Launched in 2008, HGTV’sIncome Propertyhas a unique yet simple premise.
Host Scott McGillivray provides assistance to first-time homebuyers to renovate part of their home into an income-generating rental suite.
Why pay for someone else’s upgrade?"
Read on to learn the untold truth ofIncome Property.
They renovated the place themselves and then rented rooms to other students to cover their mortgage payments.
“you’re gonna wanna be realistic about how to make money in real estate.
It doesn’t happen instantly,” he explained.
“Real estate is about delayed gratification.”
“I’ve always been into it,” he said.
Looking back, he marveled at how far his childhood aptitude for home renovation had brought him.
“You just don’t know where these things will take you,” he toldRemodeling.
Speaking withCanadian Business, McGillivray discussed how plaid came to become part of his personal brand.
What he and the series' producers ultimately discovered is that the show’s viewers value consistency.
Plaid, it turned out, was a big part of that.
“And they put me in a bright yellow dress shirt,” he shared.
Income Propertyhas been stylist-free ever since.
“I play myself on TV,” said McGillivray.
“I consciously decided to be totally authentic rather than trying to be someone I’m not.”
“I can’t wait to surprise my wife with the news,” McGillivray toldPeopleat the time.
“It’s not a horrible thing.
… obviously my PR team said, ‘You have to go.’
All of these things keep business coming in.”
At the top of the list is his recommendation to set an affordable budget and then stay within it.
“Your budget should reflect your life,” he wrote, “not consume your life.”
McGillivray’s final piece of advice may also be his most important.
There’sBuyers Bootcamp, featuring McGillivray partnering with amateur investors to buy investment properties together.
McGillivray has also branched out online withScott’s House Call, a digital series shared onFacebookandYouTube.
As thanks, each person he meets with offers him a home-cooked meal.
“In the long term you’ll do well if you make the right choices,” said McGillivray.
“I used to say real estate investing is for everyone, but I now know it’s not …
It takes the right pop in of person and the right pop in of attitude.”
McGillivray outlined the three things anyone following in his footsteps “absolutely” needs to do.
“One, understand how the financing works because it can make or break you,” he advised.
“Student rental is definitely a very profitable form,” he advised.
That aspect, he admitted, led to some tough decisions but ultimately generated a spectacular space.
“I had to make some choices I wouldn’t normally make,” noted McGillivray.
“I like biting off more than I can chew,” he admitted.
“I am off-the-hook passionate about real estate,” he declared.
“I live and breathe it; I’ve got 10 renovations on the go at any given time.
Authenticity [paired with] passion really is the winning combo.”
Well, it’s the fact he was once in a boy band.
he wrote in the caption.
“Alright, you caught me!
he wrote in a followup post.
He told the newspaper that “when Scott moves in and waves his magic wand, everything flows.”
He explained that neighbors are often “transparent” about properties near them.
“That’s a $20,000 tidbit of information right there.”
