Income Property Season 8 Episode 3 Rita & Eric

Rita and Eric are a young couple who are eager to get into the world of real estate investing. They've purchased a single-family home in a desirable neighborhood, with the intention of turning it into a legal duplex and renting out the separate units for passive income. However, they quickly realize that the project is overwhelming and they don't have the skills or knowledge to tackle it on their own. That's where host Scott McGillivray comes in.

Scott meets with Rita and Eric to assess the property and determine what needs to be done to convert it into a functional duplex. The home has a basement and an attic, which are both unfinished and need to be turned into livable spaces. The main floor also needs some work, including a new kitchen and bathroom, as well as some cosmetic upgrades throughout. Scott decides that the best course of action is to convert the attic into a one-bedroom apartment and the basement into a two-bedroom unit, with the main floor remaining as a common area for both tenants.

Once the plans are in place, the real work begins. Scott and his team of contractors start by gutting the basement, which is in rough shape with low ceilings, exposed pipes, and dampness issues. They tackle the electrical, plumbing, and framing to create two functional bedrooms, a bathroom, and an open-concept kitchen and living area. Scott is able to incorporate some unique design features, such as a barn door and a built-in bookshelf, to give the space some character and charm.

Upstairs, the team has to deal with a few surprises, including some structural issues that require additional support beams to be added. But once those are sorted, they are able to create a cozy one-bedroom apartment with a bright and airy feel. Scott uses a neutral color palette and modern finishes to make the space feel fresh and inviting. He also includes some clever storage solutions, such as a fold-down desk in the bedroom and built-in shelving in the living room.

Once the construction is complete, it's time to furnish and decorate the spaces. Scott brings in stylish but affordable furniture and decor to create a cohesive look and make the units feel like home. He also puts the finishing touches on the main floor, which includes paint, new flooring, and some decorative elements to tie everything together.

Throughout the process, Rita and Eric are hands-on and eager to learn. Scott takes the time to explain the reasoning behind each decision and provide guidance on how to manage tenants and maintain the property. By the end of the episode, Rita and Eric have a fully functioning duplex that is sure to bring in a healthy stream of passive income for years to come.