PassivePockets: The Passive Real Estate Investing Show

Attend the 2026 Summit Conference:

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

This Episode

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

Key Takeaways

Hotels 101: ADR × occupancy = RevPAR; low RevPAR penetration in a strong comp set = value-add target

Break-even is different: hotels can pencil at ~35–60% occupancy vs. ~70–75% in multifamily

Operations > brand alone: daily revenue management, sales/RFPs, and expense discipline drive NOI

STAR reports: how pros build comp sets and gauge RevPAR share before/after capex

Depreciation edge: large year-one bonus depreciation from FF&E and renovations (consult your CPA)

Disclaimer

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

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

2025 recap: hard assets helped. Gold and silver hedged uncertainty while real estate rewarded disciplined underwriting

Fewer fire sales than expected: multifamily distress was patchy and operator specific rather than a broad wave

Liquidity matters: dry powder, lines of credit, and redeemable debt funds enable fast moves on real opportunities

2026 opportunities: multifamily with positive leverage, flex industrial for small business users, and durable neighborhood retail tenants

Class focus: lean toward higher quality assets and cleaner capex profiles when the price is right

Debt positioning: many LPs favor income and down-stack protection; consider fixed rate for sleep-at-night, float selectively if thesis supports it

NPL angle: buying notes on discounted basis can create multiple paths to value if you underwrite conservatively

Market views: watch select coastal recoveries and Midwest affordability tailwinds; expect fewer easy wins and more operator-driven value

Community pulse: survey shows strong 2026 appetite for multifamily and debt, with investors sizing checks meaningfully higher than last year

Disclaimer

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

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

Key Takeaways

Operator first: In 2021–22 vintage deals, disciplined sponsors with interest-rate caps, tight PM, and no fee-grab mentality have fared best.

Value-add or bust (in HCOL markets): Buy below market due to deferred maintenance; renovate only what’s required to hit rent and NOI targets.

Operations edge: Strict tenant standards, vigilant expense control, and local PM who understands tenant-friendly statutes are non-negotiable.

Creative capital stack: Build a lender bench (conventional, DSCR, hard money) and use tools like short-term cash-out refis with no prepay to bridge seasonality.

Micro-market focus: Know the streets, views, and comps; Seattle’s middle-housing rules unlock ADUs/townhomes/duplexes on former SF lots.

Stack exits: Example—flip the front house, build/condo-map a DADU, keep as a long-term rental, refi to pull cash while holding quality dirt.

Active → Passive: If you’re newer, learn by placing small LP checks with proven, local operators before scaling your own projects.

Next 12–24 months: Fewer “easy” wins, but more mispriced opportunities for operators who can create value and manage tightly.

Disclaimer

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

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

Interest rates: policy cuts may not translate to lower mortgages if the 10-year stays elevated

Supply and rents: 2026 likely absorbs the 2024–2025 wave, with rent strength returning market by market

Portfolio moves: swapped high-multiple equities for paid-off small multifamily; reserved retirement dollars for simple-yield private credit

Risk posture: early-career aggression → mid-career capital protection; leverage optionality comes later

Office angle: best-in-market, newer assets with patient, all-equity business plans may offer asymmetric upside

LP lens: prioritize operator track records in one geography, modest leverage, and realistic lease-up/tenant improvement budgets

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.