Ep 12. Now Or Never

In this episode of Income Property, host Scott McGillivray helps a couple make a potentially life-changing decision. Realizing that they need to increase their monthly income, the couple has decided to transform their basement into an apartment that they can use as a rental property.

The couple is excited about the potential for additional income, but they're also nervous about taking on such a big project. They're not sure where to begin and they're worried about making costly mistakes. This is where Scott comes in. With years of experience in real estate and renovations, he's the perfect person to guide them through the process.

Scott begins by assessing the basement to determine what kind of work needs to be done. He quickly realizes that there's a lot of work to be done. The basement is dark and dreary, and there's virtually no natural light. The ceilings are low, and there's barely enough room to stand in some areas. Scott knows that he's going to have to get creative if he wants to turn this space into a desirable apartment.

The first step is to make the space feel brighter and more open. Scott decides to install new lighting and paint the walls a light, neutral color. He also recommends removing some of the walls to create an open-concept living space. This will make the apartment feel larger and more inviting.

Next, Scott turns his attention to the flooring. The existing concrete floors are cold and uninviting, so Scott decides to install new flooring throughout the apartment. He chooses a durable laminate flooring that mimics the look of hardwood but is much more affordable.

One of the biggest challenges of this project is the low ceiling height. Scott knows that potential renters may be put off by the cramped feeling of the space, so he comes up with a solution. He decides to install a raised floor in the living area that will add some much-needed height to the space. This will give the apartment a more modern look and make it feel much more spacious.

As the renovations progress, the couple is thrilled with the transformation of their basement. They can see that Scott's vision is starting to come to life, and they're excited about the potential for additional income.

The final step is to add the finishing touches to the apartment. Scott recommends installing modern fixtures and fittings that will appeal to potential renters. He also suggests adding some decorative touches, like artwork and throw pillows, to make the space feel cozy and inviting.

The end result is a beautiful, modern apartment that's perfect for renting. The couple is delighted with the transformation of their basement, and they're excited to start earning additional income.

Overall, this episode of Income Property is all about taking risks and making bold decisions. The couple knew that they needed to increase their income, but they were unsure about how to do it. By taking a chance on a basement apartment renovation, they're able to create a new stream of income and set themselves up for financial success. With Scott's guidance and expertise, the couple is able to realize their dreams of a beautiful, profitable rental property.