PassivePockets: The Passive Real Estate Investing Show

In this episode of our LP Deal Review Series, Matt Johnson of McFarlin Group presents the McFarlin Longevity GP Fund III to our LP panel of Chris Lopez and Pascal Wagner.

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Disclaimer:

The comments, views, opinions and any forecasts of future events, returns or results expressed in this episode reflect the opinions of the given host or participants (including the personal opinions of PassivePockets employees or contractors, as applicable), are subject to change without notice, do not reflect the views of PassivePockets or its affiliates, may not reflect actual investment results, are not guarantees of future events, returns or results and are not intended to provide financial planning, investment advice, legal advice or tax advice. The accuracy, completeness or suitability of the information discussed in this podcast, including any comments, views, opinions, forecasts, graphs, charts, ratings, reviews, videos, and other audio and/or visual aids cannot be guaranteed, are not reviewed by PassivePockets, are provided for informational purposes only, and should not be solely relied upon in making an investment decision. PassivePockets receives compensation from sponsors in exchange for profiling sponsors and/or their sponsored deals in this episode; however, such paid advertisements shall not be construed as an endorsement, testimonial, or recommendation by PassivePockets to invest in any sponsor, investment strategy or investment opportunity. Investing in real estate is inherently risky and suitable only for sophisticated and qualified investors. Prospective investors should consult with their own investment advisors, financial advisors, and tax advisors, as applicable, in connection with any decision to invest.

The information on this website, including any graphs, charts, ratings, reviews, videos, and other visual aids, is for informational purposes only, and is not an offering of or solicitation to purchase securities or otherwise make an investment. PassivePockets is not responsible for ensuring or verifying that sponsor and/or deal information and offering materials are compliant with applicable law, including but not limited to securities laws or investment advisory regulations. PassivePockets receives compensation from sponsors in exchange for profiling sponsors and/or their sponsored deals on this website; however, such profiles and the sponsor-provided content therein shall not be construed as, and are not, endorsements, testimonials, or recommendations by PassivePockets. Any comments, views, opinions and any forecasts of future events, returns or results expressed in video content posted to this website, whether by PassivePockets, sponsors, or website users, reflect the opinions of the given author or speaker (including the personal opinions of PassivePockets employees or contractors, as applicable), are subject to change without notice, do not reflect the views of PassivePockets or its affiliates, may not reflect actual investment results, are not guarantees of future events, returns or results and are not intended to provide financial planning, investment advice, legal advice or tax advice. The accuracy, completeness or suitability of the (i) information and offering materials provided by a sponsor and (ii) the information discussed in video content posted to this website, including any comments, views, opinions, forecasts, graphs, charts, ratings, reviews, videos, and other visual aids, cannot be guaranteed, are not reviewed by PassivePockets, are provided for informational purposes only, and should not be solely relied upon in making an investment decision. No responsibility or liability is accepted or assumed by PassivePockets or any of its officers, agents or advisors as to the accuracy, sufficiency or completeness of any such video content. Investing in real estate is inherently risky and suitable only for sophisticated and qualified investors. Prospective investors should consult with their own investment advisors, financial advisors, and tax advisors, as applicable, in connection with any decision to invest.

Sponsors may only offer securities through this website pursuant to Rule 506(c) under Regulation D under the Securities Act of 1933, and the sale of such securities will be strictly limited to those persons who are qualified as “accredited investors” as defined in Rule 501(a) of Regulation D under the Securities Act of 1933. Compliance with these requirements and other applicable securities laws is the sole responsibility of each sponsor, and not PassivePockets. 

This Episode

The oldest baby boomers are turning 80 just as senior housing construction reaches its lowest level in more than a decade. Matt Johnson of McFarlin Group joins Chris Lopez to explain why this widening supply and demand gap could create one of the strongest real estate opportunities of the next several years.

Matt shares how he grew from buying a duplex near SMU into developing and acquiring senior living communities with institutional partners. He also discusses HUD financing, fixed-rate debt, fund structures, labor management, and the operating systems required to run properties that combine elements of housing, hospitality, and healthcare.

Key takeaways:

• Why the population of Americans over 80 is expected to grow rapidly

• How limited construction is affecting senior housing occupancy and rents

• What Matt learned launching McFarlin Group during the Great Recession

• Why his team prefers fixed-rate debt and patient capital

• How GP funds give individual investors access to institutional deals

• Why controlling labor costs is essential to senior housing performance

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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

For lifelong active investors, the hardest part of going passive may be giving up control. Jonathan Greene grew up evaluating properties alongside his father and spent decades investing, managing rentals, and flipping houses before making his first syndication investment.

Jonathan joins Chris Lopez to explain how he evaluates sponsors, assets, and debt without relying on projected IRRs. He also shares why passive investments have helped him diversify into new markets, preserve capital for his children, and become more selective about the active real estate projects he still wants to pursue.

Key takeaways:

• How Jonathan made the transition from active investor to LP

• Why trust, the underlying asset, and debt matter more than projected returns

• How monthly reports can reveal problems before a deal goes sideways

• Why he invested repeatedly with one proven sponsor

• What attracted him to a wellness resort development in Palm Springs

• How active and passive investments can strengthen the same portfolio

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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

Can an evergreen fund deliver the benefits of long-term real estate ownership without forcing investors to start over with every new deal? Ellis Hammond of Aspen Funds presents the Aspen Legacy Fund, a multifamily fund designed to compound capital, limit tax drag, and provide exposure to multiple properties through a single K-1.

Chris Lopez, Pascal Wagner, and Christine Kwasny examine the fund’s assets, debt, valuation process, liquidity provisions, and investment strategy. They also press Ellis on refinancing risk, related-party investments, NAV calculations, redemption limits, and what investors should understand before treating a two-year lockup as true liquidity.

Key takeaways:

• How the evergreen structure is designed to reduce taxes and deployment lag

• Why the fund reinvests income instead of paying regular distributions

• How direct ownership, JV investments, and private credit fit into the portfolio

• How Aspen calculates NAV and values the underlying properties

• The refinancing risks tied to the fund’s multifamily debt

• Why redemption requests remain subject to liquidity and best efforts

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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.

After nearly 25 years as an LP, Jeremy Roll is 99% on the sidelines. He joins Chris Lopez to explain why he believes real estate still has more pain ahead, what would bring him back into the market, and why positive leverage remains his clearest measure of whether a deal is fairly priced.

Jeremy also shares the few asset classes he is watching, how he built a portfolio spanning more than 60 active LLCs, and the conservative standards that helped him avoid many of the problems now facing other investors. Plus, he explains why LPs should consider the economic cycle, read every operating agreement, and run background checks before committing capital.

Key takeaways:

• Why Jeremy is holding cash while continuing to review deals

• The opportunities he sees in mobile home parks and senior housing

• How positive leverage helps determine whether a deal is fairly priced

• Why he prefers long-term fixed-rate debt and lower leverage

• How LPs can diversify across deals, operators, markets, and asset classes

• The due diligence steps Jeremy believes too many investors skip

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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.

Self-storage has long been considered recession resilient, but what happens when high interest rates freeze the housing market and fewer people move? Neil Henderson of Nomad Capital joins Chris Lopez to explain why the industry is facing one of its most difficult markets in decades and what could finally restart demand.

Neil also breaks down Nomad’s strategy of converting vacant big-box stores into climate-controlled storage at roughly half the cost of ground-up construction. They discuss current deal economics, slower lease-ups, competition from major REITs, and why shopping centers with existing retail income could offer investors a valuable margin of safety.

Key takeaways:

• Why self-storage demand is closely connected to home sales

• How big-box conversions can cost significantly less than new construction

• Why slower lease-ups have delayed distributions for storage investors

• What fixed-rate debt can protect during a difficult market cycle

• How major storage REITs can pressure smaller operators

• Where Neil sees the strongest self-storage opportunities heading into 2027

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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 #293

This Episode

Would you invest in an income fund created primarily to lend money back to its own sponsor? Chris Lopez, Adam Cranmer, Pascal Wagner, and Christy Burakovsky examine the conflicts, hidden risks, and missing checks and balances that LPs should consider before investing on both sides of the same operation.

The panel also shares real portfolio updates involving capital calls, securitization, debt funds, and multifamily distributions. Plus, they discuss whether monthly payouts should influence an investment decision, how much confidence audited financials should provide, and why several panelists continue converting retirement funds to Roth accounts.

Key takeaways:

• The risks of investing in a fund that lends to its own sponsor

• Why third-party lenders can provide valuable oversight

• How to distinguish a planned capital call from a troubled one

• Whether monthly distributions are worth prioritizing over quarterly payouts

• Why audited financials are only one piece of fund due diligence

• How the panel approaches Roth conversions and future tax uncertainty

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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

What if you could earn real estate-backed income without owning or operating the property? Shawn Muneio joins Chris Lopez to explain how investors can access private credit through performing second-lien mortgages and why today’s high-interest-rate environment has created new opportunities in this overlooked corner of the debt market.

Shawn breaks down how these loans are sourced, what protects investors when a borrower falls behind, and why equity coverage matters when investing from the second position. They also discuss Regulation A bonds, how they differ from traditional LP investments, and how nonperforming debt can offer an alternative way to source real estate.

Key takeaways:

• Why second-lien mortgages are becoming more common

• How equity coverage can protect junior-lien investors

• What happens when a borrower stops making payments

• How Regulation A bonds differ from traditional LP investments

• Why some investors prefer receiving a 1099 instead of a K-1

• How nonperforming debt can uncover off-market real estate opportunities

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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

Check Out The Deal:

https://passivepockets.com/directory/deals/trulo-homes-cottonwood-creek/

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This Episode

Ryan Watts of Red River Development returns to PassivePockets for an LP Deal Review of the firm’s latest build-to-rent project: a 206-home community currently under construction in Waco, Texas. Ryan walks Chris, Christy Burakovsky, and Pascal Wagner through the project’s capital structure, construction progress, market thesis, and projected exit strategy and explains why Red River believes this point in the development cycle may offer a compelling setup for new BTR supply.

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Disclaimer:

The comments, views, opinions and any forecasts of future events, returns or results expressed in this episode reflect the opinions of the given host or participants (including the personal opinions of PassivePockets employees or contractors, as applicable), are subject to change without notice, do not reflect the views of PassivePockets or its affiliates, may not reflect actual investment results, are not guarantees of future events, returns or results and are not intended to provide financial planning, investment advice, legal advice or tax advice. The accuracy, completeness or suitability of the information discussed in this podcast, including any comments, views, opinions, forecasts, graphs, charts, ratings, reviews, videos, and other audio and/or visual aids cannot be guaranteed, are not reviewed by PassivePockets, are provided for informational purposes only, and should not be solely relied upon in making an investment decision. PassivePockets receives compensation from sponsors in exchange for profiling sponsors and/or their sponsored deals in this episode; however, such paid advertisements shall not be construed as an endorsement, testimonial, or recommendation by PassivePockets to invest in any sponsor, investment strategy or investment opportunity. Investing in real estate is inherently risky and suitable only for sophisticated and qualified investors. Prospective investors should consult with their own investment advisors, financial advisors, and tax advisors, as applicable, in connection with any decision to invest.

The information on this website, including any graphs, charts, ratings, reviews, videos, and other visual aids, is for informational purposes only, and is not an offering of or solicitation to purchase securities or otherwise make an investment. PassivePockets is not responsible for ensuring or verifying that sponsor and/or deal information and offering materials are compliant with applicable law, including but not limited to securities laws or investment advisory regulations. PassivePockets receives compensation from sponsors in exchange for profiling sponsors and/or their sponsored deals on this website; however, such profiles and the sponsor-provided content therein shall not be construed as, and are not, endorsements, testimonials, or recommendations by PassivePockets. Any comments, views, opinions and any forecasts of future events, returns or results expressed in video content posted to this website, whether by PassivePockets, sponsors, or website users, reflect the opinions of the given author or speaker (including the personal opinions of PassivePockets employees or contractors, as applicable), are subject to change without notice, do not reflect the views of PassivePockets or its affiliates, may not reflect actual investment results, are not guarantees of future events, returns or results and are not intended to provide financial planning, investment advice, legal advice or tax advice. The accuracy, completeness or suitability of the (i) information and offering materials provided by a sponsor and (ii) the information discussed in video content posted to this website, including any comments, views, opinions, forecasts, graphs, charts, ratings, reviews, videos, and other visual aids, cannot be guaranteed, are not reviewed by PassivePockets, are provided for informational purposes only, and should not be solely relied upon in making an investment decision. No responsibility or liability is accepted or assumed by PassivePockets or any of its officers, agents or advisors as to the accuracy, sufficiency or completeness of any such video content. Investing in real estate is inherently risky and suitable only for sophisticated and qualified investors. Prospective investors should consult with their own investment advisors, financial advisors, and tax advisors, as applicable, in connection with any decision to invest.

Sponsors may only offer securities through this website pursuant to Rule 506(c) under Regulation D under the Securities Act of 1933, and the sale of such securities will be strictly limited to those persons who are qualified as “accredited investors” as defined in Rule 501(a) of Regulation D under the Securities Act of 1933. Compliance with these requirements and other applicable securities laws is the sole responsibility of each sponsor, and not PassivePockets. 

This Episode

Kevin Amolsch returns to PassivePockets to take Chris behind the scenes of private lending and debt funds from how lenders actually make money to the underwriting decisions that determine whether investor capital stays protected when a deal goes sideways.

Kevin has been lending to real estate investors for nearly two decades through Pine Financial Group, and he walks through how the business evolved from brokering individual private loans into managing diversified debt funds. He explains why Pine prioritizes return of capital over maximizing return on capital, how its fund economics are structured, and why the company is willing to make underwriting more difficult for borrowers if it means creating a larger margin of safety for LPs.

Chris and Kevin dig into the actual credit box behind these loans: loan-to-ARV limits, borrower liquidity, personal guarantees, credit history, monthly payments, construction draws, and why Kevin will automatically pass on certain out-of-market borrowers. Kevin also explains why Pine is willing in some cases to finance nearly an entire project if the underlying economics and after-repair value create enough protection.

The conversation also gets into what happens when things go wrong. Kevin shares how Pine evaluates REOs, when taking a loss today may be smarter than holding a property for years, why liquidity mismatches can create problems even when the underlying assets are performing, and how the firm uses leverage conservatively rather than simply maximizing it to boost returns.

They also discuss fraud risk in private lending, the importance of title insurance and draw controls, and the operational safeguards Kevin believes investors should look for in a debt fund, including audited financials, third-party administration, and outside diligence. Finally, Kevin shares what he’s investing in personally outside of lending—including retail, industrial, and a troubled industrial development where he ultimately chose to buy one of the buildings rather than walk away from his original investment.

Key Takeaways

How private lending evolved from individual hard-money loans into diversified debt funds

Why Pine Financial prioritizes loan-to-ARV, borrower liquidity, guarantees, and monthly payments in its underwriting

How debt fund economics work—from preferred returns and management fees to origination income and leverage

Why Kevin views return of capital as more important than maximizing return on capital

How lenders decide whether to foreclose, hold an REO, take a loss, or redeploy capital

Why liquidity mismatches can create redemption problems even when a loan portfolio is still performing

How conservative versus aggressive fund leverage can materially change both returns and risk

The fraud controls Kevin uses around construction draws, title work, and lien priority

Why audited financials, third-party administration, and independent diligence matter when evaluating a debt fund

What Kevin is investing in personally today across retail and industrial real estate

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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.