PassivePockets: The Passive Real Estate Investing Show

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:

How DLP’s Preferred Credit Fund targets monthly income through private real estate credit

Why DLP focuses on housing affordability, experienced borrowers, and Sunbelt growth markets

How Don compares mezzanine and preferred equity risk to senior secured lending fund risk

What LPs should ask about loan-to-value, loan-to-cost, borrower concentration, and fund-level controls

Why third-party audits, appraisals, loan tapes, and investor reporting matter in debt fund diligence

How experienced LPs think about DLP’s strengths, yellow flags, fees, concentration risk, and macro exposure

Why each investor needs a clear portfolio thesis before choosing between cash, Treasuries, debt funds, or equity deals

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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.

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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:

How Paul’s experience as an LP, GP, and fund manager shaped Both Sides of the Table

Why passive investors need to shift from consumer behavior to allocator behavior

How market cycles influence when to lean in, pull back, or hold more cash

What fraud, poor communication, and weak sponsor character can teach LPs

Why debt structure, yield on cost, and downside protection matter more than projected IRR

How Paul filters deals quickly and decides which ones deserve deeper diligence

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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.