21:32 > 0:21:35Because obviously we hadn't seen all that when we looked through.
0:21:35 > 0:21:39And we didn't think there was quite as much work as there is.
0:21:39 > 0:21:42But we're up for a challenge! It's our first one.
0:21:42 > 0:21:44So we might as well go in at the deep end.
0:21:44 > 0:21:47Have you thought that there's enough room for a two-bed there?
0:21:47 > 0:21:50When I went up, I was thinking, what could you do with this space?
0:21:50 > 0:21:54And maybe you could change the bathroom position
0:21:54 > 0:21:57to where the cupboard is and... Are you thinking about...?
0:21:57 > 0:22:00En suite, or something. We were thinking of that.
0:22:00 > 0:22:02Whether we can get a bathroom anywhere down here...
0:22:02 > 0:22:05I don't know. But it's something we'll look at.
0:22:05 > 0:22:08Yeah, I guess it all depends on quotes and how much
0:22:08 > 0:22:09you want to spend.
0:22:09 > 0:22:12We were hoping to do it for 15,000.
0:22:12 > 0:22:13But I don't know.
0:22:13 > 0:22:17It may be between 15 and 20, I think now.
0:22:17 > 0:22:20- Now we've looked at it.- Yeah, more realistic, I think.
0:22:20 > 0:22:22We lack so much experience at renovation, we're learning.
0:22:22 > 0:22:26And we've got to learn from this one, as our first main renovation.
0:22:26 > 0:22:28So once we know, then we know what we can do next.
0:22:28 > 0:22:30That's just how it works.
0:22:30 > 0:22:34Yeah, and you've taken on a huge challenge, but it's inspirational
0:22:34 > 0:22:35to see you doing that.
0:22:35 > 0:22:37And this is the worst stage
0:22:37 > 0:22:39- you'll be at, where you're a bit overwhelmed.- Yes.
0:22:39 > 0:22:43- And hopefully you'll get the answers as the weeks and months go by.- Mm.
0:22:44 > 0:22:47The couple are thinking on their feet and have changed their plans on
0:22:47 > 0:22:50timescale, as well as their budget.
0:22:50 > 0:22:52They hope to do it in three months
0:22:52 > 0:22:55and have been taking advice from an optimistic builder.
0:22:55 > 0:22:59But the distance they have to travel is the thing that worries me.
0:23:00 > 0:23:04And how will you get to here and back again?
0:23:04 > 0:23:06In Betty, our motorhome!
0:23:06 > 0:23:08- Betty?- Yeah. We stay in Betty.
0:23:08 > 0:23:10We call her Betty McBettface.
0:23:10 > 0:23:13- Betty McBettface?! - It's named after her mother.
0:23:14 > 0:23:18- So...- And what's the plan for this place once it's done?
0:23:18 > 0:23:21We were going to use it as a bolthole at one point, but because
0:23:21 > 0:23:23it's so bad and it's going to need so much work on it
0:23:23 > 0:23:25and money put into it,
0:23:25 > 0:23:27I think it will probably be...
0:23:27 > 0:23:31Hopefully, we can do it up and sell it. At a little profit, maybe!
0:23:32 > 0:23:33That would be the aim.
0:23:33 > 0:23:36Great. And would you like to do this again, to roll it on and...?
0:23:36 > 0:23:38- Yeah.- Ask us that
0:23:38 > 0:23:40- in three months' time!- Yeah!
0:23:40 > 0:23:41Yeah.
0:23:41 > 0:23:42We will! We'll ask you just that!
0:23:42 > 0:23:45Look forward to it and hopefully
0:23:45 > 0:23:47it's a yes when we do ask the question.
0:23:47 > 0:23:50Best of luck. Can't wait to see what you do with the place.
0:23:50 > 0:23:54- Thank you.- Thank you.- Thanks, Peter. Thanks, Julie.- Thank you.
0:23:56 > 0:24:00Now, this... This is the perfect example
0:24:00 > 0:24:03of why you should always view a property before auction.
0:24:03 > 0:24:07There were some nasty surprises coming in here for the first time.
0:24:07 > 0:24:09Potential structural problems,
0:24:09 > 0:24:11damp, layout...
0:24:11 > 0:24:13Saying all that, it's such a big job,
0:24:13 > 0:24:16but who could fail to be on the side of Julie and Peter?
0:24:16 > 0:24:18We're really rooting for them.
0:24:18 > 0:24:20You can find out what happens later in the show.
0:24:22 > 0:24:26Coming up, I'm feeling a bit hemmed-in at this house in Kent.
0:24:28 > 0:24:30Quite narrow, actually.
0:24:30 > 0:24:31All a bit claustrophobic.
0:24:33 > 0:24:37And in Wales, find out if Peter and Julie had anything to be scared of.
0:24:37 > 0:24:39There was the thought that perhaps the building
0:24:39 > 0:24:42could've collapsed at that point if we'd left it any longer.
0:24:47 > 0:24:50- DION:- It was in the Midlands - Wolverhampton to be precise -
0:24:50 > 0:24:53where we first saw a curious lot.
0:24:53 > 0:24:55Formerly a shop with living space
0:24:55 > 0:24:59that had been converted into three separate accommodations.
0:25:00 > 0:25:02Properties like this are in demand,
0:25:02 > 0:25:05especially for single people and especially
0:25:05 > 0:25:09close to the town centre and city centre.
0:25:09 > 0:25:10So if you get something like this right,
0:25:10 > 0:25:13I think it's going to be money well spent.
0:25:13 > 0:25:15And talking of spending money,
0:25:15 > 0:25:18I reckon this needed more than a little to bring these flats up
0:25:18 > 0:25:21to the standards required for renting.
0:25:21 > 0:25:25The bottom corner flat was vacant, but the other two were tenanted.
0:25:25 > 0:25:28To get the work done, you might need to negotiate with the tenants,
0:25:28 > 0:25:31which could be tricky. The man prepared to take this trio
0:25:31 > 0:25:34of flats on was experienced developer Daldar,
0:25:34 > 0:25:36who paid well over the guide price -
0:25:36 > 0:25:3944 grand over, to be precise.
0:25:47 > 0:25:49What are you going to do to turn this round,
0:25:49 > 0:25:52to make people want to rent this place out?
0:25:52 > 0:25:54This will be gutted to the bricks,
0:25:54 > 0:25:56to the joists,
0:25:56 > 0:25:59and we'll start again with electrics, plaster,
0:25:59 > 0:26:00kitchens, bathrooms.
0:26:00 > 0:26:02New floorings.
0:26:02 > 0:26:04- New furnishings. - Everything will be done.
0:26:04 > 0:26:07Yeah, everything will be done. It'll be like a brand-new property.
0:26:07 > 0:26:08And with a 25-grand budget
0:26:08 > 0:26:10and a six-week timescale,
0:26:10 > 0:26:14Daldar was ready to project manage this back-to-basics refurbishment.
0:26:17 > 0:26:19But now, seven months have ticked by.
0:26:28 > 0:26:29So, what have we got?
0:26:30 > 0:26:33We took this apartment right back to brick,
0:26:33 > 0:26:36had new windows placed in.
0:26:36 > 0:26:39While we had that, the electrician put the wiring in.
0:26:39 > 0:26:43Obviously, I changed everything to electric heaters now.
0:26:43 > 0:26:46Bathroom, new suite, everything, new kitchen.
0:26:50 > 0:26:53The one-bed studio flat was now ready to go.
0:26:54 > 0:26:57The flat in the back was in the worst condition
0:26:57 > 0:26:59with piles of stuff to be cleared out.
0:27:01 > 0:27:03And a rethink on the punk vibe
0:27:03 > 0:27:05was definitely required.
0:27:05 > 0:27:09The back flat, what I managed to do there, when I looked at it,
0:27:09 > 0:27:11the bathroom was the same size as the kitchen.
0:27:11 > 0:27:15So I've decreased the bathroom and made the kitchen larger.
0:27:16 > 0:27:18Daldar has covered safety measures
0:27:18 > 0:27:23such as fire doors and also has had a system installed under the sink
0:27:23 > 0:27:25that supplies instant hot water,
0:27:25 > 0:27:28so no boiler worries in any of the flats.
0:27:28 > 0:27:30What an amazing transformation!
0:27:30 > 0:27:33So that just leaves upstairs.
0:27:34 > 0:27:37The flat upstairs, I've took back to brick also.
0:27:38 > 0:27:41While I was doing that, I looked at the roof. I had to change some parts
0:27:41 > 0:27:44of the roof, what needed doing because there was
0:27:44 > 0:27:45water coming through there.
0:27:45 > 0:27:47And then just did it all again, like the others.
0:27:47 > 0:27:50Just brand-new from scratch, really.
0:27:57 > 0:28:00Clean, bright and fresh.
0:28:00 > 0:28:05These flats are at last now just right for the local market.
0:28:05 > 0:28:09But it's taken a little longer than Daldar first hoped.
0:28:09 > 0:28:12Obviously, I inherited tenants which had...
0:28:12 > 0:28:14I had to wait until they left before I started work,
0:28:14 > 0:28:16which took a number of months.
0:28:16 > 0:28:20Sometimes, having tenants in place can be a bonus,
0:28:20 > 0:28:23providing an income stream straightaway.
0:28:23 > 0:28:24But not when the level of work
0:28:24 > 0:28:27that was needed here meant the space would be better
0:28:27 > 0:28:29unoccupied and cleared.
0:28:33 > 0:28:36Literally, eight skips I filled out here...
0:28:37 > 0:28:40Commercial skips. There were eight skips of just waste.
0:28:40 > 0:28:43And once the place was clear of the mess,
0:28:43 > 0:28:46it was time for Daldar's team of tradesmen to get stuck in
0:28:46 > 0:28:48and get their hands dirty.
0:28:48 > 0:28:51And they did complete this place in six weeks,
0:28:51 > 0:28:53but how involved did he get?
0:28:55 > 0:28:58My role mainly now is I do project manage the whole build.
0:28:58 > 0:29:02So obviously, keep up with all the supplies what the builders require.
0:29:02 > 0:29:05I've had a lot of cooperation from my family and support.
0:29:05 > 0:29:06They have been popping in.
0:29:06 > 0:29:07Giving me ideas.
0:29:07 > 0:29:10My son, my wife, my daughter.
0:29:10 > 0:29:14But even though he gets help and advice from the family,
0:29:14 > 0:29:17it's Daldar who has to stump up the cash.
0:29:18 > 0:29:21My projected cost was £25,000,
0:29:21 > 0:29:23before start.
0:29:23 > 0:29:26But afterwards, with the work carried out on the chimneys,
0:29:26 > 0:29:29staircase, other costs, on the roof,
0:29:29 > 0:29:33it did creep up to about £34,000
0:29:33 > 0:29:35for the final project build.
0:29:37 > 0:29:41£34,000 on top of his 84 grand purchase price
0:29:41 > 0:29:46takes Daldar's total spend here to £118,000.
0:29:46 > 0:29:48And with three flats on offer for that kind of money,
0:29:48 > 0:29:50it does seem like a good deal.
0:29:50 > 0:29:53But what do two local property experts
0:29:53 > 0:29:55make of these revitalised flats?
0:29:56 > 0:29:59This is my second visit to the property.
0:29:59 > 0:30:03First time I came round and it was a bit...
0:30:03 > 0:30:04"What's the man bought?"
0:30:04 > 0:30:08However, today I've been here, I've had a look round, and boy,
0:30:08 > 0:30:09has he made a difference.
0:30:09 > 0:30:12It is actually really, really nice.
0:30:12 > 0:30:14The layout of the property has been very well thought out
0:30:14 > 0:30:18and the changes particularly have been well thought out by the owner.
0:30:18 > 0:30:22To increase the size of the kitchen space has been the right sort of
0:30:22 > 0:30:25thing to do and it makes the property more attractive.
0:30:26 > 0:30:28Daldar wants to keep the flats for rental,
0:30:28 > 0:30:32but having invested 118 grand into the project,
0:30:32 > 0:30:35would they see a return on the resale market?
0:30:35 > 0:30:40Once it's fully let, it will sell as an investment property and I feel
0:30:40 > 0:30:46that he would achieve in the region of 160-£170,000.
0:30:46 > 0:30:50The resale value of the property for me, once fully occupied for
0:30:50 > 0:30:54all three flats would be in the region of £165,000.
0:30:54 > 0:30:57It's a ballpark figure, but I was thinking more 180s.
0:30:57 > 0:31:01A profit of £52,000 before taxes
0:31:01 > 0:31:04and fees isn't floating Daldar's boat.
0:31:04 > 0:31:06He's all about those rental values.
0:31:06 > 0:31:10I feel that the small ground-floor
0:31:10 > 0:31:13at the front flat is probably going to
0:31:13 > 0:31:17achieve in the region of £495.
0:31:17 > 0:31:21The flat to the rear is going to be £550 per calendar month.
0:31:21 > 0:31:25And the first-floor flat, which is the largest of the three,
0:31:25 > 0:31:29I think it would achieve in the region of £595 per calendar month.
0:31:29 > 0:31:31Now the property is fully complete,
0:31:31 > 0:31:35I have let all the flats out and the property now,
0:31:35 > 0:31:38total is achieving £1,640 per calendar month.
0:31:39 > 0:31:43£1,640 per calendar month
0:31:43 > 0:31:47gives him an amazing annual yield of 16%.
0:31:49 > 0:31:52It might have had its issues along the way, but wow!
0:31:52 > 0:31:53It certainly paid off.
0:31:54 > 0:31:56So, what's next? More of the same?
0:31:59 > 0:32:01Yeah, I'll probably dabble again.
0:32:01 > 0:32:04At the moment, I say no, but...
0:32:04 > 0:32:06I will do it again sooner or later.
0:32:12 > 0:32:17It is impossible to visit Chatham in Kent without getting a sense of the
0:32:17 > 0:32:19important role the naval dockyard
0:32:19 > 0:32:22has played in the town's development.
0:32:22 > 0:32:23You can see it everywhere.
0:32:23 > 0:32:27Monuments and impressive historical buildings aplenty.
0:32:28 > 0:32:30When it comes to housing stock,
0:32:30 > 0:32:32there's a good variety of the old and new,
0:32:32 > 0:32:34so let's see what's in store today.
0:32:36 > 0:32:40About half a mile from the centre of Chatham on this fairly hilly
0:32:40 > 0:32:43residential street... It's almost a side street, actually,
0:32:43 > 0:32:45is the property I'm here to see.
0:32:45 > 0:32:47It's a mid-terrace, two bedrooms,
0:32:47 > 0:32:50£105,000 was the guide price.
0:32:50 > 0:32:51This is it.
0:32:53 > 0:32:54Woo-hoo!
0:32:54 > 0:32:55Tidy(!)
0:32:56 > 0:32:59Actually, no - work in progress, more like it.
0:32:59 > 0:33:01Looks like somebody has been stripping off wallpaper.
0:33:01 > 0:33:04Well, you know. At least you get to see the state of the walls and they
0:33:04 > 0:33:07look to be in reasonable condition, which is good.
0:33:07 > 0:33:09Obviously, there was a fire there,
0:33:09 > 0:33:12so you've got a potential for making a nice feature.
0:33:12 > 0:33:14Although glancing around, looking over there,
0:33:14 > 0:33:17looks like there's electric storage heaters or similar kind of things,
0:33:17 > 0:33:19so maybe no central heating.
0:33:19 > 0:33:21That's something you're going to have to factor in.
0:33:21 > 0:33:25But a really good thing with these kind of slightly smaller terraces,
0:33:25 > 0:33:28you knock it through like this, you create one big space here.
0:33:28 > 0:33:31It's a really nice sort of living area,
0:33:31 > 0:33:34which makes the whole house feel a lot bigger than it actually is.
0:33:34 > 0:33:37So that's good news. We definitely like the layout.
0:33:37 > 0:33:41I also like the position of the stairs. Quite steep,
0:33:41 > 0:33:44and I'm not sure if they're particularly safe like that,
0:33:44 > 0:33:45but they certainly work there
0:33:45 > 0:33:48in terms of making the most of this space.
0:33:48 > 0:33:51And a very classic design, we're through to the rear of the property
0:33:51 > 0:33:53where we've got a kitchen.
0:33:53 > 0:33:54Er... OK.
0:33:54 > 0:33:57So you'll have to be careful about your design in here.
0:33:57 > 0:33:58Clearly, this design...
0:34:00 > 0:34:02..does not work!
0:34:02 > 0:34:05I think we'd have to sacrifice the units on this side and just have
0:34:05 > 0:34:09them on that side, otherwise we are in, well, a terrible pickle.
0:34:09 > 0:34:10It just doesn't work, does it?
0:34:10 > 0:34:13And then as is classic for this kind of property,
0:34:13 > 0:34:15through to the very back,
0:34:15 > 0:34:20where the only bathroom and loo in the property is situated.
0:34:20 > 0:34:22It's a design we've seen 100 times,
0:34:22 > 0:34:25probably 1,000 times before on the show.
0:34:25 > 0:34:28You know what? If you just accept this is what it is, it's fine.
0:34:28 > 0:34:31All in all, not a bad little house for the money.
0:34:32 > 0:34:34Along with these rooms,
0:34:34 > 0:34:37there's also the bonus of the cellar and I suspect most of the houses in
0:34:37 > 0:34:40this street will have a downstairs bathroom,
0:34:40 > 0:34:41so I wouldn't worry about moving it.
0:34:41 > 0:34:45Unless of course there's an obvious place to put it upstairs.
0:34:47 > 0:34:50So, up those very steep stairs,
0:34:50 > 0:34:52quite narrow, actually.
0:34:52 > 0:34:54All a bit claustrophobic.
0:34:55 > 0:34:57..to the two bedrooms.
0:34:57 > 0:35:00First one here. Oh, a few signs of damp there.
0:35:00 > 0:35:03You can see it on the wall and also on the ceiling.
0:35:03 > 0:35:06My guess is it's coming from the chimney stack.
0:35:06 > 0:35:08Quite how serious that is, I don't know.
0:35:08 > 0:35:11Then through into the front bedroom. It's not a bad size.
0:35:11 > 0:35:13All in all, it's not a massive house, is it?
0:35:13 > 0:35:15But it's not in bad condition,
0:35:15 > 0:35:17apart from that bit there.
0:35:17 > 0:35:20And yes, for a nice little starter project,
0:35:20 > 0:35:22yeah, it's...
0:35:22 > 0:35:25..more than a weekend's work, but less than a year's work.
0:35:25 > 0:35:29There's certainly a fair number of jobs to tackle here, and I'd get the
0:35:29 > 0:35:31damp checked by a professional.
0:35:31 > 0:35:34But there's not much here to greatly worry about.
0:35:34 > 0:35:36It's just a standard refurbishment.
0:35:36 > 0:35:39MUSIC: It's Not Unusual by Tom Jones
0:35:48 > 0:35:51Well, at the back of the property,
0:35:51 > 0:35:54it's started raining, but it hasn't dampened my spirits.
0:35:54 > 0:35:56Er...
0:35:56 > 0:35:58That said, what's that?
0:36:01 > 0:36:03That's a bit like Japanese knotweed.
0:36:04 > 0:36:06That would be serious.
0:36:06 > 0:36:08Anyway, that's caught me slightly by surprise.
0:36:08 > 0:36:11Good-sized rear garden.
0:36:11 > 0:36:13It could do with a bit of landscaping!
0:36:15 > 0:36:17Exterior bath, I'm not sure about that.
0:36:17 > 0:36:19You can see the extension here,
0:36:19 > 0:36:22it doesn't look to be in that good a condition. Certainly that flat roof.
0:36:22 > 0:36:24That needs attention.
0:36:24 > 0:36:28Possibly something nicer there. Could you go two storeys, like some of the other properties have?
0:36:28 > 0:36:30Yes, you possibly could. Would it be worth it?
0:36:30 > 0:36:32Well, it depends what you want the property for.
0:36:32 > 0:36:34But yes, I'm sorry,
0:36:34 > 0:36:37my mind is definitely taken with this.
0:36:37 > 0:36:40And that, cos that's very serious.
0:36:40 > 0:36:42That is almost like a, "Don't buy this property" kind of scenario.
0:36:42 > 0:36:44Or at least get it sorted out.
0:36:44 > 0:36:46You never know what you're going to find!
0:36:46 > 0:36:50I just walked out the back door, I thought, "I'll look at the garden", discover that. Hey-ho.
0:36:51 > 0:36:55# Too much bad weed is in the garden
0:36:57 > 0:37:00# I am gonna weed them out
0:37:01 > 0:37:05# I am gonna weed them out. #
0:37:05 > 0:37:08Well, if you're a regular viewer of the show, you'll be aware of the
0:37:08 > 0:37:13terrors and torment of this seemingly innocuous-looking plant.
0:37:13 > 0:37:16It can grow through concrete and severely damage a property.
0:37:16 > 0:37:19If you have it on your property, get the experts in,
0:37:19 > 0:37:22not least because the root system
0:37:22 > 0:37:24can grow from even a tiny piece of root.
0:37:24 > 0:37:28So its disposal is strictly controlled.
0:37:28 > 0:37:30You can even be fined thousands of pounds
0:37:30 > 0:37:33or go to prison if you allow it to get into the wild.
0:37:33 > 0:37:38And it would seem the local property expert we asked along knows a thing
0:37:38 > 0:37:41- or two about it. - With the Japanese knotweed,
0:37:41 > 0:37:44it's in certain areas of Chatham at the moment
0:37:44 > 0:37:47and it is causing us a problem.
0:37:47 > 0:37:50Building societies don't like it and to get rid of it,
0:37:50 > 0:37:52it is quite difficult.
0:37:52 > 0:37:55It takes approximately 2-3 years
0:37:55 > 0:38:00to get it treated at different intervals and it's quite expensive.
0:38:00 > 0:38:02Hmm. Well, moving swiftly on,
0:38:02 > 0:38:05what are her thoughts about the inside of the house?
0:38:07 > 0:38:11I think what stands out about this property is the size of the lounge.
0:38:11 > 0:38:12And I think people do like this,
0:38:12 > 0:38:15rather than two little rooms, it's ideal.
0:38:15 > 0:38:18You know, for a family, they can have the table one end,
0:38:18 > 0:38:21sit up the other end, and it's really comfortable.
0:38:21 > 0:38:23Yes, it definitely has some plus points,
0:38:23 > 0:38:25but I'm still worried eradicating
0:38:25 > 0:38:28that knotweed could eat away any potential profits
0:38:28 > 0:38:32for a house that was guided at £105,000.
0:38:32 > 0:38:34The resale value, I believe,
0:38:34 > 0:38:39for this property is in the region of £175,000-£180,000.
0:38:39 > 0:38:43And for rental, approximately £800 per calendar month.
0:38:48 > 0:38:50So, it just goes to show, doesn't it?
0:38:50 > 0:38:53Everything about this property, pretty much standard.
0:38:53 > 0:38:55No big issues.
0:38:55 > 0:38:57La-di-da. And then you go outside
0:38:57 > 0:38:59and discover the Japanese knotweed.
0:38:59 > 0:39:02A classic case of why you've got to come to properties and look around
0:39:02 > 0:39:05because again, a cursory drive-by,
0:39:05 > 0:39:08you're not going to see that and that is a big issue.
0:39:08 > 0:39:12Let's see who was willing to take it on when it went under the hammer.
0:39:16 > 0:39:20Two-bed mid-terraced house near Chatham, one of the Medway towns,
0:39:20 > 0:39:21so a popular area.
0:39:21 > 0:39:22100,000.
0:39:22 > 0:39:25Who'd like to kick off from there? 100,000.
0:39:25 > 0:39:27105 anywhere? 105.
0:39:27 > 0:39:29110, sir?
0:39:29 > 0:39:32110. 115.
0:39:32 > 0:39:34120.
0:39:34 > 0:39:36125.
0:39:36 > 0:39:38130. 135.
0:39:38 > 0:39:40Two. 132.
0:39:40 > 0:39:42132. 134.
0:39:43 > 0:39:45136.
0:39:45 > 0:39:48In the white cap, 136.
0:39:48 > 0:39:49138.
0:39:49 > 0:39:51With the glasses. 138.
0:39:51 > 0:39:53140.
0:39:53 > 0:39:54142, sir?
0:39:56 > 0:39:57140 down here.
0:39:57 > 0:40:00142, someone else coming in?
0:40:00 > 0:40:02If not, 140, down here.
0:40:02 > 0:40:04First time.
0:40:04 > 0:40:05Second time.
0:40:07 > 0:40:09Third and last time. If you're all done...
0:40:12 > 0:40:13140. Sold.
0:40:16 > 0:40:20The house sold for £140,000 to Cameron and Adil.
0:40:22 > 0:40:25And it was Adil that joined me back at the house to tell me their plans.
0:40:29 > 0:40:31- Adil, nice to meet you. - Nice to meet you too.
0:40:31 > 0:40:34Tell me why you wanted to buy this place.
0:40:34 > 0:40:37It was... It was something that we had in mind with regard to buying a
0:40:37 > 0:40:40property and developing it.
0:40:40 > 0:40:42So it was... It's not too far from where I live.
0:40:42 > 0:40:45- So we thought, let's start local. - Yeah, absolutely.
0:40:45 > 0:40:46Is this your first venture like this?
0:40:46 > 0:40:50First venture. We actually started off by watching a programme...
0:40:50 > 0:40:53- OK! Good.- ..so we just decided...
0:40:54 > 0:40:57..let's try something like this. And here we are.
0:40:57 > 0:40:59Adil works in the family grocery store,
0:40:59 > 0:41:03while Cameron owns a minibus business at Gatwick Airport.
0:41:03 > 0:41:07So this is definitely a departure from their normal working lives.
0:41:08 > 0:41:10So, what are the plans for it?
0:41:10 > 0:41:13The plans, to be fair, we're not doing too much with in terms of layout and stuff.
0:41:13 > 0:41:16We're probably going to open it up a little bit.
0:41:16 > 0:41:18- OK.- We're going to renovate it. Give it a modern look.
0:41:18 > 0:41:20Update it. The bathroom units
0:41:20 > 0:41:23and units in the kitchen all need updating.
0:41:23 > 0:41:26We might turn the flooring away from carpet and turn it into sort of
0:41:26 > 0:41:28wooden flooring, etc.
0:41:28 > 0:41:31- Yeah, yeah.- I think that'll probably give it a more modern type look.
0:41:31 > 0:41:33And then upstairs, there's a few signs of damp.
0:41:33 > 0:41:36- Any ideas what that is?- There is a bit of something. I think that's come from the chimney.
0:41:36 > 0:41:39The chimney's got like a silver lining around it.
0:41:39 > 0:41:43It seems to be from there. So a bit of damp, but we've got a roofer
0:41:43 > 0:41:46that's had a look at it. Hopefully we'll get that repaired.
0:41:46 > 0:41:49- There is a slightly worrying plant out the back, isn't there? - Yes, there is.
0:41:49 > 0:41:51There's a little bit of Japanese knotweed.
0:41:51 > 0:41:53We have got a gardener,
0:41:53 > 0:41:56who's basically coming to have a look at that and hopefully we need
0:41:56 > 0:41:59to get that removed from the actual roots, so we need to get that removed completely.
0:41:59 > 0:42:04- But we've got things in plan to get that.- OK, cos it's quite serious, isn't it?- It is, yeah.
0:42:04 > 0:42:07I'm not too sure about it, but I've heard about it.
0:42:07 > 0:42:09I've heard it needs to be completely removed.
0:42:09 > 0:42:13So we've got the initial steps in place to get that done as well.
0:42:13 > 0:42:14So, what's the budget for the work?
0:42:14 > 0:42:18We're looking at hopefully no more than about sort of 10-£12,000,
0:42:18 > 0:42:20- that sort of...- OK. - ..what we're looking at.
0:42:20 > 0:42:22Yeah, you should be able to do it for that.
0:42:22 > 0:42:24And along with that 10-£12,000 budget,
0:42:24 > 0:42:27they're hoping they'll complete the house ready to sell on
0:42:27 > 0:42:31in two to three months, bringing in tradesmen for the skilled work
0:42:31 > 0:42:33and getting stuck in themselves where they can.
0:42:36 > 0:42:38So, have you actually started this work, then?
0:42:38 > 0:42:40The wallpaper stripping?
0:42:40 > 0:42:43It's been myself. Obviously my partner Cameron's been here as well.
0:42:43 > 0:42:47The two of us have been stripping it. We've got a little bit of help from friends and stuff.
0:42:47 > 0:42:49So we started stripping the wallpaper and yeah,
0:42:49 > 0:42:51it's been a struggle at the moment.
0:42:51 > 0:42:54As you can see, it's not been too bad, we are getting on with it.
0:42:54 > 0:42:57How is the friendship/work relationship going?
0:42:57 > 0:43:00- Is that working out OK? - It's working out so far, so good.
0:43:00 > 0:43:02Both of us obviously, we're really good friends.
0:43:02 > 0:43:04I've known him for a good sort of 10-15 years now.
0:43:04 > 0:43:06We sort of had a mutual understanding beforehand.
0:43:06 > 0:43:08We knew sort of what each of us were going to do
0:43:08 > 0:43:10and we've just stuck to it.
0:43:10 > 0:43:13Right, and you've split the finances and you'll split the profit?
0:43:13 > 0:43:16- Yes.- So you've sort of shared any risk.
0:43:16 > 0:43:17- Yes.- Well, listen, congratulation.
0:43:17 > 0:43:20- Thank you so much.- Good luck with it.- Thank you so much.
0:43:20 > 0:43:22- We look forward to seeing how you get on.- Thank you.
0:43:22 > 0:43:25So, it's his first development property.
0:43:25 > 0:43:27Will it be beginner's luck
0:43:27 > 0:43:32or novice's nightmare when we return later in the programme?
0:43:35 > 0:43:38Well, we know how property number one fared.
0:43:38 > 0:43:40Yeah, but what about the other two?
0:43:40 > 0:43:42Let's go back and find out how THEY got on.
0:43:43 > 0:43:46It's time to head back to the Welsh valleys,
0:43:46 > 0:43:50where I saw a one-bed mid-terraced house that was in a bad way.
0:43:52 > 0:43:54It had a real problem with damp and
0:43:54 > 0:43:58the back extension had an issue with the roof.
0:43:58 > 0:44:03The only thing to do here would be to go back to brick and start again.
0:44:03 > 0:44:07And while you were at it, it might be worth looking at the layout.
0:44:08 > 0:44:12Upstairs, things become a bit more complicated because the layout just
0:44:12 > 0:44:14doesn't work as it is.
0:44:14 > 0:44:17You could think about changing the position of the stairs,
0:44:17 > 0:44:21reconfiguring them. If you did want to keep things simple, well,
0:44:21 > 0:44:23where your bathroom is now,
0:44:23 > 0:44:25you could have a single bedroom and where the cupboard is,
0:44:25 > 0:44:29you could have a shower room and keep this as a double bedroom.
0:44:29 > 0:44:30Lots to think about.
0:44:32 > 0:44:36Turning this one-bed into a two would make sense and you might have
0:44:36 > 0:44:39thought it was the reason that Peter and Julie paid 25 grand for it
0:44:39 > 0:44:41at auction.
0:44:42 > 0:44:47But this is their first venture in property development and they made a
0:44:47 > 0:44:49rookie mistake.
0:44:49 > 0:44:51And you probably looked at it, too?
0:44:51 > 0:44:53No, not at first!
0:44:53 > 0:44:54Well...
0:44:54 > 0:44:56- You didn't look at it?- No. We broke the golden rule.
0:44:56 > 0:44:59We didn't look at it before the auction.
0:44:59 > 0:45:03But we did look through the window, but we were a bit shocked at what
0:45:03 > 0:45:04we did see, didn't we?
0:45:04 > 0:45:06- Mm.- When we came in?
0:45:06 > 0:45:08So, a slight stumble as they took
0:45:08 > 0:45:10their first steps in property development,
0:45:10 > 0:45:15but they remained positive and hope to tackle this development with
0:45:15 > 0:45:1920 grand and to have that work complete in three months' time.
0:45:19 > 0:45:23They may well have broken the golden rule when purchasing
0:45:23 > 0:45:27but will their renovation get a gold star when we return
0:45:27 > 0:45:29just over three months later?
0:45:29 > 0:45:32# We are not what you think we are
0:45:32 > 0:45:37# We are golden, we are golden... #
0:45:53 > 0:45:54Yes, it does.
0:45:54 > 0:45:58Downstairs has been completely transformed.
0:45:58 > 0:46:01This breakfast bar and kitchen is very slick.
0:46:06 > 0:46:11The hall downstairs is now damp free and freshly rewired and plastered.
0:46:11 > 0:46:14The back extension that houses the kitchen was fixed
0:46:14 > 0:46:16by having a new roof put on.
0:46:18 > 0:46:22And parts of the main roof were repaired and the gutters cleaned.
0:46:23 > 0:46:28Which means upstairs is as watertight as downstairs.
0:46:28 > 0:46:30But that's not the only change up here.
0:46:36 > 0:46:40Yes, Peter and Julie have turned this house into a two bed
0:46:40 > 0:46:44by moving the bathroom into this large cupboard space.
0:46:44 > 0:46:47Well done on squeezing a bath in here.
0:46:51 > 0:46:53And next door, the new bedroom is a good-sized double.
0:46:59 > 0:47:02Peter and Julie have done really well to get all this done
0:47:02 > 0:47:05pretty much on schedule.
0:47:05 > 0:47:08It was quite a project.
0:47:08 > 0:47:12I mean, it's been hard work, hard graft, even the builders
0:47:12 > 0:47:15had me helping them when they were a bit lacking manpower.
0:47:15 > 0:47:18So they had me tanking the walls,
0:47:18 > 0:47:22so it could be damp proofed, cos there was an awful lot of damp
0:47:22 > 0:47:27in the property. We also had some rotting wood in the extension.
0:47:27 > 0:47:30There was a thought that perhaps the building could have collapsed
0:47:30 > 0:47:32at that point if it had been left any longer.
0:47:32 > 0:47:34So we caught it just at the right time.
0:47:34 > 0:47:35A bit scary.
0:47:35 > 0:47:38Moreso I think to see the price of it,
0:47:38 > 0:47:40to see how much it would have cost to do that.
0:47:40 > 0:47:46Peter and Julie managed to stay within their £15-20,000 budget
0:47:46 > 0:47:49and have spent 18 grand on all the work.
0:47:49 > 0:47:53They made some savings by helping the builders and by painting
0:47:53 > 0:47:54and decorating themselves.
0:47:54 > 0:47:57So, has getting stuck in on their first renovation
0:47:57 > 0:48:00been all they thought it would be?
0:48:00 > 0:48:04Yeah, no, we've had some fun, haven't we, doing it?
0:48:04 > 0:48:06Yeah, we've had some fun, some bits of stress here and there.
0:48:06 > 0:48:09We've had to travel back home occasionally,
0:48:09 > 0:48:14back to England, and back, and so that's been a bit tiring.
0:48:14 > 0:48:18I think the worst thing for me was sleeping in the motor home.
0:48:18 > 0:48:21By the time you've done it for sort of four or five weeks,
0:48:21 > 0:48:23that's really exhausting, isn't it?
0:48:23 > 0:48:28- Yeah.- Sleeping in there and trying to shower and fill up with water
0:48:28 > 0:48:33and, you know... But I think that was probably my worst bit of the refurb.
0:48:34 > 0:48:36Well, now all the work is complete,
0:48:36 > 0:48:38what have the couple learned from this venture?
0:48:41 > 0:48:44Probably that we're not going to make much money.
0:48:46 > 0:48:48But...
0:48:48 > 0:48:52- Yeah...- It is a big learning curve, I think, this first one.
0:48:52 > 0:48:54I think that's how we're going to look back on it.
0:48:54 > 0:48:58It's just trying to put our first house together,
0:48:58 > 0:49:02trying to make it sellable, to other people.
0:49:03 > 0:49:04It's been fun.
0:49:04 > 0:49:07Peter and Julie may have had fun with this
0:49:07 > 0:49:11but they don't sound too confident their 43 grand investment
0:49:11 > 0:49:14will get them much money on the sales market.
0:49:14 > 0:49:17Well, only one way to find out.
0:49:17 > 0:49:21So we've asked two local property experts for their opinion.
0:49:21 > 0:49:25First, let's hear from the agent who saw it back when
0:49:25 > 0:49:27it was in a pretty bad way.
0:49:27 > 0:49:28I'm very surprised.
0:49:28 > 0:49:33I had my doubts when I first came to this property
0:49:33 > 0:49:37that it could be converted to this level and standard.
0:49:37 > 0:49:40I like the way they've altered the layout
0:49:40 > 0:49:43and they've tucked in a nice new modern bathroom,
0:49:43 > 0:49:46albeit the bath is a little bit small.
0:49:46 > 0:49:49My first impressions of the property are very good.
0:49:49 > 0:49:51It's really finished to a high standard
0:49:51 > 0:49:55and it's ideal for first-time buyers or an investor.
0:49:55 > 0:49:58Now for the moment of truth.
0:49:58 > 0:50:02As Peter and Julie have no interest in renting out a property this far
0:50:02 > 0:50:06from their home, will they be able at least to break even
0:50:06 > 0:50:09on their £43,000 investment on the sales market?
0:50:11 > 0:50:15I would try and market and get around £64,000.
0:50:15 > 0:50:17If I was to market this property,
0:50:17 > 0:50:20I'd put it out there on the open market at £65,000.
0:50:20 > 0:50:22- Wow!- I'm impressed.
0:50:22 > 0:50:26- That's really good.- That's what we were told by the local agent.
0:50:26 > 0:50:28- About 65.- That was like the highest figure...
0:50:28 > 0:50:32So they have gone up. Yeah, they said Wales was going up.
0:50:32 > 0:50:36Properties in Wales are going up so we're very pleased with that.
0:50:36 > 0:50:38Very pleased.
0:50:38 > 0:50:40And so they should be.
0:50:40 > 0:50:43If they got that top figure of 65 grand,
0:50:43 > 0:50:46they'd stand to make £22,000 in profit
0:50:46 > 0:50:49before taxes and fees come off.
0:50:49 > 0:50:52I'd say that's as good a reason as any for a celebration
0:50:52 > 0:50:55but there is one more reason to break out the bubbly.
0:50:57 > 0:50:58Well, it's Angela's birthday today,
0:50:58 > 0:51:00so we are going into Cardiff
0:51:00 > 0:51:03- and we're going to have... - A bottle of champagne!- Yeah!
0:51:03 > 0:51:06And something to eat, so we're looking forward to that.
0:51:11 > 0:51:14We are heading back to Chatham in Kent now,
0:51:14 > 0:51:18where I saw a two bed mid-terrace that was already a work in progress.
0:51:20 > 0:51:23The woodchip wallpaper had been stripped back.
0:51:23 > 0:51:27It was a good start and the layout in the living room worked for me.
0:51:27 > 0:51:30But in the kitchen, it was a different story.
0:51:32 > 0:51:33Clearly, this design...
0:51:35 > 0:51:36..does not work.
0:51:36 > 0:51:40I think we'll have to sacrifice the units on this side.
0:51:40 > 0:51:43And just have them on that side, otherwise we are in, well,
0:51:43 > 0:51:46a terrible pickle. It just doesn't work, does it?
0:51:46 > 0:51:48Off the small kitchen was the bathroom,
0:51:48 > 0:51:50which is fairly common in these houses,
0:51:50 > 0:51:53and in one of the bedrooms was a spot of damp.
0:51:53 > 0:51:57But the potential big issue here was the Japanese knot weed
0:51:57 > 0:51:59that was growing in the back garden.
0:51:59 > 0:52:03Its roots can cause damage to the structure of a building
0:52:03 > 0:52:06and some mortgage lenders can be put off by this.
0:52:07 > 0:52:10Not put off though was Cameron and Adil,
0:52:10 > 0:52:14who got this property for £140,000.
0:52:14 > 0:52:17They are friends who decided to go into business together
0:52:17 > 0:52:19and property development was their goal,
0:52:19 > 0:52:23and they had already been getting their hands dirty,
0:52:23 > 0:52:24as Adil explained.
0:52:24 > 0:52:26So, have you actually started this work then?
0:52:26 > 0:52:29You're the ones that have been wallpaper stripping?
0:52:29 > 0:52:32Yes, it has been myself and obviously my partner Cameron's been here as well,
0:52:32 > 0:52:33so the two of us have been stripping it.
0:52:33 > 0:52:36We've got a little bit of help from friends and stuff.
0:52:36 > 0:52:38So we started stripping the wallpaper.
0:52:38 > 0:52:40And, yeah, it's been a struggle, but as you can see,
0:52:40 > 0:52:43it's not been too bad, we are getting on with it.
0:52:43 > 0:52:46They of course planned on getting the professionals in to deal with
0:52:46 > 0:52:50the serious work but it was great to see two friends getting stuck in
0:52:50 > 0:52:52and giving property developing a go.
0:52:52 > 0:52:54They had a maximum budget of £12,000
0:52:54 > 0:52:57and 2-3 months to get the work done.
0:52:57 > 0:53:02So as we return just over three months later, how have things gone,
0:53:02 > 0:53:05considering this renovation was theirs...?
0:53:05 > 0:53:09# For the first time... #
0:53:10 > 0:53:13Wow! They've moved the door to the garden to this room,
0:53:13 > 0:53:16to allow the kitchen and bathroom to have more space.
0:53:19 > 0:53:22These slim units are also a great space-saving idea
0:53:22 > 0:53:24but the removal of that hallway and door
0:53:24 > 0:53:27has made the biggest difference.
0:53:31 > 0:53:33It's meant the boiler is now here
0:53:33 > 0:53:36and there's now space for a washing machine below.
0:53:38 > 0:53:42It might have been their first time but there's no beginner's luck here.
0:53:42 > 0:53:46It's just a smart plan executed well.
0:53:46 > 0:53:48I'm really pleased with the end result of this part of the house.
0:53:48 > 0:53:50I think it's gone really smoothly.
0:53:50 > 0:53:52It's looking modern, it's looking up to date.
0:53:52 > 0:53:54And yeah, I'm really pleased.
0:53:54 > 0:53:56Downstairs is looking good
0:53:56 > 0:53:59and outside, there have been big changes too.
0:54:00 > 0:54:03We've had quite a few changes to this part of the garden.
0:54:03 > 0:54:05We've built a new drive at the back here.
0:54:05 > 0:54:07Steps that take us to the drive.
0:54:07 > 0:54:09And we've also got rear access into the drive from the back.
0:54:09 > 0:54:11The roof on the kitchen has been redone,
0:54:11 > 0:54:14so we put a new filter on there and it is actually fibreglass,
0:54:14 > 0:54:15so it's well protected.
0:54:15 > 0:54:17And we've obviously got rid of some knotweed and stuff
0:54:17 > 0:54:20that we had in the garden. And we've levelled it all out now,
0:54:20 > 0:54:22so we've made sure it looks a lot neater.
0:54:22 > 0:54:25It certainly does and upstairs does, too.
0:54:25 > 0:54:27That damp problem was fixed
0:54:27 > 0:54:30by re-pointing and flashing the chimney.
0:54:34 > 0:54:37A fresh carpet and nice decoration throughout.
0:54:37 > 0:54:40The house is almost ready to move into.
0:54:40 > 0:54:44Cameron and Adil can be proud of their hard work here.
0:54:46 > 0:54:47We were quite hands on, to be fair.
0:54:47 > 0:54:50Initially, we had wallpaper all around there
0:54:50 > 0:54:53and it was the old wallpaper, chipstone wallpaper.
0:54:53 > 0:54:55So we got rid of all that ourselves,
0:54:55 > 0:54:57so all the wallpaper we did ourselves.
0:54:57 > 0:55:00We got rid of all the rubbish and stuff ourselves,
0:55:00 > 0:55:01breaking down the entire property.
0:55:01 > 0:55:04Did bathroom tiles, the kitchen tiles.
0:55:04 > 0:55:06All the old worktops, units, etc.
0:55:06 > 0:55:08So quite a bit of it was hands-on
0:55:08 > 0:55:11but the specialist work we had to leave to the builders to do.
0:55:12 > 0:55:14As it was their first time,
0:55:14 > 0:55:17I would have been surprised if Adil and Cameron managed
0:55:17 > 0:55:21to stick to their original top budget of 12 grand.
0:55:21 > 0:55:24However the spend came in at £15,000.
0:55:24 > 0:55:26But I'm sure the more they do,
0:55:26 > 0:55:30the better they will get at estimating the costs of the work.
0:55:30 > 0:55:33Although it's a shame we couldn't speak to Cameron today and get
0:55:33 > 0:55:35his thoughts on their first property venture.
0:55:35 > 0:55:37He is at the moment on holiday.
0:55:37 > 0:55:39I took my holiday couple weeks ago
0:55:39 > 0:55:41so it's his turn now.
0:55:41 > 0:55:44Working together has been absolutely fine.
0:55:44 > 0:55:46As always, there's been a few hiccups here and there
0:55:46 > 0:55:48along the way, but nothing major.
0:55:48 > 0:55:50It has been quite smooth sailing, to be fair.
0:55:50 > 0:55:53We have probably only got another week, week and a half work,
0:55:53 > 0:55:55little bits and pieces to sort of finish up
0:55:55 > 0:55:57and then it will be on the market after that.
0:55:58 > 0:56:03That's as good a cue as any to ask around two local estate agents.
0:56:03 > 0:56:06Let's see if they are impressed with the work done here.
0:56:06 > 0:56:10First, let's hear from the agent who saw it last time.
0:56:10 > 0:56:13I think the changes that have been made to the house are really nice.
0:56:13 > 0:56:17I like the way the kitchen has been set out,
0:56:17 > 0:56:19with extra storage here.
0:56:19 > 0:56:22If it had been a completely full wide worktop,
0:56:22 > 0:56:23it wouldn't have worked at all.
0:56:23 > 0:56:26And I think he's done a lovely job of the bathroom as well.
0:56:26 > 0:56:28First impressions are really good.
0:56:28 > 0:56:29I think the owners have done a good job
0:56:29 > 0:56:32and the fact that they've created the off-street parking at the back
0:56:32 > 0:56:35is a real bonus and I think will really help to sell this property.
0:56:36 > 0:56:40Selling this property on is exactly what Cameron and Adil want to do,
0:56:40 > 0:56:44but can they expect a good profit from their first investment,
0:56:44 > 0:56:49which now totals £155,000?
0:56:49 > 0:56:52If I was asked to sell the property now in the current market,
0:56:52 > 0:56:55I would suggest an asking price of £185,000.
0:56:55 > 0:57:00I think this particular property, because it now has the added advantage of the off-road parking,
0:57:00 > 0:57:05I would be looking at marketing it in the region of £190,000
0:57:05 > 0:57:06for the freehold.
0:57:06 > 0:57:11Wow! That £190,000 figure would be a profit of £35,000,
0:57:11 > 0:57:13minus taxes and fees, of course.
0:57:13 > 0:57:16Adil must be chuffed with that.
0:57:17 > 0:57:19Very pleased. With both of their valuations.
0:57:19 > 0:57:25I think 185-190 was the amount we had in mind before.
0:57:25 > 0:57:27Definitely gone well. Definitely worthwhile.
0:57:27 > 0:57:29Learnt a lot. A massive experience.
0:57:29 > 0:57:32And yeah, ready for the next one, really.
0:57:32 > 0:57:37First-timers Cameron and Adil have done well and I'm sure there will be
0:57:37 > 0:57:39more successes for them in the future.
0:57:39 > 0:57:42Any tips for anyone who wants to do what they've done
0:57:42 > 0:57:44and take the plunge into property development?
0:57:46 > 0:57:49Just do it. Just...
0:57:49 > 0:57:50Obviously do your research.
0:57:50 > 0:57:52Make sure you've got your background knowledge
0:57:52 > 0:57:54and know what area you're going into.
0:57:54 > 0:57:57And make sure you know the market and the space around it really well.
0:57:57 > 0:57:59But, yeah, I mean, if it's something you want to do,
0:57:59 > 0:58:04just go ahead and do it because if I can do it, anyone can do it.
0:58:06 > 0:58:08Some property projects have a way of throwing curveballs
0:58:08 > 0:58:09when you're least expecting them.
0:58:09 > 0:58:12Yeah, so we like to find out how our buyers got on
0:58:12 > 0:58:14catching those balls and juggling them.
0:58:14 > 0:58:16Join us next time to find out how they got on
0:58:16 > 0:58:19- on Homes Under The Hammer. - Bye-bye.- Bye.