This is the latest in a series of articles profiling how homeowners manage to buy their property in today's tough housing market.

It is tough to find value in the Bermuda property market, but someone who knows how to spot an opportunity is Michael Emery, a partner of Entasis Architecture firm.

Mr. Emery is currently renovating his own house in Southampton. Work started about a year ago and is just nearing completion.

Mr. Emery bought the property with two partners as a business investment. In the beginning, it was not much to look at; it used to be a chicken farm and was made up of three lots, one with a fairly unattractive building on it.

The house had been put together quickly and inexpensively, but had great views from the top of the hill and Mr. Emery spotted a lot of potential.

He decided to purchase the property from the partnership and to develop it for himself to live in.

He financed the purchase with a bank loan. The deposit came mainly from savings that he had made through various business investments.

"I didn't borrow any money for the renovation though," he adds.

Mr. Emery says he has managed to make savings on the renovation, partly through paying the contractors on a cost and charge basis.

"They get paid for the time and materials they have used instead of on a contract basis" he explains, "I wouldn't recommend that to any clients though; you have to have tight controls."

As a qualified architect, he is in the fortunate position of not having to pay project manager, architect or designer fees. He also does some of the finishing work himself, "I'm there `hands on' with the guys in the evenings" he says.

"The finishing is the stage when you really have to keep a keen eye out," says Mr. Emery, adding that he tries to visit the site once a day before or after work.

By the time he finishes doing up the house, he anticipates that the property will have doubled in value: "I see it as a way to build up equity in the property."

As for how to get that first foot on the property ladder, Mr. Emery says you can start investing in the real estate market before you actually buy a whole property.

He started by getting together with friends and buying a property to develop together.

For many years he rented an apartment from his family and this will be the first home that he has owned and lived in on the Island.

In the future, he plans to add an extension and if another interesting project comes along he can use the house as collateral.

"I see it as an investment vehicle," he says, adding that he tried investing in securities in the past, but now it's: "Real estate, real estate, real estate."

"Everything I did on the stock market I lost," he laughs. "I'll never do that again!"

Do you have a story to tell about how you got your piece of the rock? If you do, contact Becky Ausenda at 278-0147 or email her at business@royalgazette.bm