Ep 7. Staying On Track

In Income Property season 3 episode 7, titled "Staying On Track", real estate investor and host Scott McGillivray helps a young couple renovate their unfinished basement into a rental suite in order to generate additional income and help pay off their mortgage faster.

The couple, Jeff and Kristin, are hoping to turn their unused basement into a space that will not only enhance their own living area but also provide them with a rental income to supplement their mortgage payments. They are eager to learn from Scott and make sure the renovation process stays on track.

As the episode begins, Scott meets with Jeff and Kristin to assess the potential of the unfinished basement. Scott's detailed analysis provides a complete understanding of what needs to be done to help Jeff and Kristin realize their goal of creating an income-generating rental space.

Scott's renovation plan includes creating a separate entrance to the basement, installing a new bathroom, adding a bedroom, and building a kitchenette, all to make the space suitable for renting out. The couple's budget, however, is limited, and they are beginning to worry about keeping to it.

Throughout the episode, Scott's expertise shines as he finds creative solutions to minimize costs, while still delivering quality work and finishes. He realizes the importance of staying on track, not only for the couple's budget but also for their timeline.

As the work progresses, Scott makes sure that Jeff and Kristin stay involved and informed even as they go about their daily lives. Working with skilled craftsmen, Scott stays focused on the renovation plan while ensuring that he is delivering a space that meets Jeff and Kristin's needs and tastes.

The episode also balances the need for the renovation with the personal touch of Scott's interactions with the couple. He takes the time to listen to their desires and make the changes that will best enhance their overall living space, while also staying within the confines of their budget.

By the end of the episode, Scott creates an income-generating suite for Jeff and Kristin that meets their needs and tastes while being within their budget. The couple is thrilled with the results and grateful for Scott's expertise and advice.

"Staying On Track" highlights the importance of careful planning and attention to detail while renovating one's space, as well as the value of working with an expert who understands how to balance cost and value in home improvement projects. The episode serves as a helpful guide for those who are considering a similar renovation or looking to supplement their income through rental properties.