Season 2, Episode 8
Real estate agent Drew Levin and contractor Danny Perkins started their rental property business in 2007 when the real estate market was on a downturn. Now that it's recovered, the guys have to re-invent themselves if they want their properties to get noticed and stay rented. This time, they have $340,000 to invest and three properties to consider - which is good, because it gives them a better chance to find a place with the potential to really "wow" tenants. The first place is cute, five-bedroom, "grandma" style house that's listed for $250,000. The master suite has a weird vanity sink inside the bedroom, but everything else looks good...especially the blank basement, which the guys can turn into a great hangout space. The next house is a six-bedroom duplex, listed for $315,000. The lower unit is already rented, so the guys tour the upper unit, where they find decent looking rooms, but no wow factor. Upon second look, they realize the alcove in the L-shaped living room might work as a bar that would appeal to young, single tenants. Finally, they move on to a great looking three-bedroom listed at $220,000 - the lowest price yet. It has beautiful hardwood floors and a finished basement, but there's no room for improvement. Until they reach the attic, where Danny proposes raising the roof and building a huge master suite. When it comes time to make a decision, both Danny and Drew like the "roof removal" property, but it doesn't have the best rent potential. "Grandma's house" could pull in almost $3,000 in rent, but the "speakeasy" duplex would easily get $4,000 per month. The guys are excited to build their first bar, so they go all out with retro-style details, including silver damask wallpaper, faux tin ceiling panels, and custom-built cabinetry wrapped in leather panels and topped with a galvanized steel countertop. They also upgrade the bathroom down the hall with a new tile floor, a custom shelving unit that fits against the existing vanity, and an art deco inspired tub surround. With just $13,000 in renovations, the upper unit now stands out enough to bring in $2,600 per month in rent.