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.

---

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.

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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.