In Episode 148 of the REI Hot Seat, Dave and Jake break down an on market 9 unit opportunity in London, Ontario and walk through why it’s compelling even in today’s market. They cover the building’s strong exterior capex, unit mix, neighborhood fundamentals near Fanshawe College, and how they’re underwriting pricing to hit a six cap and attractive price per door.
They also get into a topic investors ask about all the time, why we show acquisition versus stabilized value, how our underwriting sheet is used as a filter across hundreds of deals, and what “best case” lift looks like when market rents are achieved over time. From there they discuss CMHC strategy, debt coverage, capital required, cash on cash returns, and how buyers can think about funding down payments through joint ventures or home equity while still staying focused on cash flowing deals.
Sign up to the REI Hot Seat Insider:
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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 148
Would You Buy This 9-Unit? London Multifamily Deal Breakdown
0:07 Matching uniforms and should we drop the shirts
0:34 Deal overview 9 unit in London and why the exterior is compelling
1:02 Price target cap rate and price per door breakdown
1:57 Location fundamentals near Fanshawe and tenant profile discussion
4:16 Value add upside and what stabilized value could look like
4:55 Acquisition versus stabilized numbers and why we model it this way
6:34 The deal filter and why you need to analyze hundreds of deals
8:06 CMHC strategy debt coverage and conservative interest rate assumptions
10:00 Bond yields spreads and how lenders price deals
12:18 Capital required cash on cash returns and why this is attractive
15:58 Funding the down payment JVs lines of credit and home equity
17:26 The risk of negative cash flow and what to avoid
DISCLAIMER: 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.
In this episode of Questions of the Week on the REI Hot Seat, we answer a question we hear from sellers all the time: why do we need all of your documents before listing a building?We break down why having a complete data room upfront is critical, how buyers actually underwrite multifamily and commercial properties, and why missing or inaccurate information can create major issues during due diligence. From utility audits and operating numbers to construction history and reports, this conversation explains how doing the work early protects value and keeps deals on track.If you are thinking about selling a building or investing in one, this episode will give you a clear understanding of why preparation matters.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 | Why Missing Documents Can Kill A Commercial Real Estate Deal
0:00 Why sellers question the need for a data room
1:00 Why documents must be ready before listing
2:10 How buyers underwrite buildings like businesses
3:30 How inaccurate numbers lead to price reductions
5:05 What a data room is and why it protects valueDISCLAIMER: 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.
In Episode 147 of the REI Hot Seat, Dave and Jake walk through a real-time market update for multifamily and commercial real estate in Ontario. They break down current sentiment, what’s actually moving, where inventory is getting gobbled up, and why institutional and family office capital is back in a big way while smaller investors sit on the sidelines.They compare different asset classes and markets, from stalled development sites and struggling small plexes to strong-performing retail plazas and 20+ unit multifamily buildings. They also dig into cap rates, CMHC financing, fear vs greed, what they expect for pricing and cap rate movement over the next 6–12 months, and how sellers and buyers should be positioning themselves right now.
Sign up to the REI Hot Seat Insider:
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Hot Seat Instagram:
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David Hulshof Instagram: https://www.instagram.com/davehulshof.realestate/
Jacob Campagnaro Instagram: https://www.instagram.com/jacob_campagnaro/EP 147 - Fear vs. Greed: Who’s Actually Buying in Today’s Market
0:07 New studio intro and market update setup
0:45 Dave’s take on inventory, pricing and power of sale deals
2:16 Should you list now or wait and how sellers are approaching timing
2:53 Jake on which markets are hot and which are stagnating
3:52 Who’s actually buying right now and the fear vs greed dynamic
6:24 Development, retail, multifamily and how each asset class is performing
8:11 Larger buyers moving down into smaller unit counts
8:46 Will cap rates compress and what happens if interest rates hold
9:59 Normalizing interest rates, realistic cap rates and spoiled expectations
11:32 Final thoughts, predictions and why now is a strong buying market
DISCLAIMER: 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.
In this week’s Questions of the Week, we answer a big one from an investor: “Does the Major Streets By-law change in Toronto affect the value of my building?”We break down what the by-law actually is, why it matters, and how Toronto’s updated development rules on major streets could influence future value. If you’re a building owner or investor trying to understand whether this policy shift impacts your property, this quick breakdown gives you the context you need.Have a question you want answered next week? Drop it in the comments.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 | Will Toronto’s Major Streets By-law Boost Your Property Value?
0:00 – Intro: Question of the Week
0:12 – Client asks: “Does the Major Streets By-law affect my building’s value?”
0:20 – What the Major Streets By-law actually is
0:32 – Background: Why Toronto introduced it
0:45 – How this policy impacts development potential
0:58 – Final thoughts + who this affects most
DISCLAIMER: 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.
In Episode 146 of the REI Hot Seat, Dave and Jake break down a mixed use waterfront asset in the Kawartha Lakes area featuring a staple commercial tenant the public library a boutique café with optionality six residential units with strong lift and a public coin operated laundromat that produces real cash flow. They walk through how CMHC looks at mixed use deals, how to treat public laundry for financing, what the numbers look like today versus the future loft and development potential, and which type of investor is best suited for this asset. If you are a multifamily investor curious about stepping into commercial and small business income while still being secured by strong real estate fundamentals, this episode is for you.They also dig into the details of cap rates, LTV, DCR, and CMHC options, discuss the reality of lending limits on the commercial versus residential components, and explore creative structures such as vendor take backs, cash back for renovations, and converting the café into a residential unit. To wrap it up they talk buyer profile, property management in secondary and tertiary markets, and why this deal is likely to stay off MLS and instead be shared through their Deals of the Week and Insiders list.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 146 - Three Income Sources and CMHC Financing: Is This the Perfect Mixed Use Deal?
0:05 Episode intro
0:40 Property overview and tenant mix
1:38 Coin op laundry income
3:01 Cap rate pricing and rent lift
4:44 Café status and conversion potential
7:01 CMHC rules for mixed use
8:20 Financing LTV DSCR and structure
12:09 Ideal buyer profile
15:49 Property management and off market access
16:00 How to join the Insiders List
DISCLAIMER: 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.
In this segment of Questions of the Week on the REI Hot Seat, Dave and Jacob break down one of the most confusing parts of commercial leasing: TMI (Taxes, Maintenance & Insurance).If you’ve ever wondered what’s included, how it’s calculated, why it changes, or how it compares to CAM (common area maintenance)… this one’s for you.Whether you're a first-time commercial tenant, moving from a gross lease, or just trying to wrap your head around commercial numbers, we demystify it all in simple language.
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 | Cracking the Code: TMI in Commercial Leasing Explained!
0:00 – What is TMI?
0:22 – TMI vs CAM explained
1:12 – Base rent vs TMI: how it’s actually calculated
2:45 – Does TMI change every year?
3:53 – CAM fees and how they differ
4:18 – Maintenance costs & amortized repairs (watch out for this!)
5:16 – Why tenants need pro representation
5:45 – Real example: tenant confusion after signing without an agent
6:02 – Final thoughts & Questions of the Week
DISCLAIMER: 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.
In episode 145 of REI Hot Seat, Dave and Jake break down a 62-unit, condo-grade multifamily portfolio in Ayr, Ontario with assumable CMHC financing at 2.85% and 85% LTV.We cover the unit mix, rents, Pro Forma, operating expenses, cap rate, and debt structure, and talk about who this deal is perfect for, small funds, family offices, REITs, and long-term “patient capital” investors looking for cash-flowing, low-vacancy, purpose-built rentals in a high-income pocket just outside Kitchener/Waterloo and Cambridge.Don't forget to join the Insiders list for access to off-market deals and other unique opportunities.
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 145 BIG NEW DEAL! 62 Units, 2.85% Assumable Debt, Massive Cash Flow
00:05 – Welcome back to REI Hot Seat
01:21 – High-level overview: 62-unit new build portfolio
02:06 – Location breakdown: Ayr, Ontario
03:13 – New build, condo-grade, elevators + utilities
04:29 – Pro Forma + income and expenses
08:56 – Price, cap rate, and metrics
09:25 – Assumable CMHC debt: 85% LTV at 2.85%
11:48 – Required equity + annual cash flow
14:04 – Ideal buyer profile (funds, family offices, REITs)
15:22 – How to inquire + get on the list
DISCLAIMER: 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.
New studio, new look, same deep dives. In episode 144 of the REI Hot Seat, Dave and Jacob break down a 25-unit building near Bruce Power in Hanover, Ontario and show how a well-structured VTB can turn a solid deal into a great one.They walk through the numbers, cap rate, price per door, cash-on-cash returns, and then dig into how to properly structure a Vendor Take-Back (VTB) clause so it actually works at closing.If you’re serious about multifamily investing, VTBs, and creative financing, this one’s packed with real numbers and real strategy.Don't forget to join the Insiders list for access to off-market deals and other unique opportunities.
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 E144 - Unbelievable VTB Deal! 14% ROI? You Won't Believe This!
0:00 – New set, new look & show update
0:20 – Andrew’s Florida investing podcast & REI Hot Seat format going forward
1:00 – Bringing on more industry guests (not just deal analysis)
1:45 – What types of guests do YOU want? (comment below)
2:06 – Deal intro: 25-unit building in Hanover near Bruce Power
2:35 – Unit mix, building style & long-term ownership story
3:19 – Asking price vs. target price, cap rate & ~$200k per door
3:56 – Why buyers are obsessed with price per door right now
4:34 – Cap rate vs. price per door: why you can’t look at just one metric
5:02 – Challenge with CMHC and why a VTB solves the problem
5:26 – Seller offers a $4M VTB at 3% for 5 years (first position)
6:01 – 82% loan-to-value and why that’s attractive for investors
6:13 – Why VTBs should almost always be interest-only
7:00 – Creative way they structured a past VTB with a lump-sum principal paydown
7:28 – Calculating interest-only payments (~$10K/month)7:42 – Debt coverage ratio revealed: 2.35x on the VTB
7:58 – $154K annual cash flow & 14% cash-on-cash return on ~$1M invested
8:53 – How long it takes to get your money back at 14% cash-on-cash
9:34 – Why the seller loves the VTB: tax mitigation & steady income
10:18 – Big picture recap: location, units, capex, VTB terms & upside
11:00 – How to properly write a VTB clause in an APS
11:28 – The must-have terms in every VTB (principal, term, rate, interest-only, etc.)
12:23 – Open vs. closed VTB terms & why open often makes sense
13:00 – Get your lawyers involved before going firm
13:36 – Why you need lawyers who understand multifamily & VTBs
14:42 – Deal still available (for now) + who this opportunity is right for
14:51 – Free deal calculator & off-market opportunities that never hit MLS
15:11 – Wrap up & what’s coming next on REI Hot Seat
DISCLAIMER: 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.
Become an REI Hot Seat Insider: https://submit.jotform.com/info_Admin_info831/rei-hotseat-insider-sign-up-form
In episode E145 of the REI Hot Seat, Andrew Hines, Jacob Campagnaro, and David Hulshof analyze a Hamilton multifamily deal at 17 Cloverdale—a well-kept, purpose-built walk-up of all two-bedroom units priced around ~$130k per door but hampered by legacy rents of $700–$900 and a long-term, elderly tenant base.
With most of the capital expenditures complete (aside from a roof due within five years), the main challenge lies in financing, as the low rent roll forces a roughly 50–55% loan-to-value to meet a 1.20 debt coverage ratio.
The trio explore two main strategies: securing a long vendor take-back mortgage from the longtime owner to bridge cash flow until natural turnover occurs, or pursuing a CMHC-affordability route to lower the debt service ratio and push leverage closer to 60–65%.
They note that while tenant turnover may be slow, even a single unit reset to market rent could add about $12,000 annually in income—equating to roughly $218,000 in added value at a 5.5% cap rate.
Ultimately, this deal fits buyers seeking wealth preservation and long-term stability rather than short-term returns, emphasizing patience, fundamentals, and the power of 10-year insured financing.
In closing, the hosts highlight how inflation and declining interest rates make now a favourable time for disciplined investors to acquire hard assets and hold quality debt, reinforcing that long-term plays like this remain a powerful hedge against uncertainty.
Don't forget to join the Insiders list for access to off-market deals and other unique opportunities.
Andrew's linktree : https://linktr.ee/theandrewhines
REI Hot Seat Instagram: https://www.instagram.com/reihotseat/
Jacob Campagnaro Instagram: https://www.instagram.com/jacob_campagnaro/
David Hulshof Instagram: https://www.instagram.com/davehulshof.realestate/
E145 Why Smart Investors Are Buying When Everyone Else Is Scared
1:03 – Deal Overview
4:14 – Rent Roll & Value Challenges
5:46 – Financing Struggles (Low LTV)
8:24 – Buyer Profile & Strategy Fit
10:09 – Vendor Take-Back (VTB) Option
13:07 – Affordability / CMHC Play
15:16 – Turnover Math & Value Lift
17:24 – Wealth Preservation vs Cash Flow
20:23 – Rate Cuts & Economic Outlook
23:00 – Inflation Hedge Through Debt
25:12 – Fundamentals & Long-Term Investing
Disclaimer: 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.
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Andrew Hines is a seasoned real estate investor, business-builder, educator, and podcast host, well-recognized for his extensive experience in the field. Andrew graduated with an HBA from the Richard Ivey School of Business in 2008 and spent three years teaching introductory business at Western University as a Lecturer. He has been investing in real estate since 2011 and completing value-add projects since 2015, primarily in the luxury student rental space. Andrew started a project management company for building out new-construction townhomes in 2016 and has since built over 50 residential units throughout Southwestern Ontario. Andrew is an advocate for treating real estate investing like a business and uses his experience in his educational endeavors, coaching numerous investors on strategies to achieve financial independence and scale their portfolios effectively.
His podcast, "The Andrew Hines Real Estate Investing Podcast," serves as a platform for sharing insights, strategies, and success stories, connecting a community of like-minded individuals passionate about real estate investing. With a background that blends practical investing experience and investor-focused work, Andrew has become a pivotal figure in the Canadian real estate investing community.
Become an REI Hot Seat Insider: https://submit.jotform.com/info_Admin_info831/rei-hotseat-insider-sign-up-formIn episode E144 of the REI Hot Seat, Andrew and David review a 15-unit purpose-built building in Guelph and walk through its numbers, financing options, and long-term investment potential.The property stands out with its brick construction, sloped roof, newer balconies, and unusually large three-bedroom units—an asset class in short supply compared to the abundance of micro-units in new builds.Current rents are well below market, with some units at $1,200–$2,100 when comparable market rents are closer to $2,100 or higher, creating significant upside for investors willing to manage natural tenant turnover.At a list price of $3.5 million, modeled closer to $3 million, the deal represents about $200,000 per door with a cap rate near 5.6%. Investors would need roughly $650,000 in capital for down payment, closing, and fees, while CMHC-insured financing could provide a $2.5 million loan at around 4.1–4.25% on a 10-year term.The property is projected to generate about a 4.4% cash-on-cash return initially, with the potential to lift its value to $5.1 million once rents stabilize.Andrew and David frame the opportunity as a hybrid between turnkey and value-add, highlighting how it provides positive cash flow out of the gate with significant appreciation potential through refinancing under CMHC once rents are brought to market.While operating expenses are currently high at 41%, they note this is more rent-driven than inefficiency-driven, and natural tenant turnover at 10–15% annually will gradually allow rents to catch up. Toward the end of the episode, the conversation shifts to creative U.S. deal strategies, built on existing low-interest mortgages, demonstrate how subject-to structures can produce immediate cash flow with minimal capital.Altogether, the episode emphasizes that investors are not limited to strict “turnkey” or “value-add” models; hybrid strategies in Canada and creative approaches in the U.S. can both unlock stable financing and long-term wealth creation.Don't forget to join the Insiders list for access to off-market deals and other unique opportunities.Andrew's linktree : https://linktr.ee/theandrewhinesREI Hot Seat Instagram: https://www.instagram.com/reihotseat/David Hulshof Instagram: https://www.instagram.com/davehulshof.realestate/Disclaimer: 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.---Andrew Hines is a seasoned real estate investor, business-builder, educator, and podcast host, well-recognized for his extensive experience in the field. Andrew graduated with an HBA from the Richard Ivey School of Business in 2008 and spent three years teaching introductory business at Western University as a Lecturer. He has been investing in real estate since 2011 and completing value-add projects since 2015, primarily in the luxury student rental space. Andrew started a project management company for building out new-construction townhomes in 2016 and has since built over 50 residential units throughout Southwestern Ontario. Andrew is an advocate for treating real estate investing like a business and uses his experience in his educational endeavors, coaching numerous investors on strategies to achieve financial independence and scale their portfolios effectively.His podcast, "The Andrew Hines Real Estate Investing Podcast," serves as a platform for sharing insights, strategies, and success stories, connecting a community of like-minded individuals passionate about real estate investing. With a background that blends practical investing experience and investor-focused work, Andrew has become a pivotal figure in the Canadian real estate investing community.
Become an REI Hot Seat Insider: https://submit.jotform.com/info_Admin_info831/rei-hotseat-insider-sign-up-form
In episode E143 of the REI Hot Seat, Andrew and David analyze a pair of multifamily investment opportunities.
The first deal is a 10-unit townhouse property in Shallow Lake, just outside Owen Sound. With a mix of one- and two-bedroom units, a strong rent roll of around $14,000 per month, and no major capital expenditures required, the property offers investors low barriers to entry and immediate cash-flow potential.
At an underwriting purchase price of $1.6M, the deal models a nearly 6.6% cap rate, an 8.7% cash-on-cash return, and healthy debt coverage if financed through CMHC—an attractive, lower-risk play for investors seeking straightforward returns.
The conversation then shifts to a second opportunity: a seven-unit, purpose-built brick building in Brantford listed for $900K, recently reduced from $1M. Despite its solid structure and favourable per-unit pricing, the property has struggled to sell due to outdated rents averaging just $751.
Andrew and David discuss challenges and creative strategies to reposition such a building, including house hacking, offering optional tenant upgrades in exchange for modest rent increases, and avoiding controversial rent-eviction practices.
With thoughtful capital injection and tenant-friendly tactics, they highlight the potential to more than double the building’s value—possibly reaching a $2.2M refinance exit after stabilizing rents.
The episode underscores how quickly investor sentiment has shifted in Ontario’s multifamily market and stresses the importance of planning, cash-flow modeling, and long-term strategy when evaluating deals.
Don't forget to join the Insiders list for access to off-market deals and other unique opportunities.
Andrew's linktree : https://linktr.ee/theandrewhines
REI Hot Seat Instagram: https://www.instagram.com/reihotseat/
Jacob Campagnaro Instagram: https://www.instagram.com/jacob_campagnaro/
David Hulshof Instagram: https://www.instagram.com/davehulshof.realestate/
Disclaimer: 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.
---
Andrew Hines is a seasoned real estate investor, business-builder, educator, and podcast host, well-recognized for his extensive experience in the field. Andrew graduated with an HBA from the Richard Ivey School of Business in 2008 and spent three years teaching introductory business at Western University as a Lecturer. He has been investing in real estate since 2011 and completing value-add projects since 2015, primarily in the luxury student rental space. Andrew started a project management company for building out new-construction townhomes in 2016 and has since built over 50 residential units throughout Southwestern Ontario. Andrew is an advocate for treating real estate investing like a business and uses his experience in his educational endeavors, coaching numerous investors on strategies to achieve financial independence and scale their portfolios effectively.
His podcast, "The Andrew Hines Real Estate Investing Podcast," serves as a platform for sharing insights, strategies, and success stories, connecting a community of like-minded individuals passionate about real estate investing. With a background that blends practical investing experience and investor-focused work, Andrew has become a pivotal figure in the Canadian real estate investing community.
Become an REI Hot Seat Insider: https://submit.jotform.com/info_Admin_info831/rei-hotseat-insider-sign-up-form
In episode E140 of the REI Hot Seat, Andrew and Jacob break down the current state of the real estate market, with a particular focus on multifamily assets and broader opportunities in different asset classes.
They begin by reflecting on how interest rate hikes since 2022 have driven pricing downward and created a true buyer’s market. Buyers now have leverage to dictate terms, while sellers face bleak sentiment, often needing to price below recent averages just to attract offers. Inventory has been tight in some regions, but correctly priced assets are still moving.
The key, they emphasize, is structuring deals from the buyer’s perspective—making sure an opportunity makes sense today, not just based on potential future improvements.
The conversation then shifts to how investors should position themselves in this environment. Jacob highlights that while creative financing can still be useful, it is no longer essential to make deals work; instead, buyers should prioritize simplicity, negotiating time to secure CMHC financing rather than paying premiums for complex structures.
Multifamily continues to be popular due to relatively low barriers to entry and financing options, but the market is saturated, while industrial and office assets are declining and may present future opportunities if purchased at the right price.
They also touch on the fading presence of wholesalers in Canada, attributing the decline to steep price corrections—up to 30% off peak in Ontario—that erased the margins wholesalers once enjoyed.
Looking ahead, Andrew predicts continued stagnation in the market until interest rates eventually settle near a neutral level, likely under 2%, with potential cuts driving incremental improvements. On housing, he challenges the narrative of a “crisis,” suggesting that the real issue is declining living standards as more families consolidate housing or delay independent living, rather than an outright shortage of units.
Don't forget to join the Insiders list for access to off-market deals and other unique opportunities.
Andrew's linktree : https://linktr.ee/theandrewhines
REI Hot Seat Instagram: https://www.instagram.com/reihotseat/
Jacob Campagnaro Instagram: https://www.instagram.com/jacob_campagnaro/
Disclaimer: 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.
---
Andrew Hines is a seasoned real estate investor, business-builder, educator, and podcast host, well-recognized for his extensive experience in the field. Andrew graduated with an HBA from the Richard Ivey School of Business in 2008 and spent three years teaching introductory business at Western University as a Lecturer. He has been investing in real estate since 2011 and completing value-add projects since 2015, primarily in the luxury student rental space. Andrew started a project management company for building out new-construction townhomes in 2016 and has since built over 50 residential units throughout Southwestern Ontario. Andrew is an advocate for treating real estate investing like a business and uses his experience in his educational endeavors, coaching numerous investors on strategies to achieve financial independence and scale their portfolios effectively.
His podcast, "The Andrew Hines Real Estate Investing Podcast," serves as a platform for sharing insights, strategies, and success stories, connecting a community of like-minded individuals passionate about real estate investing. With a background that blends practical investing experience and investor-focused work, Andrew has become a pivotal figure in the Canadian real estate investing community.
Become an REI Hot Seat Insider: https://submit.jotform.com/info_Admin_info831/rei-hotseat-insider-sign-up-form
In episode E140 of the REI Hot Seat, Andrew and Jacob dive into a Toronto mixed-use investment opportunity, highlighting why retail assets in prime locations are gaining favour with lenders.
They break down the property—a 1971-built building in Trinity Bellwoods with two levels of commercial space and three residential units—emphasizing the importance of securing a long-term AAA tenant to stabilize income.
With cap rates starting around 5% and projected to climb into the mid-sixes over several years, the property presents a strong long-term hold play for investors willing to structure deals creatively.
The discussion covers financing challenges, such as CMHC restrictions on mixed-use buildings, and potential solutions including vendor take-back mortgages and first-second structures to enhance leverage.
Jacob outlines rent rolls, vacancy considerations, and expense recovery strategies, underscoring how the retail component drives most of the value.
They also note opportunities to add value through tenant repositioning, parking income, and potential unit conversion. Ultimately, the episode makes the case that Toronto, long seen as “untouchable” for smaller investors, is now opening up thanks to changing market dynamics, creating a rare chance to secure prime assets in a world-class city.
Don't forget to join the Insiders list for access to off-market deals and other unique opportunities.
Andrew's linktree : https://linktr.ee/theandrewhines
REI Hot Seat Instagram: https://www.instagram.com/reihotseat/
Jacob Campagnaro Instagram: https://www.instagram.com/jacob_campagnaro/
David Hulshof Instagram: https://www.instagram.com/davehulshof.realestate/
E141 Generational Wealth Starts With Assets Like This
1:17 – Why Toronto Remains Expensive
5:00 – Filling Commercial Tenancy
6:20 – Retail Stability & Cap Rates
12:14 – Financing Limits & CMHC Restrictions
18:09 – Asking Price & Bank Appetite
19:05 – Vendor Take-Back & Deal Structuring
24:47 – Long-Term Hold Strategy
Disclaimer: 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.
---
Andrew Hines is a seasoned real estate investor, business-builder, educator, and podcast host, well-recognized for his extensive experience in the field. Andrew graduated with an HBA from the Richard Ivey School of Business in 2008 and spent three years teaching introductory business at Western University as a Lecturer. He has been investing in real estate since 2011 and completing value-add projects since 2015, primarily in the luxury student rental space. Andrew started a project management company for building out new-construction townhomes in 2016 and has since built over 50 residential units throughout Southwestern Ontario. Andrew is an advocate for treating real estate investing like a business and uses his experience in his educational endeavors, coaching numerous investors on strategies to achieve financial independence and scale their portfolios effectively.
His podcast, "The Andrew Hines Real Estate Investing Podcast," serves as a platform for sharing insights, strategies, and success stories, connecting a community of like-minded individuals passionate about real estate investing. With a background that blends practical investing experience and investor-focused work, Andrew has become a pivotal figure in the Canadian real estate investing community.
Become an REI Hot Seat Insider: https://submit.jotform.com/info_Admin_info831/rei-hotseat-insider-sign-up-form
In episode E140 of the REI Hot Seat, Andrew Hines and David Hulshof dive into the analysis of a power of sale multifamily deal in St. Catharines, Ontario—a 20-unit purpose-built building listed at $3.85M, significantly reduced from a previous $4.8M listing.
Dave emphasize that power of sale opportunities are high-risk, high-reward and should be approached only by experienced investors due to their “as-is, where-is” nature and lack of typical buyer protections such as condition periods and environmental reports.
The property features several vacant units with unclear renovation status, presenting a value-add opportunity — but due to its current condition, it will initially require bridge financing before becoming eligible for CMHC-insured refinancing post-renovation and lease-up.
They walk through the numbers using both stabilized and bridge-financing scenarios, estimating a 5.75% cap rate and ~$192K per unit acquisition cost.
After budgeting for approximately $280K in renovations across seven units and an additional $80K in bridge financing costs, they demonstrate that, if executed well, investors could achieve a 1.2 debt coverage ratio and retain the property with just $225K of capital left in the deal.
Dave stresses the importance of working with mortgage brokers and lenders who specialize in CMHC financing due to rapidly changing rules and underwriting complexities.
The episode also contrasts Canadian power of sale with U.S. foreclosure and “subject-to” financing strategies, noting that the latter enables long-term mortgage assumption at low locked-in rates, a major advantage in U.S. markets.
Don't forget to join the Insiders list for access to off-market deals and other unique opportunities.
Andrew's linktree : https://linktr.ee/theandrewhines
REI Hot Seat Instagram: https://www.instagram.com/reihotseat/
David Hulshof Instagram: https://www.instagram.com/davehulshof.realestate/
E140 How To Structure High-Risk Multifamily Deals in 2025
0:37 – 20-Unit Deal Breakdown
5:15 – Vacancy & Rent Analysis
6:22 – Bridge First, CMHC Later
8:33 – U.S. vs. Canada Strategy
11:18 – Full Deal Structure
14:25 – CMHC Risks & Rules
17:06 – Final Numbers Breakdown
19:11 – No Inspection Risk
23:02 – 30-Day Irrevocable Offers
Disclaimer: 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.
---
Andrew Hines is a seasoned real estate investor, business-builder, educator, and podcast host, well-recognized for his extensive experience in the field. Andrew graduated with an HBA from the Richard Ivey School of Business in 2008 and spent three years teaching introductory business at Western University as a Lecturer. He has been investing in real estate since 2011 and completing value-add projects since 2015, primarily in the luxury student rental space. Andrew started a project management company for building out new-construction townhomes in 2016 and has since built over 50 residential units throughout Southwestern Ontario. Andrew is an advocate for treating real estate investing like a business and uses his experience in his educational endeavors, coaching numerous investors on strategies to achieve financial independence and scale their portfolios effectively.
His podcast, "The Andrew Hines Real Estate Investing Podcast," serves as a platform for sharing insights, strategies, and success stories, connecting a community of like-minded individuals passionate about real estate investing. With a background that blends practical investing experience and investor-focused work, Andrew has become a pivotal figure in the Canadian real estate investing community.
Become an REI Hot Seat Insider: https://submit.jotform.com/info_Admin_info831/rei-hotseat-insider-sign-up-form
In episode E139 of the REI Hot Seat, Andrew Hines, David Hulshof, and Jacob Campagnaro dive deep into the analysis of a ten-unit turnkey townhome deal in Cambridge, Ontario.
The trio begins by examining the property's valuation challenges, emphasizing how traditional metrics like price-per-door or cap rates often fail to capture real value—especially in mixed-use or townhouse-style properties.
They critique the listing's $4 million price tag, which doesn't yield acceptable cash-on-cash returns or debt service coverage.
Instead, they suggest a $3.6 million offer would meet CMHC's lending standards and produce a stronger return profile, particularly since the units are separately metered and well-renovated.
The conversation expands to broader market dynamics, highlighting how most listings remain overvalued due to sellers chasing the market downward.
They stress the importance of submitting offers—even aggressive ones—because many sellers eventually circle back when reality sets in.
The hosts outline how power-of-sale and distressed deals are becoming more common, effectively resetting market comps.
Throughout, they emphasize their systematic approach: applying a strict underwriting framework to filter for deals that truly work and advising others to ignore seller emotions and stay disciplined.
Despite current challenges, the hosts agree it's a strong buyer’s market—flush with opportunity for those with capital, patience, and a well-defined investment box.
Don't forget to join the Insiders list for access to off-market deals and other unique opportunities.
Andrew's linktree : https://linktr.ee/theandrewhines
REI Hot Seat Instagram: https://www.instagram.com/reihotseat/
Jacob Campagnaro Instagram: https://www.instagram.com/jacob_campagnaro/
David Hulshof Instagram: https://www.instagram.com/davehulshof.realestate/
E139 The Brutal Truth About Today’s Seller Expectations
1:16 - St. Thomas Power of Sale Deal Intro
3:40 - Power of Sale Process Explained
9:02 - Rent Projections & Absorption Risk
11:08 - Furnished/Midterm Rental Strategy
12:46 - Renovation & Stabilization Costs
15:06 - Refi Analysis & Cash-on-Cash Returns
17:14 - Long-Term Investment Mindset
Disclaimer: 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.
---
Andrew Hines is a seasoned real estate investor, business-builder, educator, and podcast host, well-recognized for his extensive experience in the field. Andrew graduated with an HBA from the Richard Ivey School of Business in 2008 and spent three years teaching introductory business at Western University as a Lecturer. He has been investing in real estate since 2011 and completing value-add projects since 2015, primarily in the luxury student rental space. Andrew started a project management company for building out new-construction townhomes in 2016 and has since built over 50 residential units throughout Southwestern Ontario. Andrew is an advocate for treating real estate investing like a business and uses his experience in his educational endeavors, coaching numerous investors on strategies to achieve financial independence and scale their portfolios effectively.
His podcast, "The Andrew Hines Real Estate Investing Podcast," serves as a platform for sharing insights, strategies, and success stories, connecting a community of like-minded individuals passionate about real estate investing. With a background that blends practical investing experience and investor-focused work, Andrew has become a pivotal figure in the Canadian real estate investing community.
Become an REI Hot Seat Insider: https://submit.jotform.com/info_Admin_info831/rei-hotseat-insider-sign-up-form
In episode E138 of the REI Hot Seat, Andrew Hines, David Hulshof, and Jacob Campagnaro do a deep-dive deal analysis on a 23-unit power of sale multifamily building in St. Thomas, Ontario.
They walk through the nuances of underwriting this type of distressed property, which is fully renovated but vacant and missing appliances and a boiler.
The conversation covers how power of sale transactions differ from typical sales—banks require MLS listings, strict bidding timelines, and offer "as is, where is" sales with no representations or warranties, making due diligence crucial but limited.
They discuss challenges like renting out 23 units quickly in a cooling market, strategies such as furnished midterm rentals for visiting professionals, and the need for substantial upfront capital for carrying costs and renovations.
Using conservative assumptions, they model expected rents, costs for appliances and a boiler, and stabilization timelines, concluding that after refinancing (CMHC takeout), an investor might leave roughly $370K in the deal while achieving 12–13% cash-on-cash returns—potentially higher when factoring in mortgage paydown.
They stress that while this is not for undercapitalized or inexperienced buyers, it’s a solid opportunity for sophisticated investors able to manage the complexities and risks.
The episode ends with reflections on investment timelines, emphasizing that successful real estate strategies increasingly demand patience, scale, and careful underwriting in a market where easy flips are no longer the norm.
Don't forget to join the Insiders list for access to off-market deals and other unique opportunities.
Andrew's linktree : https://linktr.ee/theandrewhines
REI Hot Seat Instagram: https://www.instagram.com/reihotseat/
Jacob Campagnaro Instagram: https://www.instagram.com/jacob_campagnaro/
David Hulshof Instagram: https://www.instagram.com/davehulshof.realestate/
E138 Inside a Power of Sale Deal Breakdown
1:16 - St. Thomas Power of Sale Deal Intro
3:40 - Power of Sale Process Explained
9:02 - Rent Projections & Absorption Risk
11:08 - Furnished/Midterm Rental Strategy
12:46 - Renovation & Stabilization Costs
15:06 - Refi Analysis & Cash-on-Cash Returns
17:14 - Long-Term Investment Mindset
Disclaimer: 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.
---
Andrew Hines is a seasoned real estate investor, business-builder, educator, and podcast host, well-recognized for his extensive experience in the field. Andrew graduated with an HBA from the Richard Ivey School of Business in 2008 and spent three years teaching introductory business at Western University as a Lecturer. He has been investing in real estate since 2011 and completing value-add projects since 2015, primarily in the luxury student rental space. Andrew started a project management company for building out new-construction townhomes in 2016 and has since built over 50 residential units throughout Southwestern Ontario. Andrew is an advocate for treating real estate investing like a business and uses his experience in his educational endeavors, coaching numerous investors on strategies to achieve financial independence and scale their portfolios effectively.
His podcast, "The Andrew Hines Real Estate Investing Podcast," serves as a platform for sharing insights, strategies, and success stories, connecting a community of like-minded individuals passionate about real estate investing. With a background that blends practical investing experience and investor-focused work, Andrew has become a pivotal figure in the Canadian real estate investing community.
Become an REI Hot Seat Insider: https://submit.jotform.com/info_Admin_info831/rei-hotseat-insider-sign-up-form
In episode E137 of the REI Hot Seat, Andrew Hines, Jacob Campanaro, and David Hulshoff dive deep into analyzing a 12-plex building deal in Waterloo while engaging in their signature candid banter.
They begin by exploring the paradox of rising vacancies in Ontario despite housing shortages, attributing it to factors like people consolidating households due to affordability issues, Ontario's slowing population growth, and a glut of new rental condos hitting the market.
The conversation shifts to the specific deal: a purpose-built 12-unit building with predominantly large three-bedroom, two-bath units—a rare configuration offering potential rental upside despite a higher per-unit acquisition cost.
Throughout, they emphasize the reality of underwriting conservatively in a buyer’s market, noting CMHC financing advantages, potential value-add opportunities even in fully occupied buildings, and the importance of filtering out overhyped deals with unrealistic seller numbers.
The team also reflects on broader market dynamics—including the challenges with pre-construction inventory flooding rental markets, regional vacancy variations, and the long-term investment appeal of Ontario despite short-term headwinds.
The episode closes on the importance of building spreadsheets, questioning assumptions, and maintaining a disciplined approach to ensure deals truly work without relying on optimistic projections.
Don't forget to join the Insiders list for access to off-market deals and other unique opportunities.
Andrew's linktree : https://linktr.ee/theandrewhines
REI Hot Seat Instagram: https://www.instagram.com/reihotseat/
Jacob Campagnaro Instagram: https://www.instagram.com/jacob_campagnaro/
David Hulshof Instagram: https://www.instagram.com/davehulshof.realestate/
E137 Avoid These Due Diligence Mistakes on Your Next Deal
01:45 – Overview of the Waterloo 12-Plex
03:20 – Rent and Price Per Unit Analysis
07:34 – Cap Rate and Income Breakdown
09:13 – Laundry Revenue Deep Dive
12:06 – Due Diligence and Underwriting Process
16:59 – Causes of High Vacancies
19:01 – Burlington Vacancy Example
25:08 – Buyer’s Market Opportunities
25:58 – CMHC Financing Strategy
28:56 – Cash Flow and Lift Potential
31:14 – Long-Term Appreciation and Exit Strategy
Disclaimer: 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.
---
Andrew Hines is a seasoned real estate investor, business-builder, educator, and podcast host, well-recognized for his extensive experience in the field. Andrew graduated with an HBA from the Richard Ivey School of Business in 2008 and spent three years teaching introductory business at Western University as a Lecturer. He has been investing in real estate since 2011 and completing value-add projects since 2015, primarily in the luxury student rental space. Andrew started a project management company for building out new-construction townhomes in 2016 and has since built over 50 residential units throughout Southwestern Ontario. Andrew is an advocate for treating real estate investing like a business and uses his experience in his educational endeavors, coaching numerous investors on strategies to achieve financial independence and scale their portfolios effectively.
His podcast, "The Andrew Hines Real Estate Investing Podcast," serves as a platform for sharing insights, strategies, and success stories, connecting a community of like-minded individuals passionate about real estate investing. With a background that blends practical investing experience and investor-focused work, Andrew has become a pivotal figure in the Canadian real estate investing community.
Become an REI Hot Seat Insider: https://submit.jotform.com/info_Admin_info831/rei-hotseat-insider-sign-up-form
In episode E136 of the REI Hot Seat, Andrew Hines and Jacob Campanaro do a deep dive into the fundamentals of commercial and industrial real estate investing, with a focus on terminology, lease structures, and investor analysis techniques.
The episode responds to growing audience interest in commercial spaces like retail and industrial properties, shifting from the podcast’s usual multifamily content.
Jacob breaks down key elements of analyzing a commercial property including location, tenant quality, lease terms, rent escalations, and expense structures like triple net and gross leases.
Using examples like Shoppers Drug Mart and Beer Store, they explore how tenant strength, lease renewal options, and recoverable expenses impact value and investment returns.
They also discuss the importance of understanding market recovery costs, managing capital expenses through amortization, and preparing for tenant turnover risk.
The episode emphasizes due diligence and working with professionals, especially in complex commercial transactions, and wraps up by teasing a follow-up episode with a real mixed-use deal breakdown.
Don't forget to join the Insiders list for access to off-market deals and other unique opportunities.
Andrew's linktree : https://linktr.ee/theandrewhines
REI Hot Seat Instagram: https://www.instagram.com/reihotseat/
Jacob Campagnaro Instagram: https://www.instagram.com/jacob_campagnaro/
David Hulshof Instagram: https://www.instagram.com/davehulshof.realestate/
E136 How to Analyze Commercial Real Estate Deals Like a Pro
00:25 – Intro to Commercial Deal Analysis
01:25 – Key Terminology Overview
03:10 – Location and Tenant Basics
04:07 – Retail Commercial Example
05:15 – Lease Terms & Renewal Options
10:21 – Lease Types: Triple Net vs Gross
13:34 – Capital Expenses & Amortization
17:29 – Land Lease Example: KFC Inquiry
20:25 – Gross vs Semi-Gross Explained
22:15 – Rent Escalations & Revenue Breakdown
24:38 – Commercial vs Multifamily Risk
28:14 – Cap Rates vs Risk Tradeoff
30:02 – Conversion Potential & Exit Options
31:26 – Final Performa Walkthrough & Tips
Disclaimer: 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.
---
Andrew Hines is a seasoned real estate investor, business-builder, educator, and podcast host, well-recognized for his extensive experience in the field. Andrew graduated with an HBA from the Richard Ivey School of Business in 2008 and spent three years teaching introductory business at Western University as a Lecturer. He has been investing in real estate since 2011 and completing value-add projects since 2015, primarily in the luxury student rental space. Andrew started a project management company for building out new-construction townhomes in 2016 and has since built over 50 residential units throughout Southwestern Ontario. Andrew is an advocate for treating real estate investing like a business and uses his experience in his educational endeavors, coaching numerous investors on strategies to achieve financial independence and scale their portfolios effectively.
His podcast, "The Andrew Hines Real Estate Investing Podcast," serves as a platform for sharing insights, strategies, and success stories, connecting a community of like-minded individuals passionate about real estate investing. With a background that blends practical investing experience and investor-focused work, Andrew has become a pivotal figure in the Canadian real estate investing community.
Become an REI Hot Seat Insider: https://submit.jotform.com/info_Admin_info831/rei-hotseat-insider-sign-up-formIn episode E135 of the REI Hot Seat, Andrew Hines and Brad McCrae break down a unique investment opportunity in Hamilton—a historic heritage property that once belonged to a former mayor.The building features standout architecture, tall ceilings, and spacious units, offering immediate cash flow and multiple value-add strategies. With five current units (including one in the basement), the property presents several avenues for increasing density: adding a studio unit in the basement, legalizing the current non-conforming unit, building into the large attic, or potentially adding a unit off the back of the structure. The property boasts strong fundamentals, including large square footage per unit, a substantial parking lot, and tenant appeal thanks to the character and quality of the finishes. Brad explains how the deal could work well for a house hacker, given the potential to live affordably on-site with as little as 10% down. Financing strategies, CMHC considerations, and potential cash flow scenarios are also discussed. With its charm, upside, and flexibility, this property stands out as a rare and adaptable investment opportunity.Don't forget to join the Insiders list for access to off-market deals and other unique opportunities.Andrew's linktree : https://linktr.ee/theandrewhinesREI Hot Seat Instagram: https://www.instagram.com/reihotseat/Jacob Campagnaro Instagram: https://www.instagram.com/jacob_campagnaro/David Hulshof Instagram: https://www.instagram.com/davehulshof.realestate/E135 CMHC Trick Most Investors Miss00:38 – Why This Property Stands Out01:15 – Cash Flow from Day One + Future Upside04:54 – Basement Height Surprise and Conversion Ideas06:33 – Legalization Potential for Basement Unit10:09 – Financing Strategy and CMHC Considerations11:22 – House Hacking Option with 10% Down12:35 – Cash Flow Projections and Down Payment16:17 – Potential for Backyard Unit AdditionDisclaimer: 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.---Andrew Hines is a seasoned real estate investor, business-builder, educator, and podcast host, well-recognized for his extensive experience in the field. Andrew graduated with an HBA from the Richard Ivey School of Business in 2008 and spent three years teaching introductory business at Western University as a Lecturer. He has been investing in real estate since 2011 and completing value-add projects since 2015, primarily in the luxury student rental space. Andrew started a project management company for building out new-construction townhomes in 2016 and has since built over 50 residential units throughout Southwestern Ontario. Andrew is an advocate for treating real estate investing like a business and uses his experience in his educational endeavors, coaching numerous investors on strategies to achieve financial independence and scale their portfolios effectively.His podcast, "The Andrew Hines Real Estate Investing Podcast," serves as a platform for sharing insights, strategies, and success stories, connecting a community of like-minded individuals passionate about real estate investing. With a background that blends practical investing experience and investor-focused work, Andrew has become a pivotal figure in the Canadian real estate investing community.
Become an REI Hot Seat Insider: https://submit.jotform.com/info_Admin_info831/rei-hotseat-insider-sign-up-form
In episode E134 of the REI Hot Seat, Andrew Hines, David Hulshof, and Jacob Campagnaro conduct a deep dive into an eight-unit townhouse investment opportunity in Minto, Ontario.
They emphasize the importance of realistic underwriting in today’s market, highlighting that cash-on-cash returns of 6–7% are increasingly rare and that appreciation can no longer be relied upon as a near-term driver of returns.
The property under review is separately metered, has below-market rents, and shows potential for significant upside if even one unit turns over at market rates—raising the cash-on-cash return dramatically.
However, the team underscores that tenant turnover can’t be assumed, especially in buildings occupied by elderly, long-term residents.
They also explore financing through CMHC, the impact of debt coverage ratios, and the practical challenges of acquiring small multifamily assets with efficient loan terms.
Beyond the deal analysis, the hosts stress the importance of submitting offers, even below asking price, as a way to shape seller expectations and eventually land quality deals.
The conversation touches on tenant relations strategies and contrasts multifamily with growing investor interest in industrial and commercial real estate, promising a future episode focused on analyzing a flex-use commercial asset.
The episode ultimately encourages proactive deal-making and long-term thinking, especially in tertiary markets where opportunities can still be created with patience and creativity.
Don't forget to join the Insiders list for access to off-market deals and other unique opportunities.
Andrew's linktree : https://linktr.ee/theandrewhines
REI Hot Seat Instagram: https://www.instagram.com/reihotseat/
Jacob Campagnaro Instagram: https://www.instagram.com/jacob_campagnaro/
David Hulshof Instagram: https://www.instagram.com/davehulshof.realestate/
E134 Real Estate Math Most Investors Are Still Getting Wrong
01:14 – Minto Townhouse Deal Overview
03:35 – Expense Ratio & Rent Breakdown
06:34 – Listing Price vs Market Value
07:15 – Why You Should Submit Offers
09:43 – CMHC Financing Breakdown
13:06 – Cash Flow & Turnover Potential
16:00 – Tenant Profile Considerations
21:00 – Long-Term Upside Strategy
24:30 – Creating On-Market Deals
25:38 – Rise of Industrial & Commercial
Disclaimer: 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.
---
Andrew Hines is a seasoned real estate investor, business-builder, educator, and podcast host, well-recognized for his extensive experience in the field. Andrew graduated with an HBA from the Richard Ivey School of Business in 2008 and spent three years teaching introductory business at Western University as a Lecturer. He has been investing in real estate since 2011 and completing value-add projects since 2015, primarily in the luxury student rental space. Andrew started a project management company for building out new-construction townhomes in 2016 and has since built over 50 residential units throughout Southwestern Ontario. Andrew is an advocate for treating real estate investing like a business and uses his experience in his educational endeavors, coaching numerous investors on strategies to achieve financial independence and scale their portfolios effectively.
His podcast, "The Andrew Hines Real Estate Investing Podcast," serves as a platform for sharing insights, strategies, and success stories, connecting a community of like-minded individuals passionate about real estate investing. With a background that blends practical investing experience and investor-focused work, Andrew has become a pivotal figure in the Canadian real estate investing community.