PassivePockets: The Passive Real Estate Investing Show

Scott Trench brings a contrarian 2026 office thesis to the table, starting with the idea first, then stress-testing it with three expert investors: Ash Patel, J Scott, and host Chris Lopez. The group debates where office is truly mispriced, what “trophy” means post-COVID, and why “downtown vs. suburbs” might be the wrong framing without understanding tenant demand, floor plates, and lease-up realities.

They dig into the mechanics of making office work (cash-flowing vs. vacant assets, tenant improvements, buildouts, leasing risk, and financing constraints), plus the biggest wild cards shaping demand going forward, from work-from-home to AI to local policy and migration trends. Ash also shares a real-world case study on buying fragmented suburban office at a deep discount and selling it off in smaller pieces.

By the end, Scott refines his thesis from a binary bet into a spectrum: office may be a compelling buy if you’re surgical on asset selection, capitalization, and operator expertise and realistic about how long the grind to stabilization can take.

Key Takeaways

Downtown vs. suburban office: why pricing, tenant demand, and commute behavior can lead to very different risk profiles

What actually wins in office now: smaller suites, turnkey space, parking, “soul”/amenities, and flexible layouts vs. big single-tenant floorplates

Capital stack reality: why office financing is still tough, and why many plays require low leverage (or all-cash) plus significant TI reserves

Operator selection: how to vet office sponsors when COVID disrupted track records—and why experience managing office matters more than ever

One actionable strategy: buying multi-building suburban office portfolios at a discount and selling off smaller buildings to owner-users (with SBA tailwinds)

Disclaimer

The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk. Nothing here is investment, tax, legal, or financial advice; consult qualified professionals. Past performance is not indicative of future results. This podcast may include paid advertisements or promotional materials and should not be interpreted as a recommendation or endorsement by PassivePockets, LLC or affiliates. Conduct your own due diligence and consider your financial situation before engaging with any offering discussed. PassivePockets, LLC disclaims all liability for any actions taken based on the information presented.

In this LP Deal Review, Chris Lopez and LP panelist Christy Burakovsky sit down with Michael Episcope, Co-CEO of Origin Investments, for a deep dive into Origin’s Select Asset Fund—an intentionally small, vintage-based multifamily development fund built to deploy in 2026.

Michael walks through the macro thesis (supply peaking, concessions stabilizing, and starts slowing), the fund’s structure (targeting five shovel-ready ground-up deals, four-year duration, and an option to continue holding for long-term compounding), and the underwriting guardrails designed to protect downside in a still-volatile environment.

The panel then presses into the details that matter most to LPs: entitlement risk, leverage and loan structure, how Origin avoids “rescue capital,” how the 2021 vintage fund is performing today, and how Origin’s co-invest program works—including potential pathways for group allocations and better terms.

Key Takeaways

Fund design: $100M, focused on 2026 ground-up multifamily development with a four-year duration and optional continuation for long-term hold

Risk mitigation: shovel-ready entitlements, conservative leverage (~65% LTC), and a structure aimed at avoiding cross-collateralization and hidden fund-level risk

Co-invest mechanics: $500K+ fund minimum with 1:1 co-invest eligibility (no fee/no carry), and discussion of potential pooled/group pathways

Vintage reality check: how Origin’s 2021 development fund is performing today (single digits) and what that implies about underwriting discipline in tough vintages

Sourcing + operations: Origin’s multi-office footprint, repeat development partners, and a highly active asset management playbook to drive performance post-delivery

Disclaimer

The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk. Nothing here is investment, tax, legal, or financial advice; consult qualified professionals. Past performance is not indicative of future results. This podcast may include paid advertisements or promotional materials and should not be interpreted as a recommendation or endorsement by PassivePockets, LLC or affiliates. Conduct your own due diligence and consider your financial situation before engaging with any offering discussed. PassivePockets, LLC disclaims all liability for any actions taken based on the information presented.

Logan Freeman is back for his 2026 update on the 18.6-year real estate cycle: breaking down where he believes we are right now (still in the “Winner’s Curse,” but with a messy, sector-by-sector twist) and what signals he’s watching to spot a true shift into contraction.

We dig into the big contradictions investors are feeling: transaction volumes and pricing stabilization on one hand, and real pain in certain sectors (office distress, Sunbelt multifamily oversupply, looming debt maturities) on the other. Logan’s take: we’re in a “rolling recession by sector,” where top-quartile assets and defensive niches can behave like late expansion while over-levered commodity assets behave like early contraction.

Finally, Logan shares how he’s positioning his own capital, why he’s focused on small-bay industrial with yard space, industrial outdoor storage economics, and the land/power/infrastructure race behind data centers, plus his predictions for 2026 transaction volume, rates, and pricing heading into 2027.

Key Takeaways

The 18.6-year cycle refresher: recovery → expansion → Winner’s Curse → contraction, and why psychology + credit matter

Why 2025–early 2026 looks “bifurcated”: office vs. medical office, Sunbelt multifamily vs. Midwest stability, and defensive sectors

The debt maturity wave (2024–2027) as the forcing mechanism that can create both distress and opportunity

What Logan watches now: 10-year Treasury trend, CMBS spread tightening, distress volume, office vacancy, and multifamily rent growth

Where he’s investing: small-bay industrial + yard space, iOS tailwinds, and the land/power path to data center development

Disclaimer

The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk. Nothing here is investment, tax, legal, or financial advice; consult qualified professionals. Past performance is not indicative of future results. This podcast may include paid advertisements or promotional materials for sponsors, funds, or offerings and should not be interpreted as a recommendation or endorsement by PassivePockets, LLC or affiliates. Conduct your own due diligence and consider your financial situation before engaging with any advertised products or services. PassivePockets, LLC disclaims all liability for any actions taken based on the information presented.

Today’s show is part of our Community Spotlight Series, where we feature PassivePockets members who share hard-won lessons to help other LPs invest smarter. Christine Kwasny joins Chris Lopez to walk through a detailed retrospective on her syndication portfolio, what she thought she was buying, what actually happened, and what she’ll do differently going forward.

Christine started investing actively in 2008, building a Portland-area rental portfolio (single-family renovations that eventually grew into fourplexes). After moving abroad in 2013, she shifted into syndications in 2019–2020 but like many investors, she later found that several 2021–2022 vintage deals didn’t play out the way pro formas suggested, which triggered a deep review of her entire process.

In this conversation, Christine breaks down the biggest errors she sees investors make (including “set it and forget it”), how distributions can mask problems, how LPs can quietly fall down the capital stack, and how she used AI to analyze years of offering materials and quarterly reports across 30+ investments. She also shares her “Market Metronome” framework, a simple way to sanity-check underwriting assumptions against real historical ranges and market cycles.

Key Takeaways

“Passive is a tax and legal term, not a verb”: why syndications often require more scrutiny than owning your own rentals

How distributions and quarterly reports can create false confidence—and what to look for in the core updates

Capital stack drift: how mezz/preferred equity can change your risk even without a capital call

Using AI to accelerate due diligence: summarizing OMs, tracking quarter-by-quarter changes, and stress-testing assumptions

The “Market Metronome”: a practical way to pressure-test pro formas against historic highs/lows and cycle reality

Connect with Christine:

Substack: https://netzeroisawin.substack.com/

Email: [email protected]

Disclaimer

The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk. Nothing here is investment, tax, legal, or financial advice; consult qualified professionals. Past performance is not indicative of future results. This podcast may include paid advertisements or promotional materials for sponsors, funds, or offerings and should not be interpreted as a recommendation or endorsement by PassivePockets, LLC or affiliates. Conduct your own due diligence and consider your financial situation before engaging with any advertised products or services. PassivePockets, LLC disclaims all liability for any actions taken based on the information presented.

FOR MORE - Debt Fund Due Diligence Hub:

www.passivepockets.com/debtdd

Next Steps

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

Disclaimer

The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk. Nothing here is investment, tax, legal, or financial advice; consult qualified professionals. Past performance is not indicative of future results. This podcast may include paid advertisements or promotional materials for sponsors, funds, or offerings and should not be interpreted as a recommendation or endorsement by PassivePockets, LLC or affiliates. Conduct your own due diligence and consider your financial situation before engaging with any advertised products or services. PassivePockets, LLC disclaims all liability for any actions taken based on the information presented.

Attend the 2026 Summit Conference:

https://get.biggerpockets.com/passivepocketssummit2026/

This Episode

Hotels for passive investors: what actually matters and how it’s different from multifamily. Chris Lopez digs in with Jay Desai and Suraj Reddy on the underwriting stack (ADR, occupancy, RevPAR and RevPAR penetration), why brand fit and comp sets (STAR reports) drive the thesis, and how operations (daily pricing, sales/RFPs, third-party management aligned on expenses) move the needle. They walk through break-even occupancy math (often far lower than MF), margins, bonus depreciation via FF&E/capex, fixed-rate/community-bank capital stacks, and their “no capital calls” policy. Includes a Columbus case study and the macro outlook across business/leisure/extended-stay demand—and what Airbnbs really compete for.

Key Takeaways

Disclaimer

The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk. Nothing here is investment, tax, legal, or financial advice; consult qualified professionals. Past performance is not indicative of future results. This podcast may include paid advertisements or promotional materials for sponsors, funds, or offerings and should not be interpreted as a recommendation or endorsement by PassivePockets, LLC or affiliates. Conduct your own due diligence and consider your financial situation before engaging with any advertised products or services. PassivePockets, LLC disclaims all liability for any actions taken based on the information presented.

Attend the 2026 Summit Conference:

https://get.biggerpockets.com/passivepocketssummit2026/

It’s our “2026 State of PassivePockets.” Chris Lopez (now lead host, alongside co-hosts Jim Pfeifer and Paul Shannon) shares highlights from the 2025 member survey (96% accredited; 91% already LPs), explains why our Net Promoter Score jumped from -4 (2024) to 44 (2025), and unveils three big initiatives for 2026: (1) community-driven resources that go deep on due diligence—starting with debt funds; (2) using the community’s pooled volume to negotiate better investor terms; and (3) doubling down on what’s working—Sponsor Ratings & Reviews, LP Deal Reviews, the podcast, and a more active private forum. You’ll also hear what members fear most (losing capital), what they want most (steady cash flow), and which asset classes they’re targeting (multifamily and debt tied for #1).

Key Takeaways

Who we are: 96% accredited; 91% already in syndications/funds

NPS turnaround: from -4 (’24) ➜ 44 (’25); top positives—education, trust, community

Biggest pain points: pricing clarity, forum engagement, and site navigation- on our roadmap

What members fear most: capital loss (72%); what they want most: steady cash flow (~30%)

2026 focus #1: Debt investing: series of pods, forums, expert panels, and a living DD checklist

2026 focus #2: Better terms: leverage pooled community capital for lower mins / improved share classes

2026 focus #3: Do more of what works: more Sponsor Ratings & Reviews + LP Deal Reviews + member spotlights

Asset allocation pulse: multifamily & debt tied for top interest; industrial, MHP, self-storage next

Host update: Chris Lopez assumes lead-host role; Jim passes the torch and remains co-host with Paul

Get involved: post sponsor reviews, join the forum threads, and help shape the checklists we’ll all use

Disclaimer

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

Chris Lopez, Jim Pfeifer, and Paul Shannon run a year-end Pulse Check on what worked in 2025, what did not, and where they are deploying capital in 2026. The hosts compare notes on gold and silver, why hard assets helped, and why many expected more multifamily distress than actually appeared. They dig into operator risk, liquidity as an edge, and the niches they like now, from B-class value add with day one cash flow to flex industrial and neighborhood retail. They also cover contrarian views on office and coastal markets, the interest rate outlook and fixed versus floating debt, non-performing loan plays in multifamily, and fresh survey data on where passive LPs plan to invest this year.

Key Takeaways

Disclaimer

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

Chris Lopez welcomes Seattle-based investor/author Leka Devatha to unpack how she built from flips to a diversified active/passive portfolio—plus what’s actually working in a high-cost, tenant-friendly market. Leka breaks down her first LP deal (why operator selection and interest-rate caps mattered), a 12-unit Seattle value-add that tripled gross rents, and the creative lending + multi-exit playbook behind her new book, Return on Real Estate. She shares a tactical framework for sourcing, underwriting, and operating in micro-markets—and how middle-housing zoning (ADUs, townhomes, duplexes) is shaping her 2026 pipeline.

Key Takeaways

Disclaimer

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

This Episode

Chris Lopez and Jim Pfeifer sit down with Scott Trench for a frank 2025 recap and a practical 2026 game plan. Scott reviews what he got right (rates staying sticky, supply-driven rent trends) and where the surprises showed up (gold strength, stock market resilience), then opens his playbook: selling a chunk of stocks, buying paid-off 2–4 unit Denver rentals, and allocating a small slice of retirement capital to private credit via a solo 401(k). Looking ahead, Scott focuses on multifamily supply tapering, demand uncertainty, and the 10-year vs. Fed funds dynamic. He also lays out a contrarian Class A office thesis (all equity, patient lease-up, operator quality over leverage) and shares how LPs might think about accessing similar opportunities.

Key Takeaways

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.