Ep 7. Tiffany & Jamie
- June 13, 2012
Tiffany and Jamie are a young couple who want to take the leap into homeownership, but are struggling to save up enough for a down payment. They turn to Income Property host Scott McGillivray for help in making their dream a reality.
In this episode, McGillivray takes the couple through the process of finding a property that suits their needs and budget. He quickly realizes that a single-family home in their desired neighborhood is not within their price range, so he suggests they consider a duplex or triplex instead. This way, they can live in one unit and rent out the others to generate income, which will help offset their mortgage and other expenses.
The couple tours several potential properties with McGillivray, weighing the pros and cons of each one. They eventually settle on a triplex with two vacant units in need of some serious TLC. McGillivray calculates the potential rent for each unit and estimates how much the couple can expect to make each month. Based on these figures, he helps them determine a budget for renovations.
The renovation process is not without its challenges. The couple quickly realizes that their timeline and budget are tighter than anticipated, which puts pressure on McGillivray and his team to work efficiently. They focus on making cosmetic upgrades to the units, such as fresh paint, new flooring, and updated fixtures, while leaving more extensive renovations, such as kitchen and bathroom remodels, for a later time.
Throughout the renovation process, McGillivray emphasizes the importance of making smart, cost-effective choices to maximize the potential return on investment. He encourages the couple to choose durable, low-maintenance materials and appliances that will stand up to wear and tear from future tenants.
As renovations near completion, McGillivray helps the couple establish a realistic rental rate for each unit based on current market trends and comparable properties in the area. He also offers guidance on tenant screening and management to help the couple find reliable, responsible renters and maintain positive relationships with them over time.
By the end of the episode, the couple is thrilled with the finished product and the potential income they stand to earn from their rental units. McGillivray leaves them with some final advice on how to maintain their property and continue building wealth through real estate investment.
Overall, this episode of Income Property showcases the potential benefits of investing in rental properties as a means of building wealth and achieving home ownership. Through strategic planning, wise investments, and expert guidance from McGillivray, Tiffany and Jamie are able to realize their dream of owning a home while generating additional income on the side.
