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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.

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Andrew Hines is a seasoned real estate investor, business-builder, educator, and podcast host, well-recognized for his extensive experience in the field. Andrew graduated with an HBA from the Richard Ivey School of Business in 2008 and spent three years teaching introductory business at Western University as a Lecturer. He has been investing in real estate since 2011 and completing value-add projects since 2015, primarily in the luxury student rental space. Andrew started a project management company for building out new-construction townhomes in 2016 and has since built over 50 residential units throughout Southwestern Ontario. Andrew is an advocate for treating real estate investing like a business and uses his experience in his educational endeavors, coaching numerous investors on strategies to achieve financial independence and scale their portfolios effectively.

His podcast, "The Andrew Hines Real Estate Investing Podcast," serves as a platform for sharing insights, strategies, and success stories, connecting a community of like-minded individuals passionate about real estate investing. With a background that blends practical investing experience and investor-focused work, Andrew has become a pivotal figure in the Canadian real estate investing community.

Become an REI Hot Seat Insider: ⁠https://submit.jotform.com/info_Admin_info831/rei-hotseat-insider-sign-up-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.

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Andrew Hines is a seasoned real estate investor, business-builder, educator, and podcast host, well-recognized for his extensive experience in the field. Andrew graduated with an HBA from the Richard Ivey School of Business in 2008 and spent three years teaching introductory business at Western University as a Lecturer. He has been investing in real estate since 2011 and completing value-add projects since 2015, primarily in the luxury student rental space. Andrew started a project management company for building out new-construction townhomes in 2016 and has since built over 50 residential units throughout Southwestern Ontario. Andrew is an advocate for treating real estate investing like a business and uses his experience in his educational endeavors, coaching numerous investors on strategies to achieve financial independence and scale their portfolios effectively.

His podcast, "The Andrew Hines Real Estate Investing Podcast," serves as a platform for sharing insights, strategies, and success stories, connecting a community of like-minded individuals passionate about real estate investing. With a background that blends practical investing experience and investor-focused work, Andrew has become a pivotal figure in the Canadian real estate investing community.

Become an REI Hot Seat Insider: ⁠https://submit.jotform.com/info_Admin_info831/rei-hotseat-insider-sign-up-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.