Alicia Miller joins PassivePockets to break down Qualified Opportunity Zones, why they matter for real estate investors, and how they can fit into an active-to-passive transition strategy. Chris and Alicia start with the basics: what a QOZ is, how the original program worked, and why investors with capital gains from selling real estate, a business, or other appreciated assets may want to understand this structure before making their next move.

They walk through the key differences between QOZ investing and a 1031 exchange, including why QOZs only require investors to reinvest the capital gain, not the full sale proceeds, and why the money does not need to be held by a qualified intermediary. Alicia also explains the original QOZ timeline, the upcoming shift into QOZ 2.0, and how the new version creates a rolling five-year capital gains deferral with a 10% reduction, or 30% for qualifying rural investments.

Chris and Alicia also dig into a timely QOZ 1.0 strategy: using a valuation study on a development project that has broken ground but is not yet cash flowing. Alicia explains how this could potentially create an upfront capital gains deduction before the original program sunsets, why the timing matters, and how investors should think about the trade-offs between tax benefits, development risk, and long-term hold periods.

Key takeaways:

What Qualified Opportunity Zones are and why they were created

How QOZs can help landlords move from active ownership into passive investments

Why QOZs differ from 1031 exchanges in timelines, reinvestment rules, and flexibility

How QOZ 1.0 allowed investors to defer gains until the end of 2026 and potentially receive deductions based on hold period

What changes under QOZ 2.0, including rolling five-year deferrals and new zone designations

Why the 10-year hold remains the major long-term tax benefit for QOZ investors

How valuation studies may create a unique window for certain QOZ 1.0 development investments

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Disclaimer

The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

This Episode

Chris breaks down one of the biggest questions active real estate investors face as their portfolios mature: should you keep, refinance, or sell your rental properties?

Drawing from his own shift from active landlord to passive investor, Chris explains why many investors get stuck evaluating properties based on their original investment instead of their current equity. A rental that looks like an “infinite return” on paper may actually be producing weak cash flow on equity or underperforming compared to simpler, more passive alternatives.

The episode walks through a practical framework for re-underwriting each asset in your portfolio every year. Chris explains how to evaluate whether a property still aligns with your cash flow goals, lifestyle goals, and “do not want” list, especially if you are trying to reduce management headaches, increase income, or transition into more passive investments.

Chris also compares several real-world paths: keeping and optimizing a rental, doing a cash-out refinance and reinvesting the proceeds, selling and paying taxes, using a traditional 1031 exchange, or using a “lazy 1031” strategy where depreciation from a new investment may help offset taxes. The goal is not to prescribe one right answer, but to challenge the assumption that holding forever or avoiding taxes at all costs is always the best move.

Key takeaways:

Why original cash-on-cash return can be misleading once a property has built significant equity

How to calculate cash flow on equity and return on equity

Why your portfolio decisions should start with cash flow and lifestyle goals

How to use the keep, refi, or sell framework for each rental property

When a cash-out refinance can increase cash flow without selling the asset

Why paying taxes may still make sense if the remaining capital can be redeployed into better-performing investments

How “lazy 1031” strategies, depreciation, DSTs, 721 exchanges, and other tools can help active investors transition toward passive ownership

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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 PassivePockets community roundtable, Chris Lopez sits down with Adam Cranmer, Pascal Wagner, and Christy Burakovsky to talk through real portfolio moves, new investments, and the questions LPs should be asking before and after they write a check.

The conversation starts with portfolio updates: Adam shares why he invested in Alturas’ retail-focused fund through an SPV, passed on a strong sponsor because the deal was outside their core market, and received capital back from a debt fund that no longer fit the team’s risk/reward standards. Pascal walks through how he’s helping manage his mom’s portfolio by diversifying across multiple credit and lending funds, while also keeping dry powder available for single-family foreclosure opportunities. Christy shares why she’s still looking at single-family for tax planning purposes and why she recently invested in a non-performing loan fund after getting comfortable with the math, risk profile, and strategy.

Then the group digs into a nuanced but important LP topic: return of capital vs. return on capital. Christy breaks down how distributions can either reduce your invested basis or represent earnings on top of your original investment, and why that difference can impact taxes, pref calculations, redemption mechanics, and long-term portfolio tracking. The panel debates whether return of capital truly de-risks an investment, how compounding can quietly increase exposure to a single deal or operator, and why LPs need to understand how these mechanics are written into the legal documents.

Finally, the roundtable turns to sponsor questions and due diligence etiquette. Adam shares a recent example of an operator who stopped accepting capital from PassivePockets members because the volume of questions became too time-consuming. The group debates where the line is between reasonable diligence and overwhelming a sponsor, why LPs should not be afraid to ask thoughtful questions, and how operators can reduce friction with better data rooms, clear reporting, and transparent communication. The takeaway: ask the questions, understand what you’re asking, and remember that good diligence continues after the wire is sent.

Key takeaways:

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Disclaimer

The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

This Episode

Ryan and Steven Watts of Red River Development join Chris to break down the build-to-rent market, why Red River focuses on secondary markets, and how recent housing legislation could reshape the future of single-family rental investing.

Ryan and Steven share how their backgrounds in energy, banking, construction, development, and property management led them to launch Red River in 2020, right as COVID was reshaping housing demand and capital markets. Since then, the company has grown to more than 2,200 units and roughly $690 million in assets under management, with a focus on purpose-built rental communities designed for renters who want more space, privacy, and flexibility than traditional apartments can offer.

The conversation also digs into the 21st Century ROAD to Housing Act and why early Senate language could have been highly disruptive to the build-to-rent industry. Steven explains why the final version was ultimately positive for BTR, how it preserved the distinction between scattered-site single-family rental aggregation and purpose-built rental communities, and why institutional capital may increasingly shift toward BTR as a result.

Chris, Ryan, and Steven also get tactical on Red River’s current Waco, Texas project: a 206-home Trulo Homes community on 20 acres near major retail, entertainment, downtown Waco, and Baylor University. They walk through the capital stack, construction debt, personal guarantees, commercial construction approach, phasing strategy, and how Red River de-risks development by lining up permits, contractors, GMP pricing, and leasing phases before and during construction.

Key takeaways:

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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.

Jeff Axley of Ridgeline Capital Partners joins Chris to break down medical office buildings, one of the healthcare real estate niches more LPs are starting to pay attention to. Jeff walks through how his background across office, multifamily, development, restructuring, industrial, and master-planned communities ultimately led him to focus on medical office as a more durable, recession-resilient asset class.

Chris and Jeff start with the basics: what medical office buildings are, how they differ from hospitals, senior housing, skilled nursing, assisted living, and other parts of the healthcare real estate landscape, and why outpatient care has become such an important long-term trend. Jeff explains why medical office can behave like traditional office in some ways, but with important differences: longer leases, triple-net structures, higher tenant improvement costs, more specialized build-outs, and stickier tenants who are much harder to move once they have expensive medical infrastructure in place.

They also dig into the current market opportunity. While traditional office and multifamily have faced major headwinds, medical office occupancy and rents remain strong, with supply typically built to match tenant demand rather than speculative growth. Jeff explains why buying existing medical office at a meaningful discount to replacement cost can create a protected basis, how rising construction costs support the value of existing buildings, and what LPs should look for when evaluating MOB underwriting.

Key takeaways:

What medical office buildings are and how they fit into the broader healthcare real estate landscape

Why outpatient care, aging demographics, technology, and reimbursement pressure support long-term MOB demand

How medical office differs from traditional office through lease structure, tenant improvements, plumbing, foot traffic, and tenant stickiness

Why MOB supply is typically more controlled than multifamily or traditional office supply

How triple-net leases help owners pass through operating expenses, while still requiring competitive cost management

Why replacement cost matters and how buying existing buildings below new construction cost can create downside protection

What LPs should watch in MOB deals, including going-in cap rate, cost of financing, positive leverage, stabilized yield on cost, and exit cap assumptions

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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.

August Biniaz of CPI Capital joins Chris to unpack why his firm is bringing Canadian capital into U.S. real estate and why he believes the U.S. remains one of the most attractive rental markets in the world. August walks through his path from fix-and-flips and ground-up construction to launching CPI Capital, a firm built to help Canadian investors access U.S. multifamily and build-to-rent opportunities.

Chris and August dig into the cross-border investing mechanics, including why Canadian investors look south for stronger yields, how withholding taxes and entity structures matter, and why CPI uses limited partnerships rather than LLCs for syndicated deals involving Canadian capital. August also explains how CPI recently created a vehicle that allows Canadian investors to use retirement accounts for U.S. real estate investments.

The conversation then shifts to the current multifamily cycle. August shares why he believes Sunbelt multifamily is near the bottom of the cycle, why distress and repricing may create attractive entry points, and how CPI is evaluating a Dallas-area deal that has corrected significantly from its 2022 basis. Chris pushes on downside risk, debt maturity, interest rates, and macro uncertainty, while August explains why he believes conviction, basis, and business plan discipline matter most in this phase of the cycle.

They also discuss CPI’s build-to-rent strategy, including duplex communities in San Antonio, a build-to-hold project in Denton, and why August views BTR as “horizontal multifamily” serving a growing renter-by-choice demographic.

Key takeaways:

Why CPI Capital was created to help Canadian investors access U.S. real estate

How U.S. multifamily yields compare to similar Canadian markets

Why cross-border tax structure, withholding, and entity choice matter

How Canadian retirement accounts can be directed into certain real estate vehicles

Why August believes Sunbelt multifamily is near the bottom of the cycle

How CPI is underwriting distressed or repriced multifamily opportunities today

Why CPI is focused on Texas and Florida, especially DFW, San Antonio, and Tampa

How build-to-rent fits CPI’s thesis and serves renters by choice

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Disclaimer

The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

This Episode

Matthew Sinclair returns to PassivePockets to break down the build-to-rent market, the state of single-family institutional investing, and why he believes BTR is still in the early innings compared to traditional multifamily. Drawing on his background in real estate investment banking and private equity, Matthew explains why home affordability, demographic shifts, and renter preferences are creating long-term demand for professionally managed single-family rentals.

Chris and Matthew dig into how BTR compares to scattered-site single-family rentals, why large institutions are increasingly recycling capital out of older homes and into newer construction, and how interest rates are reshaping the economics of the space. Matthew also explains how his firm is approaching the market today: buying newer homes from builders at favorable basis, prioritizing cash flow over aggressive appreciation assumptions, and focusing on operational efficiency in markets where cap rates can support distributions.

The conversation also covers the recent housing legislation impacting institutional single-family ownership, why contiguous BTR communities may have a clearer path forward than scattered-site portfolios, and how uncertainty around regulation, interest rates, and exit markets should affect underwriting. For LPs evaluating residential real estate today, this episode is a practical look at how to think about basis, margins, tenant demand, builder incentives, and risk management in a higher-rate environment.

Key takeaways:

Why Matthew believes build-to-rent is still 20–30 years behind multifamily in institutional adoption

How affordability pressures are extending the renter lifecycle and supporting demand for single-family rentals

Why many institutions are selling older scattered-site homes and focusing more on new construction BTR

How higher interest rates create challenges for valuations but opportunities for basis-driven buyers

Why Matthew prioritizes cash flow, operating margin, and tenant retention over aggressive appreciation assumptions

How new housing legislation may affect institutional single-family ownership and the future of contiguous BTR communities

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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.

Episode #281

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This Episode

In this special LP Deal Review episode, Chris Lopez is joined by Adam Cranmer and Pascal Wagner to evaluate DLP Capital’s Preferred Credit Fund with Don Wenner, founder and CEO of DLP Capital. Don walks through the fund’s strategy, target return profile, underwriting process, borrower standards, and how DLP approaches development, construction, bridge, mezzanine, and preferred equity lending in today’s market.

The discussion digs into why DLP focuses on housing that is affordable for working families, how the firm thinks about lending in high-growth Sunbelt markets, and what separates its Preferred Credit Fund from a senior secured lending fund. Don also addresses several of the key diligence questions LPs should be asking right now, including geographic concentration risk in Florida and Texas, loan-to-value and loan-to-cost metrics, borrower concentration, third-party validation, fund administration, internal controls, and how rising interest rates could affect the fund’s risk profile.

After Don leaves the conversation, Chris, Adam, and Pascal break down the fund from an LP perspective. They discuss what they like about DLP’s track record, reporting, borrower quality, and institutional infrastructure, while also highlighting the risks they are watching closely, including mezzanine exposure, state concentration, self-dealing concerns, fees, macro uncertainty, and whether the return spread is attractive enough compared to risk-free alternatives. The episode closes with a broader conversation about how LPs should think about risk, liquidity, debt versus equity, and portfolio construction in an uncertain investing environment.

Key takeaways:

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Disclaimer

The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

This Episode

Pat Zingarella joins Chris Lopez to share the story behind Invest Clearly, a platform built to bring more transparency to the private real estate investing world. Pat’s journey started like many BiggerPockets listeners: learning through podcasts, buying his first small multifamily property, making painful mistakes, and slowly realizing how hard it can be for LPs to know who they can trust.

Pat walks through the lessons from his first fourplex, including inherited tenants, COVID-era nonpayment, poor screening decisions, and the difference between blaming real estate versus recognizing where his own due diligence fell short. He also shares how a later experience working under a high-profile real estate figure exposed him to the darker side of the industry and helped shape his view that LPs need better tools, better transparency, and better ways to validate sponsors before wiring capital.

Chris and Pat dig into how Invest Clearly works today: a directory of GPs, verified LP reviews, proof-of-investment requirements, and a growing database designed to help investors compare sponsor experiences in one place. They also discuss why reviews matter, what happens when operators try to suppress negative feedback, and why community-driven transparency can help separate strong sponsors from bad actors.

Key takeaways:

How Pat went from BiggerPockets listener to active investor to building Invest Clearly

What his first fourplex taught him about screening, reserves, trust, and due diligence

Why private real estate needs more transparency around GP track records and LP experiences

How Invest Clearly verifies reviews and helps LPs research sponsors

Why negative reviews, legal threats, and transparency are becoming bigger issues in the industry

How communities like PassivePockets and tools like Invest Clearly can help LPs make better-informed decisions

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Disclaimer

The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

Get Paul Shannon's Book, Both Sides of the Table: https://www.amazon.com/dp/B0H4W5D288?spcref=PUBLISHED_PREORDER_LIVE

This Episode

Paul returns to PassivePockets to discuss his new book, Both Sides of the Table, and the lessons he has learned as an LP, fund manager, and GP. He and Chris unpack the difference between being a “syndication consumer” and a true capital allocator, including why newer investors often get pulled in by polished decks, urgency-driven marketing, and projected IRRs without fully understanding the downside.

Paul explains how he evaluates market cycles, why timing still matters even if you can’t perfectly call the bottom, and how he thinks about toggling between aggressive and defensive portfolio positioning. The conversation also gets into sponsor character, fraud risk, debt structure, and the hard lessons that come from deals where communication breaks down or capital is misused.

Chris and Paul also dig into practical due diligence: what can disqualify a deal in the first five minutes, why metrics like yield on cost and IRR partitioning matter more than flashy projected returns, and why the debt stack can make or break an otherwise strong-looking deal. For LPs who want to get more serious about passive investing, this episode is a reminder that the default answer should be “no” until the deal, sponsor, structure, and market all earn your confidence.

Key takeaways:

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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.