[Music plays in the background.]

[Expert advice with Scott McGillivray. The CIBC logo. Scott on: Income property advice.]

[Scott McGillivray sits in a room.]

Scott McGillivray: Owning an income property can have massive benefits. But it comes with responsibility, and I like to be realistic about it. I mean, anything worth doing in this world takes some effort.

Owning an income property, you have to number 1, understand the rules and regulations. There's local bylaws to follow, there's building code to follow. And, if you want to be an investor, this is something you need to do your research and get yourself educated on. You have to make sure that you can actually do income properties in certain areas because it's not even allowed — the bylaws may not allow for it.

The second thing is the responsibility of managing tenants, and it's not something to take lightly. Owning rental properties is like owning a business. And you have to run it like a business. You have to be smart. You have to treat your tenants properly and understand the relationship between landlords and tenants.

There's going to be work to do, repair and maintenance. Lots of responsibilities come, but they come with great rewards as well.

[Music plays in the background.]

[Graphic of a house rotates and changes into the CIBC logo.]