PassivePockets: The Passive Real Estate Investing Show

Episode #281 See what others have to say about the deal and join the conversation: https://passivepockets.com/forums-listing/discussion/new-deal-dlp-capital-preferred-credit-fund/ Check out the DLP Preferred Credit Fund for yourself: https://passivepockets.com/directory/deals/dlp-preferred-credit-fund/ This Episode In this special LP Deal Review episode, Chris Lopez is joined by Adam Cranmer and Pascal Wagner to evaluate DLP Capital’s Preferred Credit Fund with Don Wenner, founder and CEO of DLP Capital. Don walks through the fund’s strategy, target return profile, underwriting process, borrower standards, and how DLP approaches development, construction, bridge, mezzanine, and preferred equity lending in today’s market. The discussion digs into why DLP focuses on housing that is affordable for working families, how the firm thinks about lending in high-growth Sunbelt markets, and what separates its Preferred Credit Fund from a senior secured lending fund. Don also addresses several of the key diligence questions LPs should be asking right now, including geographic concentration risk in Florida and Texas, loan-to-value and loan-to-cost metrics, borrower concentration, third-party validation, fund administration, internal controls, and how rising interest rates could affect the fund’s risk profile. After Don leaves the conversation, Chris, Adam, and Pascal break down the fund from an LP perspective. They discuss what they like about DLP’s track record, reporting, borrower quality, and institutional infrastructure, while also highlighting the risks they are watching closely, including mezzanine exposure, state concentration, self-dealing concerns, fees, macro uncertainty, and whether the return spread is attractive enough compared to risk-free alternatives. The episode closes with a broader conversation about how LPs should think about risk, liquidity, debt versus equity, and portfolio construction in an uncertain investing environment. Key takeaways: How DLP’s Preferred Credit Fund targets monthly income through private real estate credit Why DLP focuses on housing affordability, experienced borrowers, and Sunbelt growth markets How Don compares mezzanine and preferred equity risk to senior secured lending fund risk What LPs should ask about loan-to-value, loan-to-cost, borrower concentration, and fund-level controls Why third-party audits, appraisals, loan tapes, and investor reporting matter in debt fund diligence How experienced LPs think about DLP’s strengths, yellow flags, fees, concentration risk, and macro exposure Why each investor needs a clear portfolio thesis before choosing between cash, Treasuries, debt funds, or equity deals Join a community of passive investors. Start your FREE 7-day trial: https://passivepockets.com/?utm_source=youtube&utm_medium=description&utm_campaign=none Listen to the PassivePockets Podcast Anywhere: https://lnk.to/passivepockets Subscribe to the Passive Investing Newsletter: https://www.biggerpockets.com/email-subscribe?utm_source=youtube&utm_medium=description&utm_campaign=none Join BiggerPockets for free: https://www.biggerpockets.com/signup?utm_source=owned_media Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

This Episode Pat Zingarella joins Chris Lopez to share the story behind Invest Clearly, a platform built to bring more transparency to the private real estate investing world. Pat’s journey started like many BiggerPockets listeners: learning through podcasts, buying his first small multifamily property, making painful mistakes, and slowly realizing how hard it can be for LPs to know who they can trust. Pat walks through the lessons from his first fourplex, including inherited tenants, COVID-era nonpayment, poor screening decisions, and the difference between blaming real estate versus recognizing where his own due diligence fell short. He also shares how a later experience working under a high-profile real estate figure exposed him to the darker side of the industry and helped shape his view that LPs need better tools, better transparency, and better ways to validate sponsors before wiring capital. Chris and Pat dig into how Invest Clearly works today: a directory of GPs, verified LP reviews, proof-of-investment requirements, and a growing database designed to help investors compare sponsor experiences in one place. They also discuss why reviews matter, what happens when operators try to suppress negative feedback, and why community-driven transparency can help separate strong sponsors from bad actors. Key takeaways: How Pat went from BiggerPockets listener to active investor to building Invest Clearly What his first fourplex taught him about screening, reserves, trust, and due diligence Why private real estate needs more transparency around GP track records and LP experiences How Invest Clearly verifies reviews and helps LPs research sponsors Why negative reviews, legal threats, and transparency are becoming bigger issues in the industry How communities like PassivePockets and tools like Invest Clearly can help LPs make better-informed decisions Join a community of passive investors. Start your FREE 7-day trial: https://passivepockets.com/?utm_source=youtube&utm_medium=description&utm_campaign=none Listen to the PassivePockets Podcast Anywhere: https://lnk.to/passivepockets Subscribe to the Passive Investing Newsletter: https://www.biggerpockets.com/email-subscribe?utm_source=youtube&utm_medium=description&utm_campaign=none Join BiggerPockets for free: https://www.biggerpockets.com/signup?utm_source=owned_media Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Get Paul Shannon's Book, Both Sides of the Table: https://www.amazon.com/dp/B0H4W5D288?spcref=PUBLISHED_PREORDER_LIVE This Episode Paul returns to PassivePockets to discuss his new book, Both Sides of the Table, and the lessons he has learned as an LP, fund manager, and GP. He and Chris unpack the difference between being a “syndication consumer” and a true capital allocator, including why newer investors often get pulled in by polished decks, urgency-driven marketing, and projected IRRs without fully understanding the downside. Paul explains how he evaluates market cycles, why timing still matters even if you can’t perfectly call the bottom, and how he thinks about toggling between aggressive and defensive portfolio positioning. The conversation also gets into sponsor character, fraud risk, debt structure, and the hard lessons that come from deals where communication breaks down or capital is misused. Chris and Paul also dig into practical due diligence: what can disqualify a deal in the first five minutes, why metrics like yield on cost and IRR partitioning matter more than flashy projected returns, and why the debt stack can make or break an otherwise strong-looking deal. For LPs who want to get more serious about passive investing, this episode is a reminder that the default answer should be “no” until the deal, sponsor, structure, and market all earn your confidence. Key takeaways: How Paul’s experience as an LP, GP, and fund manager shaped Both Sides of the Table Why passive investors need to shift from consumer behavior to allocator behavior How market cycles influence when to lean in, pull back, or hold more cash What fraud, poor communication, and weak sponsor character can teach LPs Why debt structure, yield on cost, and downside protection matter more than projected IRR How Paul filters deals quickly and decides which ones deserve deeper diligence Join a community of passive investors. Start your FREE 7-day trial: https://passivepockets.com/?utm_source=youtube&utm_medium=description&utm_campaign=none Listen to the PassivePockets Podcast Anywhere: https://lnk.to/passivepockets Subscribe to the Passive Investing Newsletter: https://www.biggerpockets.com/email-subscribe?utm_source=youtube&utm_medium=description&utm_campaign=none Join BiggerPockets for free: https://www.biggerpockets.com/signup?utm_source=owned_media Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Risk Radar: https://netzeroisawin.substack.com/p/introducing-the-risk-radar?utm_source=substack&utm_medium=email&utm_content=share In this episode, Chris Lopez welcomes Christine Kwasny back to the show to break down the Risk Radar, a visual due diligence tool she built to help LP investors better understand where risk shows up in a private real estate deal. The tool grew out of Christine’s Substack, Net Zero Is a Win, where she publishes retrospective deal analyses on what went right, what went wrong, and what investors may have been able to identify in the original offering materials. Christine walks through the Risk Radar’s three major categories: what is fixed at closing, what is sponsor driven, and what is market driven. Chris and Christine discuss how LPs can evaluate GP team history, “cockroach” risks, going-in cap rates, debt terms, reserves, expense assumptions, capital stack structure, waterfalls, exit cap rates, supply and demand, rent growth, absorption, and vacancy. They also explore why retrospective analysis is one of the best ways to test whether risk was visible up front, why market timing can dominate long-term outcomes, and how tools like AI may help investors gather better data without outsourcing their own judgment. Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

In this LP Deal Review, Chris Lopez is joined by Adam Cranmer and Christy Burakovsky to evaluate CL Fund III from Central Lending, a private credit fund focused on short-term residential real estate loans for fix-and-flip, ground-up construction, and small-balance investor projects. Andrew Boccia and Heather Dreves walk through Central Lending’s lending model, portfolio composition, underwriting process, use of leverage, investor share classes, and how the fund sits between traditional fixed-income strategies and higher-upside real estate syndications. The conversation gets into why Central Lending focuses on smaller loan sizes, how it uses third-party valuations, what it tracks across borrower experience and credit quality, and why fraud detection has become a major part of private credit underwriting. The LP panel then digs into the questions passive investors should be asking before investing in a debt fund: how loans are valued, what happens when a borrower defaults, how draw management can reveal problems before maturity, whether loan tapes and audited financials are available, how leverage impacts returns and risk, and what investors should understand about redemptions. For LPs evaluating private credit, this episode offers a practical look at what sits behind headline yield: underwriting discipline, loan-level monitoring, loss mitigation, liquidity management, and alignment between the fund manager and investors. Key Takeaways How Central Lending underwrites private credit deals across current cost, collateral value, final cost, and after-repair value Why borrower experience, draw activity, and communication can be early indicators of loan performance How the fund uses third-party valuations, internal QC, and fraud detection to manage risk across multiple states The difference between equity members and note holders, including return structure, payout timing, and priority in the waterfall How origination fees, extension fees, leverage, and loan sales can contribute to fund-level returns Why redemption policies matter in debt funds and how managers balance investor liquidity with protecting the fund as a whole Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

In this Community Roundtable, Chris Lopez sits down with PassivePockets members Pascal Wagner, Adam Cranmer, and Christy Burakovsky for a candid investor-to-investor conversation on how they’re allocating capital right now and what would make them change course. Pascal frames the dilemma many LPs are feeling: with risk-free rates near 5% and major macro signals flashing red (record debt loads, expensive public markets, and uncertainty around where rates settle), does it still make sense to allocate to interest-rate-sensitive commercial real estate? He shares how he’s thinking about portfolio construction with fresh liquidity and why he’s prioritizing stable income and downside protection before chasing upside. Adam and Christy offer counterweights: where fear can create opportunity, why liquidity matters, and how they’re approaching “safer” yield today (short-duration debt funds, notes, treasuries) while keeping dry powder for dislocated assets. The conversation also explores where each of them sees asymmetric opportunity: distressed commercial, non-performing loan strategies, medical office, assisted living tailwinds, and long-term fixed-rate debt structures that avoid the five-to-seven-year refinance trap. Key Takeaways Why some LPs are pausing syndication allocations and leaning into cash/T-bills and what would change their mind The “income-first” portfolio approach: build stable cash flow, then take higher-upside bets Where investors are hunting opportunity: distress, NPLs, office dislocation, medical office, and long-term fixed-rate debt plays Why HUD-style long-term amortizing debt can change the risk profile of a deal dramatically Mezz vs. leveraged first-lien funds: the real differentiator is control of the underlying collateral The underrated skill in 2026: staying liquid enough to act when the “no-brainer” window opens Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Unplanned capital calls are one of the most stressful moments in passive investing, and Chris breaks down exactly how he thinks through the decision to fund or walk away. In this solo episode, Chris shares two real examples from his own portfolio. First: a “diversified fund-of-funds” that raised $10.6M and deployed across 11 deals. After multiple capital calls tied to the same sponsor (including hurricane-related shortfalls and interest reserves), the fund ultimately saw several investments wipe out entirely and Chris explains why he chose not to participate in the follow-on capital call. Second: a single-asset 127-unit value-add multifamily deal acquired in late 2022. After distributions paused due to operational issues (including a major elevator problem and a commercial tenant failure), the sponsor presented a detailed, investor-aligned plan: fee reductions, sponsor loan subordination, and a clear path to stabilization and Chris decided to fund this one. The key framework he keeps coming back to: Will this capital call actually fix the problem? Chris shares the decision criteria, tradeoffs, and how he evaluates whether additional money is “good capital after bad” or a rational bridge to protect long-term equity. Key Takeaways The most important capital call question: Will it fix the problem or just delay the inevitable? How Chris evaluates sponsor behavior, transparency, and alignment before funding anything Why “where the capital call is coming from” matters (reserves, GP bridge loans, or robbing one tranche to fund another) The difference between capital calls tied to systemic issues versus solvable operational problems Real numbers and outcomes from both scenarios, including what happened when capital calls did not stabilize the underlying assets Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

This Episode Gary Lipsky joins the show for a real operator’s view of what it’s actually like to run B-class multifamily in Tucson right now; flat-to-negative rent growth, higher concessions, elevated delinquency, and the daily “whack-a-mole” of competing comps dropping rents to protect occupancy. Chris and Gary unpack how the Tucson market is absorbing new supply, what demand drivers still matter (job diversity, cost of living, defense/healthcare tailwinds), and where operational wins are being found when traditional rent growth isn’t available, renewal strategy, new income lines, and keeping property teams motivated when KPIs are harder to hit. Gary also breaks down a recent 300-unit acquisition: why the basis made sense, how the business plan leans more “operational optimization” than heavy renovation, and how the capital stack was structured in today’s rate environment (CMBS debt, paid-down rate, plus a pref layer). They close with a practical discussion on AI; where it’s already improving leasing and collections workflows, what tenant application fraud looks like today, and why Gary sees tech as a tool to sharpen operations rather than an existential threat to housing demand. Key Takeaways What Tucson’s multifamily “pain cycle” looks like on the ground: rent softness, concessions, delinquency, and occupancy pressure Why renewals matter more than ever and how operators are finding NOI growth through small, repeatable income levers Inside a recent 300-unit Tucson deal: location thesis, light value-add plan, and addressing aging systems (pipes/boilers) cost-effectively How rate volatility impacts execution: CMBS structure, buying down the rate, and layering pref to make the cash flow work How operators are using AI today (leasing, renewals, collections) and the emerging tenant fraud problem in applications Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

This Episode Chris sits down with Dwight Dunton, Founder of Bonaventure (launched in 1999), to talk market cycles, risk resilience, and the real-world tax playbook that helps active landlords transition into passive investing without writing a giant check to the IRS on the way out. Dwight shares the origin story: how a family “mailbox money” apartment investment turned into Bonaventure, and how a 25-year-old with no formal real estate background convinced Fannie Mae to finance a $16M buyout and kickstart a vertically integrated multifamily platform. Today, Bonaventure manages roughly $3B in assets, focused entirely on multifamily (with a meaningful senior housing sleeve). Dwight breaks down we he refuses to anchor to a single market forecast, how Bonaventure evaluates “lift-off” in overheated Sunbelt markets, and why B/C assets in strong submarkets can outperform when rent growth is muted because you can create NOI instead of waiting for the market to hand it to you. If you’re sitting on a low-basis portfolio and want to go more passive without detonating your tax bill, this one is packed with frameworks and decision points. Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

This Episode The Pulse Check is back with the full crew. Chris Lopez, Jim Pfeifer, and Paul Shannon reconvene just days after the PassivePockets Summit to unpack what they learned, how their theses got challenged (sometimes in real time), and what they’re actually doing with their portfolios right now. They talk through why this conference hits differently: top-tier speakers in a small room where you can actually have real conversations and how those competing viewpoints are the whole point. From “sit in treasuries” caution to “this is the window to buy” optimism, the trio break down how to filter the noise, lean into uncertainty, and keep operator quality at the top of the decision stack. On the portfolio side: Jim shares his first two allocations of the year including a private credit interval fund and AAA Storage via the Open Tribe structure, while Paul discusses a new private money note, an industrial sidecar he’s watching, and a recent multifamily exit. Chris recaps a strong Q1 for “green shoots” across his equity positions (sales, contracts, and a complicated Denver lakefront development that’s finally moving toward resolution), plus why he’s still dollar-cost averaging into real estate even when headlines shift fast. They close with one of the most tactical takeaways from the Summit: how LPs are using AI to speed up diligence and catch inconsistencies across pitch decks, PPMs, and operating agreements and why that should raise the bar for sponsors going forward. Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Debt funds are having a moment but most LPs still don’t have a clean framework for where private credit fits inside a real estate portfolio, or how to diligence a fund beyond “it’s first lien” and a headline return. In this episode, Chris Lopez sits down with Whitney Elkins-Hutten to break down a simple (but powerful) portfolio exercise Whitney built for herself: categorize every asset by risk and liquidity, then work backward from a real cashflow target to build an “income sleeve” that can hold up when equity cashflow gets compressed. Whitney explains why she doesn’t start with percentages, how she thinks about taxable vs. retirement capital for early retirement timelines, and how she reinvests income to steadily grow both the debt and equity sides of the portfolio. Then they go deep on debt fund due diligence, Whitney’s “four-part” risk lens (capital position, asset type, development phase, and legal structure) and the three buckets she uses to evaluate a fund once you’re past the basics: People, Processes, and Protections. They also cover practical verification steps LPs can take (without needing a social security number), what she wants to see in reporting, when a missing loan tape is or isn’t a dealbreaker, how to think about third-party reviews vs. audited financials, and why leverage inside a debt fund can quietly flip your real position in the stack. Key Takeaways A portfolio exercise for building an “income sleeve” and working backward from your cashflow number (not arbitrary percentages) How to think about liquidity and reserves as your “oxygen mask” before chasing returns Debt fund risk framework: capital position + asset type + development phase + legal structure Debt DD simplified: underwriting the People, the Processes, and the Protections What Whitney wants to see in monitoring: monthly payments, draw cadence, early warning signals, and workout plans Loan tape reality: why some operators won’t share it, what they should provide instead, and when third-party verification matters most Leverage in debt funds: why a warehouse line can be fine at low levels and why high leverage can make you “behind the bank” Fraud and “messy middle” risks: cross-collateralization, self-dealing permissions, and what to confirm in the PPM How to validate third-party financials: trust-but-verify steps (including confirming directly with the auditor) Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on in

Connect with Altruis Capital Partners: https://reports.alturascapitalpartners.com/quarterly-reports/2025-q4  https://alturascapital.com/  This Episode Alturas Capital Partners has built a vertically integrated platform across the Intermountain West—and in this episode, Chris Lopez sits down with Daniel Trevino (Director of Investor Relations) to unpack what that “operators first” philosophy looks like in practice. Daniel explains why Alturas focuses on markets they know firsthand (including Colorado), how they think about creating alpha through hands-on execution, and why the firm chose an evergreen fund structure designed for long-term compounding instead of a traditional closed-end raise. The conversation also dives into why Alturas leaned into “neighborhood” and experiential retail when the asset class was out of favor, how that thesis has evolved, and what they’re seeing today across office, retail, and other commercial segments. Chris presses on the core LP questions: how diversification works inside a multi-asset evergreen vehicle, how Alturas thinks about underwriting spreads in today’s rate environment, why location quality matters even more in office, and what a “poor performer” taught them about risk management. Daniel closes with where Alturas sees opportunity building over the next cycle—and why the right basis (and the right market) still matters most. Key Takeaways What “operators first” means and why Alturas verticalized acquisitions, management, leasing, and maintenance How Alturas defines the Intermountain West—and why local market knowledge is central to their strategy Why they built an evergreen vehicle for flexibility through cycles (buy when it’s right, sell when it’s frothy) The retail thesis: “experiential” and neighborhood retail vs. the parts of retail most exposed to e-commerce How Alturas approaches multi-asset diversification without losing operational discipline—and what skill sets translate across retail/industrial/flex/office A real example of a struggling office asset and the key lesson: location quality can make or break execution What they’re watching next: office supply dynamics, underbuilding, and where basis-driven opportunity may emerge Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

PassivePockets members have asked for two things over and over: better terms and access to more deal options without writing huge checks. In this special webinar, Chris Lopez breaks down how “community capital” can do exactly that—by pooling investor commitments into an SPV (Special Purpose Vehicle) to unlock lower minimums, stronger economics, and cleaner access to sponsor funds. Chris is joined by Travis Smith (Founder & CEO of TribeVest) and Paul Bennett (President of AAA Storage). Travis explains what SPVs are, how Open Tribes work, and why modern tech has dramatically reduced the cost and complexity of running these structures compared to the “old school” SPV process. Then Paul walks through a real-world example: a PassivePockets Open Tribe built around AAA Storage Growth Fund II, complete with improved fee and waterfall terms for the community, plus a lower minimum that makes the fund accessible to more accredited investors. You’ll also get a practical, investor-focused overview of AAA’s strategy: a ground-up development portfolio spanning self-storage and small-bay industrial across four growth markets (Austin, Houston, San Antonio, and Charlotte), why Paul believes self-storage is bottoming and setting up for a supply/demand tailwind into 2027–2031, and how AAA structures its fund to avoid land entitlement risk and eliminate additional capital calls. Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Link to Deal: https://passivepockets.com/directory/deals/aspen-industrial-growth-fund/ This Episode Aspen Funds’ Ben Fraser and Ellis Hammond return to PassivePockets for an exclusive LP Deal Review on their Industrial Growth Fund—an industrial land + development strategy concentrated in Kansas City’s “Golden Triangle” submarket. Chris, along with LP panelists Pascal Wagner and Christy Burakovsky, breaks down the thesis behind the fund: why Kansas City is positioned as a major industrial “supernode,” how onshoring and supply chain reshoring supports long-term demand, and why Aspen is focusing on smaller-bay industrial where vacancy has remained structurally tight. The discussion digs into how value is created before a building ever goes vertical, buying raw land, pushing it through entitlements, securing meaningful tax abatements, and turning it into shovel-ready inventory in a supply-constrained corridor. From there, Aspen has multiple paths to realize gains: sell parcels to owner-users and developers at a premium, develop spec/build-to-suit projects themselves, and/or structure JV partnerships where the fund contributes land into projects. The LP panel also pushes hard on the questions that matter to passive investors: how timelines and exits actually work in a multi-asset land fund, what “lumpy” distributions look like vs steady yield, how the cumulative preferred return accrues, and what happens if market conditions delay sales. Finally, Aspen outlines special PassivePockets terms, lower minimums and improved economics if the community hits a group investment threshold. Key Takeaways Why Aspen is concentrating in Kansas City’s “Golden Triangle” and what makes the submarket supply-constrained How industrial tailwinds (onshoring/reshoring + logistics corridors) support long-term demand in KC The value creation stack: raw land → entitlements/tax abatements → shovel-ready uplift → land sales and/or vertical development Fund cash flow realities: event-driven distributions (land sales/refis/sales), not consistent monthly income PassivePockets community terms: lower minimum and improved pref/split if the group minimum is reached, plus a cumulative preferred return structure Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

This Episode Michael returns to the show after a standout LP Deal Review Q&A, and Chris digs into the full backstory: how Michael went from the Chicago Mercantile Exchange—trading interest rate derivatives bell-to-bell—to building Origin Investments into a multifamily-focused platform built around downside protection and long-term compounding. They unpack how Michael thinks about “edge” as markets became more efficient, why risk management lives at both the deal level and the company level, and what LPs should pay attention to when evaluating a manager’s balance sheet and decision-making under pressure. The conversation also gets tactical on portfolio construction in today’s environment—why Michael believes credit is being “overcompensated” relative to equity, how Origin evolved from value-add to a build/buy/lend approach, and how cycle awareness influences where (and how) he’s willing to deploy capital. Chris also asks how current macro uncertainty impacts underwriting and positioning right now, and Michael closes with a set of simple, but hard-earned, LP principles: build a written plan, stay disciplined, keep liquidity, and remember that small performance deltas compound into life-changing outcomes over time. Key Takeaways Michael’s path from commodities/derivatives trading to launching Origin and why 2007-2009 was a formative real estate “training ground” How to think about “edge” in modern real estate when information is ubiquitous and why small advantages still matter Risk management at two levels: deal structure (leverage, markets, people) and firm structure (bench strength, balance sheet support) Why Michael would overweight credit today and keep equity exposure selective and how that creates flexibility to rebalance LP discipline lessons: write your strategy down, don’t fear saying “no,” protect liquidity, and let compounding do the heavy lifting Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Chris Lopez is back with Paul Shannon for this month’s PassivePockets Pulse Check, catching up on why Paul stepped back from co-hosting, what he’s focused on now, and what both of them are actually doing with their own portfolios. They get into the real-life tradeoffs that don’t show up in an OM: liquidity vs. deployment, concentration risk vs. investing where you have an edge, and why relationships with operators matter more than ever coming out of the last cycle. From there, Paul drops a data-heavy market update across multifamily and beyond- where supply is still pressuring rents, which markets are already seeing rent growth again, and how the maturity wall is forcing distressed (and motivated) sellers into the market. Chris shares what he’s seeing in Denver and the Midwest, why he’s leaning toward cash flow and debt for diversification, and how both of them are thinking about positioning for the next 12–24 months without trying to “time” real estate. They wrap with a quick preview of the 2026 PassivePockets Summit in Denver (April 30–May 2), why the event is built for LPs, and what they’re most excited for- from the small, high-quality attendee base to hands-on learning opportunities like the hotel-to-multifamily conversion property tour. Key Takeaways Why Paul stepped back from co-hosting and what he’s prioritizing in business and family life right now Liquidity as a strategy: when “good deals” still aren’t the right move because cash matters Multifamily’s bifurcated market: rent growth winners vs. laggards, and why national headlines can mislead The maturity wall and distress: what refinances look like in a 6–7% rate world and what LPs should ask sponsors Summit preview: LP-focused networking, sponsor access, and the Denver hotel-to-multifamily conversion tour Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Hotel-to-multifamily conversions are one of the most interesting “free market” solutions to the affordable housing crunch, and Alex Cartwright is building his entire business around that niche. In this episode, Chris sits down with Alex to break down how (and when) these conversions actually pencil and why the opportunity exists in the gap between hotel cap rates and multifamily cap rates. They also talk about a real-time example: Alex has a conversion project happening about 15 minutes from the hotel where the 2026 PassivePockets Summit will be held in Denver. Alex will be at the Summit, and attendees will have the chance to tour the project and see what a conversion looks like up close (including what changes once you stop calling them “rooms” and start calling them “units”). Alex shares the full playbook: what types of hotels make sense, typical basis per “door,” what drives renovation costs (spoiler: electrical), how long zoning and entitlement really takes, how these deals get financed (including CPACE), what the refinance timeline looks like, and the biggest risks LPs should underwrite before wiring a dollar. Key Takeaways Why hotel-to-multifamily is a financial arbitrage as much as a physical conversion (hotel cap rates vs. multifamily cap rates) What makes office-to-multifamily so hard, and why hotels are often a better conversion candidate Typical acquisition basis and capex ranges (and why “adding kitchens” is the expensive part) The real timeline: 120–180 day DD/entitlement windows, construction sequencing, and refi timing (often 18–30 months) Downside risk and mitigation: managing cashflow during construction, experienced construction teams, and conservative terminal cap rates Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Track Record Assets Deal Page: https://passivepockets.com/directory/deals/morgan-bay-apartments/ A few weeks after an LP Deal Review with Track Record Assets, PassivePockets member Adam Cranmer realized he’d be in Houston, just minutes from the actual property. So he did what most LPs wish they could do: boots-on-the-ground due diligence, in-person operator time, and a full “does this actually feel real?” check. Adam walks through the deal at a high level (268-unit Class C value-add in north Houston acquired from a distressed seller, not a distressed property), then shares what he saw on-site and what he learned over lunch with the team—especially the operator’s “secret sauce” for stabilizing workforce housing. Most importantly, Adam breaks down the one major concern that still gave him pause (exit assumptions / value growth) and why, after ~20 hours of diligence, he ultimately decided to invest anyway—jockey-first, with a clear-eyed view of the risks and the fallback plan. Key Takeaways What “value-add” actually looks like on-site (and why this one felt real vs. cosmetic) How Adam pressure-tested rent comps and the plan after touring the area The operator edge: creating a tenant “flywheel” that improves safety, collections, and retention The biggest risk flag: exit price assumptions and how the debt structure reduces downside Why Adam invested anyway, even with diversification concerns in Houston Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Scott Trench brings a contrarian 2026 office thesis to the table, starting with the idea first, then stress-testing it with three expert investors: Ash Patel, J Scott, and host Chris Lopez. The group debates where office is truly mispriced, what “trophy” means post-COVID, and why “downtown vs. suburbs” might be the wrong framing without understanding tenant demand, floor plates, and lease-up realities. They dig into the mechanics of making office work (cash-flowing vs. vacant assets, tenant improvements, buildouts, leasing risk, and financing constraints), plus the biggest wild cards shaping demand going forward, from work-from-home to AI to local policy and migration trends. Ash also shares a real-world case study on buying fragmented suburban office at a deep discount and selling it off in smaller pieces. By the end, Scott refines his thesis from a binary bet into a spectrum: office may be a compelling buy if you’re surgical on asset selection, capitalization, and operator expertise and realistic about how long the grind to stabilization can take. Key Takeaways Downtown vs. suburban office: why pricing, tenant demand, and commute behavior can lead to very different risk profiles What actually wins in office now: smaller suites, turnkey space, parking, “soul”/amenities, and flexible layouts vs. big single-tenant floorplates Capital stack reality: why office financing is still tough, and why many plays require low leverage (or all-cash) plus significant TI reserves Operator selection: how to vet office sponsors when COVID disrupted track records—and why experience managing office matters more than ever One actionable strategy: buying multi-building suburban office portfolios at a discount and selling off smaller buildings to owner-users (with SBA tailwinds) Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk. Nothing here is investment, tax, legal, or financial advice; consult qualified professionals. Past performance is not indicative of future results. This podcast may include paid advertisements or promotional materials and should not be interpreted as a recommendation or endorsement by PassivePockets, LLC or affiliates. Conduct your own due diligence and consider your financial situation before engaging with any offering discussed. PassivePockets, LLC disclaims all liability for any actions taken based on the information presented.

In this LP Deal Review, Chris Lopez and LP panelist Christy Burakovsky sit down with Michael Episcope, Co-CEO of Origin Investments, for a deep dive into Origin’s Select Asset Fund—an intentionally small, vintage-based multifamily development fund built to deploy in 2026. Michael walks through the macro thesis (supply peaking, concessions stabilizing, and starts slowing), the fund’s structure (targeting five shovel-ready ground-up deals, four-year duration, and an option to continue holding for long-term compounding), and the underwriting guardrails designed to protect downside in a still-volatile environment. The panel then presses into the details that matter most to LPs: entitlement risk, leverage and loan structure, how Origin avoids “rescue capital,” how the 2021 vintage fund is performing today, and how Origin’s co-invest program works—including potential pathways for group allocations and better terms. Key Takeaways Fund design: $100M, focused on 2026 ground-up multifamily development with a four-year duration and optional continuation for long-term hold Risk mitigation: shovel-ready entitlements, conservative leverage (~65% LTC), and a structure aimed at avoiding cross-collateralization and hidden fund-level risk Co-invest mechanics: $500K+ fund minimum with 1:1 co-invest eligibility (no fee/no carry), and discussion of potential pooled/group pathways Vintage reality check: how Origin’s 2021 development fund is performing today (single digits) and what that implies about underwriting discipline in tough vintages Sourcing + operations: Origin’s multi-office footprint, repeat development partners, and a highly active asset management playbook to drive performance post-delivery Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk. Nothing here is investment, tax, legal, or financial advice; consult qualified professionals. Past performance is not indicative of future results. This podcast may include paid advertisements or promotional materials and should not be interpreted as a recommendation or endorsement by PassivePockets, LLC or affiliates. Conduct your own due diligence and consider your financial situation before engaging with any offering discussed. PassivePockets, LLC disclaims all liability for any actions taken based on the information presented.

Logan Freeman is back for his 2026 update on the 18.6-year real estate cycle: breaking down where he believes we are right now (still in the “Winner’s Curse,” but with a messy, sector-by-sector twist) and what signals he’s watching to spot a true shift into contraction. We dig into the big contradictions investors are feeling: transaction volumes and pricing stabilization on one hand, and real pain in certain sectors (office distress, Sunbelt multifamily oversupply, looming debt maturities) on the other. Logan’s take: we’re in a “rolling recession by sector,” where top-quartile assets and defensive niches can behave like late expansion while over-levered commodity assets behave like early contraction. Finally, Logan shares how he’s positioning his own capital, why he’s focused on small-bay industrial with yard space, industrial outdoor storage economics, and the land/power/infrastructure race behind data centers, plus his predictions for 2026 transaction volume, rates, and pricing heading into 2027. Key Takeaways The 18.6-year cycle refresher: recovery → expansion → Winner’s Curse → contraction, and why psychology + credit matter Why 2025–early 2026 looks “bifurcated”: office vs. medical office, Sunbelt multifamily vs. Midwest stability, and defensive sectors The debt maturity wave (2024–2027) as the forcing mechanism that can create both distress and opportunity What Logan watches now: 10-year Treasury trend, CMBS spread tightening, distress volume, office vacancy, and multifamily rent growth Where he’s investing: small-bay industrial + yard space, iOS tailwinds, and the land/power path to data center development Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk. Nothing here is investment, tax, legal, or financial advice; consult qualified professionals. Past performance is not indicative of future results. This podcast may include paid advertisements or promotional materials for sponsors, funds, or offerings and should not be interpreted as a recommendation or endorsement by PassivePockets, LLC or affiliates. Conduct your own due diligence and consider your financial situation before engaging with any advertised products or services. PassivePockets, LLC disclaims all liability for any actions taken based on the information presented.

Today’s show is part of our Community Spotlight Series, where we feature PassivePockets members who share hard-won lessons to help other LPs invest smarter. Christine Kwasny joins Chris Lopez to walk through a detailed retrospective on her syndication portfolio, what she thought she was buying, what actually happened, and what she’ll do differently going forward. Christine started investing actively in 2008, building a Portland-area rental portfolio (single-family renovations that eventually grew into fourplexes). After moving abroad in 2013, she shifted into syndications in 2019–2020 but like many investors, she later found that several 2021–2022 vintage deals didn’t play out the way pro formas suggested, which triggered a deep review of her entire process. In this conversation, Christine breaks down the biggest errors she sees investors make (including “set it and forget it”), how distributions can mask problems, how LPs can quietly fall down the capital stack, and how she used AI to analyze years of offering materials and quarterly reports across 30+ investments. She also shares her “Market Metronome” framework, a simple way to sanity-check underwriting assumptions against real historical ranges and market cycles. Key Takeaways “Passive is a tax and legal term, not a verb”: why syndications often require more scrutiny than owning your own rentals How distributions and quarterly reports can create false confidence—and what to look for in the core updates Capital stack drift: how mezz/preferred equity can change your risk even without a capital call Using AI to accelerate due diligence: summarizing OMs, tracking quarter-by-quarter changes, and stress-testing assumptions The “Market Metronome”: a practical way to pressure-test pro formas against historic highs/lows and cycle reality Connect with Christine: Substack: https://netzeroisawin.substack.com/ Email: [email protected] Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk. Nothing here is investment, tax, legal, or financial advice; consult qualified professionals. Past performance is not indicative of future results. This podcast may include paid advertisements or promotional materials for sponsors, funds, or offerings and should not be interpreted as a recommendation or endorsement by PassivePockets, LLC or affiliates. Conduct your own due diligence and consider your financial situation before engaging with any advertised products or services. PassivePockets, LLC disclaims all liability for any actions taken based on the information presented.

FOR MORE - Debt Fund Due Diligence Hub: www.passivepockets.com/debtdd Next Steps Join the discussion + access links/resources: www.passivepockets.com/debtdd Attend the community Zooms (or watch recordings later) Dates mentioned in the episode: Feb 18, Feb 25, Mar 3 (check the member dashboard for times/updates) Attend the 2026 Summit Conference: https://get.biggerpockets.com/passivepocketssummit2026/ This Episode We’re officially kicking off PassivePockets’ new Debt Fund Due Diligence Series built around what members told us they want most: capital protection and steady cash flow in an uncertain macro environment. Chris Lopez breaks down what real estate private lending actually is (fix-and-flip, bridge, and ground-up construction), why senior debt sits in the “first paid / last to lose” position on the capital stack, and how lending can reduce downside volatility compared to equity-heavy strategies. From there, Chris gets tactical on how to evaluate debt funds like a pro, starting with the single most important document: the loan tape. You’ll learn what a loan tape is, what to look for (LTV/LTC/LTARV, borrower quality, defaults/delinquencies, interest reserves, extensions, leverage, fees, and more), and how real-time portfolio data can change the way you assess track record versus longer-cycle equity deals. Chris also shares a field-tested framework for deeper due diligence, including the on-site audit process: reviewing SOPs, pulling and verifying loan files, confirming recorded deeds of trust, and “follow the money” bank reconciliation to reduce lending and fraud risk. Finally, Chris outlines what’s next for the series community Zooms, expert panels, sponsor spotlights, and ultimately a community-built Debt Fund DD checklist that lives in the membership area as a continuously updated resource. Key Takeaways Why we’re starting with debt: members’ #1 fear is losing principal and #1 motivation is steady cash flow Private lending basics: fix-and-flip, bridge, and ground-up construction loan types—and typical timelines Real estate credit is massive: a multi-trillion-dollar market many retail investors still have little exposure to Capital stack 101: why senior debt is “first paid / last to lose,” and how it can reduce return variance Portfolio strategy: debt often functions like the “bond sleeve” of a real estate portfolio as you rebalance risk Two approaches: direct lending (control + concentration) vs debt funds (diversification + passivity) The loan tape: what it is, why it matters, and which columns/metrics actually tell you if risk is controlled The two risks Chris focuses on: lending risk (staying inside the credit box) and fraud risk (borrower + fund level) What “real due diligence” can look like: on-site audits, file pulls, deed-of-trust confirmation, and bank reconciliation Series roadmap: kickoff → community Zooms → panels/fund spotlights → group DD → living DD checklist Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk. Nothing here is investment, tax, legal, or financial advice; consult qualified professionals. Past performance is not indicative of future results. This podcast may include paid advertisements or promotional materials for sponsors, funds, or offerings and should not be interpreted as a recommendation or endorsement by PassivePockets, LLC or affiliates. Conduct your own due diligence and consider your financial situation before engaging with any advertised products or services. PassivePockets, LLC disclaims all liability for any actions taken based on the information presented.

Attend the 2026 Summit Conference: https://get.biggerpockets.com/passivepocketssummit2026/ This Episode Hotels for passive investors: what actually matters and how it’s different from multifamily. Chris Lopez digs in with Jay Desai and Suraj Reddy on the underwriting stack (ADR, occupancy, RevPAR and RevPAR penetration), why brand fit and comp sets (STAR reports) drive the thesis, and how operations (daily pricing, sales/RFPs, third-party management aligned on expenses) move the needle. They walk through break-even occupancy math (often far lower than MF), margins, bonus depreciation via FF&E/capex, fixed-rate/community-bank capital stacks, and their “no capital calls” policy. Includes a Columbus case study and the macro outlook across business/leisure/extended-stay demand—and what Airbnbs really compete for. Key Takeaways Hotels 101: ADR × occupancy = RevPAR; low RevPAR penetration in a strong comp set = value-add target Break-even is different: hotels can pencil at ~35–60% occupancy vs. ~70–75% in multifamily Operations > brand alone: daily revenue management, sales/RFPs, and expense discipline drive NOI STAR reports: how pros build comp sets and gauge RevPAR share before/after capex Depreciation edge: large year-one bonus depreciation from FF&E and renovations (consult your CPA) Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk. Nothing here is investment, tax, legal, or financial advice; consult qualified professionals. Past performance is not indicative of future results. This podcast may include paid advertisements or promotional materials for sponsors, funds, or offerings and should not be interpreted as a recommendation or endorsement by PassivePockets, LLC or affiliates. Conduct your own due diligence and consider your financial situation before engaging with any advertised products or services. PassivePockets, LLC disclaims all liability for any actions taken based on the information presented.

Attend the 2026 Summit Conference: https://get.biggerpockets.com/passivepocketssummit2026/ It’s our “2026 State of PassivePockets.” Chris Lopez (now lead host, alongside co-hosts Jim Pfeifer and Paul Shannon) shares highlights from the 2025 member survey (96% accredited; 91% already LPs), explains why our Net Promoter Score jumped from -4 (2024) to 44 (2025), and unveils three big initiatives for 2026: (1) community-driven resources that go deep on due diligence—starting with debt funds; (2) using the community’s pooled volume to negotiate better investor terms; and (3) doubling down on what’s working—Sponsor Ratings & Reviews, LP Deal Reviews, the podcast, and a more active private forum. You’ll also hear what members fear most (losing capital), what they want most (steady cash flow), and which asset classes they’re targeting (multifamily and debt tied for #1). Key Takeaways Who we are: 96% accredited; 91% already in syndications/funds NPS turnaround: from -4 (’24) ➜ 44 (’25); top positives—education, trust, community Biggest pain points: pricing clarity, forum engagement, and site navigation- on our roadmap What members fear most: capital loss (72%); what they want most: steady cash flow (~30%) 2026 focus #1: Debt investing: series of pods, forums, expert panels, and a living DD checklist 2026 focus #2: Better terms: leverage pooled community capital for lower mins / improved share classes 2026 focus #3: Do more of what works: more Sponsor Ratings & Reviews + LP Deal Reviews + member spotlights Asset allocation pulse: multifamily & debt tied for top interest; industrial, MHP, self-storage next Host update: Chris Lopez assumes lead-host role; Jim passes the torch and remains co-host with Paul Get involved: post sponsor reviews, join the forum threads, and help shape the checklists we’ll all use Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Chris Lopez, Jim Pfeifer, and Paul Shannon run a year-end Pulse Check on what worked in 2025, what did not, and where they are deploying capital in 2026. The hosts compare notes on gold and silver, why hard assets helped, and why many expected more multifamily distress than actually appeared. They dig into operator risk, liquidity as an edge, and the niches they like now, from B-class value add with day one cash flow to flex industrial and neighborhood retail. They also cover contrarian views on office and coastal markets, the interest rate outlook and fixed versus floating debt, non-performing loan plays in multifamily, and fresh survey data on where passive LPs plan to invest this year. Key Takeaways 2025 recap: hard assets helped. Gold and silver hedged uncertainty while real estate rewarded disciplined underwriting Fewer fire sales than expected: multifamily distress was patchy and operator specific rather than a broad wave Liquidity matters: dry powder, lines of credit, and redeemable debt funds enable fast moves on real opportunities 2026 opportunities: multifamily with positive leverage, flex industrial for small business users, and durable neighborhood retail tenants Class focus: lean toward higher quality assets and cleaner capex profiles when the price is right Debt positioning: many LPs favor income and down-stack protection; consider fixed rate for sleep-at-night, float selectively if thesis supports it NPL angle: buying notes on discounted basis can create multiple paths to value if you underwrite conservatively Market views: watch select coastal recoveries and Midwest affordability tailwinds; expect fewer easy wins and more operator-driven value Community pulse: survey shows strong 2026 appetite for multifamily and debt, with investors sizing checks meaningfully higher than last year Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Chris Lopez welcomes Seattle-based investor/author Leka Devatha to unpack how she built from flips to a diversified active/passive portfolio—plus what’s actually working in a high-cost, tenant-friendly market. Leka breaks down her first LP deal (why operator selection and interest-rate caps mattered), a 12-unit Seattle value-add that tripled gross rents, and the creative lending + multi-exit playbook behind her new book, Return on Real Estate. She shares a tactical framework for sourcing, underwriting, and operating in micro-markets—and how middle-housing zoning (ADUs, townhomes, duplexes) is shaping her 2026 pipeline. Key Takeaways Operator first: In 2021–22 vintage deals, disciplined sponsors with interest-rate caps, tight PM, and no fee-grab mentality have fared best. Value-add or bust (in HCOL markets): Buy below market due to deferred maintenance; renovate only what’s required to hit rent and NOI targets. Operations edge: Strict tenant standards, vigilant expense control, and local PM who understands tenant-friendly statutes are non-negotiable. Creative capital stack: Build a lender bench (conventional, DSCR, hard money) and use tools like short-term cash-out refis with no prepay to bridge seasonality. Micro-market focus: Know the streets, views, and comps; Seattle’s middle-housing rules unlock ADUs/townhomes/duplexes on former SF lots. Stack exits: Example—flip the front house, build/condo-map a DADU, keep as a long-term rental, refi to pull cash while holding quality dirt. Active → Passive: If you’re newer, learn by placing small LP checks with proven, local operators before scaling your own projects. Next 12–24 months: Fewer “easy” wins, but more mispriced opportunities for operators who can create value and manage tightly. Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

This Episode Chris Lopez and Jim Pfeifer sit down with Scott Trench for a frank 2025 recap and a practical 2026 game plan. Scott reviews what he got right (rates staying sticky, supply-driven rent trends) and where the surprises showed up (gold strength, stock market resilience), then opens his playbook: selling a chunk of stocks, buying paid-off 2–4 unit Denver rentals, and allocating a small slice of retirement capital to private credit via a solo 401(k). Looking ahead, Scott focuses on multifamily supply tapering, demand uncertainty, and the 10-year vs. Fed funds dynamic. He also lays out a contrarian Class A office thesis (all equity, patient lease-up, operator quality over leverage) and shares how LPs might think about accessing similar opportunities. Key Takeaways Interest rates: policy cuts may not translate to lower mortgages if the 10-year stays elevated Supply and rents: 2026 likely absorbs the 2024–2025 wave, with rent strength returning market by market Portfolio moves: swapped high-multiple equities for paid-off small multifamily; reserved retirement dollars for simple-yield private credit Risk posture: early-career aggression → mid-career capital protection; leverage optionality comes later Office angle: best-in-market, newer assets with patient, all-equity business plans may offer asymmetric upside LP lens: prioritize operator track records in one geography, modest leverage, and realistic lease-up/tenant improvement budgets Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Chris Lopez is joined by Equity Trust’s John Bowens to close out 2025 and prep smart moves for 2026 using self-directed retirement accounts. John walks through contribution and conversion timelines for IRAs, Roth IRAs, HSAs, and Solo 401(k)s, explains the seven-day payroll rule for S- and C-corps, and shares practical strategies like spousal IRAs, backdoor Roths, staged Roth conversions over two tax years, and maximizing early-year compounding. The conversation also covers 2026 limit increases, Solo 401(k) employer vs employee buckets, and the Secure Act 2.0 tax credit for new plans. Key Takeaways Roth conversions must post by Dec 31 for the current tax year Previous-year IRA and HSA contributions allowed until Apr 15 if not on extension Solo 401(k) employee deferrals for S- and C-corps must be deposited within seven days of payroll Sole proprietors can set up and fund a Solo 401(k) for the prior year by Apr 15 Use spousal IRAs and backdoor Roths to maximize annual limits Stage conversions across two years to manage tax brackets while starting compounding sooner Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Chris Lopez welcomes Dr. Alex Schloe and Charlie Cameron to demystify residential assisted living. Alex lays out the macro drivers behind the silver tsunami and why small, boutique homes can deliver better care and stronger cash flow. Charlie breaks down the models from LP to lease-to-operator to full operations and development, including typical home specs, licensing basics, private pay vs Medicaid, and realistic risk controls. The trio covers returns, staffing, marketing, and the due diligence questions LPs should ask before backing an operator or sponsor. Key Takeaways What residential assisted living is and how it differs from big facilities Demographics and demand: boomers aging into care, large bed shortage, 10k Americans turning 80 daily Investment models: LP, lease-to-operator, own-and-operate, and phased development of 10 to 16 bed homes Typical home criteria: single story preferred, 300 sq ft per resident, abundant beds and baths, sprinklers, roll-in showers Returns and timelines: value-add and development deals targeting mid 20s IRR ranges with ramp-up occupancy considerations Risk management: operator vetting, staffing and marketing plans, licensing and insurance, location near labor and hospitals, contingency reserves LP due diligence: private pay focus, sponsor pipeline for operators, comps via secret shopping and NIC data, personal guarantees and SBA scrutiny Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Jim Pfeifer and Chris Lopez sit down with investor and author J Scott to recap 2025 and map out what LPs should be watching in 2026. J shares where the year defied expectations (supply, rates, and “real” distress), how he’s positioning for a higher-for-longer rate regime, and the simple filters he’s using to decide between equity and credit today. The conversation covers underwriting discipline, liquidity planning, and why needs-based real estate and inefficient small-multifamily niches may offer the best risk-adjusted plays right now—if you partner with true specialists. Key Takeaways 2025 reality check: distress was uneven and narrower than headlines; construction delays kept deliveries elevated longer than expected Rates vs. cap rates: in higher-for-longer, appreciation must come from income growth and operational upside—not cap rate fantasy Allocation: build durable cash flow with selective debt strategies while reserving dry powder for high-conviction equity dislocations LP playbook: diversify by sponsor and strategy, avoid tax-driven decisions, and stress test for flat/negative rent growth and refi risk Where to hunt: needs-based real estate (e.g., senior/medical/data) and imperfect small-multifamily markets where operator edge matters Operator diligence: prioritize track record, reporting, and downside plans; verify fee alignment and who truly controls execution Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Chris Lopez and Paul Shannon welcome investor and author Brian Burke to look back at 2025 and set the table for 2026. Brian recaps his “end the dive in 25” thesis, explains why his pivot to senior housing has outperformed, and shares what actually surprised him this year. The group digs into supply, sentiment, and rates, plus the difference between perfect and imperfect markets and why small multifamily and true needs-based real estate may offer the best risk-adjusted plays right now. Key Takeaways 2025 recap: senior housing led commercial performance while multifamily price declines slowed but did not fully reverse Surprise of the year: new construction deliveries in multifamily stayed elevated longer than expected, keeping pressure on rents and occupancy Portfolio moves: Brian co-invested in his senior housing fund, added selectively to individual stocks on pullbacks, explored biotech, and is eyeing Bitcoin on deeper dips 2026 watchlist: investor sentiment in multifamily, supply tapering, and the rate story split between short-term SOFR and the stubborn 10-year Strategy notes: in a higher-for-longer world, appreciation must come from income growth more than cap rate compression For LPs: prioritize needs-based real estate like senior housing, medical office, and data centers; consider contrarian but expert-led office plays and inefficient small-multifamily opportunities Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Give Us Your Ideas For Next The PassivePockets Summit! https://docs.google.com/forms/d/1vwcvF1z03HYiKmR3a4JN8up0ja4kgKPzG2bCGS6640c/viewform?edit_requested=true This Episode It’s the November PassivePockets Pulse Check. Jim Pfeifer, Paul Shannon, and Chris Lopez share what’s new in their portfolios, the real impact of the Fed’s second rate cut, the tool you should use this month (sponsor reviews—now updatable), and how they’re setting concrete goals for 2026. Plus: a big announcement: PassivePockets Summit is in Denver, April 30 (arrival) - May 2. Vote on sessions and networking ideas via the survey in the link above. Key Takeaways Portfolio check: capital back from an Aspen Funds industrial deal (tribe structure), 30% return of capital from a Threefold sale, and an unfortunate likely loss tied to the DJE/Ascent situation, why operator integrity and transparency matter Real deals in motion: Paul’s Indiana acquisition fully subscribed (rate locked), and an Evansville 56-unit true-distress LOI/PSA walkthrough (what those terms mean and why the team thinks it’s a fast operational turn) Rates: two cuts this fall (~50 bps total) boosted sentiment but barely moved longer-term agency debt; example: 7-yr Treasury + spread shifted only ~6 bps between application and lock Outlook: expect a trickle, not a tsunami, of distress into 2026 as “extend & pretend” maturities roll; bid/ask is narrowing, which may push lenders to act Tools & goals: update your Sponsor Reviews (and why “update” notes help the community); Chris is rebalancing toward private credit and Roth-powered compounding, Jim is doubling down on trusted operators and liquidity discipline, and Paul is rotating from cash/metals into equity while keeping a family financial “in case of emergency” plan current Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Chris Lopez and Paul Shannon sit down with investor and educator Julie Holly for a candid conversation about wins, losses, and leadership as an LP and GP. Julie traces her path from house hacking to syndications, shares the “receive & release” mindset she uses to process setbacks, and explains what changed in her underwriting and operator vetting after a tough year, including one deal where mismanagement led to a total loss. They cover how LPs should share accountability, the exact questions to ask sponsors (who underwrites, how they stress-test, and how they communicate), and why Julie paused new offerings to focus on stewardship and transparency. Key Takeaways Start as an LP to learn the experience end-to-end; early distributions can feel great, but plans must survive rate, insurance, and market shifts “Receive & release”: make space to process losses, own your part, then offload what isn’t yours so you can lead and decide clearly Trust and verify: dig into vacancy, taxes, insurance, payroll, and who actually underwrites (in-house vs. outsourced/AI); stress-test more than one way Accountability is shared: GPs must report clearly and often; LPs must understand their risk profile, read docs, and avoid “write first, learn later” FOMO Choose relationships, not just returns: invest with people who answer candidly, welcome hard questions, and are reachable when things get bumpy Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

In this exclusive webinar release, Paul Shannon moderates a market check with brokers Beau Beery, Reid Bennett, and Jakob Andersen. The panel covers where multifamily deals are actually clearing in late 2025, why the bid ask gap is narrowing, and how underwriting has shifted from headline cap rates to year one cash on cash, DCR, and debt yield. They compare Sunbelt supply waves to steadier Midwest fundamentals, walk through valuation reality checks sellers must face, and explain why most 2026 activity will be motivated sales and selective distress rather than a fire sale. The group also digs into operational costs, staffing shortages, financing paths into 2026, and what LPs should demand from GPs. Key Takeaways Bid ask is closing as loan maturities force decisions and rate volatility calms enough for buyers to plan Underwrite to cash on cash, DCR, debt yield first and sanity check taxes, insurance, payroll, and true vacancy before quoting a cap rate Supply matters more at scale: heavy Sunbelt deliveries pressure B assets while Midwest occupancy stays supported by limited new B stock and tight single family inventory Financing mix for 2026 will be agency for stabilized and selective bridge for assets that cannot qualify, with realistic reserves and timelines Expect more transactions and some distress in 2026, but not a broad capitulation; LPs should vet operators with downturn experience and transparent decision trees on sell, refi, or hold Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Dave Meyer joins Chris Lopez and Jim Pfeifer to unpack the shift from hands-on house hacking in Denver to diversified passive investing. Dave walks through selling select rentals, using a Delaware Statutory Trust for a 1031, and why he caps real estate time at 20 hours a month. He explains dollar cost averaging into syndications for liquidity management, why he still concentrates on multifamily he understands, and how he hedges with fixed-rate debt, cash, and some gold. The crew digs into operator selection, supply awareness, return-to-office tailwinds in core tech markets like Seattle, and the trap of chasing door count instead of clear goals. Key Takeaways Control, liquidity, taxes: define your time budget, ladder commitments, and decide when to pay tax versus use a DST Dollar cost averaging works in private deals too: one allocation per year can smooth illiquidity and vintage risk Invest in what you understand: pick operators first, then asset class, and underwrite local supply and rent comps Hedge the cycle with structure: favor fixed-rate debt, bigger reserves, and realistic hold times over rosy exit timing Strategy before scale: set goals for cash flow versus equity growth, then judge opportunities against those goals Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

The Passive Pockets Pulse Check returns with Chris Lopez, Jim Pfeifer, and Paul Shannon. They break down what they bought and what they skipped, how they are reallocating between equity and debt, and the checks they run before wiring capital. Jim shares two new allocations in healthcare and coffee after negotiating a lower minimum for the community and explains invoking the Shirky rule to avoid doubling up with a new operator too quickly. Paul outlines a simple Indiana cash flow deal, a 22-unit JV turnaround, and an LP win with a partial disposition. Chris walks through a shift toward debt funds, a strong payout month, and a cautionary development story that highlights why transparency, lender diligence, and sponsor communication matter. The trio then uses the PassivePockets Deal Analyzer to spot red flags and assess IRR partitioning before deconstructing a friends and family hotel conversion with fee bloat, phantom equity, and misaligned waterfalls so you know when to pass fast. Key Takeaways Use investing clubs to test new managers or asset classes and always ask about minimums Rebalance deliberately toward a mix of equity and debt while accounting for ordinary income taxes on debt yields outside retirement accounts Multifamily is stabilizing in select markets, but underwrite with longer debt terms, larger reserves, and realistic rent and occupancy assumptions Watch for fee-heavy structures, annual-only distributions, deferred development fees counted as equity, and dual waterfalls that dilute LP returns The Deal Analyzer surfaces out-of-range assumptions and IRR partitioning shows how much return comes from operations versus exit Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Host Paul Shannon sits down with Gino (of Jake & Gino) to trace the path from family pizza shop to operating ~1,900 units with no outside equity. Gino breaks down why they paused syndications after 2019, how “PPU—profit per unit” drives their buy/hold decisions, and the exact LP diligence framework he wishes he’d had before losing money as a passive. They dig into today’s tighter credit, catching-a-falling-knife rent/occupancy dynamics, and why longer debt runways and operator fit matter more than ever. Key Takeaways: The LP Framework: Jockey (sponsor) → Saddle (alignment of interests) → Horse (deal: buy right, manage right, finance right) Why they exited syndications: control, long-hold strategy, and avoiding the “feed the beast” pressure—investor expectations make investors your de facto bosses Diligence like a pro: visit the asset, run the PPM through AI, then spend an hour with a securities attorney before wiring a dime Operate for durability: target $200–$400 PPU, prefer vertical integration, and secure ≥5-year debt to bridge cycles Match strategy to you: know your relationship with money, stagger commitments (the “conveyor belt”), and choose sponsors aligned with long-term holds if that’s your goal Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Remember that past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any of the advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Paul Shannon sits down with lender-turned-operator Ryan Duff to unpack how lenders really size risk and how LPs can use the same lens. Ryan financed ~$4B+ across cycles before launching Seaport, and he explains why trailing 3–6 month economic occupancy (physical vacancy + concessions + loss-to-lease) tells you more than any glossy OM. Join us to dive into debt yield, DSCR reality vs. pitch decks, the broker-driven “falsified inputs” fiasco and subsequent lender cleanup, and why he prioritizes local, vertically integrated operators with disciplined leverage and cash buffers. Key Takeaways: Underwrite like a lender: focus on economic occupancy (vacancy, concessions, loss-to-lease), not just IRR/EM multiples Expenses are mostly knowable; deals are won/lost on the top-line and honest reporting of rent integrity Debt terms follow the inputs: DSCR, debt yield, and recent trailing performance drive survivability Protect yourself: vet the GP first (local, cycled deals, vertical ops, conservative leverage, transparency) Industry shift: tighter lender verification post-froth (less room for “massaged” rent rolls), more equity skin-in-the-game Bridge debt isn’t evil, operator fit + execution speed must match the capital structure Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Remember that past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any of the advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Host Chris Lopez and Paul Shannon talks with securities attorney Mauricio Rauld about the compliance landmines that trip up syndicators and how LPs can protect themselves. Mauricio shares why he exited his law firm to focus on education and “in-between” guidance (before the PPM), what an SEC lawyer actually does, and the real differences between 506(b) and 506(c). They cover LP recourse (rescission), how to diligence sponsors and structures (co-GPs, capital raisers, funds-of-funds), why “investment clubs” aren’t a loophole, and where regulations may head next (accreditation changes, a possible finder’s rule). Key Takeaways: Compliance isn’t “just a PPM”: most mistakes happen pre-attorney (emails, websites, social posts) 506(b) vs 506(c): advertising and accreditation verification are the two big pivots LP protection: if securities laws are violated, rescission can force capital + interest returned Capital raising rules: no transaction-based comp, substantial duties, and primary role ≠ fundraising Trends to watch: FoF adviser/Investment Company Act issues, “investment club” myths, broader accredited paths and a potential finder rule Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Remember that past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any of the advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Host Chris Lopez sits down with Peter, an anesthesiologist who became an LP and then a GP, to unpack the career jolt that pushed him into real estate and the systems he built to bring more transparency and advocacy to LPs through Ascent Equity Group. Peter shares his first $5k crowdfunding check (and that unforgettable $47 distribution), lessons from launching in the tough 2021 vintage, and how his team handled rate/insurance shocks, lender work-outs, and communication when things got bumpy. We also dive into why he’s been using preferred equity in today’s market—including a 12.5–13.5% monthly-pay deal that returned capital in ~12 months and where he’s hunting now (hospitality, selective retail, and medical office) with a likely recession window following the Fed’s pivot. Key Takeaways: From OR to LP to GP: how a broken partnership promise sparked a plan for autonomy and passive income Preferred equity in practice: monthly pay, collateralized position, and why it’s a “right now” tool—not forever 2021 lessons: short-term debt + fast-rising rates/insurance = humility, capital infusions, and relentless communication Macro setup: Fed pivot → typical recession lag (~10–11 months) → prepare capital/relationships for distressed opportunities What’s next: multifamily fundamentals (supply pause, sticky demand), selective hospitality/retail, and a special eye on medical office Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Remember that past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any of the advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Chris Lopez is joined by co-hosts Jim Pfeifer and Paul Shannon for the September PassivePockets Pulse Check, our monthly roundup of what’s moving passive real estate, the shifts we’re making in our own portfolios, and what we expect next. We unpack the Fed’s recent 25 bps cut (what actually changes for fixed vs. floating debt), why many LPs are rotating toward private credit, and the rules-of-thumb we’re using right now for debt funds, multifamily, and development. Paul opens the hood on a heavy value-add 22-unit (50% vacant) targeting an ~11% yield-on-cost in an ~8 cap market, while Jim and Chris break down current debt yields, LTV guardrails, and how to think about liquidity. We also debut the Tool Tip of the Month and have a candid conversation about LP accountability, fraud vs. operator error vs. market risk, and how to use community to get smarter. Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Remember that past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any of the advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Host Chris Lopez sits down with John Bowens, CISP of Equity Trust to demystify Solo 401(k)s for real estate investors. John explains who actually qualifies, how to stack contributions up to $70k/$77.5k/$81,250 (2025 limits) and use the “mega backdoor” to Roth, and why Solo 401(k)s can avoid UBIT on debt-financed syndications when IRAs often can’t. They get tactical on plan design- one bank account with clean source tracking, blending traditional + Roth into a single subscription (and later in-plan conversions), and exactly how to roll over or restate a plan without triggering a termination. John also breaks down spouse/child participation, controlled-group and W-2 pitfalls, and a real UBIT case study that shows how the right plan choice can save five figures in tax. Key Takeaways: Solo 401(k) eligibility: true self-employment income and no rank-and-file W-2s; spouse/partners OK, under-21 and part-time hour rules matter Higher limits + mega backdoor Roth: employee non-deductible → in-plan Roth conversion for bigger tax-free growth UBIT advantage: Solo 401(k)s are generally exempt from UDFI/UBIT on debt-financed real estate (IRAs are not) Simpler operations: one bank account, source tracking in software, and the ability to blend trad + Roth in one deal and convert later Do rollovers right: restate/transfer the plan (don’t “terminate”), mind Form 5500, and watch controlled-group attribution Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Remember that past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any of the advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Host Chris Lopez sits down with Matt Faircloth, author of Raising Private Capital and co-founder of DeRosa Group, to talk hotels, multifamily, and building cash flow today while creating upside for tomorrow. Matt breaks down why he is adding branded hotels to complement multifamily, how a 9 cap can deliver day one cash flow, and what the real risks are. He also shares simple paths for 1031 sellers to go passive without sacrificing tax advantages. You will hear real numbers from his 96 key Houston hotel, how he structures A, B, and C share classes, and where he sees quiet distress and better yields in the Midwest. Key Takeaways: Hotels can provide day one cash flow at higher caps Multifamily still matters but value add must drive returns Simple “lazy 1031” and TIC structures can move active owners passive Use third party hotel management and plan for brand PIPs Watch quiet distress and newer assets trading at 7 caps in overlooked markets Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Remember that past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any of the advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

From chiropractor to running a billion dollar portfolio, Dan Handford joins hosts Paul Shannon and Chris Lopez to unpack how he scaled across multifamily, storage, car washes, hotels, and private debt. He shares why he invested as an LP in 80 plus deals to sharpen his GP playbook, how he allocates for durable returns, and where he is leaning today. You will hear candid lessons from floating rate pain, capital calls, investor communication, and why debt strategies and selective distress are front of mind. Key Takeaways: LP lens: transparency, steady updates, and tackling problems head on Allocation: prioritize consistency over stretch returns, diversify across operators and asset types Where he is leaning: private debt funds with liquidity and a coming Reg A option for smaller checks Risk lessons: floating rate vs fixed rate, large reserves, when a capital call protects value Outlook: bid ask spread, lender pressure, and a likely uptick in distress over the next year Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Remember that past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any of the advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Industrial syndicator Joel Friedland joins Paul Shannon to share 40 years of Chicago lessons and why he now buys with little to no debt. They break down a debt-light playbook, how that changes capital raises and returns, and the investor profile that prefers sleep-at-night income. Joel also details his off-market system, what makes a “perfect” small-bay building, and how he creates liquidity and plans succession. Key Takeaways: Debt-light strategy: target 0 to 30 percent LTV, current portfolio around 18 percent Buy box: Chicago small-bay under 40k sf, 7 to 8 percent entry yield, triple-net, strong geometry, docks, power Return drivers: cash coupon that grows with rent, long holds, depreciation and recapture awareness Sourcing and liquidity: door-to-door outreach, mini fund closes fast then syndicate, investor exits via assignments, 754 step-up, Rule 144 after 12 months Sponsor vetting: ask for a written succession plan and review loan docs, covenants, and recourse Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Remember that past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any of the advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Can blockchain make private real estate more accessible? Paul Shannon speaks with Larry Kalis and Tyler Vinson about tokenization for LPs. They cover TRIFs from American Digital Realty, how RE Tokens enables secondary trading after a one year lockup, and what changes for custody, liquidity, and tax reporting. If you know syndications but are new to tokenized assets, this is a simple, practical breakdown. Key Takeaways: What tokenization means for LPs, a digital wrapper of your fund or deal interest on a blockchain Access and diversification with lower minimums and one consolidated K1 Liquidity path using Rule 144 and a secondary marketplace after 12 months Operations and security, KYC and AML, custodied tokens, fiat or USDC distributions, burn and reissue if lost Structure and risks, ADR’s fund of funds TRIFs on Stellar vs single asset tokens, tech partner and valuation cadence Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Remember that past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any of the advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

How do serious LPs sharpen due diligence, avoid shiny objects, and stay liquid enough to pounce? In this PassivePockets Pulse Check kickoff, Jim Pfeifer and Paul Shannon welcome new co-host Chris Lopez to go behind the scenes on community-powered due diligence, share their written investing theses, and walk through real deals they’ve funded, across equity and debt, plus the wins, misses, and lessons that are guiding allocations right now. You’ll hear why sponsors and deals must be vetted on separate tracks, how to post in the forums to actually get useful feedback (do the work first), and what a one-page annual plan looks like when timing is uncertain. Paul breaks down his barbell strategy, favoring newer assets with day-one cash flow, fixed-rate debt, and positive leverage, while Chris lays out “Don’t bet against America,” lots of small checks for diversification, and building both an equity ladder and a debt ladder to solve liquidity timing. We also cover why Class A, Build-to-Rent, and select development fit today’s supply picture, plus portfolio updates: debt funds, self-storage development, A-class multifamily, BTR in Ohio, Colorado development, and a distressed multifamily buy in Omaha. Finally, we unpack hard lessons from deals gone wrong- GP infighting, alleged commingling/investigations, and a multi-layer ATM Ponzi - and the practical guardrails we’re using now (limit per sponsor, avoid overly broad operators and multi-layer structures, and lean on the community). We close with a sentiment check: more LOIs, hard earnest money returning, and early buyout interest on BTR - why we’re cautiously optimistic (call it a yellow light) and still keeping cash optionality. Key Takeaways: How to use the community for real due diligence (and the posting format that gets responses) The separation between sponsor vetting and deal analysis and why both matter A simple one-page annual investing plan for capital, asset classes, and operator targets Paul’s “all-weather” barbell: newer assets, day-one cash flow, fixed-rate/positive leverage Chris’s “Don’t bet against America,” many small checks, and building equity + debt ladders Why Class A, Build-to-Rent, and select development can shine as new supply falls off Recent allocations: debt funds, self-storage development, A-class MF, BTR Ohio, CO development, distressed MF Omaha Pain points & lessons: GP disputes, alleged commingling/FBI actions, and a multi-layer ATM Ponzi Risk controls that help: limit exposure per sponsor, start with small first checks, consider fund diversification Market pulse: more LOIs, hard money back on the table, early PE interest, why it’s still a yellow light for now Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Remember that past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any of the advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

What do billionaires know about investing that the average person doesn’t? In this episode, Paul Shannon sits down with economist, fund manager, and author Bob Fraser, author of Invest Like a Billionaire, to unpack the strategies, asset allocations, and decision-making frameworks of the ultra-wealthy. Bob explains why billionaires aren’t chasing “hot” trends, they’re looking for asymmetric risk-reward opportunities and sectors that offer long-term compounding. He shares how they think about diversification (and why it’s not about owning a little of everything), why certain private investments are favored over public markets, and how billionaires position themselves to capitalize on economic shifts before they happen. You’ll hear how Bob applies these principles in real estate, why he’s watching specific macroeconomic signals right now, and the filters investors can use to evaluate opportunities like the ultra-rich — even without a billionaire’s balance sheet. Key Takeaways: The mindset differences between billionaires and everyday investors Why the ultra-wealthy prioritize asymmetric risk-reward setups How billionaires view diversification vs. “diworsification” The role of private investments and niche sectors in their portfolios Economic indicators billionaires watch to stay ahead of market cycles How to apply billionaire-style investing principles at any scale Bob Fraser’s current outlook on real estate opportunities Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Remember that past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any of the advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

We’re back with another episode of Dig In or Delete, where Jim Pfeifer and Paul Shannon react to real investment pitches from their inbox and decide whether each one is worth a deeper look or should be deleted on the spot. This week’s lineup includes a six-property self-storage deal in Arkansas, a triple-net Starbucks opportunity with a 4.5% cap, and a cash-out refinance pitch for a 68-unit apartment building. Jim and Paul break down the good, the bad, and the questionable, offering LP investors a candid look at how seasoned pros filter their deal flow. You’ll hear how they evaluate everything from leverage and cap rate to operator communication and downside protection and why most pitches get deleted without a second thought. Key Takeaways: How experienced LPs quickly filter incoming investment pitches Red flags in deal presentations, underwriting, and language Why triple-net deals aren’t always “passive” or low risk What makes storage look appealing—and what might be missing How debt structure and cash-out refinances affect risk profile Why sponsor transparency is often more important than returns What to ask before replying to a deal that lands in your inbox How to build your own “delete” filter to save time and protect capital Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Remember that past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any of the advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.