Property Ladder S06E12

18 months ago i met two sets of developers who'd embarked on very risky and very challenging developments if we were only selling that 150 then we'd be very upset they decided that listed buildings were the way to make their fortune but they've massively underestimated just how difficult they can be but did this put them off developing certainly not you're 18 months in several million pounds in debt and you haven't actually had any profit out yet [Music] every novice developer dreams of making a fast buck and a year and a half ago i met two such developers who were convinced they could do just that the problem with this game though is there's no such thing as a quick fix dave hearn and nick holmes in dunstable 30 miles north of london and tammy and mark howard in harlaxton lincolnshire have both taken on difficult grade two listed buildings that most people would run a mile from listed buildings can make tricky developments there's loads of red tape and your budget can spiral so it's more important than ever to know what you're getting yourself into but mark and tammy howard simply don't what we know about listed buildings we could write on the back of a postage stamp yeah so i guess we're going to learn the hard way but that could be a lot harder than mark and tammy think they've just spent 205 000 pounds on this an old victorian bakehouse in harlaxton it needs a huge amount of work doing to it it needs re-plumbing and rewiring and the first floor is collapsing so many of the timbers need replacing worst of all there's an old bakery with an industrial oven so enormous that it takes up this entire part of the building it's in a bit of a state this house though i think that's being um quite complimentary why did you buy it mark doesn't know oh yeah it seemed like a good idea at the time but no i said every time i'm away from the property i'm very excited about it i can visualize what it's going to be like every time i come back to the property i have buyer's remorse i'm panicking i'm thinking what the hell have we done so time will tell whether this is a good decision or not there's no going back now so mark and tammy need to make the most of their investment and they're going to need their wits about them to turn this huge old rambling house into an appealing family home this is a two-story semi-detached property upstairs there are five bedrooms and one family bathroom downstairs the layout is very sprawling with a lounge leading through to a kitchen dining room utility and wc and across the hall there's the old bakery with its huge industrial oven that takes up a whole room by itself mark and tammy want to put a new kitchen in the bakery and demolish the entire oven building to make way for an adjoining dining area and then knock the old kitchen through to the lounge to create one large living room but they have no idea if the planning department at the local council will let them carry out any of their plans now this is the heart of it isn't it so the old ovens yeah and then this is where the flower was yeah so they used to take the flower upstairs store it upstairs and then as they needed it just drop it through the trapdoor in here knead it up pop it in gosh it's fantastic isn't it yeah hopefully it's not too fantastic though because we want to get rid of that um so again with the planning we need permission to remove it absolutely so your enthusiasm before it worries me it doesn't help if you can't move the oven i mean you're pretty scared aren't you yeah it's critical um it's the biggest gamble we've got with the whole thing when you bought the property you presumed you could just move it did you yeah well yeah i mean we didn't we walked in and it wasn't great i mean we just walked in thought well that can go and carry it on i can't see how i'm gonna sell the place with a huge great oven because i can't see that's on the top of people's shopping lists i'd like a big baker's oven in my kitchen it is an old bakehouse and the oven is integral to its historic importance i think there is a good chance you'll have to keep it low that's not good enough yeah that's not good news mark and tammy have taken a massive gamble by not doing enough research on this property and they don't seem to have a clue about the costs involved either how much is it going to cost you reckon well the budget that we put together before we understood the proper planning rules um was 80 000. uh and i really want to keep to the 80 as much as i can looking at this i would say it's 120 000 hands up funnily enough everyone else has seen it said that too i think mark and tammy are setting themselves a near on impossible task they bought the house for 205 000 pounds have a budget of 80 000 pounds and are hoping to sell for three hundred and seventy five thousand pounds to clear a ninety thousand pound gross profit which i think is a little ambitious and that's surprising as mark and tammy aren't entirely new to property developing as although they've never done a renovation before they've actually made a whopping 400 000 pounds from new build developments over the last three years so this seems like a big risk as their next development what i'm intrigued about is why did you decide to stop doing new builds and and renovate this listed we thought well if we try to go into a renovation we can turn the properties over a lot quicker and in theory over the same timeline we should potentially make be making the same money if we're doing everything right we're turning the property over every four or five months hopefully and in theory um the stress should be less in theory and uh the gain should be about you know about the same i think it's pretty optimistic to think that you can turn around properties so easily find them and do them and sell them you've got a lot of anomalies in there so how do you guys feel at the moment oh scanned scared nervous we know what you know we've got a big job on and a lot of things have to go in our favor to make it happen in the time frame and budget et cetera hey get out while the game is good did you want to buy it no thanks good touch at the barcelona joking aside although the property has potential mark and tammy couldn't have got it more wrong if they think this renovation will be easier than a new build 150 miles away in dunstable business partners nick holmes and dave hearn are also taking a massive gamble only this time we're not talking about one listed property but an entire terrace of six period houses they're hoping to sell on for over a million pounds a huge development each house has to be separately renovated and while the sheer scale of this development would put off many people dave's given up his job as an industrial designer to do the project management and nick's taking time out from his flooring company to do the paperwork but they do seem to have done their homework we knew that the building was listed when we bought it and we also recognize that a lot of the features that are here we were going to restore using traditional techniques you can't just steam ahead and do what you would normally do in a normal construction site [Music] but this is still a high risk development because while the whole terrace is large the individual houses are so small it won't be easy to make them appealing what's more nick and dave have borrowed over half a million pounds to fund the development their plan is to get one house finished and turned into a show home within three months because they have to sell the other five off plan or they'll be crippled by the thousand pounds a week their huge loan is costing you know this can make or break us really it's that crucial to us that we get a good job done isn't it you know we've never even considered failing failing is not an option dave and mick bought the property for 554 000 pounds they've got 285 000 pounds including costs to renovate the whole terrace and they're hoping they'll get one million and twenty thousand pounds from selling all six making a gross profit of 181 000 it's a truly colossal project to take on if they get it wrong on one house they're potentially getting it wrong on all six [Music] in harlaxton mark and tammy's rather less than thorough research means they could have a serious problem with their giant old oven if the listings officer wants them to keep it i honestly believe they could be kissing goodbye to any prophet at all mark and tammy howard are hoping to make ninety thousand pounds in just four months out of this listed victorian vape house in harlaxton but if the conservation department want them to keep the huge old industrial oven that takes up this entire room at the back of the property they could actually lose money with the conservation officer on his way it's d-day for this development one of the things that we'd like to do is to remove this oven and try and open up the entire kitchen uh it would be a shame if we lost everything which related to the bakery element of it though one of the ideas that we might have might be to use this this whole frontage somewhere right within your revised scheme i'm not too concerned about what happens behind i don't think that's a particular significance so if we moved it from here and used it you know in a wall somewhere you'd be happy with that it doesn't have to stay there i think we'll have to devise somewhere to put it which um which is convenient for you that's great yeah that's brilliant that is a big weight off our shoulders are turning this certainly is good news but the reality is a whole month's gone by and mark and tammy are only now sending off their application and can do very little on site until they receive formal listed building consent which isn't guaranteed that means a further six weeks of frustrating inactivity mark's plan for a stress-free four-month turnaround is looking less and less likely in dunstable dave and nick's preparation is paying off [Music] they've taken on this entire terrace of six separate properties and with planning permission in place it looks as if things are going great guns that's just as well as they've got ambitious plans to smash the local ceiling price and sell each property for 170 000 pounds by adding a two-story extension on the back of each one each of the houses has just one bedroom upstairs and a lounge leading to a small kitchen and even smaller bathroom downstairs by adding the extension dave and nick want to create a second bedroom come study on the ground floor but also plan to sacrifice the bathroom down here for a wc to make way for a bigger kitchen and while they are planning to add a bathroom in the extension upstairs anyone staying downstairs will have to walk through the master bedroom to use the only bathroom in the house so this is going to be the kitchen in here yeah yeah so the cloak room is going in this corner okay on market why why don't you make this if you put is there any reason why you can't pull this out to here and make it kind of there and there and then you'd have if you had it along here you'd have you'd have enough room to make that into wet room so you'd have a downstairs shower room come downstairs lou which would mean that that that second bedroom would then be able to use this as a shower what do you see as a wet room is that where you think that's a fully tiled room yeah which basically the shower on the wall yeah it means that you don't have to have the shower tray that's all i see we thought that the second bedroom stove study would would be primarily a study or a work from home environment and in those circumstances but whether we've got downstairs toilet and sink um use you know your your guests or your friends that are staying over using your shower room your ensuite wouldn't actually present that greater problem but i think to get the best price for this development dave and nick should forget the study idea and market each house with a second bedroom complete with a wet room one of the problems you've got is your resale that you're looking at is 170 a house and having looked around the area for a two-bedroom house around here you can get a quite nice one for 150 so so you are looking at getting quite a lot more if we were only selling that 150 then we'd be very upset [Laughter] i think it'd be a really good idea for you at this stage to to go and talk to some asians and be going look at some wetlands i'm not i'm not convinced that the if we went to an agent and said we're going to put a wet room in they'll actually have the first idea what we're really talking about so you've been breaking the trend around here which is no bad thing is it but ultimately with all ideas you should always test it out for yourself and that's what i suggested dave should do do you know what a wet room is [Music] you don't think would be just uh a london uh style apartment that would have something like a wet room i think it might be a good selling point for us so it's a new moving forward sort of idea isn't it it is yeah it's pretty cool idea okay it's everything you want in it i think dance feels ready definite winner with the people we've spoken to good feedback definitely gonna do it i think this is a real breakthrough for dave and nick and being the first to break the mold in dunstable might get them the extra twenty thousand pounds per property they're so desperate for never once to hang around just a week later the wet room is already taking shape and the extensions are not far behind because with such huge mortgage repayments they can't afford not to get this development done on time [Music] in harlaxton mark and tammy are nine weeks in and with their plans finally approved the hard graft can begin but mark's only ever done new build before and isn't really prepared for the extra work that goes into enlisted development the conservation department want them to reuse the original bricks from the oven housing to build the new dining area extension painstakingly cleaning up over 5000 bricks one by one ends up adding another two weeks to a schedule that's already looking dangerously out of control the new build there's a plan and you can you can work pretty much to the plan and there's not going to be any major surprises um this the renovation every time we come there's another surprise there's another problem to get around we're running out of time and looks like we're going to go over a budget it's no longer fun it's it's a real worry to add to mark's problems he's finding it increasingly difficult to run his financial services business and the site at the same time more often than not tammy stays at home and even when mark does manage a flying visit to the property he finds it difficult to get off the phone right 10 minutes then you're going to call me back yeah in 10 minutes a good project manager keeps the development moving forward and also maintains control of the costs but this budget is starting to slip they're already dangerously close to spending the 50 400 pounds they've allowed for labor and materials and there's absolutely no leeway in the rest of the budget there's a mere 5 300 pounds for the kitchen and bathrooms 5 400 pounds for all the electrics and plumbing and 4 100 pounds for the decoration [Music] there's 6 800 pounds for the garden and with fees of 8 000 pounds their total budget is 80 000 pounds to make matters worse there are conservation issues they've overlooked on top of the requirement to clean up and reuse the thousands of original bricks in the dining area extension they need a damp proof course downstairs but they must preserve all the old flagstones which involves numbering each one and laying them back down in exactly the same order it's a huge amount of work but i can't help thinking this project should be progressing quicker than it is four months in when the project is meant to be finished they're miles off i can't believe you finally got that extension up yeah actually when they started it went up really quickly it was just all the faffing about bit before it's a it makes a big difference in it yeah it really opens the thing up what a great kitchen breakfast will be going to really make it and your red oven may see i have to say i would be tempted to make a hole there and make a little box behind so that you can so that you can use it i just yeah something else we've still got to think of getting done so it's not that i don't like the idea it's just adding something else to the list of things yeah are you slightly reaching the end of your tether with this development now and just absolutely cannot wait to flip and get this place sold an hour here i've got to tell you in my head it was only going to take four months um unfortunately now it's way past the four-month stage i'm starting to lose a bit of interest in it building sites do have a tendency to do this they get about halfway through and then they really they the heels start to drag and i know that this is going to be really difficult for you to do but that's to get down here every day for a few weeks but that's that's easier said than done if you've got a full-time job yeah well i could come down every day for a few weeks but i don't know how that's going to make any difference i think if you're here and you're working on site it just tends to push things along if you're coming down and you're cleaning up and you're really okay that's not going to happen no sorry no you don't think that we have stress enough in our daily lives then we can't touch it every day that's what i said i think it might yeah tony's idea of managing is a float through a quick serene visit excuse me i know all the paperwork for this i don't even go there okay you have to ask me how much the budget is every day don't even go there no no no that's not your thing no that's not my thing no i think um i can understand that you've got other stuff on but i'm just saying that is one way that you can get it to move forward is by actually being here good project management is absolutely crucial and while tammy is clearly horrified by the idea of working on site someone is going to have to take control of this development if it isn't going to drag on for many more months it takes a couple of weeks but eventually tami realizes how important it is for her to take over [Music] the question is does tammy have the project management skills to really get this site moving what do you think your tasks will be for this week then dubai friday right how far do you think you'll get done with that give me some definitives so what are you on this week keeping pete and nick going well peter do you hopefully finish that today so let's push him to do that okay okay why is that window not in please make sure he gets this wall done by today because otherwise he's going to be off the job okay seriously it's very late in the day but it's great to see things are really starting to move now this project is finally being managed well [Music] in contrast the scheduling danceable is starting to slip we've stood still practically on this particular house for the last three weeks because we've been waiting for a lintel to turn up without the lintel we can't put the gable on on the wall without the gable in the wall we can't finish the roof i very much want to get this unit done i want it finished i want it as a show house nick and dave are paying a thousand pounds a week in interest to finance the development so it's crucial they get the show home up and running as soon as possible so they can recoup some cash by selling the other properties off plan but the lintel is not the only problem they don't feel confident enough to design the show home themselves and they're getting increasingly worried about how it will look it's very important to us that the show house is 120 correct you know the attention to design detail has to be perfect [Music] with their limited space this is going to be a real challenge and what dave and nick need is a crash course in show home design [Music] and there are definite do's and don'ts so i'm taking them to a show house for these apartments nearby that are also aimed squarely at the young professional market deco wise i'd never advise going this bold but the living area second bedroom and kitchen have almost identical dimensions to nick and dave's and i think there are some good layout lessons to be learned here this is clearly quite wild and wacky in here but i think there are things that are really worth taking away from the show house and that's that they've defined the areas of eating and sitting quite clearly i think the nice thing about this room it does actually reflect what we could do in our arms houses and i think this kitchen is an example of a little tab of overdressing what do you think of these workshops sir there's high shine on a laminate worktop has a tendency to scratch it just doesn't last we have a really big problem specking any other worktops we're looking at around about a thousand pound of kitchen to put granite worktops in in our kitchens i think you could produce that by a good five six seven hundred pounds eight block work top it's going to be we're going to be saving in the six flats that's right six houses so if you save 500 quid that's three grams there is one other major point and that's that you are meant to have finished the show house by now and you're not are you how far off are you we're about four weeks behind where we really wanted to be are you definitely going to have that show has finished in four weeks four weeks we'll definitely have it finished definitely i hope they're right because with their 1 000 a week interest repayments they can't really afford for their schedule to slip anymore [Music] dave hearn and nick holmes in dunstable and mark and tammy howard in harlaxton are both at the end of hugely risky developments six months ago when mark and tammy fell in love with this victorian bakehouse in harlaxton they knew next to nothing about listed buildings and had little idea of the difficulties they could entail which makes the transformation even more remarkable the once dilapidated reception room is now a cozy family sitting room [Music] and next door what used to be the kitchen is a private study as they also have a separate dining room it means there are quite enough reception rooms downstairs to keep even a large family happy taking out the large baker's oven means there's also a fantastic kitchen diner to congregate in and tammy's choice of a simple traditional style is perfect for the property hi how are you wow what a transformation [Music] and when you think that massive industrial bread oven was in this space it was really worth taking it so what did you end up doing inside the original ovens we've just put some little sort of cubby holes in so people can put candles spices i've got to say i'm glad you did something with them but i do think that it could have been a bit more inspiring upstairs has the ideal layout for a large family with a good balance of six bedrooms to three bathrooms this house can now be classed as a luxury family home which will do nothing but improve their resale figure and the neutral decor makes each room feel light and spacious as well as giving the potential buyers a blank canvas to work with [Music] transforming the attic into a private master bedroom and ensuite has made the most of the space up here and will certainly add to the appeal but quality like this doesn't come cheap now you were hoping to spend 80 000 pounds on this development how much did you end up spending 124 124 i was gutted i was really determined to come in on budget to prove you wrong but unfortunately [Music] i think it's still a great achievement to bring this project in at just over 120 000 pounds but a rather over optimistic initial budget means they overspent in just about every area labor and materials rose from fifty thousand four hundred to eighty two thousand six hundred pounds the kitchen and bathrooms from 5 300 to 10 300. the electrics and plumbing from 5400 to 5600 and the decorating from four thousand one hundred to eight thousand pounds mark and tammy did cut back their spending to two thousand pounds on the garden but with their fees including mortgage payments rising to fifteen thousand five hundred their total spend is a hundred and twenty four thousand pounds now you're originally hoping to sell the house for 375 000 won't you yeah what do you think it would be worth now over 400 but where how much over i don't i don't know well there's only one way to find out the new extension on the back really blends in very well great feature ovens master bedroom suites i like the way it's elevated from the rest of the house i would value this property at 415 000 pounds i would value this house at 415 000 pounds i would value this property at 425 000 pounds we have had three agents round the property and they have given valuations of four hundred and fifteen thousand four hundred and fifteen thousand and four hundred and twenty five thousand excellent that is very good well that's worthwhile because that's massively over what you're expecting if mark and tammy sell for the average of the three valuations at 418 000 pounds they'll make an amazing 89 000 gross profit all they need now is to find someone willing to buy the property straight into the kitchen for parties you cook in there we in here absolutely oh it's a nice garden here in good size just manageable i love this you can line the bath and watch the stalls i think the house is great and i think it's got a lot of character for a period home and i'd be seriously thinking of putting an offer in i think this is a really big success story in terms of development and and if you carried on like this you'd be millionaires do you think we'd survive though if we carried on doing that no no so you couldn't do two of these a year and and stay alive yeah we could we could couldn't we one week after putting the old bait house on the market mark and tammy accept a fantastic offer of 428 000 pounds clearing a 99 000 gross profit marks all for plowing this money straight back into another development the question is will tammy ever let him in dunstable dave and nick are a month behind schedule with their terrace of six houses they still have five properties to complete but the all-important show home is up and running and is spot on for their target market of young professionals they've really taken on board our conversation about what makes a successful show house and downstairs have cleverly made this small room feel much bigger with well-defined living and dining areas [Music] the kitchen is small but beautifully formed and it was the right decision to go for the oak block worktops which are both affordable and stylish and i'm thrilled that they finally went with a wet room idea it has a great contemporary feel and should be a real selling point although in the ground floor extension cramming in a desk makes it feel more of a study than a real second bedroom overall though this is contemporary design out of the top drawer and is exactly what the market needs but the question is how much did it all end up costing the overspend is around six and a half thousand pound of which two and a half thousand is putting the wet room in i think the wet room is a brilliant idea i think the wet room definitely makes these houses more saleable but have they done enough to break through the ceiling price and reach the 170 000 pound target they were hoping for because you can see everything in place with the dining area and the sulfur it works really well really good quality kitchen with the solid oak worktops it's a fantastic use of this space brilliant idea you've also got the downstairs wet room if someone else is coming home wants a quick shower that's ideal i would value this property at 180 000 pounds i would value this property at 180 000 pounds i would value this property at 180 000 pounds excellent yeah that's right yeah we're pleased with that dave and nick bought the entire terrace for 554 000 pounds they should end up spending 324 000 pounds on the whole development and bring in 1 million and 80 000 from selling the six houses which would give them a giant 202 000 profit we're pleased we're very pleased when we sold one we're gonna be even happy [Music] dave and nick get off to a great start immediately selling five houses but then their luck runs out the last house just won't shift [Music] until they sell it they haven't actually made a penny of profit after all that hard work but that doesn't seem to be dampening their spirits this year we've really got a lot of work going you know things this year things should really come good for us mark and tammy howard and dave hearn and nick holmes have both come to the end of very risky developments which they were hoping to make them big bucks for mark and tammy it's been a stressful eight months but all their hard work has been rewarded with a 99 000 gross profit from their harlaxton development [Music] they've moved straight on to renovating this grade two listed georgian farmhouse in lincolnshire but this is not a development for the first time in eight years they've decided to invest their money into creating their very own family home well the first thing we're going to do is sort their main house out so we can at least live in some sort of normality once it's done and it's done to our standard in the way we want it it will be amazing because you know to get mature gardens and a river frontage in the land that we've got you're not going to get that very easily elsewhere but developing is not entirely a thing of the past because with the farmhouse come two listed farms that are just right for development once the family home is finished next year the barns will be their next project you're very brave taking on another listed house especially after your experiences at alexander brave or um very stupid well you said it yes not that stupid their huge profit from the sale of their harlaxton development has really acted as a springboard to bigger and better things [Music] industrial making a profit at the arms houses has not been quite so easy dave hearn and nick holmes have sold five of their six arms houses but a year on they still haven't sold the final one as it stands they're making a 26 000 loss on the project but that hasn't stopped them buying development after development after development dave and nick have bought not one not two but three new sites they've been borrowing money and buying up land at breakneck speed and when they finally taught up just how many individual units they'll soon be building it's an impressive if not intimidating prospect seven and seven yeah it's 14 yeah 14 and six yeah he's twenty yeah and nine he's twenty nine twenty nine now twenty nine at eight it's obviously daunting but at the end of the day that's what we've scheduled to do so you know we're to get on and do it this time around there's not a listed building in sight in fact their experience with the arms houses seemed to have put them off renovations altogether but never ones to give up now they're convinced new builds are the way forward renovations are bloody hard work with new builds and you don't have to be there all day every day we can be out looking for new bits of land and you know making our business go forward with new projects in the town of amp hill five miles from dunstable they've already got a site that's well underway this development of seven one bed flats is aimed squarely at the young professional market they've borrowed just shy of three quarters of a million pounds for this project they've bought the land for four hundred and twenty thousand pounds anticipate spending three hundred and ten thousand on the build and a further seventy thousand on fees and interest they hope to sell the flats for nine hundred and sixty five thousand pounds making a hundred and sixty five thousand pounds gross profit just like in dunstable they want to set up a show home and sell as many of the flats off plan as possible probably just have to spend what money on the blinds and some carpet so 1500 pounds something like that i should get this fitted out some lights i'll be surprised if we're up but it's up to an after three you've only got a thousand budget aside dave and nick are seriously stretching themselves with their finances because this isn't the only development they're borrowing on four miles away in the village of westerning dave and nick are planning to knock down this old bungalow and bus garage in order to build nine brand new flats they're borrowing a further nine hundred thousand pounds to do it if they pull it off it will give them a 350 000 pound gross profit but when they borrowed the money to buy the land these boys took a real gamble potentially our biggest problem here is under the ground here there's diesel tanks now we know that they're foam filled but we don't know until we start digging whether it's going to give us a problem or not and we don't know if there's any more contamination around it do we that's the biggest thing many other developers would not have taken on such a risky site but you've got to admire dave and nick's courage they understand that often the bigger risk the bigger the potential profit and they're certainly going all out for profit back at amp hill their profit depends on getting the show flat absolutely right and selling every one of the seven flats with so much riding on it choosing the right unit to use as the show home is crucial and they decide to have a chat with a local estate agent for some advice we need one with the the best views out the window the best lighted flats i think the back top one that's hot on the first floor the show flat would have better light and better views but without time on their side dave and nick decide to go against the agent's advice we're going to run with our original plan of setting up the front house as a show flat dave and nick decide to fit out the ground floor flat because it's the closest to being finished and with all the spending they're doing they need a quick injection of cash five miles down the road in barton leclay they're going to spend a further 600 000 pounds developing this piece of land they intend to build six terraced cottages incredibly they're hoping to make an astronomical 465 000 gross profit the profit that we should return ourselves on this really really should set a good grounding for the future and make us you know essentially cash rich this kind of property developing is not for the faint-hearted if you take what they spent on this site and add it to what they're spending on western in and the development in anthill they're investing a phenomenal 2.23 million pounds but if they get what they're hoping for in the way of sales they could stand to make just short of a million pounds in gross profit this is serious money but every single unsold unit means a huge dent in that profit so it's crucial they get off to a good start with the amp tell development two weeks later the show flat there is finished they've clearly learnt a lot from the dunstable arms houses about the way to market their developments [Music] it is very important to have that show house people really cannot go into a building and visualize how a space is going to work unless you you give them good clear indicators it's a it's a lovely flat and what's particularly impressive about it is it's actually incredibly small in here isn't it and and by designating the spaces that as you have you've made it feel a lot bigger throughout the whole flat the neutral decor and strategically placed mirrors all add to the illusion of space [Music] the kitchen actually looks really quite a good size doesn't it whilst the actual materials you've used in here aren't the most expensive it's very well executed and well put together really nice kitchen there's no doubt that one of dave and nick's real strengths is their ability to deliver a great end product have you had any interest in any of the flats yet i mean they're really nice well we've sold three units are they actually sold uh we've taken deposits on on two um so two exchanged and no exchange we've taken the holding deposits it's a good start but by now dave and nick should know that a property isn't sold until the ink is dry on the contract a lesson from their dunstable development yeah there's been a very tough project there um yeah tough to sell it's difficult falling out of the chain so you had a lot of sales that fell through yeah as it stands at the moment the dunstable arms houses as a project independently are standing at a 26 000 pound loss you still got a house to sell one that sells there's money in that but at the moment you haven't actually made any money from the project so it's quite a scary position you're running you're not you're not walking on this career path aren't you you must be a lot in debt if you've got that much property on my wife who does our accounts for us now rang our accountant to check that she got the decimal point in the correct place so we're talking we're talking millions here yeah yeah it's quite so you're 18 months in several million pounds in debt and you haven't actually had any profit out yet no no but next year will be a good year [Laughter] with their massive debt dave and nick are an extremely vulnerable position but ultimately it's their willingness to take that risk that could make them a huge profit if they can hold their nerve and luck is on their side they could be well on their way to making their first million [Music] [Music] hello

Channel: The Forgotten Vault

Views: 13,269

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Id: OO-9XEs1vHg

Length: 48min 15sec (2895 seconds)

Published: Tue Jan 12 2021