Ep 2. Vanessa & Carmen

Vanessa and Carmen are a married couple who are eager to invest in their first income property. The couple has been saving up for this moment for a while and is looking for a home that they can renovate, rent out, and generate more income for their family. However, they are not experienced in the real estate market, and they need someone to guide them through the process. That's where Scott McGillivray, the highly experienced real estate expert, comes in.

Scott tries to understand Vanessa and Carmen’s goals and preferences, including their budget, target rental income, and interest in doing renovations. Vanessa and Carmen want a property near Carmen's mother, so Scott starts searching for potential homes in the area.

The couple sees several properties, but they all seem to need too much work for their budget to handle. Scott decides to show Vanessa and Carmen a bungalow located in a desirable neighborhood that meets their budget and income requirements. The house needs some updates, but nothing too major that it would exceed their budget. Vanessa and Carmen are happy with the property and decide to purchase it.

Scott starts the renovation process to maximize the property's value and rentability. The first step is to demolish the interior walls to create an open concept living area, which is a trend that modern tenants love. Scott's next move is to update the kitchen with modern appliances, backlashes, and lighting to give it a fresh feel. The bathroom is next, where he installs a new vanity, mirror, lighting, toilet, bathtub, and tile flooring. He installs a new HVAC system as well, which is more efficient and cuts down on energy bills. In addition, he replaces the old windows with new energy-efficient ones that save the tenants money on heating and cooling costs.

The bungalow renovation is going smoothly, and Scott believes it will increase the property value and make it appealing to any potential tenant. The couples’ friend who is in the real estate business, helps them find a tenant even before Scott completes the renovations.

Finally, when the renovations are completed, Scott presents Vanessa and Carmen with their new investment property. The house looks fantastic with a modern open-concept design, new appliances, and fresh finishes throughout. Vanessa and Carmen are thrilled with the final product and cannot wait to start renting it out.

Scott breaks down the potential rent income of the property for Vanessa and Carmen and notes that their rental income will exceed their mortgage payment, which means they can start earning positive cash flow immediately. Scott advises them to set up a separate bank account for the rental income and to use it to pay off the mortgage, taxes, and other expenses associated with owning a rental property.

In conclusion, Episode 2 of Income Property Season 5 focuses on helping Vanessa and Carmen on their first investment property. With Scott’s expertise, they were able to find a competitive property in their desired location and budget. The renovations done by Scott uplift the property’s value, making it a highly lucrative rental. Overall, the episode provides engaging advice and education on buying and owning an investment property, which viewers can learn from and be inspired by.