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.