Ep 9. A blended family needs an income rental to take on one Big Mortage and Lots of Expenses.

In this episode of Income Property, host Scott McGillivray meets with a blended family who are struggling to manage a large mortgage and a range of expenses. The family consists of a couple, their three children, and the wife's mother. They currently live in a small townhouse, but are hoping to upgrade to a larger home with space for everyone to live comfortably.

The family has already found a property that they are interested in purchasing, but they need to create more income in order to afford the mortgage payments and the other expenses associated with owning a larger home. They turn to Scott for help in creating an income-generating rental unit on the property that they can use to offset some of their costs.

Scott begins by analyzing the property and assessing the potential for a rental unit. He determines that the best option is to convert the existing basement into a suite that can be rented out. This will require some renovations, including adding a kitchen and bathroom, but Scott is confident that it can be done within the family's budget.

Next, Scott works with the family to create a realistic budget for the renovations and for the ongoing costs associated with managing a rental property. He emphasizes the importance of charging a fair rent that will attract good tenants, but also allow the family to cover their expenses and make a profit. He also advises them on the legal and financial aspects of being a landlord, including obtaining the necessary permits and insurance.

With the plan in place, the family embarks on the renovation process. Scott guides them through the various stages of the project, helping them to make decisions about materials, layout, and design. Along the way, he offers tips and advice to help them maximize the space and create a welcoming environment that will appeal to potential renters.

After several weeks of hard work, the rental suite is finally complete. Scott brings in a professional photographer to take some pictures of the space, which he will use to create a listing for the property on various rental sites.

With the suite ready to be rented out, the family is excited to start earning some extra income. Scott reminds them that being a landlord requires ongoing effort and attention, but also offers the potential for long-term financial security. The family is grateful for the guidance and support provided by Scott, and eager to continue building their wealth through real estate investing.