Ep 3. Opportunity Knocks

Income Property is a Canadian reality television show that focuses on renovating homes with the objective of turning them into income properties. The series stars real estate investor and contractor, Scott McGillivray, who lends his expertise to homeowners looking to generate additional income through rental properties.

In Season 1, Episode 3, titled “Opportunity Knocks,” McGillivray works with a young couple, Sarah and EJ, who are facing financial difficulties following the purchase of their first home. Sarah and EJ are struggling to make ends meet, and they turn to McGillivray for help in transforming their basement into a rental unit that can generate additional income for them.

One of the main challenges in this episode is the size of the basement. McGillivray explains that a smaller space means that they will need to be extra strategic when it comes to the layout and design of the rental unit. In addition to the size challenge, there are also issues with the basement’s existing layout. The current design includes awkwardly placed walls and outdated electrical and plumbing systems, which will need to be updated to ensure that the rental unit meets all legal requirements.

Undeterred by the challenges, McGillivray sets to work on transforming the basement into a beautiful and functional living space. He explains to Sarah and EJ that the key to creating a successful income property is to think like a tenant. That means selecting colors, materials, and finishes that are durable, practical, and appealing to renters.

McGillivray’s first step is to redo the plumbing and electrical systems to ensure that the rental unit is up to code. He also removes some of the existing walls to create an open-concept design, which makes the space feel larger and more inviting. One of the key design elements in this episode is the use of a neutral color palette, which helps to create a bright and welcoming environment.

To make the most of the small space, McGillivray incorporates some clever design tricks. For example, he installs a Murphy bed, which folds up against the wall when not in use, to create more floor space in the main living area. He also installs a small kitchenette with basic appliances and plenty of storage.

Throughout the episode, McGillivray offers up his trademark advice on how to create a profitable income property. He explains that renting out a space can be a great source of additional income, but it’s important to make sure that the rental unit meets legal requirements and that it is a desirable living space. Providing a clean, comfortable, and modern living environment is key to attracting long-term tenants.

Overall, Season 1, Episode 3 of Income Property (“Opportunity Knocks”) is a great showcase of Scott McGillivray’s expertise in renovating homes to make them profitable income properties. The episode also offers valuable tips and insights for homeowners looking to generate additional income through rental properties. Anyone interested in the world of real estate investing or DIY home renovation will find this episode both informative and entertaining.