Ep 4. Out of Debt & Down the Aisle

Income Property season 3 episode 4, titled "Out of Debt & Down the Aisle," focuses on a young, engaged couple named Willy and Meaghan who are determined to become debt-free before they walk down the aisle. Meaghan is a schoolteacher, and Willy is a plumber, and together they bring in a decent income. However, they are weighed down by credit card debt and find it challenging to save for their upcoming wedding.

The couple has purchased a two-story, 100-year-old duplex with the intent of renting out the upper unit to supplement their income. However, the upper unit is in poor condition and requires extensive renovations before they can start renting it. The lower unit is livable but needs updates to make it more appealing to potential renters.

Scott McGillivray, the host of Income Property, visits the couple to assess their property and their financial situation. He quickly identifies that to achieve their goal of being debt-free and earning rental income, they need to invest in upgrading their property. Scott works with Willy and Meaghan to create a plan that will enable them to achieve their goals while staying within their budget.

Scott's team starts the renovation by tackling the upper unit, which requires significant structural work, including rebuilding the entire foundation. The team also installs new windows, a new roof, and upgrades the electrical and plumbing systems.

In the lower unit, Scott's team updates the bathroom, installs new floors, and builds custom storage cabinets. They also add new lighting fixtures and repaint the walls to give the space a modern look.

Throughout the renovation process, Willy and Meaghan work hard to save money and make sacrifices to stay within their budget. They cut back on eating out, negotiate better prices on materials, and make smart choices when it comes to the finishes for the property.

Scott's team completes the renovations within the couple's budget and timeline, and the result is a beautiful, updated duplex that has the potential to attract high-quality tenants. Willy and Meaghan are thrilled with the outcome as they have achieved their goal of becoming debt-free and earning rental income.

As the episode comes to a close, Willy and Meaghan reflect on the lessons they have learned throughout the process. They realize that being responsible with their finances and making smart choices can help them achieve their goals. They are excited about their future together and the potential for their property to provide them with the financial stability they need to live the life they want.

Overall, "Out of Debt & Down the Aisle" is a heartwarming and educational episode of Income Property that showcases the power of smart financial planning and hard work. Scott McGillivray and his team transform an outdated duplex into a beautiful, modern property that has the potential to generate income for the couple for years to come. The episode is a must-watch for anyone who wants to learn more about real estate investing, renovation, and achieving financial freedom.