Income Property Season 1 Episode 1 More Than a Coat of Paint

Income Property is a TV show that helps homeowners undergo renovations and transform their homes into income-generating properties. This show is hosted by Scott McGillivray, a real estate investor, and contractor, who has years of experience in the field.

In season 1 episode 1, titled "More Than a Coat of Paint," Scott meets with a couple named Ryan and Kari. They have just purchased a home in Pickering, Ontario, and now they're looking to turn it into a rental property. Ryan and Kari are excited about this new chapter in their lives, but they're unsure where to start.

As soon as Scott arrives, he takes a tour of the property to assess its condition. He quickly identifies that there is a lot of work to be done. There are several issues that need addressing, including poor lighting, outdated electrical work, and an unappealing exterior. The property's overall design is also underwhelming.

Scott takes Ryan and Kari through his plan to tackle their property's issues and create an attractive rental unit. He proposes that they update the house's electrical system, adding new lights and fixtures to make it more functional. He suggests opening up the layout of the house to create an airy feel, replacing some walls with columns to maintain support.

A major part of Scott's plan is focused on raising the property's curb appeal. He recommends giving the exterior a facelift by repainting and adding a new front door. He highlights that a beautiful and welcoming exterior is one of the most impactful ways to attract potential tenants.

Scott puts together a comprehensive budget and timeline for the project, estimating that it will cost just over $40,000 and will be completed within five weeks. Ryan and Kari express a little bit of worry about the cost, but Scott reassures them that it will be worth it in the long run.

As the renovations get underway, Scott and his team face some unexpected challenges, like the discovery of termites in the structure and ductwork issues. Nevertheless, they power through, ensuring that they keep within their timeline.

The major changes that Scott makes to the property include gutting the kitchen and bathrooms to replace tiles and fixtures while creating more efficient spaces with cabinet upgrades. He also overhauled the house's lighting by adding modern LED light fixtures and recessed lights fitted flush with the plane.

In the end, Scott's work transforms Ryan and Kari's property into a stunning and comfortably livable unit. The home now boasts a modern yet cozy interior, adorned with contemporary light fixtures and welcoming tones, he even added a home office area for the couple to work from home. The exterior now flaunts a stunning aesthetic profile features painted exposed-brick and improved curb appeal by adding outdoor lighting, a noticeable new door design with complementing colors to draw in potential tenants.

The couple is ecstatic with the final results, and Scott excitedly reveals that he has added significant value to their property. The rental appraisers give it a thumbs up with great optimism for potential tenants. Ryan and Kari are now eager to list the home on the rental market and are looking forward to meeting friendly, new tenants that’ll enjoy the upgrade.

In the end, Income Property season 1 episode 1 proves to be an informative and entertaining show that highlights the struggles property owners face, and how Scott and his team can renovate it into an income-generating property to help homeowners achieve their real estate investment goals.