Ep 7. Stephanie & Elyse

Stephanie and Elyse are two best friends who have been living in the same rental for years. They are both independent and successful but find it challenging to afford rent each month. They have been searching for a solution that could eventually save them from paying rent and also help them build equity.

Scott and his team come to the rescue and help them renovate a basement suite while creating additional living space for both Stephanie and Elyse upstairs. Stephanie and Elyse have been good friends for years, but they have never lived together. They are excited to share the new space and create lasting memories together.

The main objective of the renovation is to create a basement suite that can be rented out to offset Stephanie and Elyse's monthly expenses. The basement is quite spacious and has excellent potential for success. It features a large living room, small galley kitchen, and bright natural light.

Scott introduces Stephanie and Elyse to Gavin, a rental management expert, who will walk them through the benefits of renting the basement suite. Gavin tells them that the additional income can pay a substantial amount of the existing mortgage. Once they have paid off the mortgage, they will have equity and can be in a good position to buy their own homes.

Scott and his team start by painting the entire basement, from the walls to the ceilings and the trim. They then install grey vinyl flooring throughout the living room and small kitchen. The aim is to create a neutral and modern look that is both welcoming and easy to maintain.

Next, they tackle the kitchen space. The outdated cabinetry is removed, and a brand new customization process begins. Scott works closely with his team members to create a modern and sleek kitchen that will appeal to renters. The brand new kitchen features white quartz countertops, stylish cabinetry, and brand new appliances.

Upstairs, Scott and his team focus on renovating the bathroom and main living area. They start by taking down walls and opening up the space between the living room and kitchen to create a more expansive feel. They then install hardwood flooring, replacing the old carpet, and paint the walls a calming shade of grey.

Finally, they upgrade the bathroom. The bathroom is a personal space and should feel fresh and relaxing. Scott and his team install new white tiles, a new vanity, and a modern bathtub. They finish it off with sleek new fixtures which complete the transformation.

The reveal of the new home is a wonderful experience for Stephanie and Elyse. The basement suite looks incredible, and the upstairs living quarters have been transformed into a bright and open living space. Scott and his team have delivered a beautifully renovated home where Stephanie and Elyse can build equity and create new memories together.

Overall, Income Property season 7 episode 7 is an excellent demonstration of how smart renovations can be used to build equity and offset monthly expenses. Stephanie and Elyse's new home is a prime example of how a home can be transformed into a profitable investment. From the bold new kitchen to the tranquil bathroom and the hardwood flooring throughout the house, the transformation is nothing short of impressive. It's a must-watch episode for anyone who is looking to create a profitable investment property.