Building Multi-Family From The Ground Up to Rental Success

In this episode of Where Should I Invest, Sarah Larbi sits down with Natalie Cloutier, a real estate developer, author, and builder who has carved out a unique niche in the Canadian investing landscape: Build to Rent.

Starting with $0 at just 19 years old, Natalie and her husband built their first home using an auto-construction loan and that single decision launched a long-term strategy now responsible for multiple duplexes, fourplexes, and sixplexes.

Natalie breaks down the real numbers, the risks, the rewards, and the mindset behind creating cash-flowing rentals from the ground up. She also shares the truth about Bill 23, the municipal pushback that followed, and the often-overlooked challenges developers face behind the scenes.

If you’ve ever wondered how to build new multifamily housing or whether Build-to-Rent can actually work in today’s market, this episode delivers the clarity you’ve been missing.

What You’ll Learn

How Natalie’s “Build to Rent” strategy works from land acquisition to refinance

The financing structure needed to build rentals with minimal money left in the deal

How Bill 23 created unexpected chaos for builders

Why municipalities can make or break your development timeline

The biggest mistakes investors make when expanding into construction

How Natalie handles permitting, design, and working with new city staff

Why choosing the right JV partner matters more than the deal