Million Dollar property Experiment

[Richard Faulkner]

What a pair of dickheads!!

They dressed the property, got an offer of £255K, undressed the property, lost the offer, and blamed the estate agent.

Unbelievable!!!

The new agent gets it at a lower price, sells it quickly for £17.5K less than the initial offer, and they are over the moon. - at 9.47pm it can still fall apart!!

Whoops! its fallen apart again.

It's on again!

Its off again!!

Cant believe they didnt deal with the sound issue up front.

(I cant actually believe I have just commented on this whilst watching it )

Its on again at £231K

£2K profit

MMM!

[in2minds]

"Its on again at £231K ... £2K profit" [..]

and it only took 10 months to make that £2k profit (c;

Les

[Angela]

Did you see the one guy burst into tears.................................Jeez if they do that for a TV programme good job it's not their real life or they would be hanging from the rafters by now!!

Also if it wasn't for the builder guy they wouldn't even made £2k profit as they wanted to pay for old school radiators which would have cost £2k more than the funky, modern efficient radiators they used!

Angela

[No-one]

Less capital gains tax ?

[The Natural Philosopher]

Think there is an annual allowance of 10k or something.

[Reestit Mutton]

Actually, the moment they decided to use that corridor to the back garden for the second bedroom, I knew they were on to a hiding. Who in their right mind would want a bedroom like that?!!!

RM

[BillR]

They haven't made nearly enough "profit" for the taxman to bother.. The CGT exemption is £7.9k each...

[Tony Bryer]

Your first £7,900 (IIRC) is tax free.

[Adrian Sims]

Riveting TV though! :-)

The program was much hyped up because most people believed when it started that they would start with 100k and actually make a million...which is not going to be the end result at all. Each week they seem to need to borrow more money from the BBC...that's cheating!!

You can't help wondering why "the boys" never lift a finger. Surely they are competent enough to paint a wall?!

Are they actually a gay couple?...it always seems like they are about to snog when they finally sell the property!!! :-)

A.

[John Laird]

I'm glad it wasn't just me that read it that way (newspaper article in my case). IIRC, the borrowings on the £1m property were somewhere in the region of £700-800K. Which was yet another reason why I've not bothered watching it.

[Mike Hibbert]

I think they are actually. They were on something before as an actual "couple".

Don;t mind that they are gay, just the fact that they are a pair of bleeding prima donnas!

[Toby]

You'd certainly want your project manager to be more like Nigel than those two. For those left to their own devices in the mornings, BBC1 at 10am is running an intriguing show about houses bought at auction. So far it seems all the properties have sold just under or close to their actual value, but with the beauty of near instant possession.

[geoff]

In message , Adrian Sims writes

The words "nail" and "chipped" spring to mind

[Mungo Henning]

You mean there's still hope??

Mungo :-)

[Reestit Mutton]

Actually, I believe that their program has one redeeming feature...it shows all would-be amateur property developers that even with the best project manager in the business it's still not that easy to make money on property development after the cost of your time and effort is taken into account.

The danger is that wall-to-wall TV property shows make everyone think that it's a mug's game and that would end up stoking the housing market even further - it's due for a correction as it is and I wouldn't want to see it turn into a bubble.

TMPPE does a good job of actually injecting some reality into teh equation

RM

[Adrian Sims]

Quite agreed. But that is different to what most of us do. We can all do at least something ourselves....even if it is only painting!!

Nigel Leck is actually quoted as saying it is easier to make money in falling markets as you don't have to reinvest all your profits in the next house. Presumably that means, however, that you have to work really fast!

Adrian

[The Natural Philosopher]

Damned right. And the biggest mistake is to over develop a property in a crap location.

Who weanst a 14th century converted church in the middle of a council estate on Hackney anyway?

The key is to find the shabbiest property in the best area you can afford, and make it the best on the street...just.

[Andrew]

Except in this case they are in business to 'make' money out of property so they should be taxed on the 'profit' as a business - no cgt allowance.