Ep 5. One on One Income Property Management Lesson
- November 4, 2009
One on One Income Property Management Lesson is the fifth episode of the second season of Income Property. In this episode, host Scott McGillivray and his team are tasked with helping a couple turn their unfinished basement into a rentable apartment.
The couple, Jen and Grant, are looking to offset their mortgage payments by renting out their basement apartment. However, they have some concerns about managing tenants and making sure they are able to cover the costs of being landlords. Scott offers them a crash course in property management, including tips on finding and vetting tenants, setting rent prices, and dealing with maintenance and repair issues.
After discussing their goals and budget, Scott and his team get to work on transforming the basement into a sleek and modern apartment. They install new flooring, paint, and lighting, and create a separate entrance and laundry room for the tenants to use. Scott also helps Jen and Grant set up a separate accounting system for their rental income and expenses, and advises them on how to create a lease agreement that protects both them and their tenants.
Throughout the episode, Scott emphasizes the importance of open communication and transparency between landlords and tenants. He stresses the need for landlords to be responsive to tenant complaints and concerns, and to be proactive about addressing issues before they become major problems.
In the end, Jen and Grant are thrilled with the finished apartment and feel confident in their ability to manage it effectively. Scott's One on One Income Property Management Lesson has given them the tools and knowledge they need to be successful landlords.
Overall, One on One Income Property Management Lesson is an informative and practical episode that highlights some of the key challenges and opportunities of owning rental property. It offers valuable insights for anyone considering becoming a landlord, and demonstrates the importance of taking a thoughtful and thorough approach to property management.
