Income Property Season 3 Episode 9 Unemployment Insurance

In this episode of Income Property, titled "Unemployment Insurance," host Scott McGillivray works with single father and recent job loss victim, Bill, to turn his unfinished basement into an apartment he can rent out for extra income.

Scott begins by creating a budget and determining the maximum rent Bill can charge for the space based on the current rental market in their area. He then helps Bill with the necessary permits and building code requirements for the apartment and brings in a team of contractors to complete the renovation in a timely and cost-effective manner.

During the renovation process, Scott offers helpful tips and advice to Bill on how to maintain and improve the property to attract responsible tenants. He also advises Bill on how to draft a clear and comprehensive lease agreement to protect himself and his investment.

Once the renovation is complete, Scott helps stage the apartment for showings and walks Bill through the rental application process. He also provides advice on how to screen potential tenants and select the best applicant.

Throughout the episode, Scott emphasizes the importance of having a steady stream of rental income as a form of financial security during times of unemployment or unexpected expenses. He also stresses the need for careful planning, budgeting, and research before investing in a rental property.

Overall, "Unemployment Insurance" showcases how rental properties can be a valuable source of income and security for homeowners, even during uncertain times.