Podcast appearances and mentions of chris lopez

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.

The Denver May 2026 real estate market update delivered a surprise nobody saw coming. Active inventory dropped nearly 10% year over year, the first time that’s happened in years. Everyone expected the opposite. With affordability stretched and rates still elevated, the consensus was that inventory would keep climbing through 2026. Instead, new listings collapsed 17.2% and sellers are choosing to wait rather than test a softer market. Chris Lopez sits down with Jeff White of Envision Advisors, Brandon Scholten of Keyrenter, and Troy Howell of Nova Home Loans to unpack what’s actually happening underneath the headline numbers. Attached property average prices ticked up 3.4% year over year, days on market nearly tripled the median in some categories, and 71% of Denver agents closed zero deals last year. Then Brandon walks through Keyrenter’s new 3-7-12 day vacancy management plan and shares a real example where a $1,600 rental dropped to $1,475 by day seven and leased before the next adjustment. The team also breaks down why some Denver short-term rental operators are looking at midterm conversions as commercial tax rates eat their margins. The episode closes with a full deal breakdown on a Loveland fourplex at $685K with $27K in seller credits, all units renting at $1,400, and a creative third-bedroom conversion play hiding in the enclosed patios. This Denver May 2026 real estate market update covers the data, the strategy shifts, and the deal mechanics investors need to act on right now. In This Episode We Cover: Why Denver inventory dropped instead of climbing in May 2026 The 3-7-12 day rental pricing plan that’s cutting Keyrenter’s vacancy How short-term operators are dodging commercial tax rate hits The Loveland fourplex deal at $685K with $27K in concessions Why most lenders can’t or won’t structure post-closing contractor credits How to convert an enclosed patio into a third bedroom for higher rents If you invest in Colorado real estate or are watching the Denver housing market in May 2026, this episode covers the data and decisions that matter right now. Watch the Youtube Video Timestamps 00:00 Welcome and Panel Introductions Links in Podcast Troy Howell: troy.howell@novahomeloans.com LinkedIn: Troy Howell Website: https://www.novahomeloans.com/loan-officer/troy-howell/ Brandon Scholten: brandon@keyrenterdenver.com Website: https://keyrenterdenver.com/ Jeff White: jeff@envisionrea.com Now Hiring at Keyrenter Denver Keyrenter is hiring for a new midterm rental position to spearhead the Midterm Rental division. The role involves networking, client and tenant relations, and potentially some traditional leasing duties to start. Ideal candidates have some real estate investment experience of their own, whether that’s a house hack, a small rental portfolio, or active involvement in the local investor community. It’s a good fit for someone who wants to combine their investing interest with a day job in property management. Interested candidates can email amber@keyrenterdenver.com. Who is Keyrenter? Keyrenter Property Management Denver provides rental solutions for homeowners and real estate investors in the metro area who are interested in transforming their properties into passive income. It offers various services, from property marketing and thorough applicant screening to tenant placement and 24/7 maintenance services. Keyrenter Denver's team of experts can take the clients' burden of managing their rental off their hands so they can get back to what matters to them. Who is Nova Home Loans? For over 40 years, we've been focused on helping homeowners find the perfect loan to fit their financial needs and personal goals. Working with NOVA is a personalized experience from initial application to final loan closing and beyond. We will be with you every step of the way toward successful homeownership. Start working with NOVA & Troy Howell today! NOVA FINANCIAL & INVESTMENT CORPORATION, DBA NOVA HOME LOANS NMLS 3087/ EQUAL HOUSING OPPORTUNITY/8055 EAST TUFTS AVENUE, SUITE 101/DENVER, CO

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.

Chris Lopez from the Free State Project joins me to discuss the FSP, her life as a paraplegic, and why she values libertarianism. Subscribe via this link, or where ever pods are cast. Support my advertiser Think Penguin: This podcast is covered by the BipCot NoGov license. This allows use and re-use by anyone except governments and government agents. Learn more at https://bipcot.org Support me on patreon: Send Bitcoin: 1MnoYoPirXQHfhknDxbDHhLsF9u7kUggKy Send Bitcoin Cash: qpp62s8uupdqkrfew7vgp805pnsh5jk2ncnfkndwrd Dash: XpApo1jcPzTJyLLB6G8GJ7DoW9CGjcV5xT Ether: 0xFb1a23163bea743BB79B93849D864ad070597855 Lightcoin ltc1q6ygsamrkwl0at93datyqfh47z4crg4jkg4fx30

Financial wellness in optometry is becoming one of the profession's most important conversations. During a recent episode of the Depth Perception Podcast, Dr. Jasdeep Singh, Dr. Svetlana Nunez, and Dr. Chris Lopez explored the realities behind income, student debt, burnout, and long-term financial success in eye care. Using insights from the 2026 ODs on Finance […]

Three years into a Denver luxury redevelopment, Paul DeSalvo knows what real estate development mistakes actually cost. Paul, a Denver real estate investor and broker, is back to walk through every one of them. In this episode, Paul returns to update host Chris Lopez on a sweeping redevelopment in Berkeley, Denver — a 1902 Victorian transformed into a 5,500 sq ft, 6 bed/6 bath luxury home with an 850 sq ft ADU and 3-car garage. He shares what went well, what hit hard, and what every investor should know before breaking ground on a project like this. The budget surprises alone tell the story. A foundation that needed a full rebuild added $75,000 to the project. An asbestos mass spill ran $30,000. Denver’s Affordable Housing fee — charged on any addition over 400 sq ft — came in at $25,000, a cost neither Paul nor his GC had flagged. A new water line tap added another $12,000. Combined with items left off the original budget entirely and inflation across lumber, drywall, and appliances, the project pushed well past the original estimate. The contractor selection story is the most instructive of all the real estate development mistakes covered in this episode. Paul and Val interviewed five or six GCs. Most bids came back between $1.8M and $2.1M. One came back at $1.2M. They went with the low bid. That contractor’s experience turned out to be primarily remodels and pop-tops — not ground-up luxury construction. By the time the project wrapped, costs had converged right where the other bids landed. Paul walks through exactly what he would look for differently and why verifying the type of experience matters as much as verifying the experience itself. In this Episode: Why the lowest GC bid on a luxury build is often the most expensive choice How to verify contractor experience by project type, not just project count The Denver Affordable Housing fee and how it catches smaller developers off guard What scope creep actually looks like on a high-end redevelopment and how to manage it Why architect and builder coordination failures cost more than either party’s mistakes alone What has gone well on the project and what Paul is genuinely proud of Paul’s honest take on whether he’d take on a project like this again If you are planning a luxury build or any ground-up construction project in Denver, this episode is a practical field guide from someone who has lived every one of these real estate development mistakes and made it to the other side. Watch the Youtube Video https://youtu.be/C0VvCr-O_7w Timestamps 00:00 – Welcome and project recap — Paul returns to update on his Berkeley, Denver build  01:15 – Off-market acquisition — how a neighbor relationship led to buying the 1902 Victorian  03:26 – Full project scope — 5,500 sq ft total, 6 bed/6 bath, ADU, 3-car garage, five fireplaces  06:30 – GC selection process — interviewing five or six contractors and how they made the call  07:49 – The experience gap — why pop-top and remodel experience doesn’t carry over to ground-up luxury builds  12:02 – Budget blind spots — items left off entirely, inflation, and the real cost of scope creep  15:15 – Denver’s Affordable Housing fee — an unexpected $25,000 charge tied to additions over 400 sq ft  16:50 – Asbestos mass spill and foundation rebuild — $30,000 and $75,000 in back-to-back surprises  18:24– What has gone well — design outcome, ADU pace, and finishes staying on schedule  19:44 – Advice for luxury builds — why low bid outliers deserve the most scrutiny, not the least  23:40 – Architect and builder coordination — why cohesive team relationships are as important as individual credentials  24:46– Paul’s outlook on future development — honest take on whether he’d do it again Links in Podcast Connect with Paul DeSalvo firehousehomes@gmail.com Fire on FIRE Investing https://fireonfire.org/ Paul co-founded Fire on FIRE Investing alongside fellow firefighter Jamin to help first responders build financial security through real estate. The organization offers one-on-one consultations and education covering single-family rentals, house hacking, multifamily, 1031 exchanges, and passive investing opportunities.

Worship led by Chris Lopez & Crystal Lopez

The Denver housing market April 2026 update shows a familiar story. Prices have been flat for three straight years. Rents have softened back to levels not seen since late 2021. So where does that actually leave Colorado investors right now? Chris Lopez brings the full panel together for this monthly update. Jenny Bayless covers the Colorado Springs market as both a broker and active investor. Jeff White of Envision Advisors tracks Denver’s small multifamily market closely. Brandon Scholten manages over 1,000 units at Keyrenter Denver and owns rentals himself. Troy Howell of Nova Home Loans rounds out the group with a lender’s perspective across Colorado. The panel works through the DMAR April report together. Denver’s median closed price sits at $605,000 this month, essentially unchanged from $604,000 in April 2025 and $602,000 in April 2024. In inflation-adjusted terms the market is down. Detached single family is holding, up about 1% year over year. The average condo price is down nearly 5% year over year. In the Springs, the median sits at $480,000 with sales up 8.5% month over month and month supply at 3. Rentals get a close look too. Concessions are up. Rents have pulled back to near Q4 2021 levels. The panel then turns to co-living and room-by-room rentals. Operators who bought into the model three to four years ago are now trying to exit. Co-living property managers typically last 6 to 12 months. PadSplit requires roughly a $30,000 retrofit, furnished rooms and ongoing maintenance responsibility — and the exit problem may be just as significant as the operational one. In This Episode We Cover: Why the Denver housing market’s April 2026 data shows prices flat for a third straight year How rents have pulled back to late 2021 levels and what landlords are doing about it Why co-living operators are looking for the exit and what the PadSplit model actually costs Governor Polis’s push to cut Colorado’s average $4,200 homeowner’s insurance premium by $800 What 22,000 YourCastle transactions revealed about the NAR commission settlement Jenny’s decision to sell and pay down debt, and Jeff’s 10th house hack in West Denver If you invest in Colorado real estate or are watching the Denver housing market in April 2026, this episode covers the data and decisions that matter right now. Subscribe for monthly market updates every month. Watch the Youtube Video https://youtu.be/kB-TT_tl78Q Timestamps 00:00 Welcome and Panel Introductions01:31 Colorado Springs Market Data — Median $480K, Sales Up 8.5% 03:10 Springs Condo Trends — Prices Starting to Recover09:04 Rental Strategies in a Soft Market — Flat Renewals and Two-Year Leases13:30 Denver Market Overview — 11,500 Active Listings15:21 Three Years of Flat Prices — Detached Up 1%, Condos Down 5%18:02 Condo Financing Challenges — FHA Hurdles and Fannie Mae Changes 28:30 Showing Data — About 5 Showings Per Property in Both Markets25:52 Co-Living Reality — Why Operators Are Trying to Exit29:08 PadSplit Breakdown — $30K Retrofit, Furnishing Costs and the Exit Problem36:20 Medium-Term Rental Demand — Two Years of Data38:20 Brighton Co-Housing — Gratitude Village and 35 Communities in Colorado41:04 Colorado Insurance Bill — $4,200 Average Premium, $800 Reduction Target46:25 NAR Commission Data — $70 Buyer-Side Difference on a $500K Purchase56:08 Jenny Sells a Property and Pays Down Debt59:40 Jeff Closes His 10th House Hack — Two Houses on One Lot in West Denver Links in Podcast Troy Howell: troy.howell@novahomeloans.com LinkedIn: Troy Howell Website: https://www.novahomeloans.com/loan-officer/troy-howell/ Brandon Scholten: brandon@keyrenterdenver.com Website: https://keyrenterdenver.com/ Jenny Bayless: jenny@envisionrea.com Jeff White: jeff@envisionrea.com Brighton project aims to pioneer fully accessible, net-zero cohousing in Colorado Polis wants home insurance premiums to drop by $800, but can he do it? Your Castle Real Estate DMAR Who is Keyrenter? Keyrenter Property Management Denver provides rental solutions for homeowners and real estate investors in the metro area who are interested in transforming their properties into passive income. It offers various services, from property marketing and thorough applicant screening to tenant placement and 24/7 maintenance services. Keyrenter Denver's team of experts can take the clients' burden of managing their rental off their hands so they can get back to what matters to them. Who is Nova Home Loans? For over 40 years, we've been focused on helping homeowners find the perfect loan to fit their financial needs and personal goals. Working with NOVA is a personalized experience from initial application to final loan closing and beyond. We will be with you every step of the way toward successful homeownership. Start working with NOVA & Troy Howell today! NOVA FINANCIAL & INVESTMENT CORPORATION, DBA NOVA HOME LOANS NMLS 3087/ EQUAL HOUSING OPPORTUNITY/8055 EAST TUFTS AVENUE, SUITE 101/DENVER, CO

In this episode, we bring on special guest Chris Lopez with ODs on Finance. The group discusses optometry statistics as well as how to prepare your career as an optometrist financially. Join us to discuss real-world issues and how to thrive beyond the exam room.

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.

The Denver multifamily market 2026 data is in — and it’s more complicated than most headlines suggest. Average rents have dropped back to Q4 2021 levels at $1,758. Vacancies have climbed from 5.8% to 7.5% in two years. Concessions have nearly doubled year-over-year to 10.1% of gross rents. And in some parts of the metro, prices are off 50% with zero buyer activity. So what does the Denver multifamily market 2026 actually mean for Front Range investors? Chris Lopez just returned from the Passive Pockets Summit in Cherry Creek and shares exactly what the Q1 numbers mean — and what he’s doing with his own portfolio right now. In This Episode We Cover: Why Denver Metro average rent is back at Q4 2021 levels and what that signals for 2026 pricing The supply shift that matters most: new units dropped from 6,056 to 2,796 year-over-year — and absorption finally outpaced new supply in Q1 How concessions doubling from 5% to 10.1% of gross rents masks the true rent decline Where multifamily prices have fallen 15-50% across the metro — and which submarkets have no buyers at all Why Colorado legislation is pushing institutional capital out of the state and what that means for local investors Chris’s own 4-plex update from Marcus & Millichap and why he’s holding despite the headwinds The non-performing loan strategy Chris is using to get multifamily exposure on the debt side right now His honest recovery timeline: 2026-2027 still rough, 2028 as a potential turning point If you’re sitting on single-family equity and wondering whether now is the time to reposition into multifamily — or if you’re already in the commercial space trying to read where this cycle goes — this is a grounded, data-first breakdown of where the Denver multifamily market stands right now. Have questions about your portfolio? Reach Chris at chris@propertyllama.com. Watch the Youtube Video https://youtu.be/mOxV23KZKv4 Timestamps 00:00 — Denver multifamily market 2026: Back from Passive Pockets Summit — national trends meet local reality 02:03 — Why Denver multifamily (2-4 and 5+) is where Chris sees the real opportunity right now 03:02 — Q1 2026 Denver Metro data: rents back to 2021 levels, vacancy at 7.5%, concessions nearly double 06:33 — Denver multifamily price declines: down 15-50% across the metro, some areas have zero buyer activity 08:24 — Chris’s Denver 4-plex update and why small multifamily owners aren’t distressed 09:52 — Colorado multifamily recovery timeline and why legislation is pushing capital out of state 12:25 — Where Chris is putting new money: private lending and non-performing loans on Denver multifamily 13:10 — How NPL investing works and portfolio strategy options for Colorado real estate investors in 2026 Links in Podcast Marcus & Millichap Passive Pockets Property Llama

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

Denver condo prices are down 8% since 2022, and houses have gone essentially flat — but is the correction over or is there more to come? In this episode, Chris Lopez walks through Q1 2026 data from Your Castle Real Estate, mapping 52 years of Denver price history to show exactly where each asset class stands today. He explains why condo corrections always play out slowly, even during major market events like the 2008 crash, and why multifamily — already down 15 to 35% — represents the stronger entry point for Colorado investors right now. If you own a Denver condo and aren’t sure what to do, Chris breaks that down too. In This Episode We Cover: 52 years of Denver price data and what it reveals about today’s market How to read a log scale chart to spot when prices are overpriced vs. underpriced Why Denver condo corrections always move slowly — even during major downturns The 1031 exchange strategy active investors are using to move from single-family into multifamily Why multifamily has already corrected 15–35% and what that means for buyers What to do if you own a Denver condo right now — sell, hold, or rent it out If you want to understand Denver home prices in 2026 and make a clear investment decision backed by data, this episode gives you the framework to do it. Watch the Youtube Video https://youtu.be/h_he6fHScpc Timestamps 00:00 — Intro  00:50 — 52-Year Price Appreciation Chart  04:10 — Why Condo Corrections Always Move Slowly  05:02 — Where the Real Opportunity Is Right Now  06:43 — What to Do If You Own a Denver Condo Today  Links in Podcast Your Castle Real Estate Q1 2026 deck download link

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.

2026 Colorado landlord laws introduced more housing-related bills than any year in recent memory — and landlords nearly paid a steep price. One proposal would have let tenants halt evictions mid-process with claims as vague as “transportation issues.” Another would have required landlords to attach a full lease to every demand notice. Neither passed — but the margin was closer than most investors realize. Chris Lopez sits down with Brandon Scholten, owner of Keyrenter Denver and a deeply active voice in Colorado landlord advocacy. Brandon manages over 1,100 doors across the metro area and has held a personal rental portfolio since 2012. He’s been tracking Colorado’s housing legislation for years and came to this conversation with his most detailed briefing yet. If you own rentals in Colorado, understanding Colorado landlord laws in 2026 is no longer optional. This episode covers every bill that moved through the session — what passed, what was killed, and what’s quietly still working its way through the process. Brandon breaks down real case studies from his own managed properties, including a mold remediation on Laden Street that triggered the new habitability law’s full alternate housing requirements, and a domestic violence case where both spouses filed simultaneously. In This Episode We Cover: The eviction bill that nearly passed — and the 80 people who showed up to stop it Colorado’s new utility billing clarification: how to allocate shared utilities without sub-metering (which was running $9,000+ per building) What the warranty of habitability expansion actually requires when a tenant reports mold — 72-hour containment, alternate housing, and a daily per diem The 30-day notice rule now baked into Colorado law for federally backed properties How the domestic violence bill plays out when both parties in a lease file simultaneously The fee disclosure law in effect since January 2026 — and why Zillow compliance is still inconsistent New security deposit rules: 10-year useful life on carpet, itemized receipts required, and walkthrough rights The direction of Colorado landlord laws in 2026 is clear — and the investors who stay informed are the ones who stay protected. Watch the Youtube Video https://youtu.be/jpAKFjgDDc8 Timestamps 00:00 — Welcome & Overview01:43 — Brandon Scholten Introduction — 1,100 doors managed, investing since 201203:26 — 2026 Legislative Session — Record number of housing bills; most never signed06:26 — HB 26-1106 — Most problematic bill of the session; eviction cap with vague delay provisions; killed after massive public opposition12:05 — HB 26-1045 — Disabilities housing protections; Colorado codifying emotional support animal rules as HUD guidance shifts16:08 — HB 26-1013 — Utility billing fix signed into law; landlords can now allocate shared utilities without sub-metering20:20 — HP 26-1047 — Would have required full lease attached to every demand notice; lobbying effort killed it22:16 — HB 26-1036 — Vacant property tax; empowering local governments; died over implementation problems27:29 — SB 24-094 — Warranty of habitability expanded; 72-hour containment, alternate housing required; Laden Street mold case study34:26 — HB 25-1240 — Housing subsidy protections; 30-day notice now required statewide for federally backed properties36:35 — HB 25-1168 — Domestic violence bill; self-attestation now accepted; case study with both spouses filing simultaneously40:20 — HP 25-1090 — Mandatory fee disclosure in effect January 2026; Zillow compliance still inconsistent47:39 — HB 25-1249 — Security deposit rules; 10-year useful life on carpet; itemized receipts required51:56 — How to Get Involved — Colorado Housing Coalition; ~$25/month for small landlords Bills Referenced in This Episode HB 26-1106 — Eviction protections for tenants (did not pass) HB 26-1047 — Protections for residential tenants (did not pass) HB 26-1036 — Local taxes on vacant residential property (did not pass) SB 24-094 — Warranty of habitability HB 25-1240 — Protections for tenants with housing subsidies HB 25-1168 — Domestic violence tenant protections HP 25-1090 — Fee disclosure / deceptive pricing practices HB 25-1249 — Security deposit rules Links in Podcast Brandon Scholten: brandon@keyrenterdenver.com Website: https://keyrenterdenver.com/ The Denver Landlord’s Digest— Brandon’s monthly newsletter covering legislation updates and day-to-day landlord resources Colorado General Assembly Bill Tracker — Search all active housing bills by session Colorado Housing Coalition — Landlord advocacy organization focused on small and independent rental property owners. Membership starts at ~$25/month Keyrenter Denver — Full-service property management for the Denver metro area. Monthly management at 7.5–9% depending on portfolio size; half a month’s rent for tenant placement Webinar Replays Colorado Habitability Law UpdatesColorado Rental Law Changes Affecting Your Properties (2025)New Colorado Rental Laws: What Changed On Jan 1st, 2026 and What You Need to Do Now.Security Deposit Disputes in Colorado Who is Keyrenter? Keyrenter Property Management Denver provides rental solutions for homeowners and real estate investors in the metro area who are interested in transforming their properties into passive income. It offers various services, from property marketing and thorough applicant screening to tenant placement and 24/7 maintenance services. Keyrenter Denver's team of experts can take the clients' burden of managing their rental off their hands so they can get back to what matters to them.

“Sparrow Missions | Justin Ross & Chris Lopez”.

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.

Denver home prices are flat and condo values are still sliding — here is your March 2026 Denver real estate market update. In Q1, homes across the metro held steady while condos dropped 6% year over year for the fourth consecutive quarter. As a result, that spread is creating two very different conversations for Colorado investors right now. Because the data tells such different stories depending on what you own, this episode breaks both of them down in detail. Chris Lopez is joined by Brandon Scholten of Keyrenter Property Management and Troy Howell of Nova Home Loans for this month’s Denver real estate update. Brandon manages properties across the Front Range and, as a result, brings a ground-level read on where rents are moving. Meanwhile, Troy closes investment loans daily and tracks rate trends in real time — including a recent 3-plex deal that closed at 5.875% with $17,500 in seller credits. Since the buyer had a free-and-clear home to leverage, the deal was effectively 100% financed using a HELOC. Beyond the price data, the March 2026 market update also covers stadium development along the Santa Fe corridor — the Broncos’ Burnham Yards, Denver Summit’s Santa Fe Yards, and Ball Arena’s 20-year mixed-use buildout. If those projects play out as planned, nearby property values could see a material impact. In addition, the episode includes a look at a distressed Aurora multi-family that sold for $12.4 million in 2019, yet currently carries a $10.5 million mortgage. Even though it was under contract at $6.4 million, the buyer still walked away after inspection. In This Episode We Cover: Q1 2026 Denver real estate price data — homes flat, condos down 6% and what each trend signals How Fannie and Freddie are loosening condo insurance requirements and whether it moves the needle The $865K Westminster fourplex from the monthly property walk, with projected $20K year two cash flow A creative 3-plex closing in Aurora — HELOC-funded, 5.875% rate, zero cash out of pocket Why the $12.4M distressed Aurora building couldn’t sell at $6.4M — and what it says about the broader Denver market Brandon’s take on whether the rental market’s worst softness is finally in the rearview And So Much More! This March 2026 Denver real estate market update gives you the data, the deals, and the ground-level perspective to make a more informed decision on your next move. So whether you’re watching the Denver condo market or looking for your next rental property, this episode has something for you. Finally, make sure you subscribe to the Denver Real Estate Investing Podcast for new episodes every Tuesday and Thursday, and sign up for our deals list and property walk emails below. Watch the Youtube Video https://youtu.be/0qnj5nNy2lU Timestamps 00:00 — Welcome and Panel Introductions — Brandon Scholten (Keyrenter Property Management) and Troy Howell (Nova Home Loans) join Chris for the Q1 2026 Denver market update 01:09 — Q1 2026 Denver Price Data — Homes up 2% year over year and generally flat; condos down 6% four quarters running, now flattening 03:07 — Colorado Springs Price Breakdown — More volatile quarter to quarter, similar overall trend with homes flat and condos negative 03:58 — Fannie and Freddie Loosen Condo Requirements — Insurance underwriting changes and what it may mean for the condo market 04:59 — Stadium Development Recap — Burnham Yards (Broncos), Santa Fe Yards (Denver Summit), and Ball Arena’s 20-year buildout plan 09:24 — What Record Attendance at Denver Summit Signals for the Area — And why Chris sees short-term rental and co-living opportunity near these corridors 11:41 — Property Walk Recap — $865K Westminster fourplex near 72nd and Tennyson, projected $8K year one and $20K year two cash flow with 25% down 18:24 — Aurora 3-Plex Closes at 5.875% — How a roofing contractor used a HELOC on a free-and-clear home to effectively 100% finance a $582K triplex 20:47— Distressed Deal Watch — Aurora multi-family bought at $12.4M in 2019, mortgage at $10.5M, under contract at $6.4M, buyer still walked 23:22 — Rate Outlook for 2026 — 52-week range of 5.98% to 6.89%, currently at 6.3%, and what employment data suggests about where rates head next 26:14— Rental Market Trends from Keyrenter — Why Brandon believes the worst of the softness is likely behind us, and where it lingered longest Links in Podcast Troy Howell: troy.howell@novahomeloans.com LinkedIn: Troy Howell Website: https://www.novahomeloans.com/loan-officer/troy-howell/ Brandon Scholten: brandon@keyrenterdenver.com Website: https://keyrenterdenver.com/ The National Observer: Office conversions surge as workplace dynamics shift Baby boomers have an emerging rival in the housing market Mortgage Rates Aurora apartment complex at center of national controversy is for sale View the Aurora 3-plex deal underwriting Sign up for the deals list Who is Keyrenter? Keyrenter Property Management Denver provides rental solutions for homeowners and real estate investors in the metro area who are interested in transforming their properties into passive income. It offers various services, from property marketing and thorough applicant screening to tenant placement and 24/7 maintenance services. Keyrenter Denver's team of experts can take the clients' burden of managing their rental off their hands so they can get back to what matters to them. Who is Nova Home Loans? For over 40 years, we've been focused on helping homeowners find the perfect loan to fit their financial needs and personal goals. Working with NOVA is a personalized experience from initial application to final loan closing and beyond. We will be with you every step of the way toward successful homeownership. Start working with NOVA & Troy Howell today! NOVA FINANCIAL & INVESTMENT CORPORATION, DBA NOVA HOME LOANS NMLS 3087/ EQUAL HOUSING OPPORTUNITY/8055 EAST TUFTS AVENUE, SUITE 101/DENVER, CO

After 20 years of buying and holding on the Front Range, the numbers finally said it was time to move. That moment of reckoning is exactly what this episode is about — and for anyone rethinking their Denver real estate portfolio strategy in 2026, it’s one of the most honest conversations we’ve had on this show. Adam Haman sat on an underperforming Aurora duplex longer than he should have, watched the ARM reset and the rents slide, and finally made the call. What came next is where it gets interesting. Chris Lopez sits down with Adam Haman, a Denver-based real estate broker at Your Castle Real Estate and longtime Front Range investor. Adam manages his family’s portfolio alongside his brothers and sister, and has built his holdings from a single duplex purchase in his mid-20s to a mix of duplexes, townhomes, and a full 13-building fourplex development in Colorado Springs — all built to rent. This episode is a real-time case study in portfolio rebalancing. Adam recently sold a problem duplex in Aurora after an ARM reset pushed his rate from 4.5% to 6.5% while Aurora rents dropped from roughly $2,200 per side to $1,800 — and staying full got harder. He walks through how he priced it, the lowball offers he received, and why he took a number that was lower than he’d hoped. At the same time, he’s doing a DSCR cash-out refi on a Greeley duplex he loves — locking a 30-year fixed at 6.5% and pulling out roughly $200,000 to redeploy into higher-yield income opportunities. In This Episode: Why an ARM adjustment and softening rents turned a cash-flowing Aurora duplex into a break-even liability How Adam priced, listed, and ultimately sold the property — and what the buyer’s DSCR loan had to do with the final number Where Adam sees buy-side opportunities right now, including Athmar Park and why he’s watching the Burnham Yards development Why he’s making disrespectful offers on investment properties — and how to do it in a way sellers actually respond to The Greeley duplex DSCR refi breakdown: 30-year fixed, $200K out, and why the spread into Dynamo Capital makes sense How a $6,500 earnest money deposit in 2018 eventually led to ownership of an entire Colorado Springs fourplex complex Why Adam is seriously looking at new construction duplexes in Texas — with builder rate buydowns under 4% and projected $600/month cash flow Colorado legislation, rental licenses, and what rising compliance costs mean for small landlords Watch the Youtube Video https://youtu.be/oaC-2wDXNEI Timestamps 00:00 — Welcome & Guest Introduction — Investor, Broker, 20 Years on the Front Range  01:32 — Adam’s Origin Story — Started at 25, Rookie of the Year, Then Sold Zero Homes in 2007  04:42 — Fail Fast Philosophy — Why He Wishes He’d Found Mentors Earlier  07:10 — The Aurora Duplex Problem — ARM Reset from 4.5% to 6.5% Plus Rents Sliding to $1,800  10:09— Walking Through the Sale — Listed at $575K, Final Number Around $539K and Why He Took It  14:10— Buy-Side Opportunities Right Now — Why Disrespectful Offers Are Back on the Table  15:00— Athmar Park Deep Dive — 18% Rent Decline, Burnham Yards, and the Path of Progress Question  16:08 — What Makes a Rental Perform — Lawns, Fenced Yards, and Two-Car Garages as the Formula  22:35 — Rebalancing Away from 100% Real Estate — Why He’s Diversifying Into Dynamo Capital  28:58 — The Greeley Duplex DSCR Refi — $200K at 6.5% Fixed and Why He Kept This One  25:17— Considering Texas — New Construction Duplexes at a 4% Rate Buydown Near San Antonio and Dallas  28:58 — The Greeley Duplex DSCR Refi — $200K at 6.5% Fixed and Why He Kept This One  36:47— Colorado Springs Fourplex Development — How $6,500 in Earnest Money Led to 13 Buildings  41:54— Colorado Legislation and Small Landlords — Rising Compliance Costs and What’s Changed  Links in Podcast Adam Haman — Your Castle Real Estate

Denver office investing in 2026 is drawing serious contrarian attention — and the numbers explain why. Class A buildings in the Denver Tech Center are trading at 30 to 50 cents on their last sale price. Some are selling for 65 dollars a square foot while replacement cost runs 500 dollars or more. For investors who remember multifamily in 2011, the setup looks familiar. Matt Ritter co-founded Pinnacle Real Estate in 2006. Today, Pinnacle Real Estate has 50 brokers and 25 staff and is one of Colorado’s largest locally owned commercial brokerages. He also co-founded Knightbridge Capital, where he and partner Rick Yoshimoto have been actively acquiring distressed Class A office in the Denver Tech Center while most investors won’t touch the asset class. In this episode, Chris Lopez and Paul DeSalvo sit down with Matt to break down the office thesis, what’s happening in multifamily, retail, and industrial, and what 25 years in Colorado CRE has taught him about investing at the bottom. In This Episode: Why the floor may already be in for Denver office and what that means for buyers Buying at 11 to 13% cap rates with 65% LTC bank financing at 6.5% Target returns: 8-9% cash on cash quarterly and 20% net IRR The 400 Inverness deal: 92% occupied at acquisition with 6+ years of weighted average lease term How spec suites are driving leasing velocity in today’s market Retail, industrial, and multifamily: where each asset class stands right now Why suburban multifamily is outperforming central Denver What Colorado’s legislative climate is doing to institutional investor interest nationwide First Bank’s acquisition by PNC and what it means for CRE lending in Colorado Watch the Youtube Video https://youtu.be/ReoHF8ICc5w Timestamps 00:00 — Welcome & Guest Intro — Matt Ritter, Pinnacle Real Estate and Knightbridge  02:33 — How Pinnacle Grew to 50 Brokers in 20 Years  06:03 — Paul DeSalvo’s First Multifamily Deal with Matt (2011)  13:30 — 1031 Exchange Compounding: How Paul Scaled Deal by Deal  10:24— Colorado Commercial Market Breakdown: Retail, Industrial, and Cap Rate Shifts  17:36— Why Matt Started Buying Denver Office in 2021  18:32— The Thesis: One Third of Office Has Terminal Cancer  20:21— Buying Class A Buildings at 65 Dollars a Foot in the DTC  26:40 — 400 Inverness Breakdown: 92% Occupied, 11.5 Cap at Acquisition 28:45— Investor Returns: 8-9% Cash on Cash and 20% Net IRR Target  29:24 — Multifamily Market Analysis: Where Prices Are Heading  32:00— Suburban vs Central Denver: Which Submarkets Are Holding Up  37:40 — Spec Suites and Why Tenant Demand Is Stronger Than Expected  42:12 — Colorado’s Legislative Climate and What It’s Doing to Investor Interest  45:00 — Stadium Developments and Reasons to Be Hopeful About Denver  47:03 — First Bank’s Sale to PNC and What It Means for CRE Lending  52:13 — Closing Advice from 25 Years in Colorado Real Estate Links in Podcast Pinnacle Real Estate Knightbridge Matt Ritter on LinkedIn Matt’s direct line: 303-960-8033 NMHC — National Multifamily Housing Council

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.

This solo episode is a full breakdown of Chris Lopez’s 2026 real estate investment deals. He covers every position closed in Q1 and the active pipeline he’s evaluating right now. That includes a hotel conversion buying at roughly $30,000 a door and a Denver office deal at a 12 cap with 6.5% debt in place. The shift from common equity to debt isn’t accidental. Chris walks through three Q1 investments: a Canadian debt fund, a preferred equity position in Western Ohio multifamily, and a fund acquiring non-performing loans. All three reflect a strategy focused on income and downside protection. The episode also tackles a harder question. Should you stay focused on known asset classes or follow the numbers into new territory? The 2026 real estate investment deals on his radar include a bank-owned distressed multifamily portfolio in Denver and Colorado Springs, a niche Denver industrial deal with owner carry, and a 300-unit hotel-to-multifamily conversion. He’s also tracking an indoor kids entertainment private equity fund paying mid-to-high teens cash on cash. The final segment covers debt fund due diligence. Chris explains why he now does on-site audits before writing a check. That means reviewing loan files, checking appraisals, verifying LTV compliance, and tracing bank account activity to reduce fraud risk. Chris is bringing all three topics to the Passive Pocket Summit in Denver, April 30–May 2. Grab a ticket at passivepockets.com/summit and use code LOPEZVIP to save $100. Watch the Youtube Video https://youtu.be/4AMPLsnwp8M Timestamps 00:00 — Episode intro — solo format, what prompted this episode  00:25 — Passive Pocket Summit context — three speaking topics  01:11 — Capital allocation overview — the shift to debt over equity  01:57— Q1 2026 investments — Canadian debt fund, preferred equity (Western Ohio multifamily), non-performing loans fund  03:29 — Passive Pocket Summit promo — passivepockets.com/summit, LOPEZVIP code  03:58 — Emerging asset classes — the focus vs. diversify debate  04:35 Distressed multifamily in Denver and Colorado Springs — bank-owned portfolio  05:19 — Denver office at a 12 cap — 6.5% debt, 92% occupied, Park Meadows/DTC location  06:10 — Denver industrial deal — owner carry, niche supply/demand dynamics 07:10— Hotel to multifamily conversion — 300 units at ~$30K/door, $60–70K all-in basis  07:49— Indoor kids entertainment PE deal — mid-to-high teens cash on cash 09:19 — Debt fund due diligence — why Chris does on-site audits  11:24— Wrap-up and event reminder Links in Podcast Passive Pocket Summit Use code LOPEZVIP at checkout — saves $100 on registration Event dates: April 30–May 2, Denver CO

Richard McGirr interviews Justin Spillers and Chris Lopez about genuine investor interest. Imagine transforming your pitch into a compelling, repeatable machine that generates actual capital almost effortlessly. In this episode, you will see a behind-the-scenes strategy that helped secure over 350 investor calls in just nine months, from perfecting four-minute pitches to leveraging paid ads that attracted high-net-worth individuals. Discover the exact steps to make fundraising scalable, strategic, and downright effective. Justin Spillers and Chris Lopez Current role: Chris Lopez Founder of Curtis St. Media Co-Founder & CMO of Property Llama Justin Spillers Partner & Manager of Real Estate Alpha Based in: Chris Lopez - Denver Metropolitan Area Justin Spillers - Minster, Ohio Where to find them: Justin Spillers https://www.linkedin.com/in/justinspillers/ realestatealpha.io/ Chris Lopez https://www.linkedin.com/in/christaylorlopez/ propertyllama.com Visit ⁠trustetc.com/bestever⁠ for more info. Book your free demo today at bill.com/bestever and get a $100 Amazon gift card. Visit ⁠www.tribevestisc.com⁠ for more info. Try QUO for free PLUS get 20% off your first 6 months when you go to quo.com/BESTEVER  Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at⁠ ⁠⁠⁠www.bestevercommunity.com⁠⁠ Podcast production done by⁠ ⁠Outlier Audio⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Worship led by Chris Lopez

Small multifamily deals in Colorado are producing cash-on-cash returns worth paying attention to in 2026. Three real deals just went under contract or closed along the Front Range. In this episode, Chris Lopez sits down with real estate agent Jeff White and lender Troy Howell of Nova Home Loans. Together, they walk through three actual deals. Those are a Loveland fourplex at $685K, an Aurora triplex at $579K, and a Pueblo duplex at $300K. These are not hypotheticals. One is already under contract. Another closed just weeks ago. The numbers are real. The Deals Jeff walks through both the house hacker and investor scenarios on each property. For the Loveland fourplex, a house hacker with 5% down pays $458 per month in year one. Then, in year two, that same property cash flows over $1,076 per month. That works out to a 23.80% cash-on-cash return. For investors at 25% down, the fourplex delivers 6.50% cash-on-cash in year one. That is roughly three times the Denver metro average. Beyond that, Section 8 rates in Larimer County hit $1,732 per month for a two-bedroom. As a result, the numbers look very different from what most people expect. The Pueblo duplex, meanwhile, introduces a different tool: DSCR loans. Troy explains how one investor used a cash-out DSCR on a free-and-clear property. As a result, she funded the down payment and reserves on the new purchase. In addition, the property appraised at $310K on a $300K purchase and came with a $10K seller credit. It also stabilized at a 7.72% cap rate with a 6.875% 30-year fixed rate. The Portfolio Play The episode also covers the strategy behind the Loveland fourplex. Specifically, an investor bought nine fourplexes for $5.2 million and has since been selling them individually. Chris, Jeff, and Troy break down the margin and the mechanics. In short, finding the right motivated portfolio seller remains one of the most underrated plays in Colorado real estate. Watch the Youtube Video https://youtu.be/BF24OiyWDy0 Timestamps 00:00 — Welcome & Three-Deal Overview  03:25 — Loveland Fourplex — $685K, New Roof, Appraised at $715K  05:26 — The 0.75 Rent-to-Price Ratio Rule — How to Screen a Deal Fast 08:40— House Hacker Pays $458/Month in the Loveland Fourplex  11:19— Investor Scenario — 6.5% Cash-on-Cash Year One, 3x Denver Average  12:39— Reserves Deep Dive — The 10% Rule on a 1980s Building  16:13 — Aurora Triplex at $579K — All-Brick, Month-to-Month Leases  17:44— Aurora Numbers — $517/Month House Hack, 8.33% COC Investor Year Two  20:38— Pueblo Duplex at $300K — Seller Credit, Four-Car Garage, Appraised at $310K  22:01 — DSCR Loans Explained — Qualify Off Rental Income, Not Your W2  35:40— The Nine-Fourplex Portfolio Play — How Bulk Buying Creates Margin  Links in Podcast Deal Analysis Spreadsheet — Troy Howell’s underwriting spreadsheet Weekly Deals Email List — Sign up to receive Front Range multifamily deals from Jeff White weekly Strategy Call — Book a consultation with Chris, Jeff, or Troy Connect With Our Guests Troy Howell: troy.howell@novahomeloans.com LinkedIn: Troy Howell Website: https://www.novahomeloans.com/loan-officer/troy-howell/ Jeff White: jeff@envisionrea.com Who is Nova Home Loans? For over 40 years, we've been focused on helping homeowners find the perfect loan to fit their financial needs and personal goals. Working with NOVA is a personalized experience from initial application to final loan closing and beyond. We will be with you every step of the way toward successful homeownership. Start working with NOVA & Troy Howell today! NOVA FINANCIAL & INVESTMENT CORPORATION, DBA NOVA HOME LOANS NMLS 3087/ EQUAL HOUSING OPPORTUNITY/8055 EAST TUFTS AVENUE, SUITE 101/DENVER, CO

The Denver February 2026 market update is here, and active listings nearly hit 9,000 — 5% above last year — with Chris Lopez calling for inventory to break 15,000 before summer. At the same time, rates briefly touched below 6% for the first time in recent memory, triggering a refi wave that helped some borrowers drop from 6.625% to 5.75% with closing costs covered. The purchase market, though, barely flinched. Chris Lopez hosts the Denver February 2026 market update roundup with Brandon Scholten of Keyrenter Property Management and Troy Howell of Nova Home Loans. Together they dig into the latest DMAR report numbers, two deals that closed this month, and some candid takes on where Denver’s apartment market, condo segment, and office sector are actually headed. On the deals side, Troy walks through a Pueblo duplex acquisition where the buyer used a DSCR cash-out refi on a free-and-clear rental to cover the full 30% down — plus walking away with cash left over. And an Aurora 14-bed triplex that went from a webinar deal to a signed contract to a 3pm closing, all at 5% down, a $27K seller credit, and a 5.625% rate on a 30-year fixed. In This Episode We Cover: Why Denver’s inventory jump in February was historically unusual Who actually locked when rates dipped below 6% — and what they saved Chris’s call that closed prices will fall further in 2026 The Fannie Mae condo rule that’s killing deals in otherwise solid complexes How one investor bought a Pueblo duplex with no cash out of pocket The Aurora triplex that went from webinar deal to closing day in one month Why stadium proximity rarely pays off the way investors expect Denver’s real apartment vacancy rate — and why 2028 looks very different The affordable housing fee lawsuit and what it means for small developers Where downtown office demand is actually going Whether you’re managing existing rentals, watching for the right entry point, or actively building your Colorado portfolio, this episode gives you the ground-level data and deal examples you need to make sharper decisions this spring. Watch the Youtube Video https://youtu.be/7P4EG-QAbdU Timestamps 00:00 — February Denver Market Overview — Active Listings Up 5% Year Over Year to Nearly 9,000  03:27 — New Listings Jump 9.25% From January — Why This February Was Unusual  04:15 — Rates Briefly Dip Below 6% — Troy on Who Actually Locked and What They Saved 06:19— Closed Prices Down 3% Year Over Year — Why Chris Expects Further Declines in 2026  08:57 — Colorado Springs Snapshot — Homes Down 2–4% While Condos Surprise to the Upside  09:58 — The Condo Lending Problem — Why Fannie Mae Is Killing Deals in Complex Communities  14:01 — Deal: Pueblo Duplex Financed 100% Using a DSCR Cash-Out Refi on an Existing Rental  18:34— Deal: Aurora 14-Bed Triplex — 5% Down, 5.625% Rate, $27K Seller Credit  22:10 — Should You Buy Near the New Broncos Stadium? The Panel Gets Honest  31:01 — Apartment Vacancy Is 12.3% When You Count Unrented New Units — And What Changes by 2028  33:05 — Apartment Permits Down 43% Since 2021 — The Supply Math That Points to Recovery  37:50 — RedT Lawsuit Dismissed — Denver’s Affordable Housing Fee Fight and What It Means for Builders  42:10— Downtown Denver Office Losses Top $1 Billion — Where the Demand Is Actually Going  46:31 — Wrap and Panel Final Thoughts Links in Podcast Thousands of apartments sit empty around the Denver metro, but experts warn a shortage may be looming. How offering $50,000 and free rent helped one Denver apartment building stand out Homebuilder loses lawsuit calling Denver affordable housing fee ‘extortion' Downtown Denver office losses top a billion, with more to come DMAR February 2026 Market Trends Report (member-only) Metro Denver's housing market revs up as affordability improves Golden Triangle apartment complex raises bar for incentives to attract tenants Apartment rents fall to early 2022 levels in metro Denver Connect With Our Guests Troy Howell: troy.howell@novahomeloans.com LinkedIn: Troy Howell Website: https://www.novahomeloans.com/loan-officer/troy-howell/ Brandon Scholten: brandon@keyrenterdenver.com Website: https://keyrenterdenver.com/ Who is Keyrenter? Keyrenter Property Management Denver provides rental solutions for homeowners and real estate investors in the metro area who are interested in transforming their properties into passive income. It offers various services, from property marketing and thorough applicant screening to tenant placement and 24/7 maintenance services. Keyrenter Denver's team of experts can take the clients' burden of managing their rental off their hands so they can get back to what matters to them. Who is Nova Home Loans? For over 40 years, we've been focused on helping homeowners find the perfect loan to fit their financial needs and personal goals. Working with NOVA is a personalized experience from initial application to final loan closing and beyond. We will be with you every step of the way toward successful homeownership. Start working with NOVA & Troy Howell today! NOVA FINANCIAL & INVESTMENT CORPORATION, DBA NOVA HOME LOANS NMLS 3087/ EQUAL HOUSING OPPORTUNITY/8055 EAST TUFTS AVENUE, SUITE 101/DENVER, CO

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.

Canada’s residential mortgage market is a $32 billion annual asset class in Ontario alone. Plus, it’s structurally undersupplied. Unlike the US, Canada has no 30-year fixed mortgage. As a result, strict banking regulations push Canadian homeowners into the private lending market every few years. That forced refinancing cycle produces delinquency rates roughly one-eighth of what US private lenders see. On top of that, the recourse process in Canada runs just 60–90 days. Chris Lopez sits down with Hugh Tawney, founder of Leeward Capital Partners. Together, they walk through how Property Llama Capital gained access to this market and why they made it part of their Capital 3 fund. Hugh brings an institutional finance background in public equities, fixed income, life settlements, venture, and structured credit. Before founding Leeward, he spent years building fund vehicles across multiple asset classes. His CFO managed fund accounting for 38 entities at a Denver venture firm. His COO, meanwhile, helped build ArrowMark’s multifamily origination platform — a $5 billion book. Their Canadian operating partner, Aman Mann, ran a mortgage investment company from 2017 to 2023. In total, he originated approximately 500 loans with zero impairment of principal. The fund focuses on first and second lien residential mortgages — bridge loans, fix and flip, and short-term refinances. Currently, the portfolio sits at a 76.4% weighted average LTV with an 80% hard ceiling. Also worth noting: two-thirds to three-quarters of the loan book is owner-occupied. Homeowners, after all, default at a fraction of the rate that investment property owners do. For third-party validation, the fund works with Baker Tilly (tax and audit), NAV Consulting (fund administration), UMB (custody), and Stout (quarterly independent valuations). In This Episode We Cover: Why Canada’s lack of 30-year fixed mortgages creates a structural private lending opportunity every 3–5 years How Ontario’s power of sale process delivers 60–90 day recourse vs multi-year US foreclosure timelines The tax structure that classifies fund distributions as qualified dividends — potentially a 30–50% reduction in tax burden vs ordinary income How currency hedging via forwards contracts protects principal at a cost of 8–15 basis points The pending leverage strategy projected to take gross yields from 12% unlevered to 20% levered Why Leeward targets the lower end of the Canadian market — less competition, more inefficiency, higher yields The 15-month liquidity window and how it mirrors a short-term bond fund duration with a private credit return profile If you’re an accredited investor looking at private credit and want to understand an asset class that most US investors have never encountered — this is the episode to start with. Property Llama’s due diligence included a three-to-four day on-site asset tour in Toronto and a personal investment from Chris before the fund was opened to the broader investor community. Watch the YouTube Video https://youtu.be/GvF4XBzzJJs Timestamps 00:00 — Welcome & Executive Summary — What this fund targets and why 04:32 — Chris Lopez — 15 years as an active investor turned passive  08:30 — How Property Llama Found Leeward — Due diligence and the Toronto asset tour  10:26 — Hugh Tawney — Leeward Capital founder and institutional finance background  14:25— Why Canada Has No 30-Year Fixed Mortgage — And what that creates for private lenders  15:55 — Power of Sale vs Foreclosure — How Canada’s 60–90 day recourse process works  23:15— The Private Lending Opportunity — Why Canada pays 300–500 bps more than the US  25:45 — The Tax Advantage — How this fund achieves qualified dividend treatment  40:20— Currency Hedging — Protecting principal across USD and CAD  42:47  Leverage Strategy — How the fund projects a move from 12% to 20% returns  47:58— Fund Terms & Third-Party Validators — Minimums, lockup, and who’s watching the books  57:30 Canadian housing crash fears, IRA/UBIT considerations and next steps Links in Podcast Interested in learning more about the Leeward opportunity? PLC 3 LLC: PL Leeward 1 Data Room Property Llama Capital Passive Pockets Summit — use code LOPEZVIP for $100 off Passive Pockets Podcast (hosted by Chris Lopez)

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.

Our Associate Pastor, Chris Lopez, continues our new sermon series: Encountered By Jesus looking at the story of Blind Bartimaeus in Mark 10:46-52Thank you for listening to our podcast! We hope you have been encouraged today.Check us out on social media, or to learn more, you can visit our website at www.freedomcanyon.com.

In this week's episode, host and NewDEAL CEO Debbie Cox Bultan sits down with Chris Lopez, Supervisor of Monterey County. They discuss how Lopez's upbringing in the county gives him a unique perspective to lead and talk about the concerns his constituents are currently facing — including quality of life, immigration, housing, and agricultural challenges — and how he is addressing these issues. Debbie and Lopez talk about the vital role of the California Coastal Commission and why tackling affordable housing in a balanced way is essential to solving so many other issues. Lopez also shares what led him to run for public office and how the Mariachi club he created in college led him to meet his wife. Tune in to learn more about the Lettuce Curtain County. IN THIS EPISODE: • [01:05] An introduction to today's guest, Supervisor Chris Lopez. • [02:32] Chris shares a bit about Monterey County and his district. • [04:09] What Chris is hearing from his constituents at the moment. • [08:29] How he's tackling these issues and why housing is top of mind. • [12:02] Chris tells us about the California Coastal Commission. • [15:35] What the California Coastal Commission is doing for the housing issue. • [19:37] How Chris hears about the community's housing concerns. • [22:53] Chris touches on the rebuilding of the Malibu Palisades. • [24:12] What led him to his current role, and why his career path has been surprising. • [29:47] The college club he started and how he met his wife through it.

Denver fix and flip margins are shrinking, condo inventory just hit 11 months, and some DSCR lenders are approving loans at 0.75 debt service coverage. That’s not a typo. For anyone trying to get a clear Colorado real estate outlook for 2026, the signals are mixed — and most of them you won’t find in the MLS. To help make sense of it all, Chris Lopez sits down with Kevin Amolsch, founder of Pine Financial, a Colorado private lender that has originated over $1 billion in loans across 2,800 transactions since 2008. Beyond lending, Kevin is actively buying commercial buildings, demising flex warehouse space in Broomfield, and stripping cellular tower leases off office properties the way some investors strip mineral rights. As a result, he has a front-row seat to what’s actually working — and what’s quietly blowing up. In this episode, Kevin shares what Pine’s current deal flow reveals about the Colorado real estate outlook for 2026 and why he’s moved away from residential toward commercial assets. He and Chris also have a candid back-and-forth on the Denver price forecast — Kevin expecting flat, Chris leaning slightly negative. From there, they dig into why the condo and attached product market may be the riskiest place to be right now. In This Episode We Cover: Why Kevin sees fix and flip margins compressing — and what experienced flippers are doing about it The DSCR loan warning every Colorado investor needs to hear before refinancing a BRRRR Kevin’s honest breakdown of Denver’s 2026 price outlook: detached, attached, and multifamily How Kevin is stripping cellular leases off his office building like mineral rights — and what they sell for Why ground-up townhome development is struggling and what the 11-month condo inventory actually means The 10-year treasury vs. risk spread explained clearly, and what Trump’s MBS buying could actually do Why Kevin is price-checking his subs and vendors right now — and why you probably should be too If you’re trying to get a clear Colorado real estate market outlook for 2026 — and figure out what moves actually make sense right now — this is the episode to listen to. Watch the YouTube Video https://youtu.be/rWL6gxboybg Timestamps 00:00 – Welcome & Kevin Amolsch Introduction – Pine Financial founder returns  01:20 – Pine Financial Overview – $1B+ in originations, 2,800 transactions, $250M under management  03:20 – New Office Building in Littleton – Bought 24,000 sq ft Wells Fargo building at 7 cap  05:59 – Cellular Lease Strategy – Stripping tower leases like mineral rights, sells at 3.5–4.5 cap  07:33– Office Rehab Lessons – Why Office-to-Apartment Conversions Are So Hard  10:33 – Broomfield Flex Warehouse Deal – 18,000 sq ft, 4 small-bay suites, recovering a troubled partnership  12:27– Fix and Flip Market Right Now – 10% discounts on wholesale deals, six-figure rehab budgets  15:40 – Flipper Margins Shrinking – Why experienced investors won’t touch a deal under $100K net  19:24– Denver Price Forecast for 2026 – Kevin: flat on detached. Chris: slightly negative (1–3%)  21:49 Condo Market Warning – 11 months of inventory, why Kevin calls it riskiest asset class right now  22:42– Multifamily Supply Glut and When It Burns Off – Vacancy near 10%, stabilization likely 2027  25:53– DSCR Loan Landscape – Loans at 0.75 DSCR, five-year prepay traps, what to watch for  27:44– BRRRR Reality Check – Cash-in refinances are common now, full pulls are rare  29:27– Ground-Up Construction Struggles – Why new townhome developments are sucking wind  33:26– Interest Rate Mechanics Explained – 10-year treasury vs. risk spread, Trump MBS buying  36:00 – Macro Outlook: Rates, Fed Chair, Unemployment – Why Kevin expects just one cut in 2026 Connect with our Guests Kevin Amolsch kevin@pinefinancialgroup.com Links in Podcast ATTOM Property Data Pine Financial

Worship led by Chris Lopez

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 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.

Something shifted in January — and this January 2026 Denver real estate market update breaks down exactly what’s happening. Rents are resetting to 2018 levels. A third of all available apartments were built in the last decade. Colorado now ranks 5th nationally for outbound moves. 55% are leaving the state — the highest since 1990. Landlords across the Front Range are holding rents flat or cutting them just to keep units filled. But here’s what most people are missing — this same pressure is creating buying opportunities that haven’t existed in over a decade. Chris Lopez sits down with his monthly market panel. Troy Howell with Nova Home Loans, Jeff White with Envision Advisors, Jenny Bayless covering Colorado Springs, and Shawn Riley from KeyRenter Denver all join the conversation. The group digs into the numbers. They share what they’re seeing firsthand from their own portfolios, clients, and deal flow. Things get real when Chris reveals a fourplex across the street from his own just sold at his 2018 purchase price. That confirms what the data has been showing about multifamily. Then the panel unpacks a $30 million foreclosure on four central Denver apartment buildings. Zero bidders showed up at auction. Colorado residential land now averages $942,200 per acre — up 174% in a decade. That’s why starter homes have disappeared entirely. And Shawn Riley shares that rents on condos and townhomes are down 7-10%. Apartments are offering up to three months free rent, making it brutal for older inventory to compete. In This Episode We Cover: Colorado Springs hits 4.5 months supply — officially tipping into a buyer’s market while prices hold mostly steady Why Denver inventory is building 7-8% year over year and new construction spec homes still aren’t moving even with builder-subsidized 4% rates The rental market resetting to 2018 levels and why landlords are holding rents flat to avoid costly turnover Section 8 developments including Denver paying 120% of fair market rents but freezing new voucher issuance and rent increases Room by room rental demand softening — what co-living operators need to know heading into spring Why the panel says this is Colorado’s first real buyer’s market in a decade and the 1031 exchange strategy to capitalize on it The new Fed chair nomination and what rate improvements of 0.50-0.75% from last year mean for refinance opportunities If you’ve been waiting for a 2026 Denver real estate market update that actually tells you where the deals are, this is it. Whether you’re sitting on single family properties eyeing a move into multifamily, a landlord figuring out the right rent price, or an investor ready to pick up distressed deals at steep discounts, the panel breaks down exactly where things stand right now. Watch the YouTube Video https://youtu.be/LJq5IzPcPbM Timestamps 00:00 — Welcome & Guest Introductions  01:13 — Colorado Springs January Stats — New Listings Nearly Double  03:44— Denver Boots on the Ground — Relisting Surge & Condo Financing  05:39 — Denver Metro Trends — Inventory Building & Prices Flat  07:44 — Colorado Land Up 174% — Why Starter Homes Don’t Exist  09:40— Builders Sitting on Unsold Spec Homes  11:11— Colorado Ranks 5th for Outbound Moves  11:55— Rental Market Reset — Rents Feel Like 2018  15:45— Room by Room Rentals — Flat Rents & Co-Living Rebrand  21:58— Section 8 Voucher Changes & Denver Paying 120% of Fair Market Rents  27:51 — Multifamily at 2018 Prices & $30M Foreclosure With Zero Bidders  35:05 — Renting vs. Buying — Jenny’s Real Numbers Comparison  37:53 — Mortgage Rates & New Fed Chair Nomination 41:24— Buyer’s Market Playbook — Time for Disrespectful Offers Connect with our Guests Jeff White: jeff@envisionrea.com Troy Howell: troy.howell@novahomeloans.com LinkedIn: Troy Howell Website: https://www.novahomeloans.com/loan-officer/troy-howell/ Shawn Riley: shawn@keyrenterdenver.com Website: https://keyrenterdenver.com/ Jenny Bayless: Jenny@envisionrea.com Links in Podcast Apartment vacancy in metro Denver reaches highest rate in 16 years, pushing down rents again Realtors say it's still a buyer's market in Colorado, but high housing costs keep renters renting  Mortgage Calculator Lender forecloses on four central Denver apartment buildings Denver Multifamily Hits 2009 Cap Rates (8 Indicators We’re at the Bottom) Download the Free House Hacking Spreadsheet Subscribe to our Reactivated Deal Alert Emails Who is Keyrenter? Keyrenter Property Management Denver provides rental solutions for homeowners and real estate investors in the metro area who are interested in transforming their properties into passive income. It offers various services, from property marketing and thorough applicant screening to tenant placement and 24/7 maintenance services. Keyrenter Denver's team of experts can take the clients’ burden of managing their rental off their hands so they can get back to what matters to them. Who is Nova Home Loans? For over 40 years, we've been focused on helping homeowners find the perfect loan to fit their financial needs and personal goals. Working with NOVA is a personalized experience from initial application to final loan closing and beyond. We will be with you every step of the way toward successful homeownership. Start working with NOVA & Troy Howell today! NOVA FINANCIAL & INVESTMENT CORPORATION, DBA NOVA HOME LOANS NMLS 3087/ EQUAL HOUSING OPPORTUNITY/8055 EAST TUFTS AVENUE, SUITE 101/DENVER, CO

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.

What if you could cut your deal analysis time by 80%? Joel Bechtel was drowning in broker documents. T12s in one format. Rent rolls in another. OMs that looked completely different from the last five he’d reviewed. After spending hours copying and pasting data into Excel spreadsheets only to discover a deal wouldn’t work, he decided to build AI deal analysis software to solve the problem. Chris Lopez sits down with Joel, a software entrepreneur who spent 18 years building tech companies before pivoting to focus on his real estate portfolio. Joel currently owns 20 doors and recently analyzed 90 multifamily properties across Columbus, Nashville, and Raleigh markets. His AI deal analysis software extracts data from broker documents and runs underwriting in minutes instead of hours. The numbers are striking. What used to take 1-2 hours per deal now takes 10-15 minutes. That’s the kind of efficiency that lets you actually find deals worth pursuing instead of burning out on spreadsheet work. In This Episode We Cover: The Gmail hack Joel uses to automatically filter broker leads into a dedicated inbox for AI processing Why most investors waste hours on deals that will never work and how to filter faster How AI deal analysis software extracts data from T12s, rent rolls, and OMs automatically Current vs pro forma analysis and which variables actually matter when tweaking numbers The St. Louis deal that looked perfect on paper until due diligence revealed a critical problem How to sanity check AI results without adding hours back to your workflow Market metrics that matter including flood zones, fair market rents, and census data Why zero closings from 10 LOIs is actually normal in today’s market Joel also shares advice for investors who want to bridge into entrepreneurship, including why community and masterminds matter more than going it alone. Plus, why jumping from your W2 too quickly can actually hurt both your investing and your ability to get loans. Whether you’re looking to build your own AI deal analysis software or just want a smarter system for filtering multifamily opportunities, this episode breaks down the exact process. Watch the YouTube Video https://youtu.be/yKFUQ2hUJaM Timestamps 00:00 – Welcome & Episode Introduction 01:54– From 18 years in software to real estate investing 05:15 – Broker document chaos that sparked Deal Flow Pro 07:05 – How AI extracts data from T12s, rent rolls, and OMs 09:16 – Safeguarding against AI Hallucinations 12:36 – From 90 deals to 10 LOIs 15:11 – Fact checking market metrics: flood zones, rents, census data 17:13 – St. Louis due diligence story 22:02– Time savings: 2 hours down to 10 minutes 25:53– Merging investor and entrepreneur paths 33:00 – Deal Machine integration + where to find Deal Flow Pro Links in Podcast Deal Flow Pro – AI deal analysis software for multifamily investors Website: dealflowpro.io Promo Code: “Chris Lopez” for 14-day trial (no credit card required) Deal Machine – Off-market lead generation tool Crexi – Commercial real estate listing platform LoopNet – Commercial real estate marketplace

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.

Denver multifamily 2026 cap rates just hit 6 to 6.5 percent. This is the first time since 2009. Furthermore, Denver’s highest-volume multifamily brokers believe this marks the bottom. Meanwhile, many investors wait for blood-in-the-water distressed sales. However, NorthPeak Commercial Advisors see something different in Denver multifamily 2026. Instead, they’re seeing fair pricing on quality assets. Additionally, buyer activity is returning after a two-year freeze. Chris Lopez sits down with Kevin Calame and Matt Lewallen. They’re co-owners of NorthPeak Commercial Advisors. They’re also 30-year business partners. Previously, they survived Denver’s largest condo conversion operation collapsing in 2007. Now, their firm handles more multifamily transactions than any other Denver brokerage. As a result, this gives them unmatched visibility into what’s trading in Denver multifamily 2026. Kevin and Matt don’t sugarcoat the challenges. For example, transaction volume is down 75 percent. Similarly, insurance jumped from $500 to $1500 per unit and North Aurora won’t sell at any price. Nevertheless, they lay out multiple data points. These suggest the Denver’s multifamily 2026 market has found its floor. This episode delivers real-world insights you won’t find in generic reports. For instance, Kevin shares a recent Denver multifamily 2026 showing. It drew 12 buyers after months of zero activity. Meanwhile, Matt explains why admitted insurance carriers are positioning to return. He also covers the “extend and pretend” banking strategy. Consequently, this might prevent the distressed wave many expect. They break down recent deals. Specifically, one is a 24-unit Arvada property. It’s structured as a master lease option. Another is a Thornton retail acquisition at a 7 cap. In fact, that deal has 30 percent below-market rents. Kevin and Matt explain why this downturn feels harder than 2007. Essentially, it’s the perfect storm. First, rising rates went from 3% to 6.5%. Second, there’s oversupply with 18,000 deliverable units. Additionally, expenses are spiking. Also, insurance is chaotic. Finally, unfriendly legislation is hitting Denver multifamily simultaneously. But unlike the Great Financial Crisis, properties aren’t flooding back to banks. Instead, Denver multifamily 2026 is stabilizing at healthier fundamentals. Cornerstone Property Management’s data shows renewal rates just increased 14 percent. This is after two years of decline. Moreover, NOI is steadying. Therefore, buyers who purchase Denver multifamily 2026 properties at today’s 6+ cap rates can expect realistic returns. Those are 7-8 percent annually. As a result, they’ll likely look back in 18 months satisfied with their timing. In This Episode We Cover: Why Denver multifamily 2026 cap rates returning to 6-6.5% signals a healthy market (not a crisis) How NorthPeak Commercial Advisors closes double the Denver multifamily transactions of any competitor The insurance crisis that pushed costs from $500 to $1500 per unit and why relief is coming Recent showing with 12 buyers proves Denver multifamily 2026 market is waking up Creative deal structures: master lease options, seller financing, and assumption deals Why North Aurora won’t sell at any price while core Denver stabilizes at 6 caps Cornerstone data shows 14% renewal rate increase—first positive rent signal in two years Proper expectations for Denver multifamily 2026 buyers: 7-8% returns are the new normal Kevin and Matt built NorthPeak by surviving the 2007 crash, unwinding a $15 million condo conversion empire, and grinding through survival mode to become Denver’s top multifamily brokerage. Their 17 brokers make hundreds of calls daily, giving them real-time market data that generic reports miss. Whether you’re holding assets wondering if you should sell or sitting on capital waiting for the perfect entry, this episode provides the data-driven analysis Colorado investors need to make informed decisions in 2026. Watch the YouTube Video https://youtu.be/KrXKPX5Nylc Timestamps 00:00 – Welcome & Episode Introduction 01:55 Kevin & Matt’s 30-Year Partnership Origin 09:09 – Starting NorthPeak in 2020 13:23 – 2025 Market vs 2007 Comparison 15:43 – Market Bottom Indicators 19:02 – Perfect Storm (Rates, Oversupply, Insurance, Legislation) 23:18– Insurance Crisis ($500 to $1500 Per Unit) 27:26– Buyer and Seller Expectations Closing 28:47 – Creative Deal Structures That Work 32:27 – Recent Deals and Creative Structures 34:00 – Master Lease vs Seller Carry Explained 35:40 – Retail Deal in Thornton at 7 Cap 40:21– North Aurora Completely Frozen 44:53– Where to Find Value in 2026 48:56 – Working with NorthPeak CRE Links in Podcast NorthPeak Commercial Advisors Email Kevin Calame kevin@northpeakcre.com Email Matt Lewallen matt@northpeakcre.com Carleton H. Sheets ‘No Down Payment’ Real Estate Program

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.

After 600 episodes and nine years of interviewing Colorado’s most successful real estate investors, podcast host Chris Lopez shares the five most important Colorado real estate investing lessons he’s learned—lessons that fundamentally changed how he builds portfolios, navigates market cycles, and adapts investment strategy. Since launching July 7, 2017, Chris has interviewed hundreds of Colorado investors: deca-millionaires who built massive portfolios, investors who survived the 2008 crash and rebuilt stronger, and specialists in lending, insurance, and property management who understand market mechanics better than anyone. This milestone episode distills nearly a decade of accumulated Colorado real estate investing lessons into actionable insights for investors at any experience level. The biggest revelation? Real estate moves far slower than most investors anticipate. Chris shares why he called the 2022 market top correctly, sold multiple residential properties, and shifted capital into multifamily and private lending—but still underestimated how long market corrections take to play out. He reveals why “I’d rather be a day late than a day early” became his investing mantra and what Brian Burke’s quote about “time to sit on the beach” taught him about patience. Chris also addresses the Colorado-specific challenges reshaping local investing: property insurance costs now rank second-highest in the nation (behind only Florida), legislative headwinds continue reducing investor demand, and the growth wave from 2012-2023 has definitively ended. These trends require completely different strategies than what worked five years ago, making these Colorado real estate investing lessons more relevant than ever. In This Episode We Cover: Why consistency over 15-20 years beats trying to time perfect market entry How market cycles never repeat exactly—multifamily crashed while residential held in 2022-2025 The five-step framework for adapting strategy when both markets and personal life change Why looking at 50-year interest rate trends reveals patterns 10-year data misses How Chris’s portfolio strategy evolved from single investor to family man with three daughters What diversifying across asset classes and capital stack positions protected during volatility Why Colorado insurance and legislative trends now require different underwriting than 2019 Whether you started listening in 2017 or discovered the podcast recently, this episode offers perspective you can’t get anywhere else: the accumulated wisdom of 600 conversations with the people who’ve actually built wealth through Colorado real estate. Chris shares not just what worked, but what he got wrong and how he adapted—delivering Colorado real estate investing lessons that only come from nine years of interviews and real market experience. Share your story: Email chris@propertyllama.com or fill out the survey link to tell us how this podcast has impacted your investing journey. We’d love to hear which episodes helped you buy your first property, avoid a bad deal, or connect with the right resources at the right time. Thank you for being part of this journey. Here’s to the next 600 episodes of helping Colorado investors build long-term wealth through real estate. Watch the YouTube Video https://youtu.be/-JoxdgN0sTg Timestamps 00:00 Welcome to Episode 600 – Milestone Reflection 01:31 Why I Started This Podcast – Using the Microphone to Get Smarter 02:53 Lesson 1: Consistency Wins – Why Staying in the Game for 15-20 Years Matters 03:37 Lesson 2: History Doesn’t Repeat, But It Rhymes – Market Cycles Never Play Out the Same 04:51 Lesson 3: Adapting to Market AND Life Changes – From Single Investor to Family Man 06:06 Lesson 4: Real Estate Moves Slower Than You Think – Brian Burke’s “Beach Time” Quote 08:43 Lesson 5: Look at 50-Year Trends, Not Just 5-Year Data – Interest Rates Since the 1970s 10:01 Colorado Insurance Now 2nd Most Expensive in US – Legislative Headwinds Impact 10:45 Thank You to 600 Episodes of Guests and Listeners – Share Your Story Links in Podcast Property Llama: https://propertyllama.com Envision Advisors: https://envisionadvisors.com Colorado leads the nation in home insurance premium increases Podcast #1: Accidental Denver Landlord to 80 Properties Share your feedback here

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.

The Denver December 2025 market update reveals a shifting landscape for real estate investors. Inventory ended the year at 7,600 active units – up 10% from December 2024 but down sharply from November’s 10,500 units as sellers pulled listings heading into the holidays. The bigger story? Attached properties (condos and townhomes) surged 20% year-over-year while detached homes stayed relatively flat, signaling where market pressure is building. Then the new year arrived and everything accelerated. Chris Lopez hosts Troy Howell from Nova Home Loans and Jeff White from Envision Advisors to cover Denver’s December 2025 market update. The panel covers Denver metro year-end trends, interest rate movements, and what just happened in the first week of the new year. Over 20 small multifamily properties hit the market in just the first 8 days of January – an unusual flood of inventory during the worst season to sell. Troy reveals interest rates dropped nearly a full percentage point year-over-year (from 7.04% in January 2025 to 6.16% in January 2026) with predictions for continued decline, while data shows 6%+ mortgages now outnumber sub-3% loans nationwide, signaling the lock-in effect may finally be breaking. The panel digs into what December’s inventory patterns mean for 2026 buying opportunities, examining why motivated sellers are listing in winter and how this creates negotiation leverage. Jeff conducts live underwriting of a $750K 4-plex near South Broadway that dropped $139K in price, walking through actual spreadsheet analysis comparing house hacking (5% down, 9.39% cash-on-cash return) versus traditional investing (25% down, 5.75% return). Both strategies dramatically outperform the 1-2% market average most investors are seeing, proving cash flow still exists in Denver’s current market conditions. Watch the Youtube Video https://youtu.be/zKNDot-SdjE In This Episode We Cover: December 2025 inventory recap: 7,600 units (up 10% YoY from Dec 2024), why attached properties jumped 20% while detached stayed flat Why 20+ small multifamily listings flooded Denver in January 2026’s first 8 days during the worst selling season Interest rate trends: Down from 7.04% (Jan 2025) to 6.16% (Jan 2026), with VA loans reaching low 5% range How the lock-in effect is ending as 6%+ mortgages now exceed sub-3% mortgages nationwide Live underwriting showing $750K 4-plex delivering 9.39% returns for house hackers vs 5.75% for investors Colorado Springs new construction duplex deal with 100% VA financing and 12-month occupancy flexibility Why properties are selling at 2018-2019 price levels and what this means for long-term investors December’s data confirms inventory is building but hasn’t reached problematic levels – we’re still well below the 15,000-30,000 units seen during the 2008-2012 period. The seasonality cliff from 14,000 summer units down to 7,600 by year-end is normal, but what’s not normal is the January 2026 surge of motivated sellers listing during peak winter. Troy explains how current rates make deals pencil again after years of struggle, while Jeff’s spreadsheet analysis proves the math works for both house hackers and traditional investors. Subscribe to our reactivated deal alert emails and join our February 2026 webinar for deeper small multifamily analysis as we track how this inventory surge plays out through the year. Timestamps 00:00 – Welcome & New Year Market Update Introduction 01:43 – December Inventory Analysis: 7,600 Active Units Up 10% Year Over Year 04:15 – Why Attached Properties Jumped 20% While Detached Stayed Flat 07:15 – The January Flood: 20+ Small Multifamily Listings in 8 Days 12:47– Live Deal Analysis: $750K 4-Plex Near South Broadway (Dropped $139K) 16:23 – House Hacking Numbers: Live in Your Unit for $1,338/Month 19:20 – Investor Analysis: 5.75% Cash-on-Cash vs 1-2% Market Average 25:28 – New Construction Duplex Deal: 100% VA Financing in Colorado Springs 27:19 – VA Loan Occupancy Rule: 12 Months vs 60 Days for Conventional 33:12 – Interest Rate Update: 6.16% Down from 7.04% One Year Ago 35:06– Mortgage Lock-In Effect Ending: 6%+ Loans Now Exceed Sub-3% Mortgages 36:38 – Trump Proposes Ban on Institutional Single-Family Home Buyers Connect with our Guests: Jeff White: jeff@envisionrea.com Troy Howell: troy.howell@novahomeloans.com LinkedIn: Troy Howell Website: https://www.novahomeloans.com/loan-officer/troy-howell/ Links in Podcast For the First Time in Years, More Homeowners Have a 6% Mortgage Rate than a 3% One Subscribe to our Reactivated Deal Alert Emails Download the Free House Hacking Spreadsheet Who is Keyrenter? Keyrenter Property Management Denver provides rental solutions for homeowners and real estate investors in the metro area who are interested in transforming their properties into passive income. It offers various services, from property marketing and thorough applicant screening to tenant placement and 24/7 maintenance services. Keyrenter Denver's team of experts can take the clients’ burden of managing their rental off their hands so they can get back to what matters to them. Who is Nova Home Loans? For over 40 years, we've been focused on helping homeowners find the perfect loan to fit their financial needs and personal goals. Working with NOVA is a personalized experience from initial application to final loan closing and beyond. We will be with you every step of the way toward successful homeownership. Start working with NOVA & Troy Howell today! NOVA FINANCIAL & INVESTMENT CORPORATION, DBA NOVA HOME LOANS NMLS 3087/ EQUAL HOUSING OPPORTUNITY/8055 EAST TUFTS AVENUE, SUITE 101/DENVER, CO

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.

Colorado’s real estate market just hit balanced status for the first time since 2012. The best Colorado real estate investing strategies in 2026 now require adapting to what Chris Lopez calls “the great stall” for single-family homes. Condo prices are forecast to drop another 4-10%. Multifamily has already crashed 15-30% from peak values. Meanwhile, builders are offering closing incentives reaching 7-13% on new construction. Private lenders are generating 10-20% annual returns. This matters because traditional rental cash flow now requires creative approaches. This is a replay of Property Llama’s flagship Portfolio Analysis Mastermind webinar. It was originally presented live to over 200 registered investors. Chris brings 20 years of Colorado investing experience as CEO of Property Llama and founder of Envision Advisors. His company has helped hundreds of investors acquire Front Range rental properties. This 100-minute workshop analyzes data from three major sources: the Denver Metro Association of Realtors, CoStar’s commercial multifamily reports, and the Colorado State Demography Office. The goal is to forecast where the Colorado market is heading and what investors should do about it. Chris reveals why 15,000 homes represents the balanced market threshold for Denver metro. He shows how all Front Range markets follow nearly identical patterns. Denver, Colorado Springs, Pueblo, and Northern Colorado all move together with 1-3 year lag times. He introduces the Cash Flow on Equity (CFE) framework. CFE shows how a paid-off property making $1,700 annually on $200,000 equity represents just a 0.8% return. That underperforms basic savings accounts. Chris doesn’t hide from uncomfortable realities. He explicitly states that Colorado’s “epic growth wave from 2010-2020 is over and will never return.” The drivers are clear: slowing population growth (down to 1% annually), rising inventory, elevated interest rates, and increased expenses. Watch the Youtube Video https://youtu.be/zbVhMrdS2Rs In This Episode We Cover: Why Chris classifies Colorado as a “yellow light” market – not amazing, not horrible, but requiring selective strategy The six strategies currently generating 7-16% cash flow in Colorado: new construction opportunities, room-by-room conversions, medium-term rentals, house hacking, private lending, and multifamily acquisitions How builder closing incentives work and why they’re offering 4.5% interest rates on new construction when market rates sit at 6.5% Why multifamily is experiencing negative rent growth through 2026 as peak vacancy hits Q4 2025/Q1 2026 from oversupply The three options for optimizing high-equity, low-cash-flow properties: keep and convert to better strategies, cash-out refinance to reinvest, or sell and unlock equity into higher-performing assets Chris’s personal portfolio strategy: shifting from 85% equity / 15% debt to a 50/50 balance over the next 3-5 years to maximize cash flow while preserving capital How private lending offers 10-20% returns with senior debt positions while fix-and-flip gross margins remain healthy at 24% despite market softening Live Q&A covering: ADU construction economics, when to sell multifamily, private lending risk assessment, wrap financing for house hackers, LTV targets for portfolio leverage Whether you’re analyzing your first fourplex or optimizing a 20-property portfolio, this market transition requires new thinking. You need to understand which Colorado real estate investing strategies in 2026 actually generate cash flow. Appreciation has stalled, so the old playbook doesn’t work. Chris provides the data-driven framework investors need to evaluate current holdings. You’ll learn how to identify underperforming assets through CFE analysis. You’ll determine whether to convert properties to higher-performing strategies, refinance and reinvest, or sell and redeploy equity. Timestamps 00:00 – Welcome & PAM Overview 03:22 – Chris Lopez Introduction & Background 05:53 – Colorado Market Trends Framework 07:50– Denver Metro Inventory Analysis 10:30 – Price Appreciation Charts 2007-2025 13:22 – Front Range Market Comparison 16:34 Crystal Ball: Market Predictions 18:06 – New Construction Builder Incentives 22:20 Multifamily Market Deep Dive 42:14 – Population Growth Reality Check 46:28 – Six Strategies That Cash Flow 50:52– Cash Flow on Equity Framework 52:47– Property Llama Software Demo 52:47– Property Llama Software Demo 57:15 – Three Options for High-Equity Properties 1:14:07– Chris’s Personal Portfolio Update 1:21:13– Q&A Session Links in Podcast 2026 PAM Resource Page Property Llama Chris Lopez's 2026 Investing Plan YouTube video Detailed blog article Mountain Trends A BiggerPockets Guide to Co-Living Cash Flow Should I Put My Property In An LLC? Podcast and blog

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.

The Denver multifamily market just absorbed 9,400 units – about 20% higher than the annual average – while supply continues burning off through 2026. This massive supply wave is creating opportunities for Denver real estate investing 2026 strategies that most investors are missing. Chris Lopez and Richard McGirr, co-founders of Property Llama, break down their 2025 shareholder meeting covering Colorado market divergence, investment strategy shifts, and the company’s evolution into diversified debt fund platforms. With hundreds of Colorado investors served, they reveal what’s working (and what’s not) for Denver real estate investing 2026 and beyond. Market Reality: Single family homes are holding steady with slight declines expected, condos are down 10-20% in recent transactions, and multifamily is trading at 2017 prices with 9 cap returns. Denver ranks in the top 5 hardest-hit metros for rent cuts, with Class A properties offering 3-4 months of concessions that push downward pressure on all rental classes. The supply wave is longer than anticipated, but occupancy is finally trending upward through Q2 2025 data. Cash Flow Strategies for Denver Real Estate Investing 2026: The traditional playbook has fundamentally changed. A room-by-room rental strategy can increase cash flow from $12K to $48K annually on the same property, while selling a rental and investing in 21% debt funds can generate $70K annual income from a property that previously cash flowed $15K. Private lending has emerged as the dominant strategy for Colorado investors seeking 3-4X cash flow increases without tenant management. In This Episode We Cover: Why Denver condos are dropping 10-20% while single family homes hold steady (and what 2026 predictions look like) How the multifamily supply wave created 9 cap opportunities that institutions are now buying The room-by-room rental model that quadruples cash flow (and why most investors won’t do it) Why 1031 exchanges that worked in 2018 now only marginally increase cash flow in 2024 Private lending returns of 12-21% compared to traditional rental property cash flow The active to passive shift happening nationwide (and why single family landlording is ending) How Property Llama found product market fit by focusing exclusively on income funds PL Dynamo 2 fund closure at 99 investor limit and what’s launching Q1 2026 The diversified income fund model with distressed notes, Canadian lending, and commercial opportunities This presentation provides clarity for Denver real estate investing 2026 strategy – whether you’re considering portfolio rebalancing, exploring debt fund diversification, or timing multifamily market entry. Chris and Richard share real client examples, personal portfolio moves (Chris is shifting from 85/15 equity/debt to 50/50), and the due diligence process for upcoming fund launches. Timestamps 00:00 – Welcome & Introduction to Property Llama’s 2025 Event 01:55 – Colorado Single Family vs Condo Market Divergence – Denver Real Estate 2026 Price Trends 02:48 – Colorado Springs Real Estate Trends – Following Denver’s 1-3 Year Lag Pattern 03:55 – Denver Multifamily Supply Wave – Front Range Investment Opportunities Among Crisis 07:14 – Rent Concessions Reality – How Class A Properties Manipulate Colorado Rental Market Data 08:18 – 2026 Market Predictions – Audience Poll on Denver Condo Market Decline & Pricing 13:58 – Room by Room Rental Strategy – 4X Denver Cash Flow Properties Using Co-Living 16:21 – 1031 Exchange Alternatives – Reality Check Comparing 2018 to 2024 Deals 18:00 – Private Lending Real Estate Boom – Active to Passive Investing Shift from Equity to Debt Funds 21:25 – Active to Passive Investing Trend – The End of the Single Family Landlord Era 24:35 – Product Market Fit Journey – How Property Llama Found Focus on Debt Fund Investing Colorado 28:34 – Value-Added Capital Model – Real Estate Portfolio Rebalancing for Debt Funds 31:57 – PL Dynamo 2 Fund Closure – Hitting 99 Investor Limit & Denver Real Estate Investing 2026 Plans 38:00 – Diversified Income Fund Launch – Building Beyond Single Anchor Strategy for Colorado Multifamily Investing Connect with our Hosts Chris Lopez: chris@propertyllama.com Richard McGirr: richard@propertyllama.com Links in Podcast Sign up for the 2026 Portfolio Analysis Mastermind

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.

What we love to hate this week, from TV & TikTok to pop culture and beyond! When we aren't binging Sister Wives, 90 Day Fiance, Teen Mom and all the cringey crap on TLC and Bravo, you can find us recapping it all on your favorite podcast app at WE LOVE TO HATE EVERYTHING!SHOW LINEUP:-Weekend Update-Rob Reiner-Sister Wives (TLC) -Seeking SW Garrick back at it on apps-Before the 90 Days-RHOSLC-RHOBH -Merrily We Roll Along/Best Worst Thing That Could Have Ever HappenedAll Her Fault-Jen Shah FREE -Kelly Osbourne-Andy Dick -SNL (Josh O'Connor/Lily Allen)-AMBER ALERT: Kail and Chris Lopez drama, Jenelle's Onlyfans surpriseLEAVE US A VOICEMAIL AND SHARE YOUR THOUGHTS!https://www.speakpipe.com/msg/s/384445/1/grbop5liib63rf2tSnark and sarcasm is highly encouraged as we see what our favorite family is up to, as well as a dip into the latest pop culture news and highlights. Subscribe on YouTube, Patreon, and your favorite podcast app!Please like and subscribe on Youtube!Join our private Facebook Group "We Love to Hate Everything"Coming up this week on Patreon:patreon.com/lovetohatetv + patreon.com/trpod*THE ENTIRE BACKLOG OF AMANDA LOVES TO HATE TEEN MOM IS AVAILABLE FOR only $3*WE LOVE TO HATE TV*Tier 1+:The Brady Bunch S1 E12 "The Voice of Christmas"*Tiers 2+: Sister Wives S15 E3 "Robyn the Peacemaker"TOTAL REQUEST PODCASTThe Brady Bunch S1 E12 "The Voice of Christmas"GIRL DINNERGirl Dinner Episode 71 "Christmas Movies"CHECK OUT AMANDA'S OTHER PODCAST POD AND THE CITY!!! Available on Itunes/Spotify etc, Youtube, and Patreon! Hosted on Acast. See acast.com/privacy for more information.