Podcast
REI Hot Seat
Hosted by Dave Hulshof, Jacob Campagnaro, and Zac Willms · EN
REI Hot Seat with Dave Hulshof, Jacob Campagnaro, and Zac Willms is a channel dedicated to breaking down real-life real estate deals and uncovering what truly makes a good investment. With decades of combined experience in multifamily and commercial real estate, the trio dives deep into deal analysis, market insights, and investment strategies. Episodes also feature special guests from across the industry, sharing their expertise and lessons learned from the field.
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Episodes
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Questions of the Week | What Is Cash on Cash Return and Why It Matters?
3w ago00:07:31Tap to summarizeIn this Questions of the Week segment on the REI Hot Seat, we break down one of the most important metrics in real estate investing: cash on cash return.We explain what cash on cash actually means, how to calculate it properly, and why it is often the most important number investors should be paying attention to. We also walk through common mistakes, like leaving out key closing costs or expenses, and how that can make deals look better than they actually are.This episode also covers how to use cash on cash as a tool to compare investments, filter deals, and even help determine whether a property is priced correctly in today’s market.If you are analyzing multifamily or commercial deals, this is a foundational concept you need to understand.Have a question you want us to answer next week? Send it our way and we will cover it.Sign up to the REI Hot Seat Insiderhttps://www.jotform.com/form/241655418022249REI Hot Seat Instagramhttps://www.instagram.com/reihotseat/David Hulshof Instagramhttps://www.instagram.com/davehulshof.realestate/Jacob Campagnaro Instagramhttps://www.instagram.com/jacob_campagnaro/Questions of the Week |What Is Cash on Cash Return and Why It Matters?0:00 Questions of the Week intro0:24 What is cash on cash return1:17 What counts as closing costs2:22 Common mistakes in calculations3:07 Using cash on cash to compare investments4:04 Why expenses matter more than you think4:48 Cash flow vs mortgage paydown5:20 Adding rent growth and appreciation6:16 Using cash on cash to filter deals6:39 Using it to validate pricingDISCLAIMER: THIS EPISODE, AS WITH EVERY EPISODE OF THIS SHOW, SHOULD NOT BE CONSIDERED AS ADVICE. INVESTMENT ADVICE IS NEVER GIVEN ON THIS SHOW. ALWAYS CONSULT A COMPETENT INVESTMENT ADVISOR BEFORE MAKING AN INVESTMENT DECISION.
Transcribe →8-Unit Mixed-Use Deal Breakdown | Fully Renovated, CMHC Ready
Apr 1500:28:25Tap to summarizeIn Episode 153 of the REI Hot Seat, Dave and Jacob break down a freshly listed 8-unit mixed-use property in Belleville, Ontario. This one is a standout.Fully renovated from the inside out, this deal is essentially a “restomod” building: the original structure remains, but the internals have been completely rebuilt with modern systems and full documentation to support it. From engineering reports to permits and inspections, the data room on this property is as strong as it gets.We dive into what makes this asset unique, including full sub-metering, energy efficiency upgrades, and CMHC readiness. We also break down the commercial component, featuring a strong tenant with a long-term lease and CPI-based rent escalations.On the numbers side, we unpack a ~6% cap rate, solid debt coverage, and a clear path to stable day-one cash flow with upside.If you’ve been hesitant about mixed-use, this episode will challenge that mindset. We share real investor experiences, explain why commercial tenants can outperform residential in today’s market, and walk through deal structures like rental guarantees to reduce risk and keep timelines tight.If you’re looking for a turnkey, high-quality asset with strong fundamentals, this is one you’ll want to understand.Sign up to the REI Hot Seat Insider: https://www.jotform.com/form/241655418022249REI Hot Seat Instagram: https://www.instagram.com/reihotseat/David Hulshof Instagram: https://www.instagram.com/davehulshof.realestate/Jacob Campagnaro Instagram: https://www.instagram.com/jacob_campagnaro/EP 153 – 8-Unit Mixed-Use Deal Breakdown | Fully Renovated, CMHC Ready00:00 Intro + New Listing Overview01:00 Belleville Market + Property Breakdown03:00 Full Renovation + Data Room Deep Dive06:00 Submetering + Efficiency Upgrades10:30 Layout + CMHC Eligibility11:30 Rent Roll + Lease-Up Strategy13:20 Mixed-Use Investing Insights15:00 Commercial Tenant + Lease Structure18:20 Financials + CMHC Financing22:30 Deal Structure + Rental Guarantees26:30 How to Access the DealDISCLAIMER: THIS EPISODE, AS WITH EVERY EPISODE OF THIS SHOW, SHOULD NOT BE CONSIDERED AS ADVICE. INVESTMENT ADVICE IS NEVER GIVEN ON THIS SHOW. ALWAYS CONSULT A COMPETENT INVESTMENT ADVISOR BEFORE MAKING AN INVESTMENT DECISION.
Transcribe →Questions of the Week | Where to Find Real Rental Data for Your Deals
Apr 1300:07:36Tap to summarizeIn this Questions of the Week segment on the REI Hot Seat, we answer a common question from investors: where do you actually find reliable rental and market data when analyzing deals?We walk through the tools we use to analyze over 1,500 deals a year, from platforms like Door Insight and CoStar to simple resources like ChatGPT, market reports, and property managers. We also explain why your numbers do not need to be perfect upfront and how to use multiple data sources to quickly filter deals before going deeper.If you are analyzing multifamily or commercial properties, this episode will help you get to accurate data faster and make better decisions.Have a question you want us to answer next week? Send it our way and we’ll cover it.Sign up to the REI Hot Seat Insiderhttps://www.jotform.com/form/241655418022249REI Hot Seat Instagramhttps://www.instagram.com/reihotseat/David Hulshof Instagramhttps://www.instagram.com/davehulshof.realestate/Jacob Campagnaro Instagramhttps://www.instagram.com/jacob_campagnaro/Questions of the WeekWhere to Find Real Rental Data for Your Deals0:00 Intro0:14 Where to find rental data1:13 Why property managers matter1:36 Key tools we use2:25 Using ChatGPT for research3:47 Rates, taxes, and basic tools4:40 Vacancy rates and market data6:34 Bonus tool for short term rentalsDISCLAIMER: THIS EPISODE, AS WITH EVERY EPISODE OF THIS SHOW, SHOULD NOT BE CONSIDERED AS ADVICE. INVESTMENT ADVICE IS NEVER GIVEN ON THIS SHOW. ALWAYS CONSULT A COMPETENT INVESTMENT ADVISOR BEFORE MAKING AN INVESTMENT DECISION.
Transcribe →Unlock Passive Income: The Secret Power of Billboards!
Feb 1800:22:40Tap to summarizeIn Episode 152 of the REI Hot Seat, Dave and Jacob are breaking down an active mixed-use deal in Scarborough on Eglinton that brings something a little different to the table. This is a freehold strip-plaza unit (not condo), fully vacant, with roughly 1,000 sq ft per floor: a 3-bedroom residential unit upstairs and 2,000 sq ft of commercial across the main and lower levels. The flexibility here is key — live/work, lease everything, or reposition it entirely.We model the numbers conservatively: $2,500/month for the 3-bed, $5,500/month for the commercial, plus a third income stream most people overlook — an on-site billboard generating approximately $11,000/year. With separately metered utilities and light expenses, the deal pencils around a 6% cap at asking, and we walk through financing assumptions, DSCR targets, and what realistic mixed-use lending looks like without CMHC.The real upside? Value-add. Nearly every neighbouring unit has expanded at the rear, significantly increasing square footage. There’s strong precedent for additions, opening the door to expanding commercial space or potentially reconfiguring residential density (subject to permits and planning). It’s priced based on what it is today, the expansion is optional upside.If you’re looking to diversify beyond straight multifamily and want exposure to retail with residential stability and contract-law protection, this is one worth understanding. Reach out if you want the full underwriting breakdown.Sign up to the REI Hot Seat Insider: https://www.jotform.com/form/241655418022249REI Hot Seat Instagram: https://www.instagram.com/reihotseat/David Hulshof Instagram: https://www.instagram.com/davehulshof.realestate/Jacob Campagnaro Instagram: https://www.instagram.com/jacob_campagnaro/EP 152 Unlock Passive Income: The Secret Power of Billboards!00:00 Intro + why this episode is different00:35 The property overview (Scarborough mixed-use, fully vacant)02:40 Layout, floorplans, and renovation/capex notes04:30 Underwriting rents + why conservative07:15 Billboard income breakdown (how it works + why it matters)09:20 Expenses, NOI, and vacancy assumptions10:45 Financing + DSCR targets for mixed-use12:05 Cap rate & cash-on-cash scenarios (ask vs offer)15:55 The value-add play (rear additions + precedent)19:00 VTB conversation + leasing support for the commercial space22:15 Wrap-up + how to learn moreDISCLAIMER: THIS EPISODE, AS WITH EVERY EPISODE OF THIS SHOW, SHOULD NOT BE CONSIDERED AS ADVICE. INVESTMENT ADVICE IS NEVER GIVEN ON THIS SHOW. ALWAYS CONSULT A COMPETENT INVESTMENT ADVISOR BEFORE MAKING AN INVESTMENT DECISION.
Transcribe →Questions of the Week | What Are Tenant Allowances and Why Do They Matter?
Feb 500:07:43Tap to summarizeIn this Questions of the Week segment on the REI Hot Seat, we break down one of the most common and misunderstood parts of commercial leasing: tenant allowances.We explain what tenant allowances are, why landlords offer them, and how they compare to other tenant inducements like free rent or landlord completed renovations. Using real examples, we walk through how tenant allowances work in practice, when they make sense for landlords, and how different deal structures impact cash flow, control, and long term value.This episode also highlights why commercial leases are not one size fits all and how creative structuring can help both landlords and tenants get deals done.If you own commercial property, are negotiating a lease, or want to better understand how tenant incentives actually work, this episode will give you clarity.Have a question you want us to answer next week? Send it our way and we’ll cover it.Sign up to the REI Hot Seat Insiderhttps://www.jotform.com/form/241655418022249REI Hot Seat Instagramhttps://www.instagram.com/reihotseat/David Hulshof Instagramhttps://www.instagram.com/davehulshof.realestate/Jacob Campagnaro Instagramhttps://www.instagram.com/jacob_campagnaro/Questions of the Week | What Are Tenant Allowances and Why Do They Matter?0:00 Questions of the Week intro0:25 What is a tenant allowance0:56 Why tenant allowances exist1:48 Real example of negotiating a tenant allowance2:44 Tenant allowance vs free rent vs landlord renovations4:15 How landlords choose the right structure5:22 Risks of doing the work as a landlord6:08 Using tenant allowances to protect cash flow6:48 Combining incentives in commercial leases7:16 Why commercial leases are fully negotiableDISCLAIMER: THIS EPISODE, AS WITH EVERY EPISODE OF THIS SHOW, SHOULD NOT BE CONSIDERED AS ADVICE. INVESTMENT ADVICE IS NEVER GIVEN ON THIS SHOW. ALWAYS CONSULT A COMPETENT INVESTMENT ADVISOR BEFORE MAKING AN INVESTMENT DECISION.
Transcribe →Cap Rates Are Back: What 2026 Means for Investors
Feb 300:33:26Tap to summarizeWe’re officially in 2026 — so what does this year actually look like for real estate investors?In Episode 151, we break down:How 2025 wrapped up and what Q4 told us about the marketWhy buyer demand is strong heading into 2026Whether prices and rents have stabilizedIf we’ve truly hit the bottomHow cap rates and interest rates are finally aligned againWhat to expect across multifamily, retail, industrial, office, and developmentWe also discuss why deals are starting to make sense again, why off-market opportunities are picking up, and which asset classes we’re most excited about heading into 2026.This conversation is grounded in real underwriting, real deal flow, and what we’re seeing on the ground with active investors — not hype.CONNECT WITH USSign up to the REI Hot Seat Insider:https://www.jotform.com/form/241655418022249REI Hot Seat Instagram:https://www.instagram.com/reihotseat/David Hulshof Instagram:https://www.instagram.com/davehulshof.realestate/Jacob Campagnaro Instagram:https://www.instagram.com/jacob_campagnaro/EPISODE 151Cap Rates Are Back: What 2026 Means for Investors00:00 – Welcome to 202600:28 – Wrapping up 2025 & Q4 market trends01:48 – Why buyer demand is strong right now03:56 – Have prices and rents hit the bottom?06:02 – Cap rates vs interest rates explained07:30 – Interest rate outlook for 202610:12 – High-level 2026 market predictions12:45 – Development outlook (condos vs rentals)14:26 – Industrial market trends15:12 – Why retail remains strong16:31 – Mixed-use opportunities17:37 – Office market outlook18:13 – What excites us most about 202620:45 – What we want to cover next + closing thoughtsDISCLAIMER: THIS EPISODE, AS WITH EVERY EPISODE OF THIS SHOW, SHOULD NOT BE CONSIDERED AS ADVICE. INVESTMENT ADVICE IS NEVER GIVEN ON THIS SHOW. ALWAYS CONSULT A COMPETENT INVESTMENT ADVISOR BEFORE MAKING AN INVESTMENT DECISION.
Transcribe →Questions of the Week | What Should Your Commercial Realtor Be Doing for You?
Jan 2800:08:59Tap to summarizeIn this Questions of the Week segment on the REI Hot Seat, we answer a question that comes up all the time from investors, especially those entering the commercial and multifamily space for the first time: what questions should you be asking before hiring a commercial realtor?We break down why commercial real estate is fundamentally different from residential, why experience in the space matters, and how deal flow, underwriting, and team structure can directly impact your outcomes. We also discuss the importance of working with brokers who actively operate in the market, understand financing, and bring a full team of professionals to the table before you ever enter a deal.This conversation highlights common mistakes investors make when choosing representation, why being sent deals without proper analysis is a red flag, and how the right advisor should help you filter opportunities rather than overwhelm you.If you are considering hiring a commercial realtor or evaluating your current one, this episode will give you a clear framework for asking the right questions upfront.Have a question you want us to answer next week? Send it our way and we will cover it.Sign up to the REI Hot Seat Insider:https://www.jotform.com/form/241655418022249REI Hot Seat Instagram:https://www.instagram.com/reihotseat/David Hulshof Instagram:https://www.instagram.com/davehulshof.realestate/Jacob Campagnaro Instagram:https://www.instagram.com/jacob_campagnaro/Questions of the Week | What Should Your Commercial Realtor Be Doing for You?0:00 Questions of the Week intro0:27 The question investors keep asking0:59 Why commercial is different from residential1:48 Why experience and deal history matter2:45 The importance of off market deal flow3:09 Why team structure is critical4:38 Understanding financing and underwriting5:38 How real deal analysis protects buyers6:49 Common mistakes investors make with brokers7:39 The top three questions to ask a commercial realtor8:27 How to submit questions for future episodesDISCLAIMER: THIS EPISODE IS FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED INVESTMENT ADVICE. INVESTMENT ADVICE IS NEVER GIVEN ON THIS SHOW. ALWAYS CONSULT A QUALIFIED INVESTMENT ADVISOR BEFORE MAKING ANY INVESTMENT DECISIONS.
Transcribe →Power of Sale Secrets Buyers Need to Know
Jan 2100:18:02Tap to summarizeIn Episode 150 of the REI Hot Seat, we break down a unique on market deal that’s now a power of sale and what that actually means for you as a buyer. Dave and Jake walk through the realities of buying bank controlled properties, why power of sale listings often come with limited information, and what you need to understand about as is where is conditions, no reps and warranties, and the schedule that can override your entire agreement.They also cover how to protect yourself when the rent roll, expenses, and documentation are incomplete, including building your own rent roll from a unit by unit walkthrough, pulling public tax data, estimating utilities using comparable properties, and underwriting with conservative cushions and a risk premium. You will hear why some power of sale deals can close fast, how that can create opportunity for buyers with capital ready, and how aligning your offer with the lender’s motivation can lead to better pricing.Sign up to the REI Hot Seat Insiderhttps://www.jotform.com/form/241655418022249REI Hot Seat Instagramhttps://www.instagram.com/reihotseat/David Hulshof Instagramhttps://www.instagram.com/davehulshof.realestate/Jacob Campagnaro Instagramhttps://www.instagram.com/jacob_campagnaro/EP 150 Power of Sale Secrets Buyers Need to Know0:05 A unique on market deal that turned into a power of sale0:48 What power of sale means and why banks must market the property2:18 Why power of sale listings have limited info and no reps and warranties3:23 The schedule and how the owner can reclaim the property before closing4:09 The upside and the risks buyers need to be ready for6:24 Deal overview Wasaga Beach motel conversion and why the area is bullish8:10 Pricing assumptions and how the deal could look at different purchase prices9:48 Why touring comes first on this one and what to document unit by unit11:48 How to mitigate risk when the schedule supersedes your clauses12:43 Building your own rent roll using tours, taxes, and comparable utility data13:38 Underwriting with cushions, risk premium, and why returns look higher14:41 Fast closes, timelines, team readiness, and how to win power of sale deals17:02 Getting an opinion of value and joining the insider listDISCLAIMER: THIS EPISODE, AS WITH EVERY EPISODE OF THIS SHOW, SHOULD NOT BE CONSIDERED AS ADVICE. INVESTMENT ADVICE IS NEVER GIVEN ON THIS SHOW. ALWAYS CONSULT A COMPETENT INVESTMENT ADVISOR BEFORE MAKING AN INVESTMENT DECISION.
Transcribe →Questions of the Week | Which Deals Do Not Qualify for CMHC Financing?
Jan 1400:09:14Tap to summarizeIn this episode of Questions of the Week on the REI Hot Seat, we build on last week’s discussion around CMHC financing and answer a question we get all the time: what deals can you not bring to CMHC?We break down which property types are immediately disqualified, how CMHC looks at mixed use buildings, and why both square footage and revenue allocation matter. We also get into common misconceptions around mixed use assets, minimum unit counts, and how some owners and investors miss out on CMHC financing simply because they assume their building does not qualify.Using real examples, we explain how reclassifying space properly, understanding nuances around basements and common areas, and doing things the right way can unlock significant refinancing and acquisition opportunities. We also cover the risks of misrepresentation, CMHC inspections, and why clarity upfront is critical before moving forward with financing.If you own a building or are considering purchasing one and wondering whether CMHC financing is an option, this episode will give you clarity.Have a question you want us to answer next week? Drop it in the comments.Sign up to the REI Hot Seat Insider: [https://www.jotform.com/form/241655418022249]REI Hot Seat Instagram: https://www.instagram.com/reihotseat/David Hulshof Instagram: https://www.instagram.com/davehulshof.realestate/Jacob Campagnaro Instagram: https://www.instagram.com/jacob_campagnaro/Questions of the Week | Which Deals Do Not Qualify for CMHC Financing?0:00 Questions of the Week intro0:18 What deals cannot go to CMHC0:41 Property types that are immediately disqualified1:07 Mixed use buildings and the 30 percent rule2:06 How basements and common areas are treated2:49 Revenue allocation and why it matters3:20 Unlocking CMHC on misunderstood mixed use deals4:29 Minimum unit counts and deal sizing6:07 CMHC compliance, inspections, and doing it right8:32 Final takeaways on qualifying for CMHCDISCLAIMER: THIS EPISODE, AS WITH EVERY EPISODE OF THIS SHOW, SHOULD NOT BE CONSIDERED AS ADVICE. INVESTMENT ADVICE IS NEVER GIVEN ON THIS SHOW. ALWAYS CONSULT A COMPETENT INVESTMENT ADVISOR BEFORE MAKING AN INVESTMENT DECISION.
Transcribe →Why “Good Debt” Can Still Be a Bad Deal
Jan 900:12:40Tap to summarizeSame street, same owner, different building. This Episode 149 of the REI Hot Seat, Dave and Jake break down a nine-unit multifamily deal with a stronger suite mix, assumable CMHC debt at 2.69%, and a real conversation around whether good debt justifies paying a premium.Dave walks through why older 1950s and 1960s buildings often include what investors call the “boiler room special,” how that impacts unit count and value, and why assumable debt can dramatically change how a deal pencils. We dig into cap rates, loan-to-value, cash-on-cash returns, and the trade-offs investors face when leverage is lower but financing terms are exceptional. The discussion ultimately comes down to price discipline, creative structuring, and knowing when a deal is close versus when it actually works.This episode is a real example of how we underwrite deals in real time, pressure test assumptions, and work backwards to find the number that makes sense, rather than forcing a deal to fit.Sign up to the REI Hot Seat Insider:[https://www.jotform.com/form/241655418022249] REI Hot Seat Instagram: [https://www.instagram.com/reihotseat/] David Hulshof Instagram: [https://www.instagram.com/davehulshof.realestate/] Jacob Campagnaro Instagram: [https://www.instagram.com/jacob_campagnaro/] EP 149 Why “Good Debt” Can Still Be a Bad Deal0:00 Welcome back to REI Hot Seat0:25 Same owner, same street, different deal1:03 Suite mix and the boiler room special explained2:24 Assumable CMHC debt at 2.69 percent to 20313:43 Cap rate, price per door, and LTV concerns4:31 Cash on cash returns and lift potential5:30 VTB discussion and why it is not an option7:15 Is good debt worth overpaying for8:00 How we would actually price this deal9:25 What purchase price makes this deal compelling10:27 Creative deal structuring and final thoughts11:46 Closing remarks and next stepsDISCLAIMER: THIS EPISODE, AS WITH EVERY EPISODE OF THIS SHOW, SHOULD NOT BE CONSIDERED AS ADVICE. INVESTMENT ADVICE IS NEVER GIVEN ON THIS SHOW. ALWAYS CONSULT A COMPETENT INVESTMENT ADVISOR BEFORE MAKING AN INVESTMENT DECISION.
Transcribe →