0:00:02 > 0:00:04Hello and welcome to the show. Now, in this day and age,
0:00:04 > 0:00:07it's getting harder and harder to bag yourself a bargain
0:00:07 > 0:00:08in the property market.
0:00:08 > 0:00:09Yes, it certainly is.
0:00:09 > 0:00:11However, there's still one place,
0:00:11 > 0:00:14provided you've done your research and all your homework,
0:00:14 > 0:00:15you can grab yourself a bargain.
0:00:15 > 0:00:20Yes, the auction still provides opportunities if you've got the money and the nerve.
0:00:20 > 0:00:24So, would you head down to your local property auction and buy your next home under the hammer?
0:00:50 > 0:00:54Just like the lots, the bidders in the auction room are a varied bunch.
0:00:54 > 0:00:59Yes, everything from seasoned property developers to first-time buyers giving it a go.
0:00:59 > 0:01:02As well as people looking to buy their dream home,
0:01:02 > 0:01:04it's a really mixed bag.
0:01:04 > 0:01:07Let's find out what today's buyers went for.
0:01:09 > 0:01:13I'm in London, looking at this two-bed flat with a rare quality.
0:01:13 > 0:01:15Outside space. Not this, that.
0:01:18 > 0:01:20Speaking of outside space,
0:01:20 > 0:01:24these maisonettes in Liverpool practically have Goodison Park in their back garden.
0:01:24 > 0:01:27It's Everton football ground, look at that.
0:01:29 > 0:01:32And the stairs at this mid-terraced house in County Durham will have me
0:01:32 > 0:01:35keepy-up ready in no time.
0:01:35 > 0:01:36Told you they were steep!
0:01:36 > 0:01:38On the plus side, good for the thighs.
0:01:40 > 0:01:44All of these properties have been sold at auction and we'll find out who bought them
0:01:44 > 0:01:47and what they paid for them when they went under the hammer.
0:01:47 > 0:01:49It's sold to you.
0:01:51 > 0:01:54Situated about eight miles from the centre of London,
0:01:54 > 0:01:57East Ham is a district on the up.
0:01:57 > 0:02:00Lots of city workers have been living here over the past few years
0:02:00 > 0:02:03due to the comparatively affordable housing market.
0:02:03 > 0:02:07It's not the first time the district has been a magnet for new residents.
0:02:07 > 0:02:10After the East Ham train station opened in 1852,
0:02:10 > 0:02:17the population grew from under 2,000 to over 130,000 in less than 60 years.
0:02:17 > 0:02:21I'm guessing both the rental market and sales market were pretty buoyant
0:02:21 > 0:02:23back then too.
0:02:23 > 0:02:27We are just two miles away from East Ham Tube in the heart of East London.
0:02:27 > 0:02:30And on this street, we find our property.
0:02:30 > 0:02:32Here it is. It's a two-bed,
0:02:32 > 0:02:36ground-floor flat with a guide price of 175 grand plus.
0:02:36 > 0:02:40Let's waste no more time and get in there.
0:02:42 > 0:02:44Right.
0:02:45 > 0:02:48OK, the two bedrooms are right in front of you as soon as you come in.
0:02:49 > 0:02:52This would have been the front room back in the day,
0:02:52 > 0:02:55it's now the front bedroom.
0:02:55 > 0:03:01Fireplace here, there is a little bit of damp down there as well.
0:03:01 > 0:03:03You've got a nice big window, nice high ceilings,
0:03:03 > 0:03:05and it does feel pretty solid.
0:03:05 > 0:03:08But it's bedroom number one at the moment.
0:03:08 > 0:03:09Back into the hallway,
0:03:09 > 0:03:13and then out of the hallway into bedroom number two.
0:03:13 > 0:03:18Fireplace again, this does take up a bit of space.
0:03:18 > 0:03:21Central heating, again, high ceilings.
0:03:21 > 0:03:24This is bedroom number two.
0:03:24 > 0:03:27Let's see what else it's got to offer.
0:03:28 > 0:03:30Down the long corridor, into...
0:03:32 > 0:03:36Well, firstly, down to another level and here's your bathroom.
0:03:36 > 0:03:37It's new.
0:03:37 > 0:03:39You can tell, this is all fresh plaster.
0:03:39 > 0:03:41It's all been built in.
0:03:41 > 0:03:47Not a bad sized bathroom at all for a two-bed flat, and then you're into your dining area here.
0:03:47 > 0:03:51The windows feel pretty sturdy and relatively new.
0:03:51 > 0:03:53You've got a boiler on the wall.
0:03:53 > 0:03:55You know, it's quite spacious in here.
0:03:55 > 0:03:58I'll tell you why it's quite spacious, now I'm into the kitchen area.
0:03:58 > 0:04:01This part would have been the bathroom back in the day and the door would
0:04:01 > 0:04:06have been here. I can see over here, this would have been the toilet.
0:04:06 > 0:04:09But they've knocked the walls down and opened up the space.
0:04:09 > 0:04:11They've made better use of it.
0:04:11 > 0:04:13It's more modern now.
0:04:13 > 0:04:15It's more sellable, it's more rentable.
0:04:16 > 0:04:17Well done.
0:04:17 > 0:04:20# More, more, more
0:04:20 > 0:04:22# How do you like it, how do you like it? #
0:04:22 > 0:04:26There's definitely more, more, more pros than cons here.
0:04:26 > 0:04:29A lot of the hard work has already been done.
0:04:29 > 0:04:32And more than that, there's, well, more.
0:04:34 > 0:04:36So we've got a ground-floor flat,
0:04:36 > 0:04:38two beds, in the centre of East London.
0:04:38 > 0:04:42And we've got some outside space.
0:04:42 > 0:04:43Not this, that.
0:04:47 > 0:04:49Always a bonus.
0:04:57 > 0:04:59OK, so it's not exactly Hyde Park.
0:04:59 > 0:05:03But having outside space in London can be pretty rare.
0:05:03 > 0:05:06Although, something not so rare about this flat is,
0:05:06 > 0:05:11like 95% of flats sold in London in 2016, it's leasehold.
0:05:13 > 0:05:15So when you're buying a flat,
0:05:15 > 0:05:20what I suggest you do is double check the length of the lease.
0:05:20 > 0:05:24Now, the lease on this particular flat is 70 years.
0:05:24 > 0:05:28Now, anything under 80 years can be really expensive to extend.
0:05:28 > 0:05:31All I'm saying is do a bit of research.
0:05:31 > 0:05:33It might save you a few quid.
0:05:35 > 0:05:39How much of a problem could that lease be if you are trying to get a mortgage?
0:05:39 > 0:05:43We invited along a local estate agent to tell us more.
0:05:43 > 0:05:48A short lease on the property, 70 years, is not a massive disaster.
0:05:48 > 0:05:51It is still mortgagable, most mortgage companies will look
0:05:51 > 0:05:53for 25 years plus term of the mortgage,
0:05:53 > 0:05:55so 50 years upwards,
0:05:55 > 0:05:59but I think it's always an off-putting thing for purchasers anyway.
0:05:59 > 0:06:02So I think at the moment, the way the marketplace is,
0:06:02 > 0:06:03it needs to be renewed.
0:06:03 > 0:06:07So what could extending a lease here cost?
0:06:07 > 0:06:12Anywhere from around about £20,000-£25,000.
0:06:12 > 0:06:13If they offered it cheaper,
0:06:13 > 0:06:16my advice would be to bite the freeholder's arm off.
0:06:17 > 0:06:20So, invaluable local knowledge, there.
0:06:20 > 0:06:25But what does he make of the flat, guided at £175,000 plus?
0:06:25 > 0:06:28First impressions, nice property.
0:06:28 > 0:06:33A bit of on the small side, but I think it's, yeah, a good little investment.
0:06:34 > 0:06:37So if the house was refurbished, how much could it be worth?
0:06:37 > 0:06:39Selling the property as it is, as a two-bedroom,
0:06:39 > 0:06:41without renewing the 70 year lease,
0:06:41 > 0:06:44I think it's going to be somewhere in the region of
0:06:44 > 0:06:46£200,000-£210,000.
0:06:46 > 0:06:51And if you did spend about 20-25 grand renewing the lease,
0:06:51 > 0:06:52could you see a return?
0:06:52 > 0:06:56If you were to renew the lease and sell it as a two-bedroom flat,
0:06:56 > 0:07:00I think realistically at the moment, you're going to get somewhere around
0:07:00 > 0:07:04about £240,000-£250,000.
0:07:04 > 0:07:06So it's not in great condition.
0:07:06 > 0:07:09It needs a bit of time, effort and money spent on it.
0:07:09 > 0:07:13Talking of money, I think it would be worth spending a bit getting that lease extended.
0:07:13 > 0:07:17Let's find out who had the right budget when it went under the hammer.
0:07:17 > 0:07:21So, ground floor flat, a bit of garden, I understand,
0:07:21 > 0:07:25so who would like to start this?
0:07:25 > 0:07:26200 anywhere?
0:07:26 > 0:07:28If not, you tell me.
0:07:28 > 0:07:30I think it's worth two.
0:07:30 > 0:07:32OK, start the other way, 160.
0:07:32 > 0:07:34Go upwards from there, 160?
0:07:34 > 0:07:38160, got your hand, 160?
0:07:38 > 0:07:39165?
0:07:39 > 0:07:41165?
0:07:41 > 0:07:43162?
0:07:43 > 0:07:44164?
0:07:44 > 0:07:46166?
0:07:46 > 0:07:49166, 168?
0:07:49 > 0:07:53170, 172?
0:07:53 > 0:07:57172, 174?
0:07:57 > 0:07:59New spot, first bid.
0:07:59 > 0:08:01172, first time.
0:08:01 > 0:08:03174?
0:08:03 > 0:08:04176?
0:08:04 > 0:08:06178?
0:08:06 > 0:08:09Thank you. 180?
0:08:09 > 0:08:11182, madam?
0:08:11 > 0:08:14180, first time.
0:08:14 > 0:08:16Second time.
0:08:16 > 0:08:17Third and last time.
0:08:19 > 0:08:20Sold, 180.
0:08:22 > 0:08:26The successful bid of 180 grand came from Andre.
0:08:26 > 0:08:28He bought the flat with his partner, Rachel.
0:08:30 > 0:08:33I caught up with them back at the flat to find out more.
0:08:34 > 0:08:36- Rachel, nice to meet you. - Nice to meet you.
0:08:36 > 0:08:39Andre, nice to meet you too. Well done, guys, congratulations.
0:08:39 > 0:08:41- Thank you.- Firstly, why this area?
0:08:42 > 0:08:45I've always been based in East London -
0:08:45 > 0:08:48Barking, East Ham - so, it's easier to kind of have property
0:08:48 > 0:08:51close to where you live instead of travelling miles.
0:08:51 > 0:08:53So, we kind of... This was the perfect location.
0:08:53 > 0:08:56- And this one came up.- Tell me, why this property, then?
0:08:56 > 0:08:58- Were you looking for a flat? - Ideally a flat, yes.
0:08:58 > 0:09:00I know houses are a lot more work.
0:09:00 > 0:09:05I've literally been working on my house and it's a nightmare, so...
0:09:05 > 0:09:09- So it's a nightmare working on your house?- Yeah. And I'm very, very
0:09:09 > 0:09:12picky about everything and I knew it would just be a nightmare
0:09:12 > 0:09:14doing another house. So I thought, flat definitely,
0:09:14 > 0:09:17you kind of have to stick to the inside and a little bit of the garden.
0:09:17 > 0:09:21- And were you happy with what you paid?- Absolutely. We were expecting it to go a lot higher,
0:09:21 > 0:09:22so it was a good price.
0:09:22 > 0:09:25Oh, well done. Was it way under your budget, then?
0:09:25 > 0:09:28About 15k under the budget, so it was quite good.
0:09:29 > 0:09:32It sounds like the property gods were smiling down on them
0:09:32 > 0:09:35for their first development project together.
0:09:35 > 0:09:38And so far, they've done everything right.
0:09:38 > 0:09:40Reading the legal pack and viewing the property.
0:09:40 > 0:09:43But will they get it right when it comes to the refurbishment?
0:09:44 > 0:09:49I've always been after kind of high-end sort of finish,
0:09:49 > 0:09:51but still keeping the cost low.
0:09:51 > 0:09:56So, the kind of dark laminate wood flooring, just premier feel to it.
0:09:56 > 0:09:59- Modernise it.- Yeah, modernise it.
0:09:59 > 0:10:02What about the two rooms, you've got the two bedrooms,
0:10:02 > 0:10:05are we going neutral colours, or are we going colours?
0:10:05 > 0:10:08- No, neutral.- Neutral, neutral all the way.- Yeah?- Yeah.
0:10:08 > 0:10:11Are you going to make the kitchen any bigger, or are you going to keep it as it is?
0:10:11 > 0:10:14We're going to extend it to sort of an L-shape.
0:10:14 > 0:10:17- OK.- And with kind of, like, a breakfast bar/eating area.
0:10:17 > 0:10:21- Just coming out here? OK, and the kitchen will go somewhere... - Yeah, we'll just extend that way.
0:10:21 > 0:10:25- OK.- And hopefully that should be enough to allow space for the rest of the room.- All right.
0:10:25 > 0:10:28And what are you looking to do with it when it's finished?
0:10:28 > 0:10:30Are you moving in, are you selling, or renting?
0:10:30 > 0:10:32- Selling it.- You're just going to get rid of it straightaway?
0:10:32 > 0:10:34- Yeah.- No question there.
0:10:34 > 0:10:36No, no question. I've tried tenants,
0:10:36 > 0:10:38and I think I'll give it a break for a few years.
0:10:38 > 0:10:40And who's going to do the work?
0:10:40 > 0:10:42It's going to be outsourced,
0:10:42 > 0:10:46but we've got a lot of links to the family so they can literally just...
0:10:46 > 0:10:48I think they're waiting outside, actually!
0:10:49 > 0:10:54The 15 grand budget will need to go far to get that high-end finish.
0:10:54 > 0:10:57But with the family mucking in, I reckon it's achievable.
0:10:58 > 0:11:01Rachel will be at the helm as project manager,
0:11:01 > 0:11:04making sure the work is complete within their two-month timescale.
0:11:04 > 0:11:07And Andre has been looking into that lease.
0:11:08 > 0:11:11We are going to look into trying to extend it.
0:11:11 > 0:11:13There's already been a section 42 notice on the previous,
0:11:13 > 0:11:16from the previous owners to the landlord.
0:11:16 > 0:11:18- OK.- So hopefully extend it, because I know it adds
0:11:18 > 0:11:20a bit of value more than you actually pay for it.
0:11:20 > 0:11:22- OK.- But if the timescales don't allow for it,
0:11:22 > 0:11:25then we might just sell it with application open.
0:11:25 > 0:11:28OK. Do you know how much extra that's going to cost you?
0:11:28 > 0:11:30From what I see in the proposed,
0:11:30 > 0:11:34from the previous owners, it was about £15,000.
0:11:34 > 0:11:38- Yeah.- As a section 42 notice has been served,
0:11:38 > 0:11:42the seller can assign the benefits of the notice to Andre and Rachel.
0:11:42 > 0:11:45So they don't have to own the property for two years to qualify
0:11:45 > 0:11:48under the law allowing lease extensions.
0:11:48 > 0:11:53A 15 grand figure, if they can agree on that, makes this a pretty good buy.
0:11:54 > 0:11:57Of course, any landlord is entitled to make a counter offer in this process.
0:11:57 > 0:12:01So, no counting any chickens.
0:12:01 > 0:12:05So away from going to auctions, then, and buying properties, what do you do,
0:12:05 > 0:12:07- what's your day job? - I'm a primary school teacher.
0:12:07 > 0:12:11OK, so looking after builders and looking after primary school kids...
0:12:11 > 0:12:14- About the same.- Pretty much the same, isn't it?
0:12:14 > 0:12:16- Andre what do you do?- I'm in the media industry,
0:12:16 > 0:12:19so we do music videos and direct music videos and stuff like that.
0:12:19 > 0:12:21- Do you really?- Yeah.
0:12:21 > 0:12:24- So...- Tell me more about that, I'm interested about that.
0:12:24 > 0:12:28It's not too bad, it's giving me the skills to kind of,
0:12:28 > 0:12:30I guess, boss people around, is the best way to say.
0:12:30 > 0:12:32But no, it's just the kind of leadership skills,
0:12:32 > 0:12:35so hopefully we should all, in terms of the builders,
0:12:35 > 0:12:37kind of give them direct instructions.
0:12:37 > 0:12:40- Both of us.- Hopefully. - She's a teacher, I'm a director, it's perfect.
0:12:40 > 0:12:43- It's all in place. - Exactly, that's what we need.
0:12:43 > 0:12:46- Do as you're told, lads. - Yeah, basically.
0:12:46 > 0:12:48Rachel, I hope it works out, it's your first venture.
0:12:48 > 0:12:50I think you chose right to go small.
0:12:50 > 0:12:52Hope you make a massive profit.
0:12:52 > 0:12:55- Thank you.- Good luck to you. - Thanks so much.- Andre, good luck.
0:12:57 > 0:13:00So, the primary school teacher and the music video director
0:13:00 > 0:13:03have ventured into the property developing world.
0:13:03 > 0:13:06It's their first project, and they've chosen small.
0:13:06 > 0:13:07And they're right to.
0:13:07 > 0:13:10Will they achieve that high-end finish they're after?
0:13:10 > 0:13:12Stay tuned and you'll find out how they get on.
0:13:23 > 0:13:26MARTIN: Liverpool's renowned as a football-mad city.
0:13:26 > 0:13:31And the property I'm here to see fits the bill perfectly in that regard.
0:13:31 > 0:13:35It's situated near Liverpool FC's Anfield Stadium,
0:13:35 > 0:13:38and it's nestled in the shadows of Everton's Goodison Park.
0:13:39 > 0:13:43Now, although the stadiums can't claim to be the closest derby grounds in England -
0:13:43 > 0:13:46that honour goes to Nottingham's clubs -
0:13:46 > 0:13:51the two centre circles are separated by just 966 metres.
0:13:53 > 0:13:55Something tells me our property might appeal to those familiar
0:13:55 > 0:13:57with the offside rule.
0:13:57 > 0:14:00Well, up for auction, in this rather pleasant street,
0:14:00 > 0:14:04was a double fronted terrace which has been converted into two
0:14:04 > 0:14:08three-bedroom maisonettes. Guide priced at £75,000-£80,000,
0:14:08 > 0:14:11sounds like it's a fair price for that.
0:14:11 > 0:14:12Let's take a look inside.
0:14:12 > 0:14:16Two for the price of one, and the maisonettes promise a good size.
0:14:16 > 0:14:18So let's hope it lives up to expectations.
0:14:20 > 0:14:24So, through the front door and into a fairly large entrance lobby, which
0:14:24 > 0:14:28you might expect. Some very grand stained glass which is adorning
0:14:28 > 0:14:34the place, which is good. And then, two flats.
0:14:34 > 0:14:35That one.
0:14:35 > 0:14:38Well, both of the flats are pretty much the same,
0:14:38 > 0:14:40so it doesn't really make a difference which one I came into.
0:14:40 > 0:14:44Maisonettes, as in you've got another floor up there, so you've got three bedrooms.
0:14:44 > 0:14:46It's almost like a house, isn't it?
0:14:46 > 0:14:48Large living room towards the front.
0:14:48 > 0:14:52Downstairs loo and bathroom there.
0:14:52 > 0:14:54And then through into the kitchen.
0:14:54 > 0:14:56I have been in houses that are definitely smaller than this.
0:14:56 > 0:14:59Look at this for instance, the size of the kitchen, absolutely lovely.
0:14:59 > 0:15:03Enough space for your kitchen units and a dining area here.
0:15:03 > 0:15:05And that's just one.
0:15:05 > 0:15:09So I guess the advantages with this, straightaway are, well,
0:15:09 > 0:15:13almost two for the price of one, but when it comes to materials and tradespeople,
0:15:13 > 0:15:17the fact that they're right next to each other, you're buying two kitchens,
0:15:17 > 0:15:20you might be able to get a deal on that, two sets of bathrooms and stuff,
0:15:20 > 0:15:24it does actually work quite well. So yeah, I'm liking what I'm seeing.
0:15:26 > 0:15:30You might save on a bulk buy of paint and wallpaper too.
0:15:31 > 0:15:34There's loads of room, and this is just the downstairs part of the maisonette,
0:15:34 > 0:15:38which, by the way, is French and means "little house".
0:15:38 > 0:15:42And it usually means an apartment across two floors, so up we go.
0:15:44 > 0:15:48So loads of space upstairs, nice high ceilings.
0:15:48 > 0:15:50A few corridors, which I think you can play with.
0:15:50 > 0:15:53Another thing is you haven't got a bathroom up here.
0:15:53 > 0:15:55You've got that one downstairs, obviously,
0:15:55 > 0:15:58and it's crying out for either an en suite or maybe a family bathroom
0:15:58 > 0:16:02that you could probably put in here. It's a good size, again, this is a flat.
0:16:02 > 0:16:07This is amazing. But the thing that's really going to float somebody's boat
0:16:07 > 0:16:10is the view out of this window. No, it's not open fields.
0:16:10 > 0:16:15No, it's not herds of wildebeests sweeping across the prairie.
0:16:16 > 0:16:18It's Everton football ground, look at that.
0:16:20 > 0:16:23If you're a football fan, or more particularly an Everton fan,
0:16:23 > 0:16:25that's a sight for sore eyes.
0:16:25 > 0:16:28You'll almost certainly hear the roar of the crowd from here,
0:16:28 > 0:16:31and that buzz and excitement that match day brings.
0:16:31 > 0:16:34And if this property was a football score,
0:16:34 > 0:16:36we'd have to say it was 2-1 up.
0:16:36 > 0:16:39Perhaps there's even an opportunity to get more.
0:16:39 > 0:16:44It seems that the ceiling in this bit, low as it is, isn't the original.
0:16:44 > 0:16:48Because if you look up there, it would have been much higher at one point.
0:16:48 > 0:16:51So I wonder if you could do a bit of playing around
0:16:51 > 0:16:52and maybe even extend upwards.
0:16:52 > 0:16:54Not necessarily that you need much more space,
0:16:54 > 0:16:56if you're going to leave it just as two flats.
0:16:56 > 0:16:59Because you've got loads.
0:16:59 > 0:17:01It's... Yeah.
0:17:01 > 0:17:06And for that guide price, yeah, it's a good one.
0:17:10 > 0:17:12But this is just half-time, if you like.
0:17:12 > 0:17:15There's a whole other half in the back of the building,
0:17:15 > 0:17:18with a ground-floor kitchen, shower room and a big lounge.
0:17:23 > 0:17:26And again, three bedrooms upstairs.
0:17:29 > 0:17:31And if you take the building as a whole,
0:17:31 > 0:17:34it lends itself to a number of formations.
0:17:34 > 0:17:35Two maisonettes,
0:17:35 > 0:17:38or divided into one to two bedroom flats,
0:17:38 > 0:17:40or possibly a house of multiple occupancy.
0:17:40 > 0:17:43Definitely, there is a range of options here.
0:17:46 > 0:17:49But what does an agent from the auction house who sold it
0:17:49 > 0:17:52think she would do if she was managing this property?
0:17:54 > 0:17:56The work on both maisonettes,
0:17:56 > 0:17:59I would put in new kitchen, new bathrooms,
0:17:59 > 0:18:02decor right through, new carpeting,
0:18:02 > 0:18:05and maybe get the electrics checked out.
0:18:06 > 0:18:08So undoubtedly, there is a fair amount of work to do here.
0:18:08 > 0:18:12But guided at £75,000-£80,000 for the whole building,
0:18:12 > 0:18:14would it be worth it?
0:18:15 > 0:18:17For a three-bed maisonette in this location,
0:18:17 > 0:18:19if it was done to a very high standard,
0:18:19 > 0:18:22I would market the property with an asking price
0:18:22 > 0:18:25of offers between £60,000-£65,000.
0:18:25 > 0:18:26So on the rental market,
0:18:26 > 0:18:31I would estimate a rental value of somewhere between £500 and £550
0:18:31 > 0:18:33per calendar month.
0:18:33 > 0:18:37And what about another option, letting it out as an HMO?
0:18:38 > 0:18:42If it were rented out as a HMO, you could put three tenants and,
0:18:42 > 0:18:45£85 per week per person, which would include bills.
0:18:45 > 0:18:48But that would net you about £15,000 per annum.
0:18:52 > 0:18:56Well, a fantastic property for football fans, obviously.
0:18:56 > 0:19:00I think in general, a really good one to go for.
0:19:00 > 0:19:03Loads of space, loads of potential, loads of options, we like that.
0:19:03 > 0:19:07Let's see who agreed when it went under the hammer.
0:19:11 > 0:19:13We are offering you a double fronted mid-terrace property,
0:19:13 > 0:19:17that has been converted to provide two three-bedroom maisonettes.
0:19:17 > 0:19:20Can I say 75?
0:19:20 > 0:19:21Thank you, 75 is bid.
0:19:21 > 0:19:2277. I'll take next.
0:19:22 > 0:19:24We'll do this in twos. Thank you, 77.
0:19:24 > 0:19:26Now back to you, 79?
0:19:26 > 0:19:2981? I see there's 83.
0:19:29 > 0:19:31I'll take you at 83, yeah?
0:19:31 > 0:19:32Can I say 84?
0:19:32 > 0:19:3585? Am I just down to two of you now?
0:19:35 > 0:19:38Are we breaking this into half? Shall I say 85 and a half?
0:19:38 > 0:19:40OK, that brings you in.
0:19:40 > 0:19:4186, now, can I say?
0:19:41 > 0:19:43Thank you very much, 86 and a half?
0:19:43 > 0:19:4787? 87 is bid, 87 and a half?
0:19:47 > 0:19:4888?
0:19:50 > 0:19:51And a half? 89?
0:19:54 > 0:19:5689 and a half?
0:19:56 > 0:19:5889 and a half I have, may I say 90, sir?
0:19:59 > 0:20:0190 and a half?
0:20:01 > 0:20:04No? Anybody else at 90 and a half?
0:20:04 > 0:20:09Then with you, sir. £90,000 once. 90,000 twice.
0:20:09 > 0:20:12Let me know if another 500 is coming, if not, it's going to go then,
0:20:12 > 0:20:16at 90,000 for the third and final time, are we all done?
0:20:16 > 0:20:18Looks like we are. It's sold to you,
0:20:18 > 0:20:21well done, and a little victory salute as well!
0:20:21 > 0:20:25And the successful bidders, with a little help from son Oliver,
0:20:25 > 0:20:27were Polish couple Dan and Jo.
0:20:36 > 0:20:41Dan is a builder while wife Jo is an accountant and this is their third
0:20:41 > 0:20:43property purchase in this area of Liverpool.
0:20:43 > 0:20:46I met them back at the house to find out the score.
0:20:51 > 0:20:52Dan, Jo, great to meet you both.
0:20:52 > 0:20:54- Hi.- Congratulations.
0:20:54 > 0:20:57- Thank you.- Tell me why you wanted to buy them?
0:20:57 > 0:21:01Well, basically, we wanted to buy a bigger house,
0:21:01 > 0:21:05which could ideally be converted to flats.
0:21:05 > 0:21:09And we wanted to look in this area, because we have
0:21:09 > 0:21:15our houses here, just on the doorstep from this house.
0:21:15 > 0:21:17And then when we started searching,
0:21:17 > 0:21:20we found this property and we thought it's great,
0:21:20 > 0:21:22because it's already converted into two flats.
0:21:22 > 0:21:25- Yeah, yeah.- So that was, that was a great potential for us.
0:21:25 > 0:21:28So what are you going to do to it to sort it out?
0:21:28 > 0:21:30We've got two plans. A and B.
0:21:30 > 0:21:35The one from now is probably going to be just make another two flats.
0:21:35 > 0:21:38Just one for a long tenancy agreement
0:21:38 > 0:21:42and the second one for a short tenancy agreement.
0:21:42 > 0:21:44So we can host football fans in our place.
0:21:44 > 0:21:47So they can have a holiday let in,
0:21:47 > 0:21:51or a kind of room per weekend, or per match.
0:21:51 > 0:21:53Specifically for holiday, for football fans?
0:21:53 > 0:21:55Specifically for them.
0:21:55 > 0:21:58We want to try, we've got two properties. So we can try.
0:21:58 > 0:22:02If that doesn't work, we change for a long-term tenancy.
0:22:02 > 0:22:03And then in the next year,
0:22:03 > 0:22:07we can probably change that including the loft as well.
0:22:07 > 0:22:11We've already got permission and documents for six flats.
0:22:11 > 0:22:14- For what, six beds? - For six flats individual.
0:22:14 > 0:22:17One bedroom, and one is going to be a double bedroom.
0:22:17 > 0:22:20On that side, so that's going to be something, something else.
0:22:22 > 0:22:26Dan and Jo have an interesting plan for this property.
0:22:26 > 0:22:29They've been London-based for ten years and have come to Liverpool having done
0:22:29 > 0:22:35their homework and realised the returns in the area could be very good.
0:22:36 > 0:22:39So, what is the budget for what you're planning then,
0:22:39 > 0:22:40for phase A and B then?
0:22:40 > 0:22:45Yeah, we are looking at from simple figures, for a first stage 1,
0:22:45 > 0:22:47is around, I guess, 15,000,
0:22:47 > 0:22:50just to make it nice with the furniture
0:22:50 > 0:22:52and just get them in, the fans.
0:22:52 > 0:22:55And Plan B is going to be around 100,000, I guess.
0:22:56 > 0:23:01They're two interesting plans with two different timescales.
0:23:01 > 0:23:03Plan A, the upgrading of the maisonette,
0:23:03 > 0:23:06that they hope to complete in 2-3 months,
0:23:06 > 0:23:10whereas the more complex Plan B would be potentially up to a year.
0:23:12 > 0:23:15I'm fascinated that you decided specifically to rent out to football fans.
0:23:15 > 0:23:17Where does that plan come from then?
0:23:17 > 0:23:20Well, it's maybe a bit too much to say that...
0:23:20 > 0:23:24We want football fans because we are in the middle of this area,
0:23:24 > 0:23:27where we are two minutes from Everton Stadium
0:23:27 > 0:23:30and then ten minutes from Anfield Stadium.
0:23:30 > 0:23:32So I think it's a very good location for them,
0:23:32 > 0:23:35but we want to make them family-friendly as well.
0:23:35 > 0:23:40So that families with kids could also come and have a holiday
0:23:40 > 0:23:44or weekend away in Liverpool, where so many things are going on.
0:23:44 > 0:23:46- Terrific.- So, yeah.
0:23:46 > 0:23:50Wow! So, are you going to paint one flat red and one flat blue?
0:23:50 > 0:23:53One for the Liverpool supporters and one for the Everton supporters?
0:23:53 > 0:23:55We've been thinking about that.
0:23:55 > 0:23:57- It might be.- Yeah, it might be an idea.
0:23:57 > 0:23:59- Why not?- Good luck with it.
0:23:59 > 0:24:04- Yeah, we'll need that. - I look forward to see how you get on.- Thank you very much.
0:24:04 > 0:24:09Well, Dan and Jo seem to have all the options covered with this place,
0:24:09 > 0:24:11don't they? And I think they got a good buy.
0:24:11 > 0:24:13But of course, we're just at kick-off.
0:24:13 > 0:24:16What will it be like at full-time?
0:24:16 > 0:24:18You can find out later in the show.
0:24:19 > 0:24:25Still to come, I think there's a gap in the market for this mid-terraced house in County Durham.
0:24:25 > 0:24:29I can tell the boiler has been here, it's been ripped out.
0:24:31 > 0:24:34And back in Liverpool, we'll find out if Dan and Jo
0:24:34 > 0:24:39stuck to their original timescale, or did they go into extra time?
0:24:42 > 0:24:45Time to head back to the district of East Ham,
0:24:45 > 0:24:48just eight miles outside the City of London.
0:24:48 > 0:24:55It was here I saw a two-bed, ground-floor flat guided at £175,000 plus.
0:24:55 > 0:24:58Inside, the bedrooms were both a bit tired.
0:24:58 > 0:25:03But work had already begun on the bathroom and large kitchen-diner at the rear of the property.
0:25:03 > 0:25:07This part would have been the bathroom back in the day,
0:25:07 > 0:25:08the door would have been here.
0:25:08 > 0:25:12I can see over here as well, this would have been the toilet.
0:25:12 > 0:25:15But they've knocked the walls down and opened up the space.
0:25:15 > 0:25:17It's more modern now.
0:25:17 > 0:25:20It's more sellable, it's more rentable.
0:25:20 > 0:25:23Something else sure to get the bidders interested
0:25:23 > 0:25:25was the added bonus of a small garden.
0:25:25 > 0:25:29But I hoped whoever bought this place had done their homework.
0:25:29 > 0:25:33Now, the lease on this particular flat is 70 years.
0:25:33 > 0:25:38Now, anything under 80 years can be really expensive to extend.
0:25:38 > 0:25:41All I'm saying is do a bit of research.
0:25:43 > 0:25:46Sold, 180.
0:25:46 > 0:25:49Despite being first-timers at auction,
0:25:49 > 0:25:53couple Andre and Rachel bought the property for 180 grand and it was
0:25:53 > 0:25:56no surprise that doing homework came as second nature.
0:25:58 > 0:26:00I'm a primary school teacher.
0:26:00 > 0:26:03OK, so looking after builders and looking after primary school kids...
0:26:03 > 0:26:06- About the same. - Pretty much the same.
0:26:06 > 0:26:08- Andre what do you do? - I'm in the media industry,
0:26:08 > 0:26:11so we do music videos and I direct music videos and stuff.
0:26:11 > 0:26:12- Do you really?- Yeah.
0:26:12 > 0:26:15It's given me the skills to kind of,
0:26:15 > 0:26:18I guess, boss people around, is the best way to say it.
0:26:18 > 0:26:22It didn't sound like these two would have any trouble showing the builders who was in charge.
0:26:22 > 0:26:28But could project manager and teacher Rachel get top marks and keep the 15 grand budget
0:26:28 > 0:26:31and two-month timescale under control?
0:26:31 > 0:26:34Or would it be a case of detention after school?
0:26:35 > 0:26:38We are back two and a half months later, to find out.
0:26:50 > 0:26:52The new kitchen is a class act,
0:26:52 > 0:26:56and the second-hand units means that Andre got his high-end finish
0:26:56 > 0:26:58at a fraction of the cost.
0:27:06 > 0:27:10A-Plus to Rachel and Andre, who used part of the existing bathroom suite,
0:27:10 > 0:27:14while giving the walls and floor a stylish overhaul.
0:27:17 > 0:27:20Here is a lesson in creating space.
0:27:20 > 0:27:22The bulky chimney breast in the front room is gone.
0:27:22 > 0:27:25So is the one in the second bedroom.
0:27:25 > 0:27:28And the stylish minimal decor is too cool for school.
0:27:30 > 0:27:36This authoritative couple have shown this former grubby flat who's the boss.
0:27:36 > 0:27:39But it was Rachel's first-time project managing a build.
0:27:39 > 0:27:42So, did the teacher become the student?
0:27:42 > 0:27:46So originally, the plan was that I would be the project manager.
0:27:46 > 0:27:47It started OK.
0:27:47 > 0:27:49I started doing a lot of the work.
0:27:49 > 0:27:53But due to unforeseen circumstances, like jury service popping up,
0:27:53 > 0:27:57Andre did have to take over and complete the project.
0:27:57 > 0:27:59It wasn't anything major.
0:27:59 > 0:28:02The builders were doing most of the work anyway.
0:28:02 > 0:28:04For me, it was just a few extra days of work.
0:28:04 > 0:28:06It wasn't too bad.
0:28:06 > 0:28:08We got through it together and we both took on the responsibility.
0:28:09 > 0:28:13It's very different, telling grown men and builders what to do,
0:28:13 > 0:28:16compared to small children. But I'm learning.
0:28:18 > 0:28:21Armed with prior experience of renovating his own home,
0:28:21 > 0:28:26Andre has kept them on track with the timescale, with a two-week overrun,
0:28:26 > 0:28:29just down to locating a good builder to start on the project.
0:28:29 > 0:28:33But that's not to say the flat didn't come with its own challenges.
0:28:33 > 0:28:35In this room, the flooring was in really bad condition
0:28:35 > 0:28:39and initially we wanted to just remove it all and concrete it over.
0:28:39 > 0:28:41But there was problems with...
0:28:41 > 0:28:44You had to kind of ventilate the underneath of the house.
0:28:44 > 0:28:49So we've replaced it with new wood and we kept the concrete area here.
0:28:49 > 0:28:53We just dug down a little bit and re-levelled it and it ended up working fine. It was the majority...
0:28:53 > 0:28:59The big problem was the levelling of it, but we ended up fixing it.
0:28:59 > 0:29:03Re-levelling the floor and replacing the boards was an unexpected cost.
0:29:03 > 0:29:07But what about one cost in particular that was expected - the lease?
0:29:07 > 0:29:10We have a slight issue with the landlord,
0:29:10 > 0:29:11where they're not really replying to us.
0:29:11 > 0:29:15So, we have to follow procedure and just take it to the courts.
0:29:15 > 0:29:19We imagine the price of it is going to remain the same, at £15,000.
0:29:19 > 0:29:23We've planned to align it so it finishes with the sale of the property.
0:29:23 > 0:29:26So when the new buyer purchases it,
0:29:26 > 0:29:29hopefully the lease issue would have been sorted out as well.
0:29:29 > 0:29:32So there's still at least 15 grand to pay.
0:29:32 > 0:29:34But what has been spent so far?
0:29:34 > 0:29:37Our original budget was 15,000,
0:29:37 > 0:29:40but due to unforeseen extra costs,
0:29:40 > 0:29:42we decided to take out the chimneys.
0:29:42 > 0:29:45We decided to finish it to a higher standard that we would be happy with.
0:29:45 > 0:29:49So it did come in at 20,000.
0:29:49 > 0:29:54£20,000 plus the additional 15 grand for the lease extension
0:29:54 > 0:29:59will take their total investment to £215,000.
0:29:59 > 0:30:01But what do two local estate agents
0:30:01 > 0:30:04make of this first foray into development?
0:30:04 > 0:30:06What a great transformation.
0:30:06 > 0:30:08From when I saw it before to now, they've done a great job.
0:30:08 > 0:30:11Great, clean line finish, lovely white walls.
0:30:11 > 0:30:13Wooden floors, very attractive as well.
0:30:13 > 0:30:15I love the adjustment to the kitchen, looks really good.
0:30:15 > 0:30:17Nice finish out there as well. Very modern.
0:30:17 > 0:30:20And the garden looks great. It's a really sellable property.
0:30:20 > 0:30:21I think the property is wonderful.
0:30:21 > 0:30:26There's not much more that I actually want to change with that.
0:30:26 > 0:30:29They've put a very good kitchen in, and a bathroom, which is the most,
0:30:29 > 0:30:32I think the most important part of a property.
0:30:32 > 0:30:36So it's definitely something that they've really spent a lot of time
0:30:36 > 0:30:39and attention on it and really can see it in the final result.
0:30:39 > 0:30:43I think your biggest selling point of the property is going to be the fact that it is newly refurbished.
0:30:43 > 0:30:46To my knowledge, I believe there's going to be a new lease
0:30:46 > 0:30:47for the property as well, which I think will be
0:30:47 > 0:30:50a very big selling point. Sole use of the garden is also excellent.
0:30:50 > 0:30:53And the fact that if you're looking for an investment property,
0:30:53 > 0:30:57it's a two-bed flat, so it's going to give good yield on rent at the moment.
0:30:57 > 0:30:59This flat is a definite crowd pleaser.
0:30:59 > 0:31:03So, assuming they get the lease all sorted in time for their sale,
0:31:03 > 0:31:05what could it sell for?
0:31:06 > 0:31:09Total price, taking into account the lease has been extended,
0:31:09 > 0:31:12we're going to be looking at around £250,000-£260,000.
0:31:12 > 0:31:15If I was to take this property on the market,
0:31:15 > 0:31:20I'll be looking to advertise between £275,000-£285,000.
0:31:20 > 0:31:26£275,000-285,000, I'm surprised with that, more than I expected.
0:31:26 > 0:31:28- Yeah.- Very happy with it.
0:31:28 > 0:31:31The agents' valuations could give the couple a profit
0:31:31 > 0:31:37of between £35,000 and £70,000, minus taxes and fees.
0:31:37 > 0:31:39That result is the cat's whiskers.
0:31:39 > 0:31:42Does that mean there will be more to come?
0:31:42 > 0:31:44We haven't run into too many issues.
0:31:44 > 0:31:46So, I think in the future,
0:31:46 > 0:31:49we would like to do two or three perhaps in a year.
0:31:49 > 0:31:52Definitely more than just this one.
0:31:52 > 0:31:55So, more development in this couple's future.
0:31:55 > 0:31:58But what else do they see on their horizon?
0:31:58 > 0:32:01- Well, you're going to propose at Christmas... - I want to buy a Lamborghini.
0:32:01 > 0:32:03A wedding or sports car?
0:32:03 > 0:32:07I think I'll stick to predicting the future for property.
0:32:07 > 0:32:09Good luck!
0:32:14 > 0:32:20MARTEL: Just a few miles to the east of Bishop Auckland in County Durham is the village of Coundon.
0:32:20 > 0:32:24Interestingly enough, it was originally called Cunadun,
0:32:24 > 0:32:27which means "the hill of cows".
0:32:27 > 0:32:30And "dairy" me, if this isn't a great opportunity
0:32:30 > 0:32:33to make as many cow puns as possible, then what is?
0:32:33 > 0:32:37I think it's best if we moo-ve onto the property.
0:32:37 > 0:32:39Do you know what's nice?
0:32:39 > 0:32:43It's nice to walk to a front entrance of a house and you're not on a road.
0:32:43 > 0:32:46So, in front of these houses, you have allotments,
0:32:46 > 0:32:47so it's nice and tranquil.
0:32:47 > 0:32:50However, you do have good access to the road networks.
0:32:50 > 0:32:53But if you're a train spotter, the news isn't so good,
0:32:53 > 0:32:56because the nearest train station is in Bishop Auckland.
0:32:56 > 0:32:59Now, this is the property I'm here to see.
0:32:59 > 0:33:03It's got two bedrooms and a guide price in excess of £12,000.
0:33:03 > 0:33:05Let's go look.
0:33:06 > 0:33:10OK, well, what we have to start with - an awful lot of letters.
0:33:10 > 0:33:13A sure sign it's not been lived in for a long time,
0:33:13 > 0:33:16which you can tell just by the smell and look of the place.
0:33:16 > 0:33:21I mean, it's a solid structure you've got, big chimney breast.
0:33:21 > 0:33:24But I don't like the look of this low-level damp,
0:33:24 > 0:33:29and actually even looking around the place, I see a lot of patches of it
0:33:29 > 0:33:33coming through. So, yeah, you've got your reception room first to follow,
0:33:33 > 0:33:36really steep staircase, which I'll tackle later,
0:33:36 > 0:33:39and then a good-sized kitchen.
0:33:39 > 0:33:42Everything must go. This needs completely updated.
0:33:49 > 0:33:52It's not just the tired old kitchen that has to go.
0:33:52 > 0:33:55There's a lot more damp here, which, like in the front room,
0:33:55 > 0:33:59will need to be sorted out before you can really tackle things like
0:33:59 > 0:34:02the kitchen. And then you have your bathroom downstairs.
0:34:02 > 0:34:05Not everyone's cup of tea, not ideal walking through your kitchen to get
0:34:05 > 0:34:11to the bathroom. But, in this area, it's a layout people expect and accept.
0:34:11 > 0:34:15And that very reasonable guide price of 12 grand has to be borne in mind.
0:34:15 > 0:34:20This one is really calling for a simple, straightforward refurbishment.
0:34:31 > 0:34:35One thing that definitely needs sorted is those stairs,
0:34:35 > 0:34:38which don't look like they meet current building regulations,
0:34:38 > 0:34:40as they're far too steep.
0:34:40 > 0:34:42I told you they were steep!
0:34:42 > 0:34:45On the plus side, good for the thighs.
0:34:45 > 0:34:51To one side of the stairs, you have a really good size master bedroom,
0:34:51 > 0:34:55and then the other side you have this smaller bedroom.
0:34:55 > 0:34:58Oddly, there's a newish door there.
0:34:58 > 0:35:00I can tell the boiler's been here.
0:35:00 > 0:35:01It's been ripped out.
0:35:01 > 0:35:04This place needs a lot of work.
0:35:04 > 0:35:08So, we can add a new heating system to the growing list of work required,
0:35:08 > 0:35:12and it is now pretty clear why the guide price was set so low.
0:35:13 > 0:35:15We've asked along a local estate agent
0:35:15 > 0:35:19for her thoughts on the property, and also the local area.
0:35:19 > 0:35:23Is it the right place to be investing in the property market?
0:35:23 > 0:35:26There's a regeneration programme that's happening in Bishop Auckland
0:35:26 > 0:35:30at the moment. They're putting a lot into the castle and they're doing an
0:35:30 > 0:35:33awful lot of work in the marketplace of Bishop Auckland too,
0:35:33 > 0:35:38which is really spreading out into the smaller, outer little villages.
0:35:39 > 0:35:40That's good news for the area.
0:35:40 > 0:35:44But this house could certainly do with some regeneration too,
0:35:44 > 0:35:47which would require an injection of cash.
0:35:47 > 0:35:50And, luckily, you could get some help with that.
0:35:50 > 0:35:53If the property's been empty longer than six months,
0:35:53 > 0:35:55then there is a grant available
0:35:55 > 0:35:58to have some work done to the property,
0:35:58 > 0:36:01particularly for bathrooms and kitchens.
0:36:01 > 0:36:04Durham Council offer a five grand grant
0:36:04 > 0:36:06to properties in lower council tax bands,
0:36:06 > 0:36:09as long as the owner will be occupying the property
0:36:09 > 0:36:12for a minimum of five years.
0:36:12 > 0:36:15Private landlords can also get help
0:36:15 > 0:36:17in the form of an interest-free loan,
0:36:17 > 0:36:21as long as the house is tenanted within three months.
0:36:21 > 0:36:25Other schemes are out there and they vary from council to council,
0:36:25 > 0:36:28but it's good to know there is help out there to get empty homes
0:36:28 > 0:36:31turned around so people can live in them again.
0:36:31 > 0:36:33Once this property, guided at 12 grand,
0:36:33 > 0:36:36is renovated, how much could it sell for?
0:36:36 > 0:36:39On completion, with all the works done,
0:36:39 > 0:36:45the property would sell in the region of £30,000-£35,000.
0:36:45 > 0:36:47With all the work needed here,
0:36:47 > 0:36:50maybe there isn't a lot of money to be made if selling on.
0:36:50 > 0:36:52So, what about the rental market?
0:36:52 > 0:36:58The property would rent for £300-£350 per calendar month.
0:36:58 > 0:37:02It's got a lot of damp, steep stairs, and layout issues.
0:37:02 > 0:37:07But with that 12 grand plus guide price, I'm sure even those problems
0:37:07 > 0:37:09won't have put everyone off this house.
0:37:10 > 0:37:14Let's find out who wanted to take it on when it went under the hammer.
0:37:14 > 0:37:18This next lot is a two-bedroom, freehold, mid-terrace house.
0:37:18 > 0:37:21Where shall we start? 20?
0:37:21 > 0:37:2318? 16?
0:37:23 > 0:37:2515? 14?
0:37:25 > 0:37:26Where shall we start, folks?
0:37:27 > 0:37:2912. Thank you, sir.
0:37:29 > 0:37:32It's as good a place as any, if I may say so.
0:37:32 > 0:37:34At 12,000 I'm bid, and thank you.
0:37:34 > 0:37:37Do I have 13 anywhere?
0:37:37 > 0:37:38I do. 13.
0:37:38 > 0:37:4114. 15?
0:37:41 > 0:37:45It was towards the end of the day, but two interested parties took
0:37:45 > 0:37:49the bidding on this lot up to £20,500.
0:37:49 > 0:37:52Make no mistake, 20,500.
0:37:52 > 0:37:54At 21?
0:37:54 > 0:37:59No? At 20,500, it's being sold, make no mistake.
0:37:59 > 0:38:00Are we all done? There's 21.
0:38:00 > 0:38:0221.5?
0:38:05 > 0:38:07He's looking away from me.
0:38:07 > 0:38:08No?
0:38:09 > 0:38:11All done? 21 and a half.
0:38:11 > 0:38:1322? No?
0:38:15 > 0:38:16Both hands saying no this time.
0:38:16 > 0:38:19£21,500.
0:38:19 > 0:38:22All done? One, two, three.
0:38:22 > 0:38:26Good contest. Bidder 601, that property is now yours,
0:38:26 > 0:38:29congratulations and I wish you the very best of luck.
0:38:29 > 0:38:34The successful bid of £21,500 for this property was made by Richard.
0:38:38 > 0:38:41Richard, a builder, and pal and business partner Harriet,
0:38:41 > 0:38:42or Harry as she's known,
0:38:42 > 0:38:46are working together to create a rental portfolio,
0:38:46 > 0:38:47with six under their belt.
0:38:47 > 0:38:49However, they're not local
0:38:49 > 0:38:52and both live many miles away in Lincolnshire,
0:38:52 > 0:38:54and you know what they say...
0:38:54 > 0:39:00# Everything looks fine from a distance... #
0:39:01 > 0:39:04Congratulations on your purchase. Why this area?
0:39:04 > 0:39:06Because the property prices
0:39:06 > 0:39:08are a lot cheaper up here than they are back home.
0:39:08 > 0:39:12So, how long is the commute between here and there?
0:39:12 > 0:39:14Two and a half hours on a good day.
0:39:14 > 0:39:18How do you work that? Are you doing a lot of the graft here yourselves?
0:39:18 > 0:39:20- Yeah.- He's doing it. He's doing pretty much everything.
0:39:20 > 0:39:23He's kind of up here for two weeks at a time
0:39:23 > 0:39:26and I'm up kind of sporadically.
0:39:26 > 0:39:30A two-and-a-half-hour commute might sound a lot, but when you can buy
0:39:30 > 0:39:34a property for 21 and a half grand, it may well pay dividends.
0:39:36 > 0:39:38So, what's the game plan for this property?
0:39:38 > 0:39:40What do you want to do with it when it's finished?
0:39:40 > 0:39:44- This will be another rental one. - Mm-hm.- Yeah, just, you know...
0:39:44 > 0:39:47So, is the plan to build up a bit of a portfolio?
0:39:47 > 0:39:49Yeah. We're kind of developing them.
0:39:49 > 0:39:52There's a lot of kind of urban regeneration going on in this area.
0:39:52 > 0:39:55- Yeah.- There's a lot of empty houses and they're trying to kind of get
0:39:55 > 0:39:57people living in them.
0:39:57 > 0:39:58What work are you going to do here?
0:39:58 > 0:40:01So, the staircase is coming out down here.
0:40:01 > 0:40:03We're going to build a wall in front of where the stairs are now.
0:40:03 > 0:40:07We're keeping the stairs in the same place, but we need to replace them
0:40:07 > 0:40:09to make less of a gradient,
0:40:09 > 0:40:12because they don't meet building regs at the minute.
0:40:12 > 0:40:14And then, the door's going to go underneath the stairs
0:40:14 > 0:40:17and you're going to access the stairs from the kitchen.
0:40:17 > 0:40:19We thought, we can't fit a whole bathroom upstairs,
0:40:19 > 0:40:23but we're going to put a toilet just between the two bedrooms.
0:40:23 > 0:40:24OK, so a toilet, not a shower room?
0:40:24 > 0:40:27No, I think just a toilet.
0:40:27 > 0:40:29I think, just from talking to people and things,
0:40:29 > 0:40:31it's really beneficial, especially if you've got kids,
0:40:31 > 0:40:33to have an extra toilet upstairs
0:40:33 > 0:40:35so you're not coming downstairs in the middle of the night.
0:40:35 > 0:40:39Absolutely. And, yeah, so you really are maximising your space.
0:40:39 > 0:40:41- Yeah.- Yeah.- So, who devised this change of layout?
0:40:41 > 0:40:45That was me, because you can't fit a sofa in here if you've got stairs
0:40:45 > 0:40:48coming into it, can you? I'm all for my sofa and the TV.
0:40:48 > 0:40:53It's certainly so far, so good for Richard and Harry's property portfolio.
0:40:53 > 0:40:56Although the layout changes and sorting the damp in this house
0:40:56 > 0:41:00will cost more than the change you'd find down the back of a sofa,
0:41:00 > 0:41:03they have a healthy budget of 15 grand for the work.
0:41:03 > 0:41:07And as Richard is a builder and plasterer by trade,
0:41:07 > 0:41:09he'll be doing most of it himself,
0:41:09 > 0:41:12although Harry will be lending a hand when she can,
0:41:12 > 0:41:14as well as looking after the logistics.
0:41:14 > 0:41:17How long do you think it will take to turn the place round?
0:41:17 > 0:41:20This is probably the best one we've bought, actually.
0:41:20 > 0:41:22And the others we're doing, three or four weeks.
0:41:22 > 0:41:24Wow, so you've done this.
0:41:24 > 0:41:27- Yeah.- You've done it in three or four weeks.
0:41:27 > 0:41:30- That's brilliant.- We've had houses with no floor upstairs
0:41:30 > 0:41:33and we've turned it round in kind of three or four weeks.
0:41:33 > 0:41:35Amazing. But then I shouldn't be surprised,
0:41:35 > 0:41:38you're a builder and plasterer, you bring so much to the job.
0:41:38 > 0:41:41- Yeah.- Yeah, and you can focus on it full-time,
0:41:41 > 0:41:44- and, Harry, you'll be coming...? - As and when I'm needed.
0:41:44 > 0:41:48I'm a graphic designer, so I kind of work whenever, wherever.
0:41:48 > 0:41:53I can take floorboards out, I can plaster.
0:41:53 > 0:41:55- Can you?- Ish. Not as fast as he can.
0:41:55 > 0:41:59- Have you just learned on the job? - Yeah.- And how did you two meet?
0:41:59 > 0:42:01How did this partnership come about?
0:42:01 > 0:42:05- She was a barmaid...- When I finished university, I worked at a pub
0:42:05 > 0:42:07and Richard spent 90% of his time in the pub.
0:42:07 > 0:42:10So, we've been friends for quite a long time, like, six or seven years.
0:42:10 > 0:42:13- Yeah.- You got together and just thought, do you know what,
0:42:13 > 0:42:15we'd like to start off a portfolio.
0:42:15 > 0:42:18I'm guessing you were maybe working for someone else and thought
0:42:18 > 0:42:19you'd like to do your own thing?
0:42:19 > 0:42:22Oh, no, I'm unemployable... I mean, self-employed!
0:42:23 > 0:42:25It's working out well for you, though.
0:42:25 > 0:42:27Yeah, it's not doing too bad, is it? Mm.
0:42:27 > 0:42:30So, a matter of weeks, 15 grand, can't wait to see the results.
0:42:30 > 0:42:33- Thank you very much.- Thanks. - Thank you very much.- Thanks.
0:42:33 > 0:42:35Well, that was interesting.
0:42:35 > 0:42:39Harry and Richard's property partnership seems to be going
0:42:39 > 0:42:42really well and it's great to see that they're taking advantage
0:42:42 > 0:42:44of this regeneration area.
0:42:44 > 0:42:46I'm intrigued to find out what happens
0:42:46 > 0:42:48with those grand layout plans.
0:42:48 > 0:42:51You can find out what did happen later in the show.
0:42:55 > 0:42:58So, earlier, we found out how one of our properties ended up.
0:42:58 > 0:43:00I can't wait to see the other two.
0:43:00 > 0:43:03Let's waste no more time and find out.
0:43:05 > 0:43:08MARTIN: Let's head back to the football-loving city of Liverpool now,
0:43:08 > 0:43:11where I was having a ball looking around this double-fronted terrace
0:43:11 > 0:43:14guided at between 75,000-80,000.
0:43:15 > 0:43:20And just like the beautiful game, this was a house of two halves,
0:43:20 > 0:43:23because it was split into two three-bed maisonettes.
0:43:25 > 0:43:27Well, both of the flats are pretty much the same,
0:43:27 > 0:43:29so it doesn't really make a difference which one I came into.
0:43:29 > 0:43:32Large living room towards the front,
0:43:32 > 0:43:35downstairs loo and bathroom there,
0:43:35 > 0:43:37and then through into the kitchen.
0:43:37 > 0:43:40I mean, I have been in houses which are definitely smaller than this.
0:43:40 > 0:43:43The overall feeling of space continued upstairs with nice
0:43:43 > 0:43:46high ceilings and three bedrooms.
0:43:46 > 0:43:48No upstairs loo was a red card,
0:43:48 > 0:43:51but any football fan could forgive it for the view.
0:43:51 > 0:43:54No, it's not open fields.
0:43:54 > 0:43:59No, it's not herds of wildebeests sweeping across the prairie.
0:43:59 > 0:44:01It's Everton football ground.
0:44:04 > 0:44:08As investments went, this looked like a Goodison,
0:44:08 > 0:44:12not least because there was another maisonette with a similar
0:44:12 > 0:44:14three-bed layout as part of the deal.
0:44:14 > 0:44:19So, when entrepreneurial Dan and Jo snapped them up for £90,000,
0:44:19 > 0:44:22they did it with football on the brain.
0:44:22 > 0:44:25We've got two plans - A and B. The one for now, it's going to be
0:44:25 > 0:44:28probably just to make now the two flats,
0:44:28 > 0:44:30just one for a long tenancy agreement
0:44:30 > 0:44:34and then the second one for a short tenancy agreement.
0:44:34 > 0:44:36So we can host football fans in our place.
0:44:36 > 0:44:40And then in the next year, we are going to probably change that,
0:44:40 > 0:44:41go in the loft as well.
0:44:41 > 0:44:45We've got already permission and documents for six flats.
0:44:45 > 0:44:47Dan and Jo were nothing short of ambitious.
0:44:47 > 0:44:51And their respective jobs as a builder and accountant
0:44:51 > 0:44:53will certainly help them along the way.
0:44:53 > 0:44:56But would they stick to their Plan A budget of 15,000
0:44:56 > 0:44:58and do it in two to three months,
0:44:58 > 0:45:03or would it be Plan B for £100,000 in a year's time?
0:45:03 > 0:45:06Well, we're back seven and a half months later
0:45:06 > 0:45:07to see what stage they're at.
0:45:20 > 0:45:23Well, it looks like Plan A is in full effect,
0:45:23 > 0:45:25as the two maisonettes remain.
0:45:25 > 0:45:29And I'm loving this contemporary industrial decor
0:45:29 > 0:45:30Dan and Jo have opted for.
0:45:35 > 0:45:39Both downstairs bathrooms have had a trendy makeover.
0:45:40 > 0:45:42And the reception rooms are both ready
0:45:42 > 0:45:44for some post-match relaxation.
0:45:48 > 0:45:50Rather than let one maisonette out long-term,
0:45:50 > 0:45:54Dan and Jo have opted to keep both as short-term holiday lets.
0:45:56 > 0:45:59And these cool mezzanine beds upstairs make space for luggage
0:45:59 > 0:46:02and other touristy bits and pieces.
0:46:02 > 0:46:07So, with Plan A complete, do they have their sights set on Plan B?
0:46:08 > 0:46:12When we first bought this property, we had an option A and an option B.
0:46:12 > 0:46:17But we've actually talked to estate agents and they just give us
0:46:17 > 0:46:19a rough value of the new property when we finished.
0:46:19 > 0:46:23We decided with these figures, then that might be not really clear
0:46:23 > 0:46:26for us with our financing. So, we've actually thought then,
0:46:26 > 0:46:28it may be safer and better for us will be just to prepare
0:46:28 > 0:46:31all the property for the future,
0:46:31 > 0:46:34for an extension, and then leave it as it is.
0:46:34 > 0:46:40By adding bathrooms upstairs in both properties, the whole building will
0:46:40 > 0:46:44be more easily split if they change their minds in the future.
0:46:44 > 0:46:48But as Everton's stadium will be redeveloped in the Docklands area
0:46:48 > 0:46:51over the coming years, they decided Plan B wasn't worth it.
0:46:51 > 0:46:55But they still think that Liverpool and the surrounding area will bring
0:46:55 > 0:46:58enough tourist trade to make it a viable business model.
0:46:58 > 0:47:01So, lots has changed, but I'm more interested in the changes
0:47:01 > 0:47:05in the building and some of the more unique design features.
0:47:06 > 0:47:12We upcycled the balustrade in the corridor for a coat rack.
0:47:12 > 0:47:16These benches have been created from the old joists,
0:47:16 > 0:47:18they are structural joists,
0:47:18 > 0:47:20so we just coat them and we just made them nice.
0:47:20 > 0:47:21And they look a bit stylish.
0:47:21 > 0:47:25Upcycling and recycling are all the rage,
0:47:25 > 0:47:28but do remember to keep safety in mind
0:47:28 > 0:47:30when it comes to the materials you use.
0:47:32 > 0:47:36Local builder Jaryk here has been on board, along with Alajek.
0:47:36 > 0:47:39They helped Dan out when he was busy at home in London.
0:47:39 > 0:47:44The work itself only took two months but they didn't start straightaway
0:47:44 > 0:47:46while they were looking at their options.
0:47:46 > 0:47:49How did they fare with a £15,000 budget?
0:47:50 > 0:47:53The total spend of this property,
0:47:53 > 0:47:58with value of £35,000 during the whole project.
0:47:59 > 0:48:04That takes Dan and Jo's spend to £125,000 for the two properties.
0:48:04 > 0:48:08But what will two local estate agents make of their investment?
0:48:09 > 0:48:11Well, my first impressions of this property is
0:48:11 > 0:48:13you're sort of blown away from it,
0:48:13 > 0:48:16from the amount of work that's gone into it.
0:48:16 > 0:48:19And it is a really quirky property and I really like this.
0:48:19 > 0:48:23It's been very well decorated throughout.
0:48:23 > 0:48:27I think you'll find it's probably quite unique for the area,
0:48:27 > 0:48:30which is a good sale point.
0:48:30 > 0:48:34Because he is looking for short-term holiday lets, I think it's great
0:48:34 > 0:48:36that it's got two bathrooms, two shower rooms,
0:48:36 > 0:48:40so that will make it quite easy for busy times.
0:48:40 > 0:48:42And I like the flow of the kitchen,
0:48:42 > 0:48:45with the glass window that overlooks the yard.
0:48:45 > 0:48:48So it makes it really family friendly as well.
0:48:48 > 0:48:50I think the stylishness of the fittings
0:48:50 > 0:48:54and the general finish throughout, certainly within the kitchen areas,
0:48:54 > 0:48:57will serve the landlord well,
0:48:57 > 0:49:02as he's looking to go down the short-term holiday let route.
0:49:02 > 0:49:07Top marks, but will the relocation of Goodison Park affect the appeal
0:49:07 > 0:49:10as a short-term football fan holiday let?
0:49:10 > 0:49:13I think Liverpool in general is a great tourist city,
0:49:13 > 0:49:17so during the summer months, you'll be able to diversify the type of
0:49:17 > 0:49:21clientele that will come and rent these style of properties.
0:49:21 > 0:49:25So, I don't think there'll be that much risk involved for the landlord.
0:49:25 > 0:49:27That's a relief, but always do your homework
0:49:27 > 0:49:29if you're planning a similar venture,
0:49:29 > 0:49:33as this could have been a significant issue for Dan and Jo.
0:49:34 > 0:49:39The current rates for each flat are £150-£180 per night,
0:49:39 > 0:49:41but their annual income will of course depend
0:49:41 > 0:49:43on how often they're booked.
0:49:46 > 0:49:49The couple are satisfied with their set-up for now,
0:49:49 > 0:49:50but if they decided to sell,
0:49:50 > 0:49:52how much could the properties be worth?
0:49:53 > 0:49:58I think on the open market, this would currently achieve 90,000,
0:49:58 > 0:50:02which I believe is at the top end, but the finish will assist it.
0:50:02 > 0:50:07I think a three-bed maisonette of this standard would achieve
0:50:07 > 0:50:10somewhere in the region of £100,000.
0:50:10 > 0:50:12I've been expecting around 85, maybe.
0:50:12 > 0:50:15But if that's going to be the margin,
0:50:15 > 0:50:19I'll be well above where I expected,
0:50:19 > 0:50:21so I'm happy.
0:50:21 > 0:50:25No wonder. If the couple manage to achieve £100,000 per maisonette,
0:50:25 > 0:50:30they'd take home a profit of £75,000 minus taxes and fees.
0:50:30 > 0:50:33But they're still set on this as a long-term investment,
0:50:33 > 0:50:38which will keep the money coming in to fund their latest project.
0:50:38 > 0:50:42We definitely have to hold on now, because we've got a baby, another,
0:50:42 > 0:50:45so that's going to be a bit...just resting.
0:50:45 > 0:50:47But we will see another year,
0:50:47 > 0:50:50and then we will see what will come up then.
0:50:55 > 0:51:01MARTEL: Earlier in the show, I was in Coundon in County Durham, where I saw this two-bed terrace.
0:51:01 > 0:51:04The guide price of 12 grand was moo-sic to my ears,
0:51:04 > 0:51:07and there were bags of kerb appeal,
0:51:07 > 0:51:10with the property situated in front of allotments.
0:51:10 > 0:51:13But inside, it wasn't such a pretty picture.
0:51:13 > 0:51:16I don't like the look of this low-level damp,
0:51:16 > 0:51:18and actually, looking around the place,
0:51:18 > 0:51:21I see a lot of patches of it coming through.
0:51:21 > 0:51:24The fusty trend continued to the kitchen,
0:51:24 > 0:51:28which, albeit a good size, was long past its sell-by date.
0:51:28 > 0:51:32A downstairs loo meant a perilous night-time trip to the bathroom
0:51:32 > 0:51:34via the steep staircase.
0:51:34 > 0:51:38And the two bedrooms upstairs had a "hole" host of problems.
0:51:38 > 0:51:42I can tell the boiler's been here, it's been ripped out.
0:51:42 > 0:51:44This place needs a lot of work.
0:51:50 > 0:51:53Despite the low guide price, there was so much work to do,
0:51:53 > 0:51:57I could see the profit margin disappearing before my eyes.
0:51:57 > 0:52:01So, pals and business partners Richard and Harry would have to be
0:52:01 > 0:52:03stringent with their 15 grand budget
0:52:03 > 0:52:08after paying £21,500 for it at auction.
0:52:08 > 0:52:11Fortunately, Richard was a builder and plasterer
0:52:11 > 0:52:13who would be doing most of the work himself.
0:52:13 > 0:52:15We're keeping the stairs in the same place,
0:52:15 > 0:52:19but we need to replace them to make less of a gradient,
0:52:19 > 0:52:22because they don't meet building regs at the minute.
0:52:22 > 0:52:24And then the door's going to go underneath the stairs,
0:52:24 > 0:52:27accessing the stairs from the kitchen.
0:52:27 > 0:52:29OK, so who devised this change of layout?
0:52:29 > 0:52:32- That was me.- Yeah.
0:52:32 > 0:52:34Because you can't fit a sofa in here
0:52:34 > 0:52:36if you've got stairs coming into it, can you?
0:52:36 > 0:52:38"Sofa", so good.
0:52:38 > 0:52:42And I like the plans to add a small toilet between the rooms upstairs.
0:52:44 > 0:52:47They plan to do the work in just three to four weeks,
0:52:47 > 0:52:52which seemed a tall order, given they hail from Lincolnshire.
0:52:52 > 0:52:53So, would they manage it?
0:52:53 > 0:52:57We're back four and a half months later to find out.
0:53:07 > 0:53:11Friends Richard and Harry have made good on their plans to move that
0:53:11 > 0:53:17staircase, which really optimises the space in the front room.
0:53:17 > 0:53:20The entrance to the stairs is now in the kitchen,
0:53:20 > 0:53:22which is also looking pretty smart.
0:53:28 > 0:53:31The bathroom has been made a little smaller
0:53:31 > 0:53:33to accommodate a utility area.
0:53:43 > 0:53:48The pals have managed to squeeze in an upstairs toilet using space
0:53:48 > 0:53:51from the second bedroom, and there's a new boiler.
0:53:52 > 0:53:56The two bedrooms have been replastered and redecorated.
0:53:56 > 0:53:58They've really turned this house round.
0:53:58 > 0:54:01But how did they deal with that mammoth commute?
0:54:02 > 0:54:05When Richard comes up with his colleague,
0:54:05 > 0:54:07they come up for usually a week to ten days.
0:54:07 > 0:54:09So, it's not so bad.
0:54:09 > 0:54:12But when they're up here, they're literally working, like,
0:54:12 > 0:54:14- 16, 17-hour days sometimes.- Yeah.
0:54:14 > 0:54:18And camping, like, on air beds in a derelict house.
0:54:18 > 0:54:20- Oh, it's brilliant. - Great.- It's lovely!
0:54:20 > 0:54:24Do I detect a hint of sarcasm there, Richard?
0:54:24 > 0:54:28At least he had colleague Alan to help him out with the renovation,
0:54:28 > 0:54:31which included adding a damp course, replastering,
0:54:31 > 0:54:34as well as all the layout changes.
0:54:34 > 0:54:37They also got the house rewired by a professional,
0:54:37 > 0:54:39and Harry's family mucked in too.
0:54:39 > 0:54:43Quite a few weekends, my sister came up, Rowena,
0:54:43 > 0:54:45she was doing bits and pieces of painting,
0:54:45 > 0:54:50and I've been up sporadically to clear the site, to rip out walls,
0:54:50 > 0:54:54to make sure that they work. Er, yeah.
0:54:55 > 0:54:59While the cat's away, the mice will play, and in this case. cat Harry
0:54:59 > 0:55:03was back home in Lincolnshire during the week, coming up at the weekend.
0:55:03 > 0:55:05So, is that why the timescales ran over?
0:55:07 > 0:55:10It's taken us 25 days to do the renovation in total.
0:55:10 > 0:55:14But because we took on a couple of other projects further south
0:55:14 > 0:55:16in the interim, we've been very back and forth,
0:55:16 > 0:55:19so it's probably about three or four months since we bought it.
0:55:19 > 0:55:22But in total, yeah, 25 days.
0:55:22 > 0:55:2425 very long days.
0:55:24 > 0:55:27I wanted it done in 22.
0:55:27 > 0:55:29But I couldn't do it.
0:55:29 > 0:55:31Well, there's always the next one, Richard.
0:55:31 > 0:55:36But for now, did they keep to their 15 grand budget?
0:55:36 > 0:55:38Our original budget was 15,000,
0:55:38 > 0:55:44and including Alan's labour, we spent about eight and a half,
0:55:44 > 0:55:45between eight and a half and nine.
0:55:45 > 0:55:49I've just done one round the corner and I've just spent about the same
0:55:49 > 0:55:53on that, so I've managed to tweak everything and get the prices down.
0:55:53 > 0:55:56That bodes well for future investments.
0:55:56 > 0:55:58But how will their current one
0:55:58 > 0:56:02of £30,500 fare under the scrutinous eyes
0:56:02 > 0:56:06of two local estate agents, starting with the agent who saw it last time?
0:56:06 > 0:56:11Since coming back to the property, it has been transformed,
0:56:11 > 0:56:13with all the walls plastered,
0:56:13 > 0:56:17a full redecor programme, kitchen, bathroom,
0:56:17 > 0:56:19it's really made a nice job of it.
0:56:19 > 0:56:22I can see that there's been quite a programme of refurbishment done,
0:56:22 > 0:56:25because everything's freshly painted
0:56:25 > 0:56:27and you can see it's a new bathroom, kitchen.
0:56:27 > 0:56:30There's been a toilet added to the property upstairs,
0:56:30 > 0:56:32which is really useful
0:56:32 > 0:56:34when a property has a ground-floor bathroom,
0:56:34 > 0:56:37because both owner-occupiers and tenants do prefer
0:56:37 > 0:56:39to have an upstairs bathroom.
0:56:39 > 0:56:42That upstairs toilet was a wise decision.
0:56:42 > 0:56:45But will this project make them a profit?
0:56:45 > 0:56:51They've spent £30,500 on this property, so what could it sell for?
0:56:51 > 0:56:54I would expect this property to achieve
0:56:54 > 0:56:58a sales figure of £35,000 on the sales market.
0:56:58 > 0:57:01I would put this property on the market for an asking price of 49,950
0:57:01 > 0:57:05expecting it to achieve between 40,000 and 45,000.
0:57:05 > 0:57:06Quite a range there.
0:57:06 > 0:57:10But the higher value could see a profit of £14,500,
0:57:10 > 0:57:12minus taxes and fees.
0:57:12 > 0:57:15That's almost half their total investment.
0:57:15 > 0:57:16Impressive stuff!
0:57:16 > 0:57:19But this was always going to be a rental property.
0:57:19 > 0:57:22For the rental market, I think this property would achieve
0:57:22 > 0:57:25£300 per calendar month.
0:57:25 > 0:57:28If I was putting the property up for rent, I would recommend
0:57:28 > 0:57:31asking £395 per calendar month.
0:57:31 > 0:57:33We'd be happy with that. That's a good yield.
0:57:33 > 0:57:35- 12%.- Yeah.
0:57:35 > 0:57:40Good maths there, as the lower end would mean a yield of around 12%,
0:57:40 > 0:57:45with the higher value taking it to a mighty 15.5%.
0:57:45 > 0:57:49This pally partnership certainly has its financial benefits.
0:57:49 > 0:57:52Does that mean it's bound to continue?
0:57:52 > 0:57:55We have some exciting projects in the pipeline, I think.
0:57:55 > 0:57:58We're just going to keep seeing what comes along and keep
0:57:58 > 0:58:01- property developing, I guess. - I'll do some more bigger stuff.
0:58:01 > 0:58:05Yeah, that's next on the agenda, when I can borrow some more money.
0:58:08 > 0:58:11Well, another day and another three properties in the bag.
0:58:11 > 0:58:14Yes, and, as ever, a very different three stories.
0:58:14 > 0:58:16And you know what?
0:58:16 > 0:58:18We'll have three more for you next time,
0:58:18 > 0:58:22- here on Homes Under The Hammer. - Bye-bye.- Bye-bye.- Goodbye.