

PassivePockets: The Passive Real Estate Investing Show
PassivePockets, Jim Pfeifer, and Left Field Investors
Welcome to PassivePockets: The Passive Real Estate Investing Show presented by Equity Trust– your go-to podcast for building and protecting wealth through smart, passive real estate investments. Hosted by Jim Pfeifer, this podcast is designed for investors who want to grow without the grind. Each episode features expert interviews with seasoned LPs (Limited Partners) and GPs (General Partners) who share their insights, experiences, and practical advice.
Episodes
Mentioned books

Sep 2, 2025 • 45min
Investors Are Pivoting: Industrial’s Edge Over Multifamily with Joel Friedland
Industrial syndicator Joel Friedland joins Paul Shannon to share 40 years of Chicago lessons and why he now buys with little to no debt. They break down a debt-light playbook, how that changes capital raises and returns, and the investor profile that prefers sleep-at-night income. Joel also details his off-market system, what makes a “perfect” small-bay building, and how he creates liquidity and plans succession.
Key Takeaways:
Debt-light strategy: target 0 to 30 percent LTV, current portfolio around 18 percent
Buy box: Chicago small-bay under 40k sf, 7 to 8 percent entry yield, triple-net, strong geometry, docks, power
Return drivers: cash coupon that grows with rent, long holds, depreciation and recapture awareness
Sourcing and liquidity: door-to-door outreach, mini fund closes fast then syndicate, investor exits via assignments, 754 step-up, Rule 144 after 12 months
Sponsor vetting: ask for a written succession plan and review loan docs, covenants, and recourse
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. Remember that 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 of the 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.

Aug 26, 2025 • 55min
Tokenized Real Estate for LPs: Liquidity, Lower Minimums & One K-1
Can blockchain make private real estate more accessible? Paul Shannon speaks with Larry Kalis and Tyler Vinson about tokenization for LPs. They cover TRIFs from American Digital Realty, how RE Tokens enables secondary trading after a one year lockup, and what changes for custody, liquidity, and tax reporting. If you know syndications but are new to tokenized assets, this is a simple, practical breakdown.
Key Takeaways:
What tokenization means for LPs, a digital wrapper of your fund or deal interest on a blockchain
Access and diversification with lower minimums and one consolidated K1
Liquidity path using Rule 144 and a secondary marketplace after 12 months
Operations and security, KYC and AML, custodied tokens, fiat or USDC distributions, burn and reissue if lost
Structure and risks, ADR’s fund of funds TRIFs on Stellar vs single asset tokens, tech partner and valuation cadence
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. Remember that 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 of the 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.

Aug 19, 2025 • 50min
Pulse Check: 2025 Updates, Latest Trends & Real Talk on Bad Deals
Discover the art of due diligence as experts share how to sift through deals and avoid shiny distractions. Learn about effective investment strategies, including the barbell approach and building an equity ladder. They discuss the current trends in multifamily properties and the significance of maintaining liquidity in uncertain times. Real stories from bad deals highlight the need for community engagement and caution. Dive into insights that help investors stay informed and ready to act in today's dynamic real estate landscape.

Aug 12, 2025 • 34min
Bob Fraser: This Is Where Billionaires Will Invest in the Next Market Cycle
What do billionaires know about investing that the average person doesn’t? In this episode, Paul Shannon sits down with economist, fund manager, and author Bob Fraser, author of Invest Like a Billionaire, to unpack the strategies, asset allocations, and decision-making frameworks of the ultra-wealthy.
Bob explains why billionaires aren’t chasing “hot” trends, they’re looking for asymmetric risk-reward opportunities and sectors that offer long-term compounding. He shares how they think about diversification (and why it’s not about owning a little of everything), why certain private investments are favored over public markets, and how billionaires position themselves to capitalize on economic shifts before they happen.
You’ll hear how Bob applies these principles in real estate, why he’s watching specific macroeconomic signals right now, and the filters investors can use to evaluate opportunities like the ultra-rich — even without a billionaire’s balance sheet.
Key Takeaways:
The mindset differences between billionaires and everyday investors
Why the ultra-wealthy prioritize asymmetric risk-reward setups
How billionaires view diversification vs. “diworsification”
The role of private investments and niche sectors in their portfolios
Economic indicators billionaires watch to stay ahead of market cycles
How to apply billionaire-style investing principles at any scale
Bob Fraser’s current outlook on real estate opportunities
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. Remember that 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 of the 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.

Aug 5, 2025 • 35min
Low Equity Splits, IO Loans, and Risky Returns | Dig In or Delete
We’re back with another episode of Dig In or Delete, where Jim Pfeifer and Paul Shannon react to real investment pitches from their inbox and decide whether each one is worth a deeper look or should be deleted on the spot.
This week’s lineup includes a six-property self-storage deal in Arkansas, a triple-net Starbucks opportunity with a 4.5% cap, and a cash-out refinance pitch for a 68-unit apartment building. Jim and Paul break down the good, the bad, and the questionable, offering LP investors a candid look at how seasoned pros filter their deal flow.
You’ll hear how they evaluate everything from leverage and cap rate to operator communication and downside protection and why most pitches get deleted without a second thought.
Key Takeaways:
How experienced LPs quickly filter incoming investment pitches
Red flags in deal presentations, underwriting, and language
Why triple-net deals aren’t always “passive” or low risk
What makes storage look appealing—and what might be missing
How debt structure and cash-out refinances affect risk profile
Why sponsor transparency is often more important than returns
What to ask before replying to a deal that lands in your inbox
How to build your own “delete” filter to save time and protect capital
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. Remember that 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 of the 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.

Jul 29, 2025 • 1h 7min
Deal Review: Andy Weiner from Rockstep Capital & the Retail Rebound
How should LPs evaluate retail real estate deals, especially when the strategy involves stabilized shopping centers and low leverage? In this episode, Paul Shannon is joined by Andy Weiner of RockStep Capital to walk through a real-life deal and answer questions from a panel of passive investors including expert LPs Pascal Wagner and Adam Cranmer.
Andy lays out his firm’s “hometown market” strategy, targeting power centers and neighborhood retail with national tenants in overlooked metros. He breaks down the underwriting, loan structure, and business plan behind a recently acquired asset and why retail investors should pay close attention to tenant quality, lease structures, and local relationships.
Our LP panel gets details on deal terms, downside protection, and risk-adjusted return, offering a front-row seat to the kind of conversation you should be having before wiring your funds.
Key Takeaways:
How RockStep finds and underwrites stabilized shopping centers
Why the team favors open-air retail over enclosed malls
What lease terms and tenant types reduce risk
How “hometown markets” create pricing advantages
The role of low leverage and longer-term debt in today’s market
When retail outperforms industrial and multifamily
How to evaluate sponsor experience and alignment
What passive investors should ask before funding a retail deal
Disclaimer:
The comments, views, opinions and any forecasts of future events, returns or results expressed in this episode reflect the opinions of the given host or participants (including the personal opinions of PassivePockets employees or contractors, as applicable), are subject to change without notice, do not reflect the views of PassivePockets or its affiliates, may not reflect actual investment results, are not guarantees of future events, returns or results and are not intended to provide financial planning, investment advice, legal advice or tax advice. The accuracy, completeness or suitability of the information discussed in this podcast, including any comments, views, opinions, forecasts, graphs, charts, ratings, reviews, videos, and other audio and/or visual aids cannot be guaranteed, are not reviewed by PassivePockets, are provided for informational purposes only, and should not be solely relied upon in making an investment decision. PassivePockets receives compensation from sponsors in exchange for profiling sponsors and/or their sponsored deals in this episode; however, such paid advertisements shall not be construed as an endorsement, testimonial, or recommendation by PassivePockets to invest in any sponsor, investment strategy or investment opportunity. Investing in real estate is inherently risky and suitable only for sophisticated and qualified investors. Prospective investors should consult with their own investment advisors, financial advisors, and tax advisors, as applicable, in connection with any decision to invest.

Jul 22, 2025 • 52min
Scott Trench on FIRE, Flow, and Why He Prefers Real Estate Over Stocks and Syndications
What’s better: FIRE or “flow”? Owning rentals or investing in syndications? Jim Pfeifer and Scott Trench (former CEO of BiggerPockets) go head-to-head in a friendly but fiery debate about cash flow, control, diversification, and what financial freedom really looks like.
Scott explains why, even as a FIRE advocate, he can’t bring himself to follow the traditional 4% withdrawal rule—and why most retirees don’t either. He shares the logic behind his personal portfolio strategy, which includes mostly unlevered Denver real estate, plus a small allocation to syndications and debt funds.
Jim brings a counterpoint: for investors who aren’t handy or don’t want to actively manage properties, passive syndications can offer better risk-adjusted returns and geographic diversification. Together, they explore how goals, personality, and life stage shape the right mix between active and passive investing.
If you’ve ever struggled to decide between owning properties or being a limited partner, this episode is for you.
Key Takeaways:
Why most FIRE adherents don’t actually draw down their portfolios
The psychological and practical barriers to decumulation
What makes real estate cash flow feel “spendable” vs. stock dividends
Why Scott prefers unlevered rentals in Denver
When syndications make sense—even for hands-on investors
The power of credit/debt funds (especially inside an IRA)
The risks of concentration vs. the benefits of control
How your skills, lifestyle, and market shape your investing strategy
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. Remember that 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 of the 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.

18 snips
Jul 15, 2025 • 44min
Brian Burke’s Bold Shift: From Multifamily to Assisted Living Investing
Brian Burke, a seasoned real estate investor and founder of Praxis Capital, discusses his bold shift from multifamily investing to focusing on assisted living and skilled nursing facilities. He reveals the market signals that prompted this transition and highlights the stability of triple-net lease structures. Burke emphasizes the critical role of operator selection in determining investment success and explores financing strategies like HUD loans that can boost returns. His insights offer a valuable perspective for passive investors eyeing this emerging asset class.

Jul 8, 2025 • 41min
The Capital Stack Is Cracking: Eric Sussman on What LPs Need to Know
Eric Sussman, a seasoned real estate investor, CPA, and UCLA professor, offers valuable insights on the shifting dynamics of capital markets. He discusses the impact of inflation, rate policy, and lending trends on investors and sponsors alike. Eric explains why misaligned capital stacks can affect passive investors and emphasizes the importance of trust and disciplined underwriting. He provocatively argues that some deals should fail to ensure a healthier market long-term, shedding light on how institutional players are preparing for potential distress.

Jul 1, 2025 • 42min
Active vs. Passive Real Estate: Chris Lopez’s Strategy in 2025
Join the Active to Passive Cohort (Starts July 28):
https://get.biggerpockets.com/active-to-passive-investing/
Passive Pockets members save $100!
Find your promo code here:
https://passivepockets.com/forums-listing/discussion/5-week-cohort-starts-7-28-active-to-passive-portfolio-transformation-cohort/
Contact Chris Lopez:
chrislopez@biggerpockets.com
Is your real estate portfolio truly aligned with your goals or is it just what you've accumulated over time? Chris Lopez, investor, educator, and founder of the Active to Passive cohort, joins Passive Pockets to share why he pivoted away from being a hands-on landlord and how he's helping others rethink their equity, their time, and their strategy.
In this episode, you’ll learn how to evaluate return on equity versus return on investment, what it means to “optimize” your portfolio in today’s market, and when selling, refinancing, or simply holding might be the smartest move. Chris also shares his step-by-step framework for running an annual diagnostic on your portfolio and how to use that analysis to decide if a shift toward passive investing makes sense.
Plus, stick around as Chris breaks down the five pillars of passive investing diversification and offers a sneak peek into his upcoming July cohort for experienced landlords exploring a hands-off path forward.
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. Remember that 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 of the 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.
Why Chris sold off half his Denver portfolio despite great returns
The difference between return on investment and return on equity
How to run an annual “portfolio diagnostic” to evaluate performance
When a 1031 exchange might not be the most efficient move
How to diversify across operators, strategies, markets, and capital stack
The mental shift required to give up control—but gain peace of mind
What Chris’s Active to Passive cohort includes, and who it’s for