The television show “Income Property” airs on HGTV on Wednesdays at 11 pm Eastern/10 pm Central. The show’s host, Scott McGillivray, shows first-time homeowners how to renovate part of their home into an apartment to help with mortgage payments. Everyone should watch this show to learn how to make money from home ownership.
In each episode, Mr. McGillivray provides the homeowner with options regarding different parts of the home that can be renovated into an apartment. The homeowners select their favorite and the show chronicles the renovation process and results. Some episodes feature multiple homeowners and others focus on a property owned by a single homeowner.
The most recent episode introduced viewers to Lise, a female who will be 63 years old by the time her 35-year mortgage is paid in full. By building an income-generating suite in her basement, she can be free of a mortgage within 13 years. The rental income is especially important to many single homeowners such as Lise because it can enable them to achieve financial freedom much more quickly.
Some episodes focus on properties that are already designated as rentals but require a makeover in order to be more attractive to renters. One episode focused on two bakers who had a rental suite above their bakery. They were shown how to update their rental unit with minimal time and effort, allowing them to focus on their baking business.
Anyone who owns a property can glean some tips from this show. They learn how to convert an existing residence into one that accommodates a rental unit. Those who already have a rental property can discover ways to quickly update it at minimal cost. Most people welcome making some extra money during this difficult economy and if they can do it without much effort, all the better.
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