Ep 11. Successful Newbie Investors

Income Property is a TV show that follows homeowners who want to create an income suite in their homes. Host Scott McGillivray helps these homeowners design and renovate their spaces to increase the value of their property and create an income stream. In episode 11 of season 7, McGillivray works with two first-time investors who want to create an income property together.

The episode, titled "Successful Newbie Investors," starts with McGillivray meeting with the two new investors, Lisa and Chris, who are friends and business partners. They have purchased a property with the intention of converting it into an income property. However, they are uncertain about the best way to go about it and are looking to McGillivray for guidance.

McGillivray begins by touring the property and taking note of its strengths and weaknesses. He then sits down with Lisa and Chris to go over their budget and their goals for the property. Lisa and Chris are hoping to create two rental units in the property, one upstairs and one downstairs. They are also hoping to create a communal laundry room that both units can use.

McGillivray suggests that they start by converting the upstairs into a rental unit. He recommends that they create an open-concept living space and a separate bedroom. McGillivray also suggests adding a small office or den space. This would appeal to renters who work from home or who need a space to do their hobbies.

For the downstairs unit, McGillivray advises that they keep the existing layout, which has two bedrooms. They should then add a kitchenette and create a separate entrance. This will give the unit its own private space and make it more appealing to potential renters.

McGillivray then takes the new investors on a shopping trip to pick out materials for the renovation. They choose modern fixtures and finishes that will appeal to renters and add value to the property.

With the materials purchased, the renovation begins. McGillivray supervises the construction and ensures that everything is done to his high standards. He also provides guidance to Lisa and Chris on how to manage their renovation budget and keep costs under control.

As the renovation progresses, Lisa and Chris realize that they need to make some changes to their plans. They had originally intended to create a communal laundry room, but they now realize that this would eat into their profits. Instead, McGillivray advises that they add a small stackable washer and dryer to each unit. This way, both renters would have their own laundry facilities, and Lisa and Chris would be able to charge more for rent.

The renovations are completed on time and on budget. McGillivray takes Lisa and Chris on a tour of the finished property, and they are thrilled with the results. The upstairs unit has an open-concept living space with a beautiful kitchen, a bedroom, and a den. The downstairs unit has two bedrooms, a kitchenette, and a separate entrance.

Lisa and Chris are thrilled with the finished property and are confident that they will be able to rent out both units quickly. They already have a list of potential renters who are interested in the property.

In the final scene of the episode, McGillivray sits down with Lisa and Chris to go over their finances. They are pleasantly surprised to learn that they will be able to generate a significant income from the property. They are also relieved that they were able to complete the renovation within their budget and without any major setbacks.

Overall, "Successful Newbie Investors" is an inspiring episode that shows how even first-time investors can successfully create an income property with the right guidance and a solid plan. Through McGillivray's expertise and guidance, Lisa and Chris were able to turn a run-down property into a beautiful rental property that will generate income for years to come.