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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.
---
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.
Become an REI Hot Seat Insider: https://submit.jotform.com/info_Admin_info831/rei-hotseat-insider-sign-up-form
In episode E133 of the REI Hot Seat, Andrew Hines and David Hulshof present a deep-dive into a 27-unit, three-building portfolio in Cobalt, Ontario, spotlighting a rare investment opportunity in a town undergoing economic revival.
The centerpiece of the discussion is the town’s strategic importance as a cobalt mining hub, now revitalized by a $25 million USD capital injection—$20 million from the U.S. military and an additional $5 million from the Canadian government.
This funding aims to reestablish North American cobalt production amid rising demand for electric vehicle batteries and reduced reliance on ethically questionable foreign sources.
The hosts discuss the implications of investing in a "one-trick pony" mining town, acknowledging the inherent risks but highlighting how dramatically low acquisition costs—just $35K per unit—paired with a full BRRRR strategy (Buy, Renovate, Rent, Refinance, Repeat) create a powerful upside scenario.
The buildings, recently upgraded with over $750K in capital expenditures, still offer room for further renovation and rent optimization, with projected cash-on-cash returns and a refinance-based capital recycle that could leave investors with nearly zero money left in the deal and $27K in annual cash flow.
They also touch on current market dynamics—uncertainty, pricing pressure, and how only the most compelling deals are selling—as well as the importance of strategic pricing and investor discipline in today’s climate.
With population in Cobalt projected to rebound due to the mining resurgence, this deal is pitched as a calculated bet on a town at the leading edge of a commodity-fueled comeback.
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/
E133 From Forgotten Town to Investment Goldmine?
02:00 U.S. Military & Canadian Government Invest $25M USD
04:59 Only Compelling Deals Are Selling
07:49 Deal Overview: 27 Units for $950K
10:20 Modelling the BRRRR Strategy
14:00 Projected Returns & Cash Flow
16:56 Cobalt’s History & Future Outlook
19:15 Deal-in-a-Box Approach
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 E132 of the REI Hot Seat, Andrew Hines is joined by David Hulshof and Jacob Campanaro for an in-depth analysis of a 17-unit apartment building in Goderich, Ontario.
The trio dives deep into the numbers, evaluating the building's current and projected performance using a CMHC-insured loan model.
They discuss total return vs. cash-on-cash return, highlighting that smart investors must account for both operational costs and long-term capital expenditures (capex), such as roofs, boilers, and windows, even when they don’t immediately impact rent.
The property is a purpose-built structure with a steel roof and most utilities passed through to tenants.
The team estimates a 5.5% cash-on-cash return with $32,000 annual net income on a $585,000 investment at a $3 million purchase price.
Jacob also highlights the rare value of handicap-accessible units, which can command higher rents, and they touch on the potential of small-town Ontario markets like Goderich and Kincardine, which have strong rent demand, higher-than-expected incomes, and lifestyle appeal.
The episode wraps with advice on analyzing deals quickly using gross rents, cap rates, and value-add projections, showcasing the Goderich property as a solid hybrid between turnkey and value-add investment, with potential for long-term appreciation and stable cash flow.
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/
E132 What Smart Investors Should Look for in Multifamily Deals?
00:50 – Overview of 17-Unit Goderich Deal
03:58 – Seller’s Price & Renovation Status
05:07 – Accessible Units and Rental Premiums
07:31 – Small-Town Rent Potential & Demographics
09:45 – Parking, Storage & Revenue Opportunities
11:37 – Realistic Property Management Costs
14:59 – Operating Expense (OPEX) Benchmarks
19:09 – Deal Breakdown & Financing with CMHC
21:37 – Understanding Capital Expenditures (CapEx)
24:59 – Adjusting Cap Rate for Renovations
29:03 – Stabilized Value vs. Purchase Price
31:30 – Hybrid Deal Strategy Summary
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 E131 of the REI Hot Seat, Andrew Hines and Jacob Campagnaro dive into the growing appeal of industrial real estate as an alternative to multifamily investing—especially for those frustrated with Ontario’s landlord-tenant regulations.
Unlike residential properties, commercial leases fall under contract law, giving landlords more control and fewer bureaucratic hurdles.
The episode focuses on a Burlington, Ontario listing and explains the fundamentals of the small bay industrial asset class—properties typically used by tradespeople and small manufacturers that feature flexible-use units with roll-up doors.
Jacob outlines why investor interest in industrial assets is surging: rising cap rates in multifamily, recession-proof tenant demand, and leaner operating models through triple net leases (NNN), where tenants cover taxes, maintenance, and insurance.
He contrasts this with gross leases and emphasizes the importance of understanding lease structures.
Due diligence is also covered in depth, including building condition assessments, environmental reports, and lease audits—highlighting risks like contamination and lease expiry clustering.
They also touch on financing challenges for partially vacant commercial assets and suggest strategies like vendor take-back mortgages (VTBs) to bridge gaps before refinancing.
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/
E131 Why Aren’t More Investors Buying Industrial Properties?
00:40 Intro
02:08 Industrial?
07:03 Location, Demand & Tenant Mix
10:48 Deal Breakdown: Burlington Property
15:35 Triple Net (NNN) vs. Gross Leases
21:42 Due Diligence & Environmental Risk
25:09 Lease Terms & Financing Challenges
28:16 Entry Costs & Scaling Industrial
30:02 Community, Meetups & Final Thoughts
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 E130 of the REI Hot Seat, Andrew Hines, Brad McCrae, and David Hulshof dive into a compelling off-market 15-unit deal in Port Dover, Ontario.
The property, geared toward a senior demographic, offers immediate cash flow and strong long-term upside, with tenants already preparing to vacate, providing natural turnover opportunities.
Priced at $2.1M, the deal boasts a 5.8 cap rate at purchase, 7% cash-on-cash return, and is fully metered for utilities—making it extremely landlord-friendly.
The trio discusses the broader appeal of investing in Ontario's smaller towns, especially as housing demand continues to rise amid growing immigration.
They highlight how tertiary markets like Port Dover offer deep value compared to urban centers, with strong rental potential and CMHC-backed financing options that make deals like this both accessible and profitable.
While small towns pose challenges for gathering data, the team outlines a process of validating assumptions with local property managers to ensure accuracy.
They also contrast the stability of Ontario markets—fuelled by sustained population growth—with more volatile U.S. cities where population decline can be a concern.
With nearly every unit currently under market rent, the building has substantial built-in upside. Andrew, broadcasting from sunny Florida, even hints that deals like this might just pull him back into Ontario investing.
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/
E130 Why Investors Are Quietly Fleeing Cities for Deals Like This One?
00:50 – Overview of the Deal
01:33 – Port Dover’s Lifestyle and Demographic Breakdown
02:31 – Estimating Rents in Tertiary Markets
03:44 – Using Nearby Towns for Rent Comparables
04:41 – Deep Discounts in Small-Town Acquisitions
05:39 – Immigration Trends and Housing Demand in Ontario
06:47 – Direct-to-CMHC Financing Strategy
07:18 – Deal Breakdown: Price, Cap Rate, Utilities
09:24 – Cash Flow, DCR, and Investor Returns
16:01 – Building Age, Condition, and Final Thoughts
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 E129 of the REI Hot Seat, Andrew Hines and Jacob Campagnaro explore a unique mixed-use value-add opportunity in Simcoe, Ontario.
They highlight a downtown building currently consisting of five fully renovated and leased residential units upstairs, two street-facing commercial units, three unfinished but permit-ready residential units on the main floor, and additional commercial office space in the basement.
The property is listed “as is” for $1.55 million, with the potential for a projected monthly rent roll of nearly $20,000 once stabilized.
With a projected net operating income of $170,000, the cap rate on the asking price is roughly 10.9%, dropping to 9% after factoring in an estimated $300,000 in renovations.
Andrew and Jacob note that, based on anticipated post-renovation appraisal values close to $2.9 million, investors could execute a classic BRRRR strategy—potentially pulling most or all of their invested capital out at refinance.
Andrew and Jacob emphasize the advantages of targeting smaller Ontario towns for these kinds of conversions, pointing out that local municipalities are often more accommodating than big cities, and rents remain surprisingly strong relative to purchase prices.
They also stress that their team offers investors a “deal in a box,” complete with pre-arranged financing options (both traditional and CMHC), broker relationships, and all required documentation, making the process as seamless as possible.
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/
E129 How Small Town Investing Crushes in 2025
00:52 – Simcoe Property Intro & Location
01:48 – Mixed-Use Setup: Residential Over Commercial
02:21 – Main Floor Condition & Permit Status
04:09 – Zoning, Conversions & Municipal Flexibility
06:48 – Unit Quality & Rents Achieved
10:49 – Sale Price, Bridge Financing, and BRRRR
13:29 – Deal-in-a-Box Approach & Investor Support
15:57 – Cap Rate Math & Value-Add Analysis
18:22 – Exit Valuation & Appraisal Insights
20:17 – Small Town Growth Trends
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 E128 of the REI Hot Seat Andrew Hines shares a concise, high-level guide to buying multifamily real estate in Ontario and across Canada.
He breaks down the key differences between residential and commercial financing, emphasizing the advantages of scaling with commercial loans and CMHC-insured options like MLI Select, which can offer up to 95% loan-to-value and extended amortizations.
Andrew also explains how to leverage vendor take-back (VTB) mortgages, seller financing, and joint venture partnerships to minimize capital outlay and boost cash flow.
The episode covers essential due diligence steps—including analyzing rent rolls, verifying expenses, ordering building condition and environmental assessments—and outlines best practices for ownership structure, tax efficiency, and insurance.
With insights on using CMHC underwriting guidelines to evaluate deals consistently, this episode is a must-listen for real estate investors looking to scale smartly in today’s market.
Learn how to buy multifamily real estate in Ontario and across Canada with expert insights from Andrew Hines.
This episode covers commercial vs. residential financing, CMHC and MLI Select mortgage programs, vendor take-back (VTB) strategies, due diligence checklists, and corporate structuring tips. Ideal for new and experienced investors looking to scale their real estate portfolio, boost cash flow, and navigate multifamily investing with confidence.
Andrew's linktree : https://linktr.ee/theandrewhines
REI Hot Seat Instagram: https://www.instagram.com/reihotseat/
E128 The Ultimate Canadian Guide to Scaling Your Multifamily Portfolio
01:15 – Residential vs. Commercial Financing
03:30 – CMHC & MLI Select Explained
06:40 – Vendor Take-Back (VTB) & Creative Deal Structuring
08:20 – Cash Flow Spreadsheet & DCR Basics
09:35 – Corporation vs. Personal Ownership
13:45 – Liability, Insurance & Corporate Costs
14:30 – Joint Ventures: Raising Capital Without Your Own
15:40 – Due Diligence Checklist: Rent Rolls, Expenses & Inspections
17:30 – Environmental Assessments & Appraisals
20:00 – Standardizing Analysis with CMHC Guidelines
22:15 – Under-Rented Units, Title Issues & Appraisal Tips
24:00 – Thinking Like a Lender & Long-Term 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 E127 of the REI Hot Seat, Andrew Hines is joined by Jacob Campanaro and Brad McRae to break down a purpose-built sixplex investment opportunity in Hamilton, Ontario.
The building features three recently renovated units ready to rent at market rates and three legacy tenants with significantly below-market rents, offering a clear value-add play for investors.
There's also potential to add two basement units, as these were previously constructed but shut down by the city — meaning existing plumbing and electrical rough-ins could help lower renovation costs.
The team discusses the potential for mid-term furnished rentals given the building’s proximity to Juravinski Hospital, appealing to traveling nurses and healthcare workers.
Financially, the project could be executed with a BRRRR strategy, refinancing with CMHC for favorable terms and potentially recovering most invested capital within 6-9 months.
The discussion also touches on broader market sentiment, with buyers remaining active but cautious, looking for turnkey deals and solid due diligence amid economic uncertainty and U.S. tariff developments.
The hosts emphasize that seasoned investors are still buying, seeing current conditions as an opportunity to dollar-cost average and strengthen portfolios while being selective.
The episode closes with advice to join the insiders list for early access to off-market deals like this one.
Andrew's linktree : https://linktr.ee/theandrewhines
REI Hot Seat Instagram: https://www.instagram.com/reihotseat/
E127 Why Investors Are Still Buying In This Market?
00:51 — Hamilton Sixplex Overview
03:00 — BRRRR Potential & Strategy
05:30 — Property Walkthrough & Location
07:10 — Mid-Term Rental Opportunity
09:40 — Deal Numbers & Projections
13:15 — Financing & CMHC Strategy
18:10 — Renovation Budget & Challenges
21:00 — Market Hesitation & Buyer Mentality
24:00 — Long-Term Real Estate Outlook
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 E126 of the REI Hot Seat, Andrew Hines shares a solo update from Florida, focusing on a recent small land flip his team completed in Inverness, Florida.
He emphasizes the value of “singles”—smaller, low-effort deals that can still yield solid profits.
In this case, they purchased a half-acre lot for $12,687, cleared a portion of it to help buyers visualize its potential, and sold it for $27,500, netting a gross profit of $7,375 after fees.
Andrew draws a parallel between staging houses and land, noting how simple improvements like clearing brush can significantly boost buyer interest.
He explains their strategy of buying land at 40–50 cents on the dollar and being content with selling at 80% of market value due to the built-in margin.
These quick flips often involve minimal work—no tenants, utilities, or complex repairs—and are sometimes listed even before closing using double-close techniques.
Andrew highlights how land deals are scalable, efficient, and increasingly profitable, especially when managed with systems and delegated tasks like paperwork.
He closes with a reminder to join their insider list for access to off-market deals and previews upcoming changes, including remote episodes and a new studio setup.
Andrew's linktree : https://linktr.ee/theandrewhines
REI Hot Seat Instagram: https://www.instagram.com/reihotseat/
E126 Quick Deal, Zero Travel, $7,375 Profit in a Few Weeks
00:48 – Small Deals with Big Impact
02:20 – Lot Clearing Strategy That Drives Offers
04:01 – Deal Breakdown
05:59 – How We Sell Land Fast—Even Before Owning It
07:32 – Scaling the Business by Delegating Details
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.