Ep 4. Figuring It Out

Income Property is a Canadian television series that follows real estate expert Scott McGillivray as he assists homeowners in converting their unused spaces into profitable rental units. Season 5 episode 4, titled "Figuring It Out," is no different. In this episode, Scott takes on a unique challenge to turn a small, outdated space into a modern and efficient rental unit.

The episode begins with Scott meeting Lynn and her husband, Nate, who own a small 864 square feet home which they have struggled to maintain. The couple is overwhelmed by their mortgage and various expenses that come with owning a home, and they have finally decided to set up a rental unit in their basement. However, the basement space is cluttered, outdated, and in dire need of renovation. Lynn and Nate hope that Scott can help them revamp the space and turn it into a livable rental unit that can offset their mortgage costs and help them with additional income.

Scott takes Lynn and Nate through his detailed plan of action, which includes knocking down a wall to make space for a new bedroom, kitchen, and living room. He explains that the unit will have a separate entrance, a proper laundry room, and an updated bathroom. With this plan, Scott hopes to give the couple an efficient living space that will leave joint areas of the home unaffected.

The renovation is not without its challenges, and Scott's team faces several obstacles in the process. Issues arise with meeting the new municipal building codes in the area and, in-house hurdles that require creative thinking to overcome. The team also uncovers unexpected electrical and plumbing problems in the walls they are knocking down, requiring additional funds that Nate and Lynn are not sure they can afford.

As the renovation progresses, Scott mentors and educates Lynn and Nate on how to manage the newly renovated space. He encourages them to take pride in their property and be proactive in managing the rental unit. Scott offers tips and tricks on attracting tenants, setting up a lease, rental rates, and how to be a responsible landlord.

The show also provides insights into the budget, the actual money it takes to complete a renovation like this. This is essential for viewers since it helps them set their expectations for DIY projects or work from home professionals. With Scott's guidance, the couple realizes that it's possible to repurpose the basement space and create a high-end rental unit that will generate additional income. Their investment in the renovation will pay off in no time.

In conclusion, the episode "Figuring It Out" of Income Property Season 5 is an insightful and educational look at how homeowners can turn their unused spaces into a profitable rental unit. Scott's expertise is invaluable as he walks Lynn and Nate through the renovation, encouraging them to take pride in their property and be proactive in managing it. The show provides an in-depth look at the challenges of renovating, the process of city building codes, and budget. The end result is a modern, efficient, and desirable living space that meets the couple's requirements and also generates additional income.