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Ever driven past a parking lot and wondered who owns it — or how much it actually makes?

Today on The Passive Income Playbook, Pascal Wagner sits down with Kevin Bupp, founder of Sunrise Capital Investors, to unpack one of the most overlooked yet profitable niches in commercial real estate: parking.

Kevin and his team have acquired more than $400 million in assets, spanning 4,000 mobile home pads and $150 million in parking garages and surface lots nationwide. With over two decades of operating experience and a proven track record across multiple market cycles, Kevin explains why he’s doubling down on this niche—and why few LPs are paying attention.

In this episode, you’ll learn:
✅ Why parking lots often outperform multifamily on a hassle-to-return basis
✅ How Sunrise blends mobile home parks and parking assets in one fund to balance steady cash flow with long-term appreciation
✅ The macro trends driving supply compression and stable demand in parking
✅ How self-driving technology, urban redevelopment, and zoning shifts could transform this overlooked sector
✅ Why “highest and best use” can create asymmetric upside for investors
✅ The biggest mistakes LPs make when evaluating alternative asset classes

If you’re an LP looking for stable, tax-advantaged income and diversification beyond multifamily, this conversation will show you how institutional investors are quietly repositioning capital toward these low-volatility, cash-flow-driven assets.

Chapters:
00:00 – Introduction: Why Parking Is the Overlooked Real Estate Frontier
06:30 – Kevin’s Journey: From Bartender to $400M Operator
14:00 – Inside Sunrise Capital: 4,000 Mobile Home Pads + $150M in Parking Assets
20:00 – What Makes Parking Profitable (and Why It’s Misunderstood)
29:00 – Comparing Parking Returns to Multifamily IRRs
34:00 – The Future: Self-Driving Cars, Redevelopment, and Air Rights
44:00 – LP Advice: Sponsor Due Diligence vs. Deal Diligence
52:00 – Mobile Home Parks vs. Parking Garages (and Why He’s Doing Both)
1:03:00 – How Sunrise Blends Growth + Income for Investors

What can you learn from someone who’s invested in 100+ real estate deals—as both an LP and a GP?

In this episode of The Passive Income Playbook on The Best Ever CRE Show, Hans Box breaks down what works, what doesn’t, and how to stack the odds in your favor.

I’m your host, Pascal Wagner, and today we’re joined by Hans Box, co-founder of Box Wilson Equity. Hans has been involved in more than $350 million worth of multifamily and self-storage transactions, invested as an LP in 70+ opportunities, and managed thousands of units as a GP.

If you’ve ever wanted to sharpen your buy box, stress-test underwriting assumptions, or protect yourself as a passive investor, this episode is packed with practical insights you won’t want to miss.

👉 Get 25+ Passive Investment Deals in Your Inbox:
http://growyourcashflow.io/investing-starter-kit-yt

Chapters:
00:00 – Why Listen to Hans Box? Insights From 100+ Real Estate Deals
03:32 – How to Spot and Turn Around a Failing Deal Before It’s Too Late
06:11 – Avoiding Rookie Mistakes: Lessons From Early Naivety
09:01 – Building a Conservative Investment Philosophy That Protects Capital
10:10 – Red Flags Every LP Must Spot Before Wiring Money
12:09 – How to Evaluate a Sponsor’s Track Record (and Why It Matters More Than the Deal)
15:55 – Today’s Multifamily Market: Where Real Opportunity Exists
17:30 – How to Run the Numbers Like a Pro and Stress-Test Assumptions
26:48 – The Art of Due Diligence: How to Vet GPs and Protect Yourself
41:42 – A First-Time LP’s Playbook: Key Takeaways for Smarter InvestingWhat Works (and What Doesn’t) From Someone Who’s Made 70+ LP Investments

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How do you know if your multifamily operator actually knows what they’re doing?

One bad deal can erase years of returns — and in today’s market, picking the wrong GP can be devastating.

Today on The Passive Income Playbook, Pascal Wagner sits down with Andrew Cushman, founder of Vantage Point Acquisitions — one of the most respected multifamily operators in the GoBundance community. Over the past 14 years, Andrew has acquired and repositioned nearly 2,900 units across the Southeastern U.S., focusing on A– to B–class workforce housing between 80–200 units.

With over $250M in assets under management and zero investor losses, Andrew shares how he underwrites deals, evaluates markets, and avoids the traps that have taken down less experienced sponsors.

In this episode, you’ll learn:
✅ How to identify red flags in multifamily deals before you invest
✅ The questions that reveal whether a GP actually knows what they’re doing
✅ Why management efficiency is often the biggest driver of returns
✅ How to verify operator credibility beyond the pitch deck
✅ And how seasoned operators are navigating today’s market volatility

If you’re an LP looking to protect your capital and compound returns safely, this episode is a masterclass in due diligence and disciplined investing.

Chapters:
 00:00 – Introduction: Meet Andrew Cushman
 02:00 – From Engineer to Multifamily Investor: Andrew's Journey
 06:45 – Defining the Niche: Upper Workforce Housing
 09:30 – Management Efficiency & On-Site Operations
 15:36 – Real Value-Add vs Cosmetic Upgrades
 21:12 – Understanding Demographics and Affordability
 25:48 – How to Fact-Check Deals in 5 Minutes
 30:00 – Market Trends: The Rise of Preferred Equity
 45:00 – The Importance of Transparency & Track Record

What if you could spot the next 2008 before it wiped out your portfolio?

Most investors only focus on the deal in front of them. But the smartest LPs zoom out—understanding the bigger economic forces that can make or break their returns.

Recently on The Passive Income Playbook, featured on the Best Ever CRE network, Russell Gray, longtime co-host of The Real Estate Guys Radio Show and mentor to thousands of investors, shares how decades of lessons (and painful wipeouts) shaped his unique approach to macro-driven investing—so you can protect your capital and position yourself ahead of the curve.

In this episode:
✅ The lessons Russell learned from losing it all in 1987 and 2008
✅ Why gold is a “canary in the coal mine” for fragility in the credit markets
✅ How Trump’s policies could reshape Main Street vs. Wall Street investing
✅ Why income-based valuations beat equity-based valuations every time
✅ The three lenses every LP must apply: geography, demographics, and product niche

Russell also breaks down:
→ How to spot red flags in markets before operators admit them
→ Why over-leverage and personal guarantees are silent killers
→ His framework for evaluating long-term cycles and demand drivers

Whether you’re just starting out or you’ve been investing for decades, you’ll walk away with a sharper lens for making decisions.

👉 Get 25+ Passive Investment Deals in Your Inbox:
http://growyourcashflow.io/investing-starter-kit-yt

Chapters:
00:00 – Introduction to Russell Gray: A Journey Into Real Estate
02:05 – How Past Experiences Shape Current Investing Philosophy
05:40 – Understanding Macro Trends: The Key to Smarter Investments
09:30 – The Impact of 2008: Lessons Learned and Future Insights
12:25 – Shifting Away from Wall Street: The Rise of Main Street Capitalism
15:40 – Crafting a Winning Investment Strategy: Locational Dynamics
18:15 – Evaluating Demand and Supply: Key Questions for Investors
22:00 – The Role of Demographics in Investment Decisions
27:30 – Risk Assessment and Mitigation in Investing
30:20 – The Power of Community: Building Investor Networks
34:45 – Understanding Asset Cycles: Insights for Long-Term Success
38:00 – Discerning Market Changes: Indicators for Future Growth
43:50 – Investing in Real Estate: Lessons from High-Level Investors
48:15 – Conclusion: Taking Control of Your Investment Journey

👉 Get 25+ Passive Investment Deals in Your Inbox:
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100% bonus depreciation is back—but only if you know how to use it.
Most LPs will either overpay the IRS or get seduced by operators shouting ‘tax savings’ without telling you the fine print.

In this episode of The Passive Income Playbook (on the Best Ever CRE Show), Pascal Wagner sits down with CPA power duo Amanda Han & Matt MacFarland of Keystone CPA—nationally recognized tax strategists, co-authors of The Book on Tax Strategies for the Savvy Real Estate Investor (BiggerPockets Publishing), and active investors with 20+ years of experience across multifamily, self-storage, and passive syndications. Together, they’ve advised thousands of investors on navigating the ever-changing tax code.

In this episode, you’ll learn:
✅ How sponsors can use the Pass-Through Entity Tax (PTET) election—and what LPs should ask about it
✅ What the new $40k SALT deduction cap means for investors in high-tax states
✅ The updated Opportunity Zone timeline—and the “dead zone” every LP should avoid
✅ When DSTs still make sense in today’s market
✅ A brand-new carve-out: 100% write-off for buildings used directly in manufacturing
✅ The quick K-1 red flags CPAs catch that most LPs miss
✅ The “strategy stacking” framework to layer tax benefits for bigger impact
✅ How often (and when) you should work with your CPA so you can plan before you file

If you’re wiring into deals this year, this conversation shows you how to pair strong opportunities with smart tax planning.

Chapters:
00:02 – OBBB for LPs: How to actually benefit
03:54 – Active vs. Passive: Why the CPAs invest both ways
06:59 – K-1 tells: Red flags that signal shaky operators
12:14 – What changed: OBBB’s biggest investor updates
18:06 – 100% Bonus Depreciation: Qualification & timing rules
20:42 – Recapture made simple: Planning before the exit
31:18 – PTET & projections: Sponsor moves LPs should request
33:58 – SALT cap to $40k, OZ timelines, and DST use cases
40:05 – New 100% write-off for manufacturing buildings
42:58 – From law to guidance: Working with your CPA the right way

👉 Get 25+ Passive Investment Deals in Your Inbox:
http://growyourcashflow.io/investing-starter-kit-yt

Most advisors only talk stocks, bonds, and mutual funds—while serious LPs are hunting real estate, private credit, oil & gas, and other true alternatives.

Which means many investors are left to DIY their alternative portfolio—sorting through deals without institutional access, objective due diligence, or a framework to know what’s worth wiring into.

In this episode of The Passive Income Playbook (on the Best Ever CRE Show), Pascal Wagner sits down with Fred Hubler, founder of Creative Capital, a retainer-based wealth firm serving 300+ families across 30 states. 

Fred’s practice is built to advise across the entire balance sheet—not just what an advisor can custody—so clients can add institutional-grade alternatives alongside their public market exposure.

In this episode, you’ll learn how to:
✅ Build a portfolio like an endowment—balancing public markets with real estate, private credit, and other alts
✅ Evaluate deals with a repeatable due diligence filter (so you don’t waste time on losers)
✅ Spot “unfair advantages” that separate winning sponsors from average operators
✅ Understand DSTs, non-traded REITs, and direct LPs—and when each makes sense for you
✅ Use oil & gas strategically—for tax offsets and long-term income
✅ Avoid the trap of paying 1% AUM fees for advice that ignores 70% of your balance sheet

If you’ve ever felt underserved by AUM-only advice—or you’re building an LP portfolio that needs real diversification and better deal selection—this episode gives you a practical playbook to evaluate opportunities with confidence.

Chapters:
00:06 – Why most advisors miss alternatives (and how Fred fills the gap)
02:22 – From 9/11 stockbroker to alt-focused advisor: the turning point
07:12 – What endowments do differently: 70–80% outside public markets
11:00 – Retainer vs. AUM: incentives, scope, and who benefits
15:21 – The 50/10/20/20 portfolio: public, cash, alts, & real estate
19:44 – Access & scale: tapping institutional-grade opportunities
22:04 – Mutual funds ≠ diversification: the SPY consolidation story
26:00 – How to vet deals: track record, fees, and alignment (no hero risk)
33:13 – “Unfair advantages”: franchise roll-ups & proven exit buyers
35:33 – Land options → shovel-ready neighborhoods (developer demand)
41:00 – Oil & gas diligence: breakeven math, price risk, and structure
46:36 – How long real diligence takes (and why most skip it)

👉 Get 25+ Passive Investment Deals in Your Inbox:
http://growyourcashflow.io/investing-starter-kit-yt

The 2023–2024 market made preferred equity explode.

Tight lending and higher rates pushed sponsors to raise more pref than ever before.

If you’re LP investing today, you’ll see it—and you need to know how it works.

Because here’s the catch: if you don’t understand where pref sits in the stack, you could end up behind it—taking on more risk, getting diluted, or even watching your equity get wiped out while pref investors still get paid.

In this episode of The Passive Income Playbook (on the Best Ever CRE Show), Pascal Wagner sits down with Paul Moore, founder of Wellings Capital, who’s raised $190M+ from nearly 1,000 investors across multiple funds. Paul explains what preferred equity really is, how it stacks up against common equity, and why his firm shifted heavily into pref in recent years.

In this episode you’ll learn:
✅ The capital stack explained: debt vs. preferred vs. common equity
✅ Why pref surged during the 2023–24 lending crunch
✅ How pref protects LPs in downturns—and when it doesn’t
✅ JV hybrid equity: a middle ground with both safety and upside
✅ Practical ranges of pref returns (and red flags if they’re too high)
✅ Which investors should consider pref vs. those who should stick with common

Whether you’re new to LP investing or you’ve wired into dozens of deals, this episode will give you the clarity to evaluate opportunities with confidence.

Chapters:
00:00 – Why the 2023–24 Market Made Pref Equity Explode
01:47 – Paul Moore’s Journey: From Entrepreneur to $190M Raised
06:39 – Lessons From Losing Money: Speculating vs. Investing
12:19 – Capital Stack 101: Debt, Common Equity, and Pref Explained
17:00 – Why Sponsors Needed Pref: Lending Crunch, Gaps, and Rescue Capital
23:52 – When Pref Outperforms (and When It Caps Your Upside)
31:30 – JV Hybrid Equity: Capturing Upside With Downside Protection
38:54 – Risks, Fraud, and The #1 LP Mistake to Avoid
45:21 – What Realistic Pref Returns Look Like (and When to Walk Away)
49:17 – Who Pref Equity Is Best Suited For (and Portfolio Fit)
52:32 – Wellings Capital’s Evergreen Income & Growth Funds

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Most syndications live and die by debt. 

Joel Friedland does the opposite—he buys industrial properties 100% in cash. 

No lender. 
No covenants. 
No risk of losing a building in a downturn. 

For LPs, that means steadier distributions and true sleep-at-night investing.

In this episode of The Passive Income Playbook (Best Ever CRE Show), Pascal sits down with industrial real estate veteran Joel Friedland, founder of Brit Properties, who’s acquired 100+ assets over 40 years while pioneering a debt-free model in one of the most durable asset classes.

In this episode, you’ll learn:
✅ Why “sticky” industrial tenants rarely move—and how that stabilizes returns
✅ The risks leverage introduces and how going all-cash changes the LP experience
✅ How infill locations near highways/airports drive long-term value
✅ Why almost no new small-bay supply makes Class B industrial a landlord’s market
✅ How tariffs, politics, and labor shortages shape the future of U.S. manufacturing

Whether you’re new to syndications or re-thinking your risk tolerance, this conversation will give you a fresh lens on how to protect capital and still earn strong cash flow.

Chapters:
00:02 – Why Joel Buys Industrial With Zero Debt
01:48 – From Lawn-Mowing Hustle to 100+ Acquisitions
08:31 – Industrial 101 for LPs: Class A vs. B, Sticky Tenants, Real Use Cases
22:14 – Single-Tenant, Net-Lease Focus: Why All-Cash Simplifies Risk
28:29 – Location Edge: Infill, Highways, and Geometry That Attract Tenants
32:51 – Why He Doesn’t Develop: No New Small-Bay Supply = Landlord Advantage
36:35 – 2008 Lessons: Bank Workouts, Foreclosure Risk, and the No-Debt Pivot
45:32 – Tariffs & Politics: Why Labor Is the Real Onshoring Constraint
53:21 – How LPs Should Think About Risk, Returns, and Diversification
1:00:10 – Final Takeaways: Industrial’s Durability and Sleep-at-Night Investing

👉 Get 25+ Passive Investment Deals in Your Inbox:
http://growyourcashflow.io/investing-starter-kit-yt

Most LPs judge a deal by the projected returns.

But glossy pitch decks rarely tell you what really matters.

The pros know that the real risk lives in the operator and the assumptions—the places most investors never dig deep enough. Miss those, and you end up in a deal where the numbers don’t materialize, the communication dries up, and you’re stuck hoping someone else can land the plane.

On this episode of The Passive Income Playbook (on the Best Ever CRE network), Pascal sits down with Matt Picheny—Tony Award–winning Broadway producer, bestselling author of Backstage Guide to Real Estate, multifamily GP (16+ deals) and LP (28+ deals). Matt’s rare vantage point—coaching first-time sponsors while continuing to operate and invest himself—makes this a masterclass in thinking like a GP so you can invest like a smarter LP.

In this episode he breaks down:
→ How to vet sponsors beyond the pitch deck and spot red flags early
→ The underwriting assumptions that separate conservative from careless
→ Why today’s cycle may offer attractive entries if you can stomach the fear
→ Cap rates explained simply—and how they impact valuations
→ Lessons from his first LP deal that went sideways due to operator error
→ Fixed vs. floating debt, capital calls, and real-world investor communication
→ His Sun Belt value-add strategy and why he underwrites to worse exit cap rates than purchase

Whether this is your first syndication or your 15th, this conversation gives you a sharper checklist for sponsors, markets, and deals—so you can protect capital and compound wisely.

Chapters:
00:03 – Think Like an Operator: The LP Edge
01:20 – From Broadway to Buildings: Why Matt’s Lens Helps LPs
04:16 – The “Backstage Guide” Playbook: How Deals Really Work
08:36 – First LP Deal Went Sideways: What Operator Risk Looks Like
12:59 – Sponsor Diligence 101: Track Record, Assumptions, Communication
16:49 – Cycles & Sentiment: Why Unpopular Times Create Opportunity
21:12 – Debt Structure in Practice: Fixed vs. Floating (and Assumptions)
26:02 – Capital Calls & LP Alignment: Terms That Protect (or Hurt) You
33:04 – Conservative Underwriting: Exit Cap Discipline & Stress Tests
44:36 – Market & Strategy: Sun Belt Value-Add with Real Resident Wins

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Buying a business is hot right now. Everyone wants to be the next owner-operator… 

…Until you’re the one running payroll, managing staff, and handling operations. 

In this episode of The Passive Income Playbook, Sean Smith—Managing Partner at Search Fund Ventures, where he built a network of 3,800+ LPs, reviews 250–300 deals a year, and just closed a $5M fund focused on cash-flowing, recession-resistant companies like HVAC and B2B logistics—explains the smarter path.

Instead of becoming the CEO, LPs can back skilled operators through the search fund model, capturing predictable cash flow and private equity–style returns without ever becoming the CEO.

In this episode we cover:
✅ Why the “silver tsunami” + SBA leverage create a generational LP opportunity
✅ How the search fund model works (traditional, self-funded, and independent sponsor)
✅ How to build a thesis around essential businesses with predictable earnings
✅ Sean’s 215-point due diligence checklist—and the red flags that instantly kill a deal
✅ How family offices, institutions, and retail LPs each play in this space
✅ The terms and structures LPs must watch for to avoid getting crammed

If you’re interested in generating private equity–style returns without running a business yourself, this episode is for you.

Chapters
00:00 – Why Buying a Business Might Be the Wrong Play for LPs
02:01 – Meet Sean Smith: Building a $5M Fund for Small Business Deals
02:32 – Search Funds Made Simple: 3 Models Every LP Should Know
07:18 – The Silver Tsunami: $7–10T of Small Biz Changing Hands
09:41 – Where LPs Win: Why Services Beat SaaS & Manufacturing
15:18 – Building a Cash Flow Thesis: Essential Businesses in Durable Markets
21:03 – The 215-Point Checklist: How to Spot Red Flags Before Wiring Money
25:30 – Diligence in Action: From Teaser to SIM to Data Room
35:19 – Why Deal Flow Matters: Reviewing 300 Deals to Fund 2%
45:05 – Terms That Protect LPs: Prefs, Leverage, and Fair Splits