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.

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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