Ep 10. Better Late Than Never

In this episode of Income Property, titled "Better Late Than Never," host and real estate expert Scott McGillivray takes on another challenging renovation project, this time for a couple who have already missed out on opportunities to build equity in their home. With a tight budget and a long list of must-haves, Scott is forced to get creative in order to deliver a space that will not only generate income, but also accommodate the needs of the homeowners themselves.

The episode begins with a tour of the couple's existing home, a rundown bungalow with outdated finishes and limited space. Though the couple is clearly invested in their property, they admit to having struggled to keep up with rising expenses and securing a foothold in the local housing market. Scott notes that their location, just minutes from several large universities, could be a boon for potential renters – if only the space were properly configured.

After discussing their goals and budget, Scott sets to work developing a plan for the space. He enlists the help of a contractor and designer to assist with the more technical aspects of the renovation, while he himself focuses on the financial strategy. In order to maximize rental income, Scott suggests creating two distinct living spaces within the house: a three-bedroom main unit and a separate one-bedroom basement apartment. This will enable the homeowners to rent out one or both units, depending on their needs and the rental market.

Throughout the renovation process, the couple faces several setbacks and surprises. A leaky roof requires unexpected repairs and cuts into their budget, while a dispute with a neighbor threatens to slow down progress. Scott is forced to adjust his timeline and priorities in order to keep the project on track and within budget. He also has to come up with creative solutions for unexpected design challenges, such as a narrow hallway that could have made the basement apartment feel cramped.

Despite these hurdles, Scott and his team complete the renovation on time and within the couple's budget. The finished product is a stunning transformation that completely changes the feel of the home. The main unit boasts an open-concept kitchen and living area, three spacious bedrooms, and modern finishes throughout. The basement apartment, meanwhile, features its own separate entrance, a fully-equipped kitchenette, and a cozy living space. Scott calculates that the couple will be able to rent out the main unit for $2,200 per month and the basement apartment for $1,100 per month, for a total potential rental income of $3,300 per month.

In the final portion of the episode, Scott sits down with the homeowners to discuss their investment strategy and long-term goals. He emphasizes the importance of taking a responsible and sustainable approach to rental property ownership, and encourages the couple to prioritize building equity in their home in order to secure their financial future. Though the process has been challenging, the couple expresses their satisfaction with the end result – and their excitement at the prospect of generating rental income from their transformed space.

Overall, "Better Late Than Never" is a compelling episode of Income Property that showcases Scott McGillivray's expertise in real estate investment and renovation. The episode is engaging, informative, and entertaining, offering a glimpse into the process behind transforming a rundown property into a profitable rental space. Both fans of the show and newcomers will find something to enjoy in this episode, whether they are looking for inspiration for their own renovation project or simply enjoy following the journey of a dedicated expert in the field.