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Ever driven past a parking lot and wondered who owns it — or how much it actually makes?
Today on The Passive Income Playbook, Pascal Wagner sits down with Kevin Bupp, founder of Sunrise Capital Investors, to unpack one of the most overlooked yet profitable niches in commercial real estate: parking.
Kevin and his team have acquired more than $400 million in assets, spanning 4,000 mobile home pads and $150 million in parking garages and surface lots nationwide. With over two decades of operating experience and a proven track record across multiple market cycles, Kevin explains why he’s doubling down on this niche—and why few LPs are paying attention.
In this episode, you’ll learn:
✅ Why parking lots often outperform multifamily on a hassle-to-return basis
✅ How Sunrise blends mobile home parks and parking assets in one fund to balance steady cash flow with long-term appreciation
✅ The macro trends driving supply compression and stable demand in parking
✅ How self-driving technology, urban redevelopment, and zoning shifts could transform this overlooked sector
✅ Why “highest and best use” can create asymmetric upside for investors
✅ The biggest mistakes LPs make when evaluating alternative asset classes
If you’re an LP looking for stable, tax-advantaged income and diversification beyond multifamily, this conversation will show you how institutional investors are quietly repositioning capital toward these low-volatility, cash-flow-driven assets.
Chapters:
00:00 – Introduction: Why Parking Is the Overlooked Real Estate Frontier
06:30 – Kevin’s Journey: From Bartender to $400M Operator
14:00 – Inside Sunrise Capital: 4,000 Mobile Home Pads + $150M in Parking Assets
20:00 – What Makes Parking Profitable (and Why It’s Misunderstood)
29:00 – Comparing Parking Returns to Multifamily IRRs
34:00 – The Future: Self-Driving Cars, Redevelopment, and Air Rights
44:00 – LP Advice: Sponsor Due Diligence vs. Deal Diligence
52:00 – Mobile Home Parks vs. Parking Garages (and Why He’s Doing Both)
1:03:00 – How Sunrise Blends Growth + Income for Investors
What can you learn from someone who’s invested in 100+ real estate deals—as both an LP and a GP?
In this episode of The Passive Income Playbook on The Best Ever CRE Show, Hans Box breaks down what works, what doesn’t, and how to stack the odds in your favor.
I’m your host, Pascal Wagner, and today we’re joined by Hans Box, co-founder of Box Wilson Equity. Hans has been involved in more than $350 million worth of multifamily and self-storage transactions, invested as an LP in 70+ opportunities, and managed thousands of units as a GP.
If you’ve ever wanted to sharpen your buy box, stress-test underwriting assumptions, or protect yourself as a passive investor, this episode is packed with practical insights you won’t want to miss.
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Chapters:
00:00 – Why Listen to Hans Box? Insights From 100+ Real Estate Deals
03:32 – How to Spot and Turn Around a Failing Deal Before It’s Too Late
06:11 – Avoiding Rookie Mistakes: Lessons From Early Naivety
09:01 – Building a Conservative Investment Philosophy That Protects Capital
10:10 – Red Flags Every LP Must Spot Before Wiring Money
12:09 – How to Evaluate a Sponsor’s Track Record (and Why It Matters More Than the Deal)
15:55 – Today’s Multifamily Market: Where Real Opportunity Exists
17:30 – How to Run the Numbers Like a Pro and Stress-Test Assumptions
26:48 – The Art of Due Diligence: How to Vet GPs and Protect Yourself
41:42 – A First-Time LP’s Playbook: Key Takeaways for Smarter InvestingWhat Works (and What Doesn’t) From Someone Who’s Made 70+ LP Investments
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How do you know if your multifamily operator actually knows what they’re doing?
One bad deal can erase years of returns — and in today’s market, picking the wrong GP can be devastating.
Today on The Passive Income Playbook, Pascal Wagner sits down with Andrew Cushman, founder of Vantage Point Acquisitions — one of the most respected multifamily operators in the GoBundance community. Over the past 14 years, Andrew has acquired and repositioned nearly 2,900 units across the Southeastern U.S., focusing on A– to B–class workforce housing between 80–200 units.
With over $250M in assets under management and zero investor losses, Andrew shares how he underwrites deals, evaluates markets, and avoids the traps that have taken down less experienced sponsors.
In this episode, you’ll learn:
✅ How to identify red flags in multifamily deals before you invest
✅ The questions that reveal whether a GP actually knows what they’re doing
✅ Why management efficiency is often the biggest driver of returns
✅ How to verify operator credibility beyond the pitch deck
✅ And how seasoned operators are navigating today’s market volatility
If you’re an LP looking to protect your capital and compound returns safely, this episode is a masterclass in due diligence and disciplined investing.
Chapters:
00:00 – Introduction: Meet Andrew Cushman
02:00 – From Engineer to Multifamily Investor: Andrew's Journey
06:45 – Defining the Niche: Upper Workforce Housing
09:30 – Management Efficiency & On-Site Operations
15:36 – Real Value-Add vs Cosmetic Upgrades
21:12 – Understanding Demographics and Affordability
25:48 – How to Fact-Check Deals in 5 Minutes
30:00 – Market Trends: The Rise of Preferred Equity
45:00 – The Importance of Transparency & Track Record
What if you could spot the next 2008 before it wiped out your portfolio?
Most investors only focus on the deal in front of them. But the smartest LPs zoom out—understanding the bigger economic forces that can make or break their returns.
Recently on The Passive Income Playbook, featured on the Best Ever CRE network, Russell Gray, longtime co-host of The Real Estate Guys Radio Show and mentor to thousands of investors, shares how decades of lessons (and painful wipeouts) shaped his unique approach to macro-driven investing—so you can protect your capital and position yourself ahead of the curve.
In this episode:
✅ The lessons Russell learned from losing it all in 1987 and 2008
✅ Why gold is a “canary in the coal mine” for fragility in the credit markets
✅ How Trump’s policies could reshape Main Street vs. Wall Street investing
✅ Why income-based valuations beat equity-based valuations every time
✅ The three lenses every LP must apply: geography, demographics, and product niche
Russell also breaks down:
→ How to spot red flags in markets before operators admit them
→ Why over-leverage and personal guarantees are silent killers
→ His framework for evaluating long-term cycles and demand drivers
Whether you’re just starting out or you’ve been investing for decades, you’ll walk away with a sharper lens for making decisions.
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Chapters:
00:00 – Introduction to Russell Gray: A Journey Into Real Estate
02:05 – How Past Experiences Shape Current Investing Philosophy
05:40 – Understanding Macro Trends: The Key to Smarter Investments
09:30 – The Impact of 2008: Lessons Learned and Future Insights
12:25 – Shifting Away from Wall Street: The Rise of Main Street Capitalism
15:40 – Crafting a Winning Investment Strategy: Locational Dynamics
18:15 – Evaluating Demand and Supply: Key Questions for Investors
22:00 – The Role of Demographics in Investment Decisions
27:30 – Risk Assessment and Mitigation in Investing
30:20 – The Power of Community: Building Investor Networks
34:45 – Understanding Asset Cycles: Insights for Long-Term Success
38:00 – Discerning Market Changes: Indicators for Future Growth
43:50 – Investing in Real Estate: Lessons from High-Level Investors
48:15 – Conclusion: Taking Control of Your Investment Journey
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100% bonus depreciation is back—but only if you know how to use it.
Most LPs will either overpay the IRS or get seduced by operators shouting ‘tax savings’ without telling you the fine print.
In this episode of The Passive Income Playbook (on the Best Ever CRE Show), Pascal Wagner sits down with CPA power duo Amanda Han & Matt MacFarland of Keystone CPA—nationally recognized tax strategists, co-authors of The Book on Tax Strategies for the Savvy Real Estate Investor (BiggerPockets Publishing), and active investors with 20+ years of experience across multifamily, self-storage, and passive syndications. Together, they’ve advised thousands of investors on navigating the ever-changing tax code.
In this episode, you’ll learn:
✅ How sponsors can use the Pass-Through Entity Tax (PTET) election—and what LPs should ask about it
✅ What the new $40k SALT deduction cap means for investors in high-tax states
✅ The updated Opportunity Zone timeline—and the “dead zone” every LP should avoid
✅ When DSTs still make sense in today’s market
✅ A brand-new carve-out: 100% write-off for buildings used directly in manufacturing
✅ The quick K-1 red flags CPAs catch that most LPs miss
✅ The “strategy stacking” framework to layer tax benefits for bigger impact
✅ How often (and when) you should work with your CPA so you can plan before you file
If you’re wiring into deals this year, this conversation shows you how to pair strong opportunities with smart tax planning.
Chapters:
00:02 – OBBB for LPs: How to actually benefit
03:54 – Active vs. Passive: Why the CPAs invest both ways
06:59 – K-1 tells: Red flags that signal shaky operators
12:14 – What changed: OBBB’s biggest investor updates
18:06 – 100% Bonus Depreciation: Qualification & timing rules
20:42 – Recapture made simple: Planning before the exit
31:18 – PTET & projections: Sponsor moves LPs should request
33:58 – SALT cap to $40k, OZ timelines, and DST use cases
40:05 – New 100% write-off for manufacturing buildings
42:58 – From law to guidance: Working with your CPA the right way
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Most advisors only talk stocks, bonds, and mutual funds—while serious LPs are hunting real estate, private credit, oil & gas, and other true alternatives.
Which means many investors are left to DIY their alternative portfolio—sorting through deals without institutional access, objective due diligence, or a framework to know what’s worth wiring into.
In this episode of The Passive Income Playbook (on the Best Ever CRE Show), Pascal Wagner sits down with Fred Hubler, founder of Creative Capital, a retainer-based wealth firm serving 300+ families across 30 states.
Fred’s practice is built to advise across the entire balance sheet—not just what an advisor can custody—so clients can add institutional-grade alternatives alongside their public market exposure.
In this episode, you’ll learn how to:
✅ Build a portfolio like an endowment—balancing public markets with real estate, private credit, and other alts
✅ Evaluate deals with a repeatable due diligence filter (so you don’t waste time on losers)
✅ Spot “unfair advantages” that separate winning sponsors from average operators
✅ Understand DSTs, non-traded REITs, and direct LPs—and when each makes sense for you
✅ Use oil & gas strategically—for tax offsets and long-term income
✅ Avoid the trap of paying 1% AUM fees for advice that ignores 70% of your balance sheet
If you’ve ever felt underserved by AUM-only advice—or you’re building an LP portfolio that needs real diversification and better deal selection—this episode gives you a practical playbook to evaluate opportunities with confidence.
Chapters:
00:06 – Why most advisors miss alternatives (and how Fred fills the gap)
02:22 – From 9/11 stockbroker to alt-focused advisor: the turning point
07:12 – What endowments do differently: 70–80% outside public markets
11:00 – Retainer vs. AUM: incentives, scope, and who benefits
15:21 – The 50/10/20/20 portfolio: public, cash, alts, & real estate
19:44 – Access & scale: tapping institutional-grade opportunities
22:04 – Mutual funds ≠ diversification: the SPY consolidation story
26:00 – How to vet deals: track record, fees, and alignment (no hero risk)
33:13 – “Unfair advantages”: franchise roll-ups & proven exit buyers
35:33 – Land options → shovel-ready neighborhoods (developer demand)
41:00 – Oil & gas diligence: breakeven math, price risk, and structure
46:36 – How long real diligence takes (and why most skip it)
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The 2023–2024 market made preferred equity explode.
Tight lending and higher rates pushed sponsors to raise more pref than ever before.
If you’re LP investing today, you’ll see it—and you need to know how it works.
Because here’s the catch: if you don’t understand where pref sits in the stack, you could end up behind it—taking on more risk, getting diluted, or even watching your equity get wiped out while pref investors still get paid.
In this episode of The Passive Income Playbook (on the Best Ever CRE Show), Pascal Wagner sits down with Paul Moore, founder of Wellings Capital, who’s raised $190M+ from nearly 1,000 investors across multiple funds. Paul explains what preferred equity really is, how it stacks up against common equity, and why his firm shifted heavily into pref in recent years.
In this episode you’ll learn:
✅ The capital stack explained: debt vs. preferred vs. common equity
✅ Why pref surged during the 2023–24 lending crunch
✅ How pref protects LPs in downturns—and when it doesn’t
✅ JV hybrid equity: a middle ground with both safety and upside
✅ Practical ranges of pref returns (and red flags if they’re too high)
✅ Which investors should consider pref vs. those who should stick with common
Whether you’re new to LP investing or you’ve wired into dozens of deals, this episode will give you the clarity to evaluate opportunities with confidence.
Chapters:
00:00 – Why the 2023–24 Market Made Pref Equity Explode
01:47 – Paul Moore’s Journey: From Entrepreneur to $190M Raised
06:39 – Lessons From Losing Money: Speculating vs. Investing
12:19 – Capital Stack 101: Debt, Common Equity, and Pref Explained
17:00 – Why Sponsors Needed Pref: Lending Crunch, Gaps, and Rescue Capital
23:52 – When Pref Outperforms (and When It Caps Your Upside)
31:30 – JV Hybrid Equity: Capturing Upside With Downside Protection
38:54 – Risks, Fraud, and The #1 LP Mistake to Avoid
45:21 – What Realistic Pref Returns Look Like (and When to Walk Away)
49:17 – Who Pref Equity Is Best Suited For (and Portfolio Fit)
52:32 – Wellings Capital’s Evergreen Income & Growth Funds
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Most syndications live and die by debt.
Joel Friedland does the opposite—he buys industrial properties 100% in cash.
No lender.
No covenants.
No risk of losing a building in a downturn.
For LPs, that means steadier distributions and true sleep-at-night investing.
In this episode of The Passive Income Playbook (Best Ever CRE Show), Pascal sits down with industrial real estate veteran Joel Friedland, founder of Brit Properties, who’s acquired 100+ assets over 40 years while pioneering a debt-free model in one of the most durable asset classes.
In this episode, you’ll learn:
✅ Why “sticky” industrial tenants rarely move—and how that stabilizes returns
✅ The risks leverage introduces and how going all-cash changes the LP experience
✅ How infill locations near highways/airports drive long-term value
✅ Why almost no new small-bay supply makes Class B industrial a landlord’s market
✅ How tariffs, politics, and labor shortages shape the future of U.S. manufacturing
Whether you’re new to syndications or re-thinking your risk tolerance, this conversation will give you a fresh lens on how to protect capital and still earn strong cash flow.
Chapters:
00:02 – Why Joel Buys Industrial With Zero Debt
01:48 – From Lawn-Mowing Hustle to 100+ Acquisitions
08:31 – Industrial 101 for LPs: Class A vs. B, Sticky Tenants, Real Use Cases
22:14 – Single-Tenant, Net-Lease Focus: Why All-Cash Simplifies Risk
28:29 – Location Edge: Infill, Highways, and Geometry That Attract Tenants
32:51 – Why He Doesn’t Develop: No New Small-Bay Supply = Landlord Advantage
36:35 – 2008 Lessons: Bank Workouts, Foreclosure Risk, and the No-Debt Pivot
45:32 – Tariffs & Politics: Why Labor Is the Real Onshoring Constraint
53:21 – How LPs Should Think About Risk, Returns, and Diversification
1:00:10 – Final Takeaways: Industrial’s Durability and Sleep-at-Night Investing
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Most LPs judge a deal by the projected returns.
But glossy pitch decks rarely tell you what really matters.
The pros know that the real risk lives in the operator and the assumptions—the places most investors never dig deep enough. Miss those, and you end up in a deal where the numbers don’t materialize, the communication dries up, and you’re stuck hoping someone else can land the plane.
On this episode of The Passive Income Playbook (on the Best Ever CRE network), Pascal sits down with Matt Picheny—Tony Award–winning Broadway producer, bestselling author of Backstage Guide to Real Estate, multifamily GP (16+ deals) and LP (28+ deals). Matt’s rare vantage point—coaching first-time sponsors while continuing to operate and invest himself—makes this a masterclass in thinking like a GP so you can invest like a smarter LP.
In this episode he breaks down:
→ How to vet sponsors beyond the pitch deck and spot red flags early
→ The underwriting assumptions that separate conservative from careless
→ Why today’s cycle may offer attractive entries if you can stomach the fear
→ Cap rates explained simply—and how they impact valuations
→ Lessons from his first LP deal that went sideways due to operator error
→ Fixed vs. floating debt, capital calls, and real-world investor communication
→ His Sun Belt value-add strategy and why he underwrites to worse exit cap rates than purchase
Whether this is your first syndication or your 15th, this conversation gives you a sharper checklist for sponsors, markets, and deals—so you can protect capital and compound wisely.
Chapters:
00:03 – Think Like an Operator: The LP Edge
01:20 – From Broadway to Buildings: Why Matt’s Lens Helps LPs
04:16 – The “Backstage Guide” Playbook: How Deals Really Work
08:36 – First LP Deal Went Sideways: What Operator Risk Looks Like
12:59 – Sponsor Diligence 101: Track Record, Assumptions, Communication
16:49 – Cycles & Sentiment: Why Unpopular Times Create Opportunity
21:12 – Debt Structure in Practice: Fixed vs. Floating (and Assumptions)
26:02 – Capital Calls & LP Alignment: Terms That Protect (or Hurt) You
33:04 – Conservative Underwriting: Exit Cap Discipline & Stress Tests
44:36 – Market & Strategy: Sun Belt Value-Add with Real Resident Wins
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Buying a business is hot right now. Everyone wants to be the next owner-operator…
…Until you’re the one running payroll, managing staff, and handling operations.
In this episode of The Passive Income Playbook, Sean Smith—Managing Partner at Search Fund Ventures, where he built a network of 3,800+ LPs, reviews 250–300 deals a year, and just closed a $5M fund focused on cash-flowing, recession-resistant companies like HVAC and B2B logistics—explains the smarter path.
Instead of becoming the CEO, LPs can back skilled operators through the search fund model, capturing predictable cash flow and private equity–style returns without ever becoming the CEO.
In this episode we cover:
✅ Why the “silver tsunami” + SBA leverage create a generational LP opportunity
✅ How the search fund model works (traditional, self-funded, and independent sponsor)
✅ How to build a thesis around essential businesses with predictable earnings
✅ Sean’s 215-point due diligence checklist—and the red flags that instantly kill a deal
✅ How family offices, institutions, and retail LPs each play in this space
✅ The terms and structures LPs must watch for to avoid getting crammed
If you’re interested in generating private equity–style returns without running a business yourself, this episode is for you.
Chapters
00:00 – Why Buying a Business Might Be the Wrong Play for LPs
02:01 – Meet Sean Smith: Building a $5M Fund for Small Business Deals
02:32 – Search Funds Made Simple: 3 Models Every LP Should Know
07:18 – The Silver Tsunami: $7–10T of Small Biz Changing Hands
09:41 – Where LPs Win: Why Services Beat SaaS & Manufacturing
15:18 – Building a Cash Flow Thesis: Essential Businesses in Durable Markets
21:03 – The 215-Point Checklist: How to Spot Red Flags Before Wiring Money
25:30 – Diligence in Action: From Teaser to SIM to Data Room
35:19 – Why Deal Flow Matters: Reviewing 300 Deals to Fund 2%
45:05 – Terms That Protect LPs: Prefs, Leverage, and Fair Splits
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Not all self-storage is created equal.
Luxury self-storage is carving out its own lane—and investors are starting to notice.
In this episode of The Passive Income Playbook on the Best Ever CRE Show, I sit down with Mark Kuhn, founder of Mac Construction, Mac Capital, and a CK Agency. Mark has built three businesses generating eight figures annually and has been developing luxury self-storage projects since 2019.
Together, we break down:
→ What luxury self-storage actually looks like as an asset class.
→ Why tenants pay a premium, and which markets it thrives in.
→ The nuances LPs should understand before investing in the space.
This conversation is your chance to explore a niche that’s under the radar but quickly gaining traction with both operators and investors.
Mark also covers:
✅ The evolving landscape of rental demand post-pandemic
✅ How luxury storage differs from conventional self-storage
✅ Strategies for building a recognizable brand in a niche market
✅ Why transparency with LPs is critical in development projects
Whether you’re just exploring alternatives or actively diversifying your portfolio, this episode gives you a front-row seat into how luxury self-storage works—and what makes it an intriguing opportunity for LPs.
Chapters:
00:00 – Discovering Luxury Self-Storage: An Untapped Investment Opportunity
02:10 – Building a Personal Brand on Social Media: Lessons from the Field
06:51 – Debunking Misconceptions: The Value of Marketing in Real Estate
11:35 – Understanding Luxury Self-Storage: Tenant Profile and Market Dynamics
18:01 – The Importance of Location: Building in the Right Markets
23:14 – Evaluating Investment Opportunities: What LPs Should Know
29:25 – Industry Trends: The Shift Toward a Renter Nation
35:04 – Flex Space vs. Luxury Storage: Defining the Asset Class
40:29 – Construction Costs and Risk Management in Development
46:12 – The Role of Transparency in Investor Relations
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100+ syndications later… what really separates speculation from investing?
Jim Pfeifer—host of Passive Pockets, founder of Left Field Investors (now part of BiggerPockets), and LP in 100+ real estate deals—shares the brutal lessons that turned him from stock-market “speculator” into a true cash-flow investor.
On this episode of The Passive Income Playbook (Best Ever CRE Show), Pascal Wagner sits down with Jim to unpack the biggest mistakes LPs make, how to vet operators with confidence, and why community shortens the learning curve.
In this episode you’ll learn:
→ Why paper assets = speculation, and real estate = true investing
→ The “operator-first” diligence workflow Jim uses to save time
→ How to “community” a deal to surface blind spots fast
→ When to pass on shiny objects (and how to test new theses safely)
→ What capital-call behavior really reveals about sponsor quality
If you want to sharpen your playbook, avoid rookie mistakes, and focus on the asset classes that actually create wealth, this episode is for you.
Chapters:
00:00 – Meet Jim Pfeifer: From Teacher to Thriving Investor
02:04 – Key Takeaways from the Best Ever Conference
06:01 – Lessons from Jim's Journey into Passive Investing
14:32 – Why Most Investors Fail to See Real Estate’s Benefits
20:45 – The Transition from Advisor to Passive Investor
28:17 – How to Identify Strong Operators in Your Investment Journey
34:53 – Signs to Watch For: Are You Investing with the Right People?
42:22 – Evaluating Deals: Building a Robust Due Diligence Process
51:30 – Red Flags: What to Avoid in New Operators
59:12 – Capital Calls: How to Handle Tough Situations
01:04:23 – The Future: Asset Classes Worth Your Attention
Is your portfolio positioned to ride the wave fueling America’s industrial comeback?
Industrial sale–leasebacks are surging on policy-driven demand: manufacturers and distributors onshoring production, selling their facilities, and signing long-term leases to reinvest in growth.
For LPs, that translates to mission-critical tenants, tenant-paid expenses, and consistent cashflow from America’s industrial backbone.
Recently on The Passive Income Playbook, featured on the Best Ever CRE network, Pascal sat down with Judd Dunning (DWG Capital Partners, $100M AUM) to discuss how LPs can back U.S. manufacturing, harness the onshoring trend, and build wealth through industrial triple-net sale–leasebacks.
In this episode:
✅ Why industrial sale–leasebacks are surging with America’s onshoring push
✅ How LPs earn bond-like income while tenants cover taxes, insurance & expenses
✅ The two factors that matter most when underwriting: credit & location
✅ What policy-driven reshoring means for deal flow and investor returns
✅ How this niche compares to multifamily, storage, and other CRE strategies
Judd also breaks down:
• DWG Capital’s $100M portfolio and how they source mission-critical tenants
• The risks LPs often overlook in single-tenant deals—and how to mitigate them
• How cost segregation and depreciation benefits enhance after-tax returns
Whether you’re seeking predictable cash flow or diversification beyond apartments and storage, this episode reveals how LPs can back U.S. businesses and ride the America First agenda to build lasting wealth.
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Chapters
00:00 – Is Your Portfolio Ready for America’s Industrial Comeback?
02:12 – Triple-Net Leases Explained for LP Investors
05:45 – Why U.S. Businesses Sell Their Buildings and Lease Them Back
09:30 – Policy Tailwinds: Onshoring, Trump, and the America First Agenda
14:18 – Industrial Sale–Leasebacks vs. Multifamily & Self-Storage
18:40 – How LPs Should Underwrite Mission-Critical Tenants
23:05 – Location, Credit, and the Keys to Downside Protection
28:32 – Inside DWG Capital’s $100M Industrial Portfolio
34:50 – Tax Advantages: Depreciation and Cost Segregation in Industrial
41:27 – How LPs Can Ride the Onshoring Wave for Predictable Cash Flow
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How do you legally pay zero capital gains tax on your next big exit?
Opportunity Zones might be the answer.
In this episode of The Passive Income Playbook (Best Ever CRE Show), Pascal Wagner interviews Jimmy Atkinson, founder of OpportunityZones.com and host of the leading OZ podcast. Jimmy has educated 20,000+ subscribers, connected 10,000+ investors to OZ deal flow, and personally invested as an LP in OZ funds—so you get both policy depth and practitioner detail.
In this episode, we discuss:
✅ The mechanics of Opportunity Zones and who can benefit from them
✅ Why investors should consider these tax incentives versus traditional investments
✅ Insightful case studies showcasing successful Opportunity Zone projects
✅ The potential legislative changes on the horizon (Opportunity Zone 2.0)
✅ Key insights from Jimmy's interviews with industry leaders, including HUD's Secretary
Whether you’re rolling recent gains or planning for the next cycle, Jimmy’s insights will help you use Opportunity Zones to reduce taxes and grow smarter.
Chapters:
00:00 – Introduction to Opportunity Zones: What You Need to Know
02:00 – Jimmy Atkinson: From Entrepreneur to Opportunity Zone Expert
05:24 – What are Opportunity Zones and Why Do They Matter?
09:31 – Tax Incentives: How to Maximize Your Investment Potential
14:13 – The Role of Businesses and Real Estate in Opportunity Zones
18:44 – Opportunity Zone Success Stories: Transforming Communities
26:18 – Opportunity Zones: Current Landscape and Future Speculations
32:26 – Legislative Changes Ahead: What is OZ 2.0?
37:51 – How Investors Can Influence Opportunity Zones Programs
42:01 – Lessons Learned: Key Takeaways for Opportunity Zone Investors
50:14 – Wrapping Up: Resources for Learning More About Opportunity Zones
Most investors see private credit and assume it’s “too good to be true.” But in private credit, especially in underbanked niches like cannabis lending, structures can look very different — often with stronger downside protection, tighter covenants, and less leverage than people expect.
Recently on The Passive Income Playbook, featured on the Best Ever CRE network, Pascal Wagner sat down with Peter Sack, Managing Partner at Chicago Atlantic, to break down how his firm has deployed $2B+ in private credit.
You’ll learn how they approach first-lien lending, why cannabis lending carries unique regulatory moats, and how LPs should evaluate the differences between private funds, REITs, and BDCs.
In this episode:
✅ Why underserved markets create better lender terms (lower leverage, higher yields)
✅ Cannabis credit explained: state licensing, oligopolies, and downside protection
✅ How Chicago Atlantic achieves targets with senior-secured positions
✅ The trade-offs between private funds vs. public REITs (REFI) vs. BDCs (LIEN)
✅ How to underwrite debt funds: lien position, leverage, audits, and non-accruals
✅ What federal policy shifts could mean for LPs in this space
Peter also breaks down:
• Why covenants, guarantees, and documentation matter more than headline yield
• How diversification vs. specialization changes risk-adjusted returns
• Why 20–30% of their portfolio sits outside cannabis—but under the same credit lens
Whether you’re interested in income-focused alternatives or want to strengthen your private credit framework, this episode breaks down how LPs can position themselves at the top of the capital stack with stronger protections.
👉 Get 25+ Passive Investment Deals in Your Inbox:
http://growyourcashflow.io/investing-starter-kit-yt
Chapters:
00:00 – Why Private Credit Structures Look “Different”
02:22 – How Underserved Niches Create Better Terms for Lenders
03:28 – Cannabis Credit 101: Why State Licenses Create Moats
10:55 – First-Lien Advantage & Capital Protection
12:59 – Why Banks Withdrew — and How That Opened the Door
14:36 – How Chicago Atlantic Thinks About Risk Controls
24:29 – Public vs. Private: Comparing REFI, LIEN, and Private Funds
31:22 – BDCs Explained: A Lesser-Known Credit Vehicle
34:09 – Beyond Cannabis: Applying the Same Credit Lens Elsewhere
50:18 – LP Due Diligence: 5 Questions to Ask Before Wiring Money
Would you keep investing after losing money in multiple deals?
Most people swear off alternatives after a bad experience. But the best LPs know every loss holds lessons—and that diversification, underwriting, and discipline matter more than any single deal.
This week’s episode of The Passive Income Playbook features Sanjay Vora, CEO of Avestor and advisor to 200+ funds, who shares how he went from Intel executive to seasoned LP and fund manager — so you can spot red flags faster, underwrite smarter, and protect your capital.
In this episode:
✅ The biggest mistakes LPs make when trusting sponsors’ glossy pitch decks
✅ Why interest rates and loan terms can quietly destroy cash flow
✅ The difference between stage 1, stage 2, and stage 3 investors (and where you are)
✅ How to run a quick “10-minute review” that screens out 90% of bad deals
✅ Why diversification across sponsors, asset classes, and geographies is non-negotiable
Sanjay also breaks down:
→ How to ask sponsors the hard questions that reveal hidden risks
→ Why “I’ve never lost money” should actually be a red flag
→ How new fund managers should think about compensation and structure
If you want to sharpen your due diligence and build a system for evaluating LP investments, this episode will give you the playbook.
👉 Get 25+ Passive Investment Deals in Your Inbox:
http://growyourcashflow.io/investing-starter-kit-yt
Chapters:
00:00 – Meet Sanjay Vora: From Intel to Fund Manager
03:18 – Why He Left the Stock Market for Alternatives
04:49 – Hard Lessons From 100+ LP Deals
07:24 – The Big Mistake Most New Investors Make
09:32 – Interest Rates, Risk, and Today’s Market Reality
12:15 – From LP to Fund Manager: Managing Other People’s Money
14:54 – How to Spot Red Flags in Underwriting
18:24 – Vetting Fund Managers & Due Diligence Best Practices
25:53 – New vs. Experienced Fund Managers: Who to Trust?
36:50 – Diversification, Risk, and Building a Smarter Portfolio
Most LPs see a handful of deals a year.
Ryan Duff saw thousands—underwriting $4.5B in loans—before making his first LP investment.
That’s the edge Ryan Duff had after 14 years as a mortgage broker closing $4.5B in loans for Fannie, Freddie, and HUD.
On The Passive Income Playbook (featured on Best Ever CRE network), Ryan reveals how his underwriting lens helps him spot great operators, avoid over-leveraged deals, and protect capital as a passive investor.
Today, Ryan runs a capital advisory firm that helps investors access institutional-quality opportunities.
In this conversation, he shares:
✅ The 3 pillars lenders use to underwrite deals—and how LPs can borrow those tools
✅ Why an operator’s real estate owned (REO) schedule reveals more than glossy pitch decks
✅ Lessons from over-leveraged bridge loans and what they teach us about risk
✅ Where underwriting standards have tightened—and what that means for investors in 2025
✅ How to tell if a sponsor is truly trustworthy or just overpromising
He also breaks down:
→ The challenges from his first LP investment (and what he’d do differently)
→ The dangers of chasing high IRRs without substance
→ His personal framework for thorough due diligence
From first-time LPs to experienced investors, this conversation equips you with the tools to evaluate operators with the same rigor as a lender.
👉 Get 25+ Passive Investment Deals in Your Inbox:
http://growyourcashflow.io/investing-starter-kit-yt
Chapters:
00:00 – Introduction to Ryan Duff: Insights from a Mortgage Broker Turned LP Investor
02:45 – Leveraging Underwriting Experience to Spot Investment Opportunities
05:30 – Understanding the Key Underwriting Pillars for Real Estate Deals
10:15 – Evaluating Sponsor Track Records: What Investors Should Prioritize
15:56 – Navigating Market Distress: Identifying Opportunities Among Challenges
19:30 – Importance of REO in Assessing Operator Credibility
23:12 – The Role of Transparency and Trust in LP Investing
27:00 – Strategies for Evaluating Potential Investments
32:45 – Ryan’s Journey to Becoming an Active LP Investor
39:20 – Key Characteristics of GPs Ryan Invests With Today
45:10 – Market Trends: What Lies Ahead for the Multifamily Sector
In this episode of the Passive Income Playbook on the Best Ever CRE Show, host Pascal Wagner sits down with Jeremy Roll, a seasoned passive investor with over two decades of experience.
Jeremy shares his insights on market cycles, the importance of macroeconomic research, and how to effectively navigate investment decisions as a Limited Partner (LP).
You'll learn about the asset classes Jeremy favors for long-term predictability, such as multifamily apartments and mobile home parks, and why he remains cautious about others like retail and office spaces.
Jeremy also delves into how he's managed to build a diverse portfolio of more than 60 active investments and what he believes are the critical components of success in passive investing.
Whether you're just starting or looking to refine your investment strategy, this episode is packed with valuable knowledge for both novice and experienced investors.
👉 Get 25+ Passive Investment Deals in Your Inbox:
http://growyourcashflow.io/investing-starter-kit-pod
Chapters:
00:00 – Introduction to a Different Style Episode
01:10 – Guest Introduction: Who is Jeremy Roll?
02:06 – Jeremy’s Journey into Passive Investing
03:50 – Portfolio Breakdown: Asset Class Diversity
05:36 – The Shift from Syndications to Funds
06:48 – Unexpected Risks in Various Asset Classes
09:18 – Intentional Investment Strategies Over Time
11:54 – The Quest for Predictability in Cash Flow
14:25 – Understanding Different Asset Class Dynamics
15:52 – The Debate on Economic Trends
17:34 – Why Jeremy is Cautious & On the Sidelines
21:00 – Navigating Unique Real Estate Deals
25:15 – Exploring Tax Abatement in Real Estate
30:24 – The Role of Debt vs. Equity Funds
33:13 – Lessons Learned from Past Investments
39:57 – What Makes a Successful Passive Investor
43:04 – Strategies for Liquidity and Market Timing
45:36 – Resources for Further Tracking Economic Data
52:57 – Due Diligence Tips for LPs
55:08 – Surprising Trends as an LP Over the Years
56:30 – Final Thoughts and Taking Action
📂 Want access to 25 deals averaging IRRs above 18%?
👉 Download My Passive Investing Starter Kit Here: http://growyourcashflow.io/investing-starter-kit-yt
Who Am I?
Since 2013, I’ve been on a mission to achieve financial independence for myself and my family. I began by investing in real estate, building a strong foundation through active investments.
Later, during my three years in venture capital at Techstars, I deployed $150 million into early-stage tech companies and gained a deep understanding of institutional investing.
By applying those strategies, I’ve built a diversified and passive portfolio that generates $250,000 annually through my 20+ LP investments and 100+ unit co-living real estate portfolio.
My goal is to share what I’ve learned and help you avoid the mistakes I made along the way.
Get Started Today:
→ 📩 Passive Investing Starter Kit: http://growyourcashflow.io/investing-starter-kit-yt
Follow Me for More Insights:
→ LinkedIn: http://linkedin.com/in/pascalwagner/
→ Instagram: http://instagram.com/pascalwagner/
→ X: http://x.com/pascalwagner1
→ Podcast: http://podcasts.apple.com/us/podcast/grow-your-cashflow-podcast/id1672136887
#PassiveIncome #RealEstateInvesting #AlternativeInvestments
📂 Want access to 25 deals averaging IRRs above 18%?
👉 Download My Passive Investing Starter Kit Here: http://growyourcashflow.io/investing-starter-kit-yt
Who Am I?
Since 2013, I’ve been on a mission to achieve financial independence for myself and my family. I began by investing in real estate, building a strong foundation through active investments.
Later, during my three years in venture capital at Techstars, I deployed $150 million into early-stage tech companies and gained a deep understanding of institutional investing.
By applying those strategies, I’ve built a diversified and passive portfolio that generates $250,000 annually through my 20+ LP investments and 100+ unit co-living real estate portfolio.
My goal is to share what I’ve learned and help you avoid the mistakes I made along the way.
Get Started Today:
→ 📩 Passive Investing Starter Kit: http://growyourcashflow.io/investing-starter-kit-yt
Follow Me for More Insights:
→ LinkedIn: http://linkedin.com/in/pascalwagner/
→ Instagram: http://instagram.com/pascalwagner/
→ X: http://x.com/pascalwagner1
→ Podcast: http://podcasts.apple.com/us/podcast/grow-your-cashflow-podcast/id1672136887
#PassiveIncome #RealEstateInvesting #AlternativeInvestments