Episode Theme: Taking Care of Mom and Dad
Kuo Bao and Megan are a twenty-something couple living and loving life in the big city. This ambitious couple is determined to grow a portfolio of investment properties together, in order to support their aging parents throughout retirement. With a lofty goal of supporting themselves and two sets of parents, Scott shows them how to find the right house to achieve their financial goals.
Design Theme: Casual Chic
Purchase Price: $487,000
Realtor Appraisal: $580,000
Increased Property Value: $93,000
Chosen Renovation Option: $50,000 – Turn the house into 2 units and overhaul main floor. Add kitchen, 4 pc washroom and one bedroom. Approximate rent of $1350/month.
Alternate Renovation Option: $110,000 – Divide house into 2 apartments and create main floor and basement unit. Underpin basement and create large 2 bedroom apartment. Approximate rent of $1800/month.
Estimated Monthly Income: $1,600