Ep 6. Second Income

The show Income Property follows real estate expert Scott McGillivray as he helps homeowners generate extra income by renovating parts of their property to become rental units. In season 4 episode 6, titled Second Income, Scott meets with a couple who are looking to create a rental suite in their basement.

The couple, Layla and Dan, are both self-employed and are struggling to make ends meet. They currently live in a large home that they purchased a few years ago, but the mortgage and expenses are becoming too much to handle. They've decided to turn their unfinished basement into a rental suite in the hopes of bringing in some extra income.

Scott visits the house to assess the basement and comes up with a plan to create a one-bedroom apartment with a separate entrance. He works with a general contractor to make sure all of the proper permits are obtained and the work is up to code. Scott also helps Layla and Dan find a suitable tenant for their new rental suite.

Throughout the episode, viewers see the transformation of the basement from a bare, concrete space to a fully-furnished apartment. Scott makes sure that the unit is both functional and stylish, selecting materials and furnishings that are durable and affordable. He also advises Layla and Dan on how to price the unit and ensure that they are screening potential tenants properly.

In addition to the renovation, Scott also provides tips for Layla and Dan on how to effectively manage their new income stream. He explains the importance of setting aside money for maintenance and repairs, as well as creating a lease agreement that protects both the landlord and tenant.

Overall, Second Income showcases the potential for homeowners to generate extra income by transforming unused spaces into rental units. Scott's expertise and guidance throughout the renovation process and tenant selection offers viewers valuable insights into the world of real estate investing.