On the DIY Network's "Income Property," real estate expert Scott McGillivray helps homeowners unlick the rental potential of their unused spaces.
However, the upcoming season of the popular series is going to be "a little bit different," McGillivray warns in an exclusive interview with FNM: This time around, he's teaching viewers how to spot a great vacation rental.
"Will be out of the city, we will be looking at opportunities on secondary properties or vacation rentals, or even executive rentals," he explains. "These are short-term rentals, where you can collect a [large] amount of money in a short period of time."
While we had him in our studio, we also took the opportunity to ask McGillivray about the best time to purchase one of those vacation properties — but as it turns out, that's a tricky thing to answer.
"I think a lot of people try to time the market when it comes to buying or selling a property or investing in real estate, but the real secret to real estate is not timing the market, but time in the market," Scott says, explaining that most buyers need to first gain experience with the local real estate market.
"Yes, there are these cycles in real estate … it can fluctuate on a long cycle and there are even micro-cycles, [but] I can say the best time to buy real estate is actually on a Monday," he adds. "On average, you will pay less for a home on a Monday than you will on a Saturday and a Sunday."
For more of McGillivray's expert advice, watch his entire segment above.