Ep 8. Executive Rental Pays Mortgage

Income Property season 2 episode 8, "Executive Rental Pays Mortgage," follows real estate expert Scott McGillivray as he helps a busy couple turn their unfinished basement into a rentable suite. Scott's clients, Adam and Jill, are looking for a way to supplement their income and afford their mortgage payments without sacrificing their current lifestyle.

Scott begins by assessing the space and making design recommendations to create a modern, functional rental unit that will appeal to high-level executives. He suggests adding a kitchenette and bathroom, as well as a separate entrance to ensure privacy for both the tenants and homeowners. Scott also discusses the importance of ample storage and adequate lighting in creating an inviting space.

Once the design plan is in place, Scott and his team begin the renovation process. They create a custom kitchenette by installing a sink, cabinets, and a mini-fridge. They also build a bathroom with a modern shower and toilet, and add a separate laundry area for the tenant's use.

To maximize the space, Scott recommends adding a murphy bed that easily folds up into the wall during the day, allowing the tenant to use the space as a living area. He also suggests installing built-in shelving and a workspace for added functionality.

Throughout the renovation process, Scott remains mindful of the budget and works to find cost-effective solutions wherever possible. He also emphasizes the importance of quality materials and finishes to ensure durability and longevity for the rental unit.

Once the renovation is complete, Scott stages the space to showcase its potential for high-end executive rentals. He adds chic furniture and decor, as well as thoughtful touches like a coffee station and modern artwork.

Finally, Scott and the clients meet with a real estate agent to determine the potential rental income and identify potential renters. The agent confirms that the finished space has the potential to attract high-end tenants and generate significant rental income for Adam and Jill.

Overall, "Executive Rental Pays Mortgage" showcases the financial benefits of creating a rentable suite in a home and highlights the importance of thoughtful design and quality materials to attract tenants.