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Watched a programme on the BBC one morning last week about buying at auctions in London. One youngish chap they filmed buying a house oop north (Darlington I think) looked almost fed up at the auction but won after outbidding another 3 or 4 chaps. Think he paid £40k. They interviewed him afterwards, turns out he was a salsa dance teacher and he'd bought the property without seeing it from a catalogue He planned to redecorate it and rent it out asap. Presenter asked was he not taking a big risk - he replied no, he does this the whole time. Since 1994 he'd been buying houses from auctions to rent out - this was the 57th property he now owned Had his own builder who blitzed the decoration in a few weeks then it was up for rent. He never visited the houses he was bidding on but he was careful not to buy in any 'bad' areas.