Ep 9. Property Partners

On the fifth season of the popular real estate show, Income Property, comes the highly anticipated ninth episode titled "Property Partners." Host and real estate expert, Scott McGillivray, takes us on a journey yet again, as he helps families across the country turn their properties into successful rental units.

In this episode, Scott meets with homeowners, Karen and Abra, who are looking to convert their dark, cluttered basement into a basement apartment. The couple is hoping the renovation will provide them with extra income and also help them pay off their mortgage quicker. As the transformation process begins, Scott is hit with several challenges, ranging from the uneven flooring to the inadequate ceiling height. However, Scott’s years of experience come in handy as he devises a plan to overcome these obstacles and create a functional living space.

In addition to the renovation, Scott also shares some invaluable insights into the challenges of starting a rental property business with a partner. Karen and Abra are great friends, but the property investment is new territory for both of them. Scott guides them by laying out some ground rules for communication and dividing responsibilities such as finances, maintenance, and tenant management. Scott stresses the importance of having clarity and documenting everything in writing to avoid any potential conflicts down the line.

Throughout the episode, Scott also offers a glimpse into the high-stakes world of property investing. He admits that while the profit margins on rental properties are significant, it’s still a risky business, and novice investors can easily get caught up in emotions and make impulsive decisions. Scott emphasizes that strategic and informed decisions can make all the difference in the success of a rental property business.

As the renovation nears completion, Scott helps Karen and Abra to style the space to attract the right tenants. The design includes a modern kitchen with stainless steel appliances, a spacious bathroom featuring a custom-built vanity, and a cozy living area complete with a fireplace. The attention to detail and modern touches will surely lure in tenants in no time.

In the final stage of the episode, Scott takes Karen and Abra on a tour of the finished product. The elated homeowners are thrilled with the transformed space and expressed their gratitude to Scott for his unwavering support and guidance throughout the renovation process. The final product is a chic and functional basement apartment that is sure to provide Karen and Abra with additional income and a great return on investment.

Overall, "Property Partners" is a fantastic episode that offers viewers an insight into the world of property investing and renovations. Through Scott’s guidance, Karen and Abra were able to overcome challenges and develop a rental property business plan that will not only provide them with additional income but also help them achieve their financial goals.