Denver Investment Real Estate

Canada’s residential mortgage market is a $32 billion annual asset class in Ontario alone. Plus, it’s structurally undersupplied. Unlike the US, Canada has no 30-year fixed mortgage. As a result, strict banking regulations push Canadian homeowners into the private lending market every few years. That forced refinancing cycle produces delinquency rates roughly one-eighth of what US private lenders see. On top of that, the recourse process in Canada runs just 60–90 days. Chris Lopez sits down with Hugh Tawney, founder of Leeward Capital Partners. Together, they walk through how Property Llama Capital gained access to this market and why they made it part of their Capital 3 fund. Hugh brings an institutional finance background in public equities, fixed income, life settlements, venture, and structured credit. Before founding Leeward, he spent years building fund vehicles across multiple asset classes. His CFO managed fund accounting for 38 entities at a Denver venture firm. His COO, meanwhile, helped build ArrowMark’s multifamily origination platform — a $5 billion book. Their Canadian operating partner, Aman Mann, ran a mortgage investment company from 2017 to 2023. In total, he originated approximately 500 loans with zero impairment of principal. The fund focuses on first and second lien residential mortgages — bridge loans, fix and flip, and short-term refinances. Currently, the portfolio sits at a 76.4% weighted average LTV with an 80% hard ceiling. Also worth noting: two-thirds to three-quarters of the loan book is owner-occupied. Homeowners, after all, default at a fraction of the rate that investment property owners do. For third-party validation, the fund works with Baker Tilly (tax and audit), NAV Consulting (fund administration), UMB (custody), and Stout (quarterly independent valuations). In This Episode We Cover: Why Canada’s lack of 30-year fixed mortgages creates a structural private lending opportunity every 3–5 years How Ontario’s power of sale process delivers 60–90 day recourse vs multi-year US foreclosure timelines The tax structure that classifies fund distributions as qualified dividends — potentially a 30–50% reduction in tax burden vs ordinary income How currency hedging via forwards contracts protects principal at a cost of 8–15 basis points The pending leverage strategy projected to take gross yields from 12% unlevered to 20% levered Why Leeward targets the lower end of the Canadian market — less competition, more inefficiency, higher yields The 15-month liquidity window and how it mirrors a short-term bond fund duration with a private credit return profile If you’re an accredited investor looking at private credit and want to understand an asset class that most US investors have never encountered — this is the episode to start with. Property Llama’s due diligence included a three-to-four day on-site asset tour in Toronto and a personal investment from Chris before the fund was opened to the broader investor community. Watch the YouTube Video https://youtu.be/GvF4XBzzJJs Timestamps 00:00 — Welcome & Executive Summary — What this fund targets and why 04:32 — Chris Lopez — 15 years as an active investor turned passive  08:30 — How Property Llama Found Leeward — Due diligence and the Toronto asset tour  10:26 — Hugh Tawney — Leeward Capital founder and institutional finance background  14:25— Why Canada Has No 30-Year Fixed Mortgage — And what that creates for private lenders  15:55 — Power of Sale vs Foreclosure — How Canada’s 60–90 day recourse process works  23:15— The Private Lending Opportunity — Why Canada pays 300–500 bps more than the US  25:45 — The Tax Advantage — How this fund achieves qualified dividend treatment  40:20— Currency Hedging — Protecting principal across USD and CAD  42:47  Leverage Strategy — How the fund projects a move from 12% to 20% returns  47:58— Fund Terms & Third-Party Validators — Minimums, lockup, and who’s watching the books  57:30 Canadian housing crash fears, IRA/UBIT considerations and next steps Links in Podcast Interested in learning more about the Leeward opportunity? PLC 3 LLC: PL Leeward 1 Data Room Property Llama Capital Passive Pockets Summit — use code LOPEZVIP for $100 off Passive Pockets Podcast (hosted by Chris Lopez)

Most Colorado investors have never seriously considered industrial real estate. At first, it feels like a different world — big buildings, commercial tenants, unfamiliar terminology. But once you understand how the asset class actually works, it starts to look a lot like the multifamily investing you already know, just with fewer headaches. To start, industrial real estate covers a wide range. On one end you have a 2,000 square foot bay rented to an HVAC company. On the other end, million square foot distribution centers broken into 20,000-50,000 square foot bays. For individual investors, though, the sweet spot is the middle — small-bay multi-tenant buildings in the $1-4 million range where spaces run 1,500 to 5,000 square feet. These attract the same kinds of small businesses that keep renewing: trade contractors, lumber companies, light manufacturers. Tenants that need space and don’t want to move. And in a triple net lease, those tenants pay your taxes, your insurance, and your maintenance costs. You collect the check. That’s where Drew Williams comes in. Drew is an industrial and retail broker at North Peak Commercial Brokers in Denver. Over the last four years he’s focused on exactly this segment of the market — multi-tenant industrial along the Front Range — and in this episode he walks through the asset class from the ground up. Deal types, tenant profiles, how to read a cap rate, what flex industrial actually means, and how to think about risk when you’re underwriting a business instead of a household. From there, the conversation turns to where the 2026 Denver industrial real estate market stands right now. Prices have pulled back. The ask-to-close gap has averaged 15% over the last 12 months. Meanwhile, rents have held flat at $12-13 per square foot triple net while expenses have climbed. On top of that, lenders now want 35-40% down and a 1.3 DSCR. It sounds like a tough market — and in some ways it is. Still, Drew explains why these conditions are also creating real opportunities for buyers who know how to find them. In This Episode We Cover: What industrial real estate actually is — deal types, tenant profiles, and the difference between small bay, flex, and single tenant The three buyer profiles — passive investor, owner-user, and syndication group — with real Denver deal examples How triple net leases work and why tenants pay taxes, insurance, and maintenance Where the 2026 Denver industrial real estate market stands — cap rates, rents, price per square foot, and the 15% ask-to-close gap The value-add playbook — converting gross leases to triple net and recovering expenses landlords have been absorbing for years The three physical features that make a Denver industrial building significantly easier to lease and sell The zoning trap that turns a promising purchase into an expensive mistake If industrial real estate has ever been on your radar but felt too unfamiliar to pursue, this episode is the place to start — and if you’re already looking at the 2026 Denver industrial real estate market, Drew gives you the ground-level data to move with confidence. Watch the YouTube Video https://youtu.be/YNNetKjReDg Timestamps 00:00 – Welcome & Introductions  01:30 – Drew’s Background – Tech consulting to leading North Peak’s industrial team  02:44– What Is Industrial Real Estate? – 2,000 sq ft to million sq ft complexes  03:50 – 3 Buyer Profiles – Passive investors, owner-users, and syndications 05:44 – Stabilized vs. Value-Add – Two main investment strategies  06:58 – What Is Flex Industrial? – Office-to-warehouse ratios explained ’ 08:50– Underwriting a Stabilized Deal – 7% cap, 35-40% down, 1.3 DSCR 15:06– How Long Should You Hold? – 5-7 year holds and lease value decay 22:52 – What’s Driving the Price Pullback? – 15% ask-to-close gap, flat rents at $12-13/sq ft  24:22– Value-Add Playbook – Gross to triple net conversions and deferred maintenance  26:56– Lease-Up Timelines – Why deals now take 4-8 months to fill  29:35– Where the Opportunities Are – Yard space, clear heights, and access 35:55 Policy & Market Uncertainty – Why most investors are still holding  40:38– Energize Denver – 30,000 sq ft threshold and compliance fines  41:58– Multifamily Investors Moving to Industrial – Why triple net is winning 43:06 – Advice for Transitioning Investors – Start small-bay multi-tenant, know your zoning  48:15 Risk Tolerance – Matching your investment profile to the right deal 52:20 Zoning Pitfalls – How a change of use can kill a deal  55:42 – How to Reach Drew – 303-917-5232 | drew@northpeakcre.com Connect with our Guests Drew Williams: drew@northpeakcre.com 303-917-5232 Links in Podcast NorthPeakCRE Drew referenced two active North Peak listings during the conversation — both available now in the Denver metro: 3600 S Huron St, Englewood CO 80110 — $1,750,000 8,000 SF brick flex building near the Santa Fe and 285/Hampden junction. Includes a 4,500 SF fenced yard, two drive-in doors, and a new 5-year NNN lease in place. Strong 1031 exchange candidate with long-term redevelopment upside. 2610 S Raritan Circle, Englewood CO 80110 — $9.90/SF 10,200 SF industrial available for lease. 18-foot clears, two drive-in doors, two dock doors, I-2 zoning. Works for an owner-user or investor with a tenant ready to move in. Energize Denver — Check If Your Building Is Covered

Denver fix and flip margins are shrinking, condo inventory just hit 11 months, and some DSCR lenders are approving loans at 0.75 debt service coverage. That’s not a typo. For anyone trying to get a clear Colorado real estate outlook for 2026, the signals are mixed — and most of them you won’t find in the MLS. To help make sense of it all, Chris Lopez sits down with Kevin Amolsch, founder of Pine Financial, a Colorado private lender that has originated over $1 billion in loans across 2,800 transactions since 2008. Beyond lending, Kevin is actively buying commercial buildings, demising flex warehouse space in Broomfield, and stripping cellular tower leases off office properties the way some investors strip mineral rights. As a result, he has a front-row seat to what’s actually working — and what’s quietly blowing up. In this episode, Kevin shares what Pine’s current deal flow reveals about the Colorado real estate outlook for 2026 and why he’s moved away from residential toward commercial assets. He and Chris also have a candid back-and-forth on the Denver price forecast — Kevin expecting flat, Chris leaning slightly negative. From there, they dig into why the condo and attached product market may be the riskiest place to be right now. In This Episode We Cover: Why Kevin sees fix and flip margins compressing — and what experienced flippers are doing about it The DSCR loan warning every Colorado investor needs to hear before refinancing a BRRRR Kevin’s honest breakdown of Denver’s 2026 price outlook: detached, attached, and multifamily How Kevin is stripping cellular leases off his office building like mineral rights — and what they sell for Why ground-up townhome development is struggling and what the 11-month condo inventory actually means The 10-year treasury vs. risk spread explained clearly, and what Trump’s MBS buying could actually do Why Kevin is price-checking his subs and vendors right now — and why you probably should be too If you’re trying to get a clear Colorado real estate market outlook for 2026 — and figure out what moves actually make sense right now — this is the episode to listen to. Watch the YouTube Video https://youtu.be/rWL6gxboybg Timestamps 00:00 – Welcome & Kevin Amolsch Introduction – Pine Financial founder returns  01:20 – Pine Financial Overview – $1B+ in originations, 2,800 transactions, $250M under management  03:20 – New Office Building in Littleton – Bought 24,000 sq ft Wells Fargo building at 7 cap  05:59 – Cellular Lease Strategy – Stripping tower leases like mineral rights, sells at 3.5–4.5 cap  07:33– Office Rehab Lessons – Why Office-to-Apartment Conversions Are So Hard  10:33 – Broomfield Flex Warehouse Deal – 18,000 sq ft, 4 small-bay suites, recovering a troubled partnership  12:27– Fix and Flip Market Right Now – 10% discounts on wholesale deals, six-figure rehab budgets  15:40 – Flipper Margins Shrinking – Why experienced investors won’t touch a deal under $100K net  19:24– Denver Price Forecast for 2026 – Kevin: flat on detached. Chris: slightly negative (1–3%)  21:49 Condo Market Warning – 11 months of inventory, why Kevin calls it riskiest asset class right now  22:42– Multifamily Supply Glut and When It Burns Off – Vacancy near 10%, stabilization likely 2027  25:53– DSCR Loan Landscape – Loans at 0.75 DSCR, five-year prepay traps, what to watch for  27:44– BRRRR Reality Check – Cash-in refinances are common now, full pulls are rare  29:27– Ground-Up Construction Struggles – Why new townhome developments are sucking wind  33:26– Interest Rate Mechanics Explained – 10-year treasury vs. risk spread, Trump MBS buying  36:00 – Macro Outlook: Rates, Fed Chair, Unemployment – Why Kevin expects just one cut in 2026 Connect with our Guests Kevin Amolsch kevin@pinefinancialgroup.com Links in Podcast ATTOM Property Data Pine Financial

Something shifted in January — and this January 2026 Denver real estate market update breaks down exactly what’s happening. Rents are resetting to 2018 levels. A third of all available apartments were built in the last decade. Colorado now ranks 5th nationally for outbound moves. 55% are leaving the state — the highest since 1990. Landlords across the Front Range are holding rents flat or cutting them just to keep units filled. But here’s what most people are missing — this same pressure is creating buying opportunities that haven’t existed in over a decade. Chris Lopez sits down with his monthly market panel. Troy Howell with Nova Home Loans, Jeff White with Envision Advisors, Jenny Bayless covering Colorado Springs, and Shawn Riley from KeyRenter Denver all join the conversation. The group digs into the numbers. They share what they’re seeing firsthand from their own portfolios, clients, and deal flow. Things get real when Chris reveals a fourplex across the street from his own just sold at his 2018 purchase price. That confirms what the data has been showing about multifamily. Then the panel unpacks a $30 million foreclosure on four central Denver apartment buildings. Zero bidders showed up at auction. Colorado residential land now averages $942,200 per acre — up 174% in a decade. That’s why starter homes have disappeared entirely. And Shawn Riley shares that rents on condos and townhomes are down 7-10%. Apartments are offering up to three months free rent, making it brutal for older inventory to compete. In This Episode We Cover: Colorado Springs hits 4.5 months supply — officially tipping into a buyer’s market while prices hold mostly steady Why Denver inventory is building 7-8% year over year and new construction spec homes still aren’t moving even with builder-subsidized 4% rates The rental market resetting to 2018 levels and why landlords are holding rents flat to avoid costly turnover Section 8 developments including Denver paying 120% of fair market rents but freezing new voucher issuance and rent increases Room by room rental demand softening — what co-living operators need to know heading into spring Why the panel says this is Colorado’s first real buyer’s market in a decade and the 1031 exchange strategy to capitalize on it The new Fed chair nomination and what rate improvements of 0.50-0.75% from last year mean for refinance opportunities If you’ve been waiting for a 2026 Denver real estate market update that actually tells you where the deals are, this is it. Whether you’re sitting on single family properties eyeing a move into multifamily, a landlord figuring out the right rent price, or an investor ready to pick up distressed deals at steep discounts, the panel breaks down exactly where things stand right now. Watch the YouTube Video https://youtu.be/LJq5IzPcPbM Timestamps 00:00 — Welcome & Guest Introductions  01:13 — Colorado Springs January Stats — New Listings Nearly Double  03:44— Denver Boots on the Ground — Relisting Surge & Condo Financing  05:39 — Denver Metro Trends — Inventory Building & Prices Flat  07:44 — Colorado Land Up 174% — Why Starter Homes Don’t Exist  09:40— Builders Sitting on Unsold Spec Homes  11:11— Colorado Ranks 5th for Outbound Moves  11:55— Rental Market Reset — Rents Feel Like 2018  15:45— Room by Room Rentals — Flat Rents & Co-Living Rebrand  21:58— Section 8 Voucher Changes & Denver Paying 120% of Fair Market Rents  27:51 — Multifamily at 2018 Prices & $30M Foreclosure With Zero Bidders  35:05 — Renting vs. Buying — Jenny’s Real Numbers Comparison  37:53 — Mortgage Rates & New Fed Chair Nomination 41:24— Buyer’s Market Playbook — Time for Disrespectful Offers Connect with our Guests Jeff White: jeff@envisionrea.com Troy Howell: troy.howell@novahomeloans.com LinkedIn: Troy Howell Website: https://www.novahomeloans.com/loan-officer/troy-howell/ Shawn Riley: shawn@keyrenterdenver.com Website: https://keyrenterdenver.com/ Jenny Bayless: Jenny@envisionrea.com Links in Podcast Apartment vacancy in metro Denver reaches highest rate in 16 years, pushing down rents again Realtors say it’s still a buyer’s market in Colorado, but high housing costs keep renters renting  Mortgage Calculator Lender forecloses on four central Denver apartment buildings Denver Multifamily Hits 2009 Cap Rates (8 Indicators We’re at the Bottom) Download the Free House Hacking Spreadsheet Subscribe to our Reactivated Deal Alert Emails Who is Keyrenter? Keyrenter Property Management Denver provides rental solutions for homeowners and real estate investors in the metro area who are interested in transforming their properties into passive income. It offers various services, from property marketing and thorough applicant screening to tenant placement and 24/7 maintenance services. Keyrenter Denver’s team of experts can take the clients’ burden of managing their rental off their hands so they can get back to what matters to them. Who is Nova Home Loans? For over 40 years, we’ve been focused on helping homeowners find the perfect loan to fit their financial needs and personal goals. Working with NOVA is a personalized experience from initial application to final loan closing and beyond. We will be with you every step of the way toward successful homeownership. Start working with NOVA & Troy Howell today! NOVA FINANCIAL & INVESTMENT CORPORATION, DBA NOVA HOME LOANS NMLS 3087/ EQUAL HOUSING OPPORTUNITY/8055 EAST TUFTS AVENUE, SUITE 101/DENVER, CO

What if you could cut your deal analysis time by 80%? Joel Bechtel was drowning in broker documents. T12s in one format. Rent rolls in another. OMs that looked completely different from the last five he’d reviewed. After spending hours copying and pasting data into Excel spreadsheets only to discover a deal wouldn’t work, he built multifamily underwriting software, Deal Flow Pro to solve the problem. Chris Lopez sits down with Joel, a software entrepreneur who spent 18 years building tech companies before pivoting to focus on his real estate portfolio. Joel currently owns 20 doors and recently analyzed 90 multifamily properties across Columbus, Nashville, and Raleigh markets. Deal Flow Pro extracts data from broker documents and runs underwriting in minutes instead of hours. The numbers are striking. What used to take 1-2 hours per deal now takes 10-15 minutes. That’s the kind of efficiency that lets you actually find deals worth pursuing instead of burning out on spreadsheet work. In This Episode We Cover: The Gmail hack Joel uses to automatically filter broker leads into a dedicated inbox for AI processing Why most investors waste hours on deals that will never work and how to filter faster How Deal Flow Pro extracts data from T12s, rent rolls, and OMs automatically Current vs pro forma analysis and which variables actually matter when tweaking numbers The St. Louis deal that looked perfect on paper until due diligence revealed a critical problem How to sanity check AI results without adding hours back to your workflow Market metrics that matter including flood zones, fair market rents, and census data Why zero closings from 10 LOIs is actually normal in today’s market Joel also shares advice for investors who want to bridge into entrepreneurship, including why community and masterminds matter more than going it alone. Plus, why jumping from your W2 too quickly can actually hurt both your investing and your ability to get loans. Watch the YouTube Video https://youtu.be/yKFUQ2hUJaM Timestamps 00:00 – Welcome & Episode Introduction 01:54– From 18 years in software to real estate investing 05:15 – Broker document chaos that sparked Deal Flow Pro 07:05 – How AI extracts data from T12s, rent rolls, and OMs 09:16 – Safeguarding against AI Hallucinations 12:36 – From 90 deals to 10 LOIs 15:11 – Fact checking market metrics: flood zones, rents, census data 17:13 – St. Louis due diligence story 22:02– Time savings: 2 hours down to 10 minutes 25:53– Merging investor and entrepreneur paths 33:00 – Deal Machine integration + where to find Deal Flow Pro Links in Podcast Deal Flow Pro – AI deal analysis software for multifamily investors Website: dealflowpro.io Promo Code: “Chris Lopez” for 14-day trial (no credit card required) Deal Machine – Off-market lead generation tool Crexi – Commercial real estate listing platform LoopNet – Commercial real estate marketplace

Denver multifamily 2026 cap rates just hit 6 to 6.5 percent. This is the first time since 2009. Furthermore, Denver’s highest-volume multifamily brokers believe this marks the bottom. Meanwhile, many investors wait for blood-in-the-water distressed sales. However, NorthPeak Commercial Advisors see something different in Denver multifamily 2026. Instead, they’re seeing fair pricing on quality assets. Additionally, buyer activity is returning after a two-year freeze. Chris Lopez sits down with Kevin Calame and Matt Lewallen. They’re co-owners of NorthPeak Commercial Advisors. They’re also 30-year business partners. Previously, they survived Denver’s largest condo conversion operation collapsing in 2007. Now, their firm handles more multifamily transactions than any other Denver brokerage. As a result, this gives them unmatched visibility into what’s trading in Denver multifamily 2026. Kevin and Matt don’t sugarcoat the challenges. For example, transaction volume is down 75 percent. Similarly, insurance jumped from $500 to $1500 per unit and North Aurora won’t sell at any price. Nevertheless, they lay out multiple data points. These suggest the Denver’s multifamily 2026 market has found its floor. This episode delivers real-world insights you won’t find in generic reports. For instance, Kevin shares a recent Denver multifamily 2026 showing. It drew 12 buyers after months of zero activity. Meanwhile, Matt explains why admitted insurance carriers are positioning to return. He also covers the “extend and pretend” banking strategy. Consequently, this might prevent the distressed wave many expect. They break down recent deals. Specifically, one is a 24-unit Arvada property. It’s structured as a master lease option. Another is a Thornton retail acquisition at a 7 cap. In fact, that deal has 30 percent below-market rents. Kevin and Matt explain why this downturn feels harder than 2007. Essentially, it’s the perfect storm. First, rising rates went from 3% to 6.5%. Second, there’s oversupply with 18,000 deliverable units. Additionally, expenses are spiking. Also, insurance is chaotic. Finally, unfriendly legislation is hitting Denver multifamily simultaneously. But unlike the Great Financial Crisis, properties aren’t flooding back to banks. Instead, Denver multifamily 2026 is stabilizing at healthier fundamentals. Cornerstone Property Management’s data shows renewal rates just increased 14 percent. This is after two years of decline. Moreover, NOI is steadying. Therefore, buyers who purchase Denver multifamily 2026 properties at today’s 6+ cap rates can expect realistic returns. Those are 7-8 percent annually. As a result, they’ll likely look back in 18 months satisfied with their timing. In This Episode We Cover: Why Denver multifamily 2026 cap rates returning to 6-6.5% signals a healthy market (not a crisis) How NorthPeak Commercial Advisors closes double the Denver multifamily transactions of any competitor The insurance crisis that pushed costs from $500 to $1500 per unit and why relief is coming Recent showing with 12 buyers proves Denver multifamily 2026 market is waking up Creative deal structures: master lease options, seller financing, and assumption deals Why North Aurora won’t sell at any price while core Denver stabilizes at 6 caps Cornerstone data shows 14% renewal rate increase—first positive rent signal in two years Proper expectations for Denver multifamily 2026 buyers: 7-8% returns are the new normal Kevin and Matt built NorthPeak by surviving the 2007 crash, unwinding a $15 million condo conversion empire, and grinding through survival mode to become Denver’s top multifamily brokerage. Their 17 brokers make hundreds of calls daily, giving them real-time market data that generic reports miss. Whether you’re holding assets wondering if you should sell or sitting on capital waiting for the perfect entry, this episode provides the data-driven analysis Colorado investors need to make informed decisions in 2026. Watch the YouTube Video https://youtu.be/KrXKPX5Nylc Timestamps 00:00 – Welcome & Episode Introduction 01:55 Kevin & Matt’s 30-Year Partnership Origin 09:09 – Starting NorthPeak in 2020 13:23 – 2025 Market vs 2007 Comparison 15:43 – Market Bottom Indicators 19:02 – Perfect Storm (Rates, Oversupply, Insurance, Legislation) 23:18– Insurance Crisis ($500 to $1500 Per Unit) 27:26– Buyer and Seller Expectations Closing 28:47 – Creative Deal Structures That Work 32:27 – Recent Deals and Creative Structures 34:00 – Master Lease vs Seller Carry Explained 35:40 – Retail Deal in Thornton at 7 Cap 40:21– North Aurora Completely Frozen 44:53– Where to Find Value in 2026 48:56 – Working with NorthPeak CRE Links in Podcast NorthPeak Commercial Advisors Email Kevin Calame kevin@northpeakcre.com Email Matt Lewallen matt@northpeakcre.com Carleton H. Sheets ‘No Down Payment’ Real Estate Program

After 600 episodes and nine years of interviewing Colorado’s most successful real estate investors, podcast host Chris Lopez shares the five most important Colorado real estate investing lessons he’s learned—lessons that fundamentally changed how he builds portfolios, navigates market cycles, and adapts investment strategy. Since launching July 7, 2017, Chris has interviewed hundreds of Colorado investors: deca-millionaires who built massive portfolios, investors who survived the 2008 crash and rebuilt stronger, and specialists in lending, insurance, and property management who understand market mechanics better than anyone. This milestone episode distills nearly a decade of accumulated Colorado real estate investing lessons into actionable insights for investors at any experience level. The biggest revelation? Real estate moves far slower than most investors anticipate. Chris shares why he called the 2022 market top correctly, sold multiple residential properties, and shifted capital into multifamily and private lending—but still underestimated how long market corrections take to play out. He reveals why “I’d rather be a day late than a day early” became his investing mantra and what Brian Burke’s quote about “time to sit on the beach” taught him about patience. Chris also addresses the Colorado-specific challenges reshaping local investing: property insurance costs now rank second-highest in the nation (behind only Florida), legislative headwinds continue reducing investor demand, and the growth wave from 2012-2023 has definitively ended. These trends require completely different strategies than what worked five years ago, making these Colorado real estate investing lessons more relevant than ever. In This Episode We Cover: Why consistency over 15-20 years beats trying to time perfect market entry How market cycles never repeat exactly—multifamily crashed while residential held in 2022-2025 The five-step framework for adapting strategy when both markets and personal life change Why looking at 50-year interest rate trends reveals patterns 10-year data misses How Chris’s portfolio strategy evolved from single investor to family man with three daughters What diversifying across asset classes and capital stack positions protected during volatility Why Colorado insurance and legislative trends now require different underwriting than 2019 Whether you started listening in 2017 or discovered the podcast recently, this episode offers perspective you can’t get anywhere else: the accumulated wisdom of 600 conversations with the people who’ve actually built wealth through Colorado real estate. Chris shares not just what worked, but what he got wrong and how he adapted—delivering Colorado real estate investing lessons that only come from nine years of interviews and real market experience. Share your story: Email chris@propertyllama.com or fill out the survey link to tell us how this podcast has impacted your investing journey. We’d love to hear which episodes helped you buy your first property, avoid a bad deal, or connect with the right resources at the right time. Thank you for being part of this journey. Here’s to the next 600 episodes of helping Colorado investors build long-term wealth through real estate. Watch the YouTube Video https://youtu.be/-JoxdgN0sTg Timestamps 00:00 Welcome to Episode 600 – Milestone Reflection 01:31 Why I Started This Podcast – Using the Microphone to Get Smarter 02:53 Lesson 1: Consistency Wins – Why Staying in the Game for 15-20 Years Matters 03:37 Lesson 2: History Doesn’t Repeat, But It Rhymes – Market Cycles Never Play Out the Same 04:51 Lesson 3: Adapting to Market AND Life Changes – From Single Investor to Family Man 06:06 Lesson 4: Real Estate Moves Slower Than You Think – Brian Burke’s “Beach Time” Quote 08:43 Lesson 5: Look at 50-Year Trends, Not Just 5-Year Data – Interest Rates Since the 1970s 10:01 Colorado Insurance Now 2nd Most Expensive in US – Legislative Headwinds Impact 10:45 Thank You to 600 Episodes of Guests and Listeners – Share Your Story Links in Podcast Property Llama: https://propertyllama.com Envision Advisors: https://envisionadvisors.com Colorado leads the nation in home insurance premium increases Podcast #1: Accidental Denver Landlord to 80 Properties Share your feedback here

The Denver December 2025 market update reveals a shifting landscape for real estate investors. Inventory ended the year at 7,600 active units – up 10% from December 2024 but down sharply from November’s 10,500 units as sellers pulled listings heading into the holidays. The bigger story? Attached properties (condos and townhomes) surged 20% year-over-year while detached homes stayed relatively flat, signaling where market pressure is building. Then the new year arrived and everything accelerated. Chris Lopez hosts Troy Howell from Nova Home Loans and Jeff White from Envision Advisors to cover Denver’s December 2025 market update. The panel covers Denver metro year-end trends, interest rate movements, and what just happened in the first week of the new year. Over 20 small multifamily properties hit the market in just the first 8 days of January – an unusual flood of inventory during the worst season to sell. Troy reveals interest rates dropped nearly a full percentage point year-over-year (from 7.04% in January 2025 to 6.16% in January 2026) with predictions for continued decline, while data shows 6%+ mortgages now outnumber sub-3% loans nationwide, signaling the lock-in effect may finally be breaking. The panel digs into what December’s inventory patterns mean for 2026 buying opportunities, examining why motivated sellers are listing in winter and how this creates negotiation leverage. Jeff conducts live underwriting of a $750K 4-plex near South Broadway that dropped $139K in price, walking through actual spreadsheet analysis comparing house hacking (5% down, 9.39% cash-on-cash return) versus traditional investing (25% down, 5.75% return). Both strategies dramatically outperform the 1-2% market average most investors are seeing, proving cash flow still exists in Denver’s current market conditions. Watch the Youtube Video https://youtu.be/zKNDot-SdjE In This Episode We Cover: December 2025 inventory recap: 7,600 units (up 10% YoY from Dec 2024), why attached properties jumped 20% while detached stayed flat Why 20+ small multifamily listings flooded Denver in January 2026’s first 8 days during the worst selling season Interest rate trends: Down from 7.04% (Jan 2025) to 6.16% (Jan 2026), with VA loans reaching low 5% range How the lock-in effect is ending as 6%+ mortgages now exceed sub-3% mortgages nationwide Live underwriting showing $750K 4-plex delivering 9.39% returns for house hackers vs 5.75% for investors Colorado Springs new construction duplex deal with 100% VA financing and 12-month occupancy flexibility Why properties are selling at 2018-2019 price levels and what this means for long-term investors December’s data confirms inventory is building but hasn’t reached problematic levels – we’re still well below the 15,000-30,000 units seen during the 2008-2012 period. The seasonality cliff from 14,000 summer units down to 7,600 by year-end is normal, but what’s not normal is the January 2026 surge of motivated sellers listing during peak winter. Troy explains how current rates make deals pencil again after years of struggle, while Jeff’s spreadsheet analysis proves the math works for both house hackers and traditional investors. Subscribe to our reactivated deal alert emails and join our February 2026 webinar for deeper small multifamily analysis as we track how this inventory surge plays out through the year. Timestamps 00:00 – Welcome & New Year Market Update Introduction 01:43 – December Inventory Analysis: 7,600 Active Units Up 10% Year Over Year 04:15 – Why Attached Properties Jumped 20% While Detached Stayed Flat 07:15 – The January Flood: 20+ Small Multifamily Listings in 8 Days 12:47– Live Deal Analysis: $750K 4-Plex Near South Broadway (Dropped $139K) 16:23 – House Hacking Numbers: Live in Your Unit for $1,338/Month 19:20 – Investor Analysis: 5.75% Cash-on-Cash vs 1-2% Market Average 25:28 – New Construction Duplex Deal: 100% VA Financing in Colorado Springs 27:19 – VA Loan Occupancy Rule: 12 Months vs 60 Days for Conventional 33:12 – Interest Rate Update: 6.16% Down from 7.04% One Year Ago 35:06– Mortgage Lock-In Effect Ending: 6%+ Loans Now Exceed Sub-3% Mortgages 36:38 – Trump Proposes Ban on Institutional Single-Family Home Buyers Connect with our Guests: Jeff White: jeff@envisionrea.com Troy Howell: troy.howell@novahomeloans.com LinkedIn: Troy Howell Website: https://www.novahomeloans.com/loan-officer/troy-howell/ Links in Podcast For the First Time in Years, More Homeowners Have a 6% Mortgage Rate than a 3% One Subscribe to our Reactivated Deal Alert Emails Download the Free House Hacking Spreadsheet Who is Keyrenter? Keyrenter Property Management Denver provides rental solutions for homeowners and real estate investors in the metro area who are interested in transforming their properties into passive income. It offers various services, from property marketing and thorough applicant screening to tenant placement and 24/7 maintenance services. Keyrenter Denver’s team of experts can take the clients’ burden of managing their rental off their hands so they can get back to what matters to them. Who is Nova Home Loans? For over 40 years, we’ve been focused on helping homeowners find the perfect loan to fit their financial needs and personal goals. Working with NOVA is a personalized experience from initial application to final loan closing and beyond. We will be with you every step of the way toward successful homeownership. Start working with NOVA & Troy Howell today! NOVA FINANCIAL & INVESTMENT CORPORATION, DBA NOVA HOME LOANS NMLS 3087/ EQUAL HOUSING OPPORTUNITY/8055 EAST TUFTS AVENUE, SUITE 101/DENVER, CO

Colorado’s real estate market just hit balanced status for the first time since 2012. The best Colorado real estate investing strategies in 2026 now require adapting to what Chris Lopez calls “the great stall” for single-family homes. Condo prices are forecast to drop another 4-10%. Multifamily has already crashed 15-30% from peak values. Meanwhile, builders are offering closing incentives reaching 7-13% on new construction. Private lenders are generating 10-20% annual returns. This matters because traditional rental cash flow now requires creative approaches. This is a replay of Property Llama’s flagship Portfolio Analysis Mastermind webinar. It was originally presented live to over 200 registered investors. Chris brings 20 years of Colorado investing experience as CEO of Property Llama and founder of Envision Advisors. His company has helped hundreds of investors acquire Front Range rental properties. This 100-minute workshop analyzes data from three major sources: the Denver Metro Association of Realtors, CoStar’s commercial multifamily reports, and the Colorado State Demography Office. The goal is to forecast where the Colorado market is heading and what investors should do about it. Chris reveals why 15,000 homes represents the balanced market threshold for Denver metro. He shows how all Front Range markets follow nearly identical patterns. Denver, Colorado Springs, Pueblo, and Northern Colorado all move together with 1-3 year lag times. He introduces the Cash Flow on Equity (CFE) framework. CFE shows how a paid-off property making $1,700 annually on $200,000 equity represents just a 0.8% return. That underperforms basic savings accounts. Chris doesn’t hide from uncomfortable realities. He explicitly states that Colorado’s “epic growth wave from 2010-2020 is over and will never return.” The drivers are clear: slowing population growth (down to 1% annually), rising inventory, elevated interest rates, and increased expenses. Watch the Youtube Video https://youtu.be/zbVhMrdS2Rs In This Episode We Cover: Why Chris classifies Colorado as a “yellow light” market – not amazing, not horrible, but requiring selective strategy The six strategies currently generating 7-16% cash flow in Colorado: new construction opportunities, room-by-room conversions, medium-term rentals, house hacking, private lending, and multifamily acquisitions How builder closing incentives work and why they’re offering 4.5% interest rates on new construction when market rates sit at 6.5% Why multifamily is experiencing negative rent growth through 2026 as peak vacancy hits Q4 2025/Q1 2026 from oversupply The three options for optimizing high-equity, low-cash-flow properties: keep and convert to better strategies, cash-out refinance to reinvest, or sell and unlock equity into higher-performing assets Chris’s personal portfolio strategy: shifting from 85% equity / 15% debt to a 50/50 balance over the next 3-5 years to maximize cash flow while preserving capital How private lending offers 10-20% returns with senior debt positions while fix-and-flip gross margins remain healthy at 24% despite market softening Live Q&A covering: ADU construction economics, when to sell multifamily, private lending risk assessment, wrap financing for house hackers, LTV targets for portfolio leverage Whether you’re analyzing your first fourplex or optimizing a 20-property portfolio, this market transition requires new thinking. You need to understand which Colorado real estate investing strategies in 2026 actually generate cash flow. Appreciation has stalled, so the old playbook doesn’t work. Chris provides the data-driven framework investors need to evaluate current holdings. You’ll learn how to identify underperforming assets through CFE analysis. You’ll determine whether to convert properties to higher-performing strategies, refinance and reinvest, or sell and redeploy equity. Timestamps 00:00 – Welcome & PAM Overview 03:22 – Chris Lopez Introduction & Background  05:53 – Colorado Market Trends Framework  07:50– Denver Metro Inventory Analysis  10:30 – Price Appreciation Charts 2007-2025  13:22 – Front Range Market Comparison  16:34 Crystal Ball: Market Predictions  18:06 – New Construction Builder Incentives  22:20  Multifamily Market Deep Dive  42:14 – Population Growth Reality Check  46:28 – Six Strategies That Cash Flow  50:52– Cash Flow on Equity Framework  52:47– Property Llama Software Demo  52:47– Property Llama Software Demo  57:15 – Three Options for High-Equity Properties  1:14:07– Chris’s Personal Portfolio Update  1:21:13– Q&A Session Links in Podcast 2026 PAM Resource Page Property Llama Chris Lopez’s 2026 Investing Plan YouTube video Detailed blog article Mountain Trends A BiggerPockets Guide to Co-Living Cash Flow Should I Put My Property In An LLC? Podcast and blog

While most Colorado investors chase the same overpriced listings and compete on subject-to deals, Troy Miller quietly closes properties for $30K that will be worth $250K after renovation. These short sale real estate Colorado 2025 deals require skill and systems, but Troy proves you only need 5-6 deals per year to hit financial goals. The strategy isn’t new, but the opportunities are growing as more properties go underwater in today’s market. Troy Miller is the CEO of Colorado Recon (formerly ICOR), giving him a unique vantage point into what’s actually working across Colorado’s real estate market. He speaks with hundreds of active investors, sees deal flow from wholesalers and agents, and has built systems to handle the 22 hours of paperwork required for each short sale without sacrificing his lifestyle. In this episode, Troy breaks down two live short sale deals he’s working on right now. The first is a Pueblo property that was 73 months delinquent (yes, over 6 years) due to bank oversight and active-duty military protections. He shares how he navigated FHA regulations, threatened senator involvement, and is closing on a property purchased for $30K with conservative after-repair values between $250K-$280K. The second deal in Colorado Springs looked pristine on the surface but had expensive foundation and sewer issues lurking below – and how an appraisal ordered without Troy present is now creating a months-long dispute process. This isn’t a beginner strategy. Troy explains why the current wave of subject-to education concerns him and other industry leaders – improper execution could trigger federal policy changes affecting all investors. He defines the critical differences between subject-to and short sale transactions, explains Colorado’s unique 6-month foreclosure timeline, and shares why deals that are “underwater” (owing more than current value) create the best opportunities. In This Episode We Cover: Why short sales still exist and how to source them through networking instead of direct mail The exact paperwork process and 22-hour timeline to submit a complete short sale package How Troy uses virtual assistants to scale while maintaining his lifestyle (only 5-6 deals per year needed) Critical mistakes in subject-to deals that could trigger federal regulation Real numbers from two active Colorado deals: $30K purchase prices with $250K+ upside Navigating FHA regulations, Dodd-Frank protections, and bank disputes The “blue ocean strategy” – finding your niche where there’s less competition Colorado’s market remains challenging with tight inventory and high interest rates, but creative acquisition strategies like short sales offer serious investors a path to deals with healthy margins. Troy proves you don’t need to do 50 deals per year when you master one strategy and build systems around it. Watch the YouTube Video https://youtu.be/VbWq9FsTql4 Timestamps 00:00 – Welcome & Guest Introduction01:52 – Troy Miller’s Background – From Nonprofit World to Real Estate Investing05:16– – The Subject-To Problem – Why Bad Execution Could Trigger Federal Policy Changes 08:55– Subject-To Deals vs Short Sales – Critical Definitions for Colorado Investors 12:32 – Pueblo Short Sale Deal #1 – 73 Months Delinquent, FHA Complications16:32 – Active Duty Military Protection – How Dodd-Frank Changed the Game18:42– Deal Numbers Breakdown – $30K Purchase, $250K+ After Repair Value21:05– Navigating the 90-Day Deed Restriction During Government Shutdown27:32– Colorado Springs Short Sale Deal #2 – When Surface Looks Good But Isn’t29:47– The Appraisal Dispute – Bank Orders $325K Valuation, Reality Is Different36:45– Building Scalable Systems – Virtual Assistants Handle 22 Hours of Paperwork39:05– Finding Your Blue Ocean – Why Troy Only Needs 5-6 Deals Per Year39:41 – Resources for Learning Short Sales & Subject-To Strategies Links in Podcast Colorado Recon Next Event: January 24, 2025 – ColoradoRecon.com

The Denver multifamily market just absorbed 9,400 units – about 20% higher than the annual average – while supply continues burning off through 2026. This massive supply wave is creating opportunities for Denver real estate investing 2026 strategies that most investors are missing. Chris Lopez and Richard McGirr, co-founders of Property Llama, break down their 2025 shareholder meeting covering Colorado market divergence, investment strategy shifts, and the company’s evolution into diversified debt fund platforms. With hundreds of Colorado investors served, they reveal what’s working (and what’s not) for Denver real estate investing 2026 and beyond. Market Reality: Single family homes are holding steady with slight declines expected, condos are down 10-20% in recent transactions, and multifamily is trading at 2017 prices with 9 cap returns. Denver ranks in the top 5 hardest-hit metros for rent cuts, with Class A properties offering 3-4 months of concessions that push downward pressure on all rental classes. The supply wave is longer than anticipated, but occupancy is finally trending upward through Q2 2025 data. Cash Flow Strategies for Denver Real Estate Investing 2026: The traditional playbook has fundamentally changed. A room-by-room rental strategy can increase cash flow from $12K to $48K annually on the same property, while selling a rental and investing in 21% debt funds can generate $70K annual income from a property that previously cash flowed $15K. Private lending has emerged as the dominant strategy for Colorado investors seeking 3-4X cash flow increases without tenant management. In This Episode We Cover: Why Denver condos are dropping 10-20% while single family homes hold steady (and what 2026 predictions look like) How the multifamily supply wave created 9 cap opportunities that institutions are now buying The room-by-room rental model that quadruples cash flow (and why most investors won’t do it) Why 1031 exchanges that worked in 2018 now only marginally increase cash flow in 2024 Private lending returns of 12-21% compared to traditional rental property cash flow The active to passive shift happening nationwide (and why single family landlording is ending) How Property Llama found product market fit by focusing exclusively on income funds PL Dynamo 2 fund closure at 99 investor limit and what’s launching Q1 2026 The diversified income fund model with distressed notes, Canadian lending, and commercial opportunities This presentation provides clarity for Denver real estate investing 2026 strategy – whether you’re considering portfolio rebalancing, exploring debt fund diversification, or timing multifamily market entry. Chris and Richard share real client examples, personal portfolio moves (Chris is shifting from 85/15 equity/debt to 50/50), and the due diligence process for upcoming fund launches. Watch the YouTube Video https://youtu.be/3_c5ZWTx7hs Timestamps 00:00 – Welcome & Introduction to Property Llama’s 2025 Event 01:55 – Colorado Single Family vs Condo Market Divergence – Denver Real Estate 2026 Price Trends 02:48 – Colorado Springs Real Estate Trends – Following Denver’s 1-3 Year Lag Pattern 03:55 – Denver Multifamily Supply Wave – Front Range Investment Opportunities Among Crisis 07:14 – Rent Concessions Reality – How Class A Properties Manipulate Colorado Rental Market Data 08:18 – 2026 Market Predictions – Audience Poll on Denver Condo Market Decline & Pricing 13:58 – Room by Room Rental Strategy – 4X Denver Cash Flow Properties Using Co-Living 16:21 – 1031 Exchange Alternatives – Reality Check Comparing 2018 to 2024 Deals 18:00 – Private Lending Real Estate Boom – Active to Passive Investing Shift from Equity to Debt Funds 21:25 – Active to Passive Investing Trend – The End of the Single Family Landlord Era 24:35 – Product Market Fit Journey – How Property Llama Found Focus on Debt Fund Investing Colorado 28:34 – Value-Added Capital Model – Real Estate Portfolio Rebalancing for Debt Funds 31:57 – PL Dynamo 2 Fund Closure – Hitting 99 Investor Limit & Denver Real Estate Investing 2026 Plans 38:00 – Diversified Income Fund Launch – Building Beyond Single Anchor Strategy for Colorado Multifamily Investing Connect with our Hosts Chris Lopez: chris@propertyllama.com Richard McGirr: richard@propertyllama.com Links in Podcast Sign up for the 2026 Portfolio Analysis Mastermind

The Colorado real estate market in November 2025 is sending mixed signals. Denver sellers are pulling listings at the second-highest rate in the nation (39%), while prices somehow rose 2% year over year. Meanwhile, Colorado Springs faces a documented 27,000 unit shortage, yet new construction has dropped by half. Additionally, 91% of Denver homes show value declines on Zillow, but actual sales prices climbed higher in the November 2025 Colorado real estate market. Chris Lopez hosts the monthly Colorado market roundup with Jenny Bayless (Colorado Springs investor and agent), Brandon Scholten (Keyrenter Property Management CEO), and Troy Howell (Nova Home Loans senior loan officer). This panel breaks down November 2025 market data across both metros. Furthermore, they reveal what’s really happening beneath the surface of these contradictory trends. November 2025 Colorado Market Trends November brought sharp inventory changes across the Colorado real estate market. Specifically, new listings dropped 41% month over month in Denver and 36% in Colorado Springs. These represent typical seasonal patterns amplified by seller frustration. However, active inventory declined 15% in Denver but remains 13% higher than last year. Notably, transaction volume matches 2009 levels despite Denver’s population growing 30-40% since then. The panel discusses why Colorado Springs condo prices jumped 10% year over year while Denver condos fell 7%. Additionally, Troy shares details on closing a $720,000 Steamboat condo—one of the few condo transactions anyone’s seeing. Colorado Springs released a comprehensive housing assessment showing systemic affordability problems across all market segments in November 2025. The city documented that one-third of homeowners are cost-burdened. Moreover, renters need $78,000 annual income to comfortably afford the average $1,800 rent. Unfortunately, only one-third of renters earn that much. Building permits dropped from 9,000 units in 2020 to under 4,000 in 2024. In contrast, the city estimates needing 8,500 units annually. As a result, the panel debates potential solutions and why building costs make affordable housing nearly impossible without subsidies. Investment Opportunities and Market Predictions The Federal Reserve cut rates by another quarter point in November 2025. However, 30-year mortgages remain stuck at 6.2%. Troy explains why Fed actions don’t directly impact mortgage rates. Furthermore, he discusses what investors should expect heading into 2026. Meanwhile, Brandon shares a recent win with a fourplex in East Denver generating $2,270 monthly on midterm rentals versus $1,350 for long-term. This represents a 70% premium that’s helping investors squeeze better returns from existing inventory. Despite negative sentiment, the panel sees opportunity. With frustrated sellers, motivated buyers remain scarce. Additionally, transaction volume sits at multi-year lows. Nevertheless, December through February traditionally offers the best deals for patient investors. Chris, Jenny, Brandon, and Troy each predict where prices will land by December 2026. Their predictions range from “slightly negative” to “flat to fractionally improved.” Moreover, they discuss strategies for finding value in specific neighborhoods rather than chasing broad market trends. In This Episode We Cover: Why Denver ranks second nationally for sellers pulling listings (39% delist rate) and what this signals How Colorado Springs faces a 27,000 unit shortage despite vacant Class A apartments downtown The paradox of 91% of Denver homes showing value declines while actual sales prices rise 2% Why transaction volume matches 2009 levels but nobody’s talking about it What Federal Reserve rate cuts actually mean for mortgage rates (spoiler: not much) Specific neighborhoods and property types where deals are available right now How one investor is generating 70% more revenue with midterm rentals versus long-term Building permit data showing Colorado Springs at half the required supply to meet demand Where four market professionals predict prices will be in December 2026 Why December through February offers the best acquisition opportunities for 2026 Whether you’re hunting for your first Colorado rental property or managing a portfolio through choppy waters, this November 2025 market roundup delivers the specific data and local insights you need to make informed decisions. The panel’s predictions for 2026, combined with current opportunity identification, make this essential listening. Ultimately, anyone invested in the Colorado real estate market will benefit from these actionable insights and expert analysis. Watch the YouTube Video https://youtu.be/0Arr3gpQrSk?si=E8CxNEOpXltRNEYq Timestamps 00:00 – Welcome & Guest Introductions00:59– Colorado Springs Market Update – New Listings Drop 36% Month Over Month05:45 – Denver Metro Market Trends – Active Inventory Hits 10,000 Units09:18 – Condo Market Reality Check – Troy Closes $720K Steamboat Condo 13:44 2026 Price Predictions – Four Experts Call Higher, Lower, or Flat14:50– Transaction Volume Comparison – 2025 vs Great Financial Crisis Era17:30 – Frustrated Sellers Pulling Listings – Denver Ranks 2nd Worst Nationally20:17 – Zillow Data Reveals 91% of Denver Homes Down in Value Year Over Year21:48 – Colorado Springs Housing Crisis – City Reports 27,000 Unit Shortfall 29:18 – Building Permit Data Shows Supply Falling Short of Demand34:27 – Federal Reserve Rate Cut Impact – What It Means for Mortgage Rates36:02– Opportunity Discussion – Best Time to Buy in Choppy Markets37:41 – Midterm Rental Success Story – 70% Premium Over Long-Term Rent Connect with our Guests: Jeff White: jeff@envisionrea.com Troy Howell: troy.howell@novahomeloans.com LinkedIn: Troy Howell Website: https://www.novahomeloans.com/loan-officer/troy-howell/ Brandon Scholten: brandon@keyrenterdenver.com LinkedIn: Brandon Scholten Website: https://keyrenterdenver.com/ Links in Podcast Frustrated Denver Home Sellers Are Pulling Their Houses Off the MarketHome Value Declines Spread, But Losses Since Last Sale Are RareCity of Colorado Springs and El Paso County Regional Housing Needs Assessment Who is Keyrenter? Keyrenter Property Management Denver provides rental solutions for homeowners and real estate investors in the metro area who are interested in transforming their properties into passive income. It offers various services, from property marketing and thorough applicant screening to tenant placement and 24/7 maintenance services. Keyrenter Denver’s team of experts can take the clients’ burden of managing their rental off their hands so they can get back to what matters to them. Who is Nova Home Loans? For over 40 years, we’ve been focused on helping homeowners find the perfect loan to fit their financial needs and personal goals. Working with NOVA is a personalized experience from initial application to final loan closing and beyond. We will be with you every step of the way toward successful homeownership. Start working with NOVA & Troy Howell today! NOVA FINANCIAL & INVESTMENT CORPORATION, DBA NOVA HOME LOANS NMLS 3087/ EQUAL HOUSING OPPORTUNITY/8055 EAST TUFTS AVENUE, SUITE 101/DENVER, CO

House hacking in Colorado just paid off for 30-year-old Carly Caprio. She’s living for free in a Lakewood fourplex after completing her fourth house hack in 2025. Even better? When she moves out next year, this property will generate over $2,500 in monthly profit while she continues building her portfolio toward early retirement. Chris Lopez sits down with Carly Caprio, one of the most disciplined house hackers in Colorado, alongside regular panelists Jeff White (Envision Advisors) and Troy Howell (Nova Home Loans). Carly’s journey started with a $17,500 first-time buyer grant that made her first townhouse purchase possible despite working a nonprofit job. Since then, she’s converted properties from 3 to 5 bedrooms and 5 to 6 bedrooms, navigated challenging tenants including paranoid relapses and 3am emergency calls, pivoted to Section 8 when needed, and most recently locked up an all-brick Lakewood fourplex for $849,500 with just 5% down. What makes Carly’s story particularly compelling is her rock-solid financial discipline. Troy Howell confirms she’s increased her savings dramatically between properties while maintaining zero car payments and living below her means. The result? She’s already matched her W2 income through rental cash flow and qualified for progressively larger properties without any salary increases. Her fourplex currently rents three units at $1,750 each while she lives for essentially free in the fourth unit. Once she moves out, the projected income jumps to $7,780 monthly against a $5,454 mortgage payment. Jeff White calls Carly his “Mount Rushmore” house hacker for good reason. She didn’t chase trendy strategies or overextend herself. Instead, she executed the same proven playbook four times, learning from each property and improving her systems. When faced with disastrous tenants (one who stood in doorways watching people sleep, another who drank two bottles of tequila and one bottle of vodka within 48 hours), she adapted her screening process and converted to Section 8 rather than quitting. When friends expressed fear about living with strangers, she demonstrated how to maintain control over tenant selection while building serious wealth. In This Episode We Cover: $17,500 first-time buyer grant that launched Carly’s 4-property portfolio Why 2-4 unit properties are easier to qualify for than single-family homes How debt-to-income improves with each house hack (no salary increase needed) Converting 3-bed townhouse to 5-bed using existing egress windows Managing terrible tenants and when to pivot from rent-by-room to Section 8 $849,500 Lakewood fourplex breakdown: 5% down, 6% rate, $1,750/unit rents Living free now vs $2,500 monthly profit when she moves out Financial discipline tactics that matched her W2 income in three years Why the first property is hardest and subsequent deals get easier Female investor perspectives on safety and building wealth through house hacking And So Much More! Carly’s story proves house hacking in Colorado isn’t dead despite 6% interest rates and higher property prices in 2025. With the right financing strategy, disciplined savings habits, and willingness to sacrifice short-term comfort for long-term wealth, reaching financial freedom in your 30s remains achievable. Whether you’re a woman considering your first house hack or an experienced investor looking for inspiration, Carly’s methodical approach and honest discussion of challenges offers a realistic roadmap. Watch the YouTube Video https://youtu.be/569rUnGaVmw Timestamps 00:00 – Welcome & Guest Introduction02:33-Meet Carly: 30 Years Old, 4 House Hacks, Financial Freedom Achieved05:21– Finding Her First Property in Just 2 Showings06:44 – Wild Tenant Stories: Relapses, Paranoia, and 3AM Calls 09:30 – Pivoting to Section 8 Strategy 10:35– Property #4: The Lakewood Fourplex at $849,50012:15 – Qualifying Power: Why 2-4 Units Beat Single Family15:17 – Deal Breakdown18:43 – First 6 Weeks: Smooth Operations, Tenant Transition, Paying in Cash20:48 – Long-Term Vision Including Early Retirement and Moving to Colombia21:44 – Advice for Female Real Estate Investors25:24 – How Carly Matched Her W2 Income in Under 3 Years28:00 – First-Time Buyer Grants: $17,500 Free Money That Changed Everything29:14 – The Truth About House Hacking: First One’s Hardest, Then It Gets Easier   Connect with our Guests: Carly Caprio: carly.caprio@gmail.com Jeff White: jeff@envisionrea.com Troy Howell: troy.howell@novahomeloans.com LinkedIn: Troy Howell Website: https://www.novahomeloans.com/loan-officer/troy-howell/ Who is Nova Home Loans? For over 40 years, we’ve been focused on helping homeowners find the perfect loan to fit their financial needs and personal goals. Working with NOVA is a personalized experience from initial application to final loan closing and beyond. We will be with you every step of the way toward successful homeownership. Start working with NOVA & Troy Howell today! NOVA FINANCIAL & INVESTMENT CORPORATION, DBA NOVA HOME LOANS NMLS 3087/ EQUAL HOUSING OPPORTUNITY/8055 EAST TUFTS AVENUE, SUITE 101/DENVER, CO

The Colorado fix and flip market heading into 2026 looks nothing like it did two years ago. Properties are sitting 3-4 months after sellers reject offers just $10K below asking. That holding cost easily burns through any price difference, yet flippers keep making this mistake. Meanwhile, some investors are closing BRRRRs in Boulder at $1.4M ARV that actually cash flow with $7,500-8,000 monthly rents. Chris Lopez sits down with Caitlin Waldschmidt, 9-year private lending veteran with Dynamo Capital, who originates loans across Colorado and nationwide. Caitlin has closed everything from small flips to large multifamily, giving her a front-row seat to what’s working and what’s failing in the Colorado fix and flip market as we head into 2026. She recently helped a builder pull $700K in cash out from five townhomes with negative DSCR by structuring the deal strategically, and she’s watching investors gear up for spring 2026 by buying now during the best acquisition window of the year. This episode reveals specific trends shaping the Colorado fix and flip market for 2026, including why “flipper gray” design is dead, which properties have “buts” that kill sales, and how the market rent appraisers assign can make or break DSCR loans. Caitlin shares a Boulder BRRRR case study where investors buy off-market at $700-900K, add $150-200K in rehab, and refinance at $1.4-1.5M ARV while securing long-term tenants at premium rents. She also breaks down two exit strategies for distressed builders stuck with unsold inventory and explains why some can be saved while others have zero equity to work with. In This Episode We Cover: Why properties listed in summer 2025 are still sitting after rejecting first offers (and what that costs in the Colorado fix and flip market) The “buts” that kill deals – busy roads, power lines, and industrial neighbors buyers won’t overlook anymore How to BRRRR in Boulder at $1.4M+ ARV and actually cover debt service with $7,500+ rents $700K cash out strategy for builder with five townhomes and negative DSCR numbers Portfolio approach: Using 40-50% LTV properties to save negative cash flow new builds Why investors are buying 5-6 deals before year-end to position for spring 2026 Best buying window is Thanksgiving through New Year’s when sellers get desperate Englewood flip appraises $100K higher than projected $1.3M ARV (closed in 5 days) Whether you’re a flipper watching inventory sit, a builder needing an exit strategy, or an investor looking for what’s actually working in the Colorado fix and flip market heading into 2026, this episode delivers concrete examples of deals closing right now. Caitlin provides the lender’s perspective on why some properties move in days while others sit for months, and shares specific strategies to position yourself for success in 2026. Watch the YouTube Video https://youtu.be/lza8gS1MRWs Timestamps 00:00 – Welcome & Guest Introduction 01:51 – Caitlin’s Background – 9 Years in Colorado Private Lending 03:24 – What’s Selling vs Sitting Right Now in Denver Market 
 06:07– The “Buts” That Kill Deals in Today’s Market 
 07:00– Flipper Gray Is Dead – Why Design Matters Now 10:30 – BRRRR in Boulder – How to Make $1.4M Properties Cash Flow 
 16:30 – Distressed Builders Need Exit Strategy – Two Options Available 
 18:31 – $700K Cash Out from Negative DSCR Properties (How It Worked) 
 21:14– Portfolio Strategy: Using Good Assets to Save Struggling Ones 24:06 – Spring 2025 Predictions – Why Investors Are Buying Now 26:42 – Englewood Flip Appraises $100K Higher Than Expected Connect with our Guest: Caitlin Waldschmidt Dynamo Capital Phone/Text: 720-301-6446 Email: caitlin@dynamocapital.com Links in Podcast: Dynamo Capital Who is Dynamo Capital Dynamo Capital, founded in 2023, is a debt fund specializing in residential real estate lending in the Midwest and Colorado. Offering fix-and-flip, construction, and long-term financing, they leverage technology and experience to give investors an edge in the lucrative fix-and-flip market. Dynamo balances traditional lending rigidity with hard money speed, typically lending up to 75% of a property’s after-repair value. Their personalized approach and strategic underwriting aim to provide flexible, accessible financing for real estate investors, enhancing clients’ portfolios with agility and expertise. Working on a BRRRR, flip, or builder project in Colorado? Email: caitlin@dynamocapital.com Disclaimer: This podcast provides educational and informational content only. It does not constitute personalized financial, legal, or tax advice.

Summit County real estate just hit a turning point. Inventory has doubled while transaction volume holds steady at 2019 levels. This creates opportunities for investors who know where to look. Whether you’re a Denver Front Range resident tired of I-70 traffic or an out-of-state buyer seeking Colorado mountain access, the numbers matter. Understanding Summit County real estate separates smart acquisitions from subsidized money pits. Chris Lopez hosts Amy Nakos, managing broker at Castle Summit with 22 years of experience. Amy’s team handles everything from $175K starter condos to $6M penthouses at Kindred. Therefore, she has unmatched perspective on who’s buying and what’s working. Additionally, Amy reveals actual rental income data and break-even calculations. She covers current market dynamics across Breckenridge, Keystone, Frisco, and Dillon. This episode breaks down two real Summit County properties currently available. First, a $779K ski-in/ski-out one-bedroom in Breckenridge’s Tyra Summit. Second, a $795K two-bedroom in Keystone’s River Run. Amy walks through complete financial analysis. The shocking reality: investors now need 78% down to break even. Before COVID, it was only 50%. Furthermore, she explains why condo prices are softening. Meanwhile, single family homes hold strong. Wildfire insurance is crushing HOA budgets. Plus, she reveals which Summit County zones allow easy short term rental licensing versus impossible 10-15 year waitlists. In This Episode We Cover: Why Summit County real estate now requires 78% down to break even (was 50% before COVID) Actual numbers on $779K Breck condo and $795K Keystone unit – subsidies, returns, tax benefits How to get short term rental licenses in Breckenridge’s 4 zones and why location determines approval Tax strategy for high W2 earners – the 100-hour short term rental depreciation advantage Recent sale proof: $1.05M property sold for $865K (20% discount in 90 days) Where the deals are hiding – fixer-uppers and motivated condo sellers Why single family homes stay strong while condos struggle with insurance costs Summit County real estate appreciation hit 760% since 1992. More recently, it jumped 60% since 2020. However, rising interest rates and flat rental income changed investment math permanently. As a result, cash buyers now represent nearly 50% of transactions. Before COVID, most buyers used financing. Properties returning 1.6-2% on cash purchases require serious subsidies with financing. Nevertheless, tax benefits help significantly. Depreciation and interest deductions can cut annual costs in half for the right investor profile. If you’re considering Summit County real estate, Amy reveals the two best opportunities in today’s market. She also explains exactly how to analyze whether the numbers work for your situation. Subscribe for more Colorado-specific real estate investing strategies every week. Watch the YouTube Video https://youtu.be/ZqdaaiYYbRI?si=8M1j1kpaTQjtcnJp Timestamps 00:00 – Intro 01:44 – Summit County Price Appreciation Since 1992 – 760% Total Growth 03:35 – Who’s Buying Summit County? 50% Denver Front Range, 20% Locals, 30% Out-of-State 06:01 – Transaction Volume vs Inventory – Doubled Inventory, Steady Transaction Numbers 07:17 – Single Family Homes vs Condos – Condos Struggling with Insurance Costs 07:46 – Wildfire Insurance Crisis – HOA Fees Skyrocketing on Older Buildings 10:19 – Breckenridge Tyra Summit Analysis – $779K One-Bedroom Ski In/Ski Out 12:10– Short Term Rental Licensing – Zone One in Breck Allows Easy STR Approval 17:12  Break Even Analysis – 78% Down Payment Required to Cash Flow Neutral 20:35– Keystone Silver Mill Analysis – $795K Two-Bedroom in River Run 24:51 – Tax Benefits Deep Dive – Depreciation & Interest Deductions Cut Subsidy in Half 31:32– Where Are the Deals? Fixer-Uppers & Motivated Condo Sellers 33:38– Recent Sale Example – $1.05M Property Sold for $865K (20% Discount) 35:15– Two Best Opportunities in Summit County Right Now Connect with our Guest: Amy Nakos is the managing broker at Castle Summit and leads the Amy Nakos Team, specializing in Summit County real estate for over 22 years. Her team handles transactions across Breckenridge, Keystone, Frisco, Dillon, and Silverthorne, from starter condos to multi-million dollar luxury properties. Website: AmyNakos.com Services: Summit County buyer and seller representation Short term rental licensing guidance across all 7 jurisdictions New construction representation (New Seasons at Keystone) Investment property analysis and financial modeling Relocation services for Denver Front Range and out-of-state buyers Amy’s team provides detailed market analysis, investment property evaluations, and can navigate the complex short-term rental regulations across Summit County’s multiple zones. If you’re considering a Summit County property purchase, reach out to discuss your specific investment goals and get accurate rental income projections. Links in Podcast: Amy Nakos – Guest Website: AmyNakos.com 📁 Download All Property Analysis Files: Access the complete Summit County investment analysis package including: Breckenridge Tyra D1 property breakdown (25% down, break even, and cash scenarios) Keystone Silver Mill 8178 property breakdown (25% down, break even, and cash scenarios) MLS sheets for both properties Summit County Mountain Trends Report → Access Complete Resource Folder Summit County Information: Town of Breckenridge Short Term Rental Info Town of Keystone Official Site

Property Llama crossed $1 million in annual recurring revenue in Q3 2025. Reaching $1M ARR is a significant milestone for any business. It signals that a company has found product-market fit, built repeatable systems, and created sustainable value. For software and platform companies, it’s often seen as the threshold where you transition from bootstrapping to building—where you have the resources to compete for top talent, invest in marketing that scales, and pursue strategic partnerships from a position of strength. We achieved this milestone three years from launch with meaningful profitability, built during one of the most challenging real estate markets in recent history. We’re no longer fighting for survival—we’re building from strength. In 2025, we set fewer quarterly goals than ever before. This wasn’t lack of ambition—it was strategic discipline. We doubled down on what’s working. We focused on what mattered most and met or exceeded every Q3 goal. Executive Summary $1M ARR Milestone: Three years from launch to sustainable, recurring revenue that validates our business model Record Capital Raises: Beat our $1.5M monthly goal, averaging $2M per month with $3.1M in our best month Team & Systems Excellence: Small but mighty team executing with discipline Strategic Partnerships: National media presence through Best Ever CRE and Passive Pockets—networking at scale Fund Manager Model Validated: Proved this approach works and positions us to scale in 2026 Strong Deal Performance: Our existing deals continue performing well Breakthrough Capital Formation Results Our capital raising momentum accelerated throughout Q3: Goal: Raise $1.5M+ per month. Result: Averaged $2M per month Hit $3.1M in October—our best month ever Over 66% of monthly raises come from repeat investors—investors who’ve experienced our process, seen the returns, and chosen to invest more This is the compound effect of laser focus on our strategy, mature marketing systems built around our core product, and the right people executing flawlessly with mature systems. Our pipeline heading into Q4 remains strong, positioning us to maintain this momentum through year-end. National Media Partnerships We executed on our national expansion strategy through strategic media partnerships for brand building, thought leadership, and networking at scale. Best Ever CRE Network Richard now hosts “Unlimited Capital” every Monday on the Best Ever CRE network—the biggest media brand in the syndicator world: Richard’s regular podcasts are creating engagement and performing well Building relationships with fund managers nationwide who want to work with us Scheduled to lead a workshop at the March 2026 Best Ever Conference Bigger Pockets & Passive Pockets Chris secured his official co-host position with Passive Pockets, with a clear path to becoming the primary host: Positioned as the go-to expert on active to passive transitions across the entire Bigger Pockets ecosystem Active to Passive program exceeded expectations—Bigger Pockets committed to two more cohorts in 2026 Multiple future collaboration opportunities in development These partnerships allow us to leverage established platforms and audiences rather than spending years and significant capital building our own national reach. It’s an efficient path to scale that aligns with our disciplined approach to growth. Team & Systems Excellence We maintained our “small but mighty” team philosophy while investing in systems that multiply our effectiveness. Our Q3 performance came from a lean team executing with discipline, not from throwing people at problems. When you have the right people in each seat: Execution becomes smooth and consistent Everyone knows their role and delivers Team develops deep expertise in their domains Systems and processes scale efficiently This operational excellence frees up management bandwidth to focus on strategic growth rather than day-to-day firefighting. Our scale gives us advantages: we get access to better deals, we carry weight in negotiations, and we secure the terms we want. Some of these are pushing institutional-level deals. Building Scalable Distribution: The Fund Manager Model While we focused on direct capital raising, we simultaneously built a second distribution channel: fund managers. We helped our first fund manager launch their deal in Q2, and our second in Q3. This validates our approach and positions us to scale this model in 2026. The benefits for everyone: We unlock deals and marketing systems that fund managers wouldn’t normally access. They get quality investment opportunities and proven capital raising infrastructure. We generate additional revenue and expand our capital raising capacity. Our existing scale—proven systems, amazing deal flow, and capital raising capacity—gives us advantages most fund managers don’t have. As we aggregate larger pools of capital, we strengthen our negotiating position with sponsors—securing better economics for our investors while maintaining strong relationships with quality operators. This scalable infrastructure creates better outcomes for fund managers, sponsors, investors, and Property Llama. Looking Ahead: Q4 2025 and 2026 Strategy We anticipate our debt fund to close in Q4. Our strategic focus is turning to income-focused funds, primarily through credit opportunities. We’re currently underwriting four potential funds (including one in Canada with unique benefits) that will achieve high teens to mid-20s cash-on-cash returns. This aligns with what we’ve learned throughout 2025: our investors want consistent, strong income returns, and credit strategies deliver exactly that in the current market environment. Closing Thoughts Q3 demonstrated that strategic focus creates compounding results. Our $1M ARR milestone validates that our model works at scale. The foundation is solid. The team is capable. The systems are mature. We’ve transitioned from figuring things out to scaling what works. That’s the foundation for building something enduring. We appreciate your continued trust and support as we build Property Llama into the valuable company we all believed it could be. For questions or to discuss investment opportunities, feel free to email us directly. Watch the YouTube Video https://youtu.be/WKo3mpGdzSs Timestamps 00:00 – Intro 01:21 – MAJOR MILESTONE: Property Llama Crosses $1M in Annual Recurring Revenue04:34 – Q3 Results: Capital Formation Breakthrough ($3M Single Month Record) 06:28 – Building National Media Partnerships (Best Ever CRE & Passive Pockets)09:05– How Media Partnerships Create Networking at Scale11:06 – Team & Systems Excellence: Building a Small But Mighty Operation13:13 – Validating the Fund-of-Funds Model (New Channel for Capital Raisers)17:48 – Looking Ahead: Q4 Planning & 2026 Strategy19:45 – Closing Thoughts & Holiday Shareholder Party Invitation Connect with our Hosts: Chris Lopez: https://www.linkedin.com/in/christaylorlopez/Richard McGirr: https://www.linkedin.com/in/richardmcgirr/ Links in Podcast: Best Ever CRE Network Passive Pockets Bigger PocketsUnlimited Capital podcast with Chris Lopez and Richard McGirrProperty Llama Chris Lopez LinkedIn Richard McGirr LinkedIn

Denver just hit 12,500 active listings while losing 6,500 residents since 2020. This creates a unique moment for Colorado investors. While 79% of property managers report declining rental demand, distressed new build communities are trading at discounts approaching 37% below original cost. Chris Lopez hosts this month’s Denver real estate market update for October 2025 with Denver’s most experienced real estate panel: Troy Howell from Nova Home Loans, Jeff White from Envision Advisors, and Brandon Scholten from Key Renter Property Management. Together they analyze data showing inventory growth slowing to 14% year over year. New listings dropped 5% and closed sales fell 7%. Key Market Insights The panel reveals critical insights you won’t find elsewhere. Condos have seen five consecutive months of price declines. One new build community dropped from $750K per door underwriting to $470K actual sales price. Rental properties in premium locations near Coors Field are leasing for $800 less than previous tenants paid. Brandon shares that the average tenant credit score has plummeted to 566. Jeff discusses how room-by-room strategies are holding flat when traditional rentals are struggling. The average property takes 27 days to lease with 2.2 price drops. In This Episode We Cover: Denver inventory trends and what they signal for 2026 Population decline patterns across metro counties Distressed new construction deals (37% below cost) Expert predictions: Higher or lower prices next year? 50-year mortgage debate and investor implications Rental market struggles (27 days, multiple price drops) Tenant credit quality hitting new lows Creative financing: $10K down duplex deal breakdown Markets aren’t moving in one direction anymore. This market update for October 2025 shows reality on the ground. Headlines focus on population decline and rental struggles. Smart investors are finding deals in distressed new construction. They’re using creative financing to acquire cash-flowing duplexes. They’re positioning for the next market cycle. Watch the YouTube Video https://youtu.be/NNoRLnp5ZoE?si=XmJYS8FaQhlk1NJk Timestamps 00:00 – Welcome & October 2025 Market Roundup Introduction 01:22 – Market Trends: 12,500 Active Listings (Up 14% YOY) 05:28 – Detached vs Attached: Five Consecutive Condo Price Declines 09:35– 2026 Price Predictions: Panel Split on Market Direction 09:35 – Distressed New Builds: Wheat Ridge Deal at 40% Discount 11:09 – Denver County Population Drops 6,500 Since 2020 17:16– Work-From-Home Impact: Migration Across Colorado 19:38 – Office Relocation: Why Businesses Leave Denver 22:09 – Contrarian View: Buying Opportunities in Denver’s Downturn 24:35 – Homeowner Equity: 2.8% Seriously Underwater Nationwide 27:44 – 50-Year Mortgage Debate: $200 Savings vs $300K Interest 35:26– Rental Market: 26.8 Days Average, 79% Report Lower Demand 39:35– Credit Score Crisis: Average Tenant Score 566 42:58 – Aurora Duplex: $580K with $10K Down Using DPA Connect with our Guests: Jeff White: jeff@envisionrea.com Troy Howell: troy.howell@novahomeloans.com LinkedIn: Troy Howell Website: https://www.novahomeloans.com/loan-officer/troy-howell/ Brandon Scholten: brandon@keyrenterdenver.com LinkedIn: Brandon Scholten Website: https://keyrenterdenver.com/ Links in Podcast Denver Post misses 4th month of rent for building bought by cityHotel operator Sonder ceasing operations after being dumped by MarriottWill a 50-Year Mortgage Make Homes More Affordable? Here’s How It Would Work Who is Keyrenter? Keyrenter Property Management Denver provides rental solutions for homeowners and real estate investors in the metro area who are interested in transforming their properties into passive income. It offers various services, from property marketing and thorough applicant screening to tenant placement and 24/7 maintenance services. Keyrenter Denver’s team of experts can take the clients’ burden of managing their rental off their hands so they can get back to what matters to them. Who is Nova Home Loans? For over 40 years, we’ve been focused on helping homeowners find the perfect loan to fit their financial needs and personal goals. Working with NOVA is a personalized experience from initial application to final loan closing and beyond. We will be with you every step of the way toward successful homeownership. Start working with NOVA & Troy Howell today! NOVA FINANCIAL & INVESTMENT CORPORATION, DBA NOVA HOME LOANS NMLS 3087/ EQUAL HOUSING OPPORTUNITY/8055 EAST TUFTS AVENUE, SUITE 101/DENVER, CO

Colorado landlords face major security deposit changes on January 1, 2026—including new 14-day documentation requirements, elimination of automatic cleaning fees, and stricter wear-and-tear definitions. Miss one deadline and face automatic 3x treble damages that can turn a $2,000 dispute into a $6,000 judgment plus attorney fees. Chris Lopez hosts this critical legal webinar with attorney Wes Wollenweber (26 years landlord-tenant litigation experience), Key Renter CEO Brandon Scholten, and Director of Operations David Mitchell. This expert panel breaks down exactly what landlords must know about Colorado security deposit laws before 2026, including the 5 biggest mistakes that forfeit your right to withhold any deposit money. Wes reveals how Colorado’s hyper-technical 30-60 day accounting deadline means being even a few days late can cost you the entire deposit. The panel discusses real court cases, including a Denver judge’s surprising ruling that “every fridge gets dented” and why treble damages are awarded far less often than most landlords fear. You’ll learn the critical difference between normal wear and tear versus tenant damage, how family size and pets change judicial expectations, and why text messages may not count as legal written notice. In This Episode We Cover: January 1, 2026 changes under Colorado security deposit laws: 14-day documentation requirement, automatic cleaning fee elimination, and expanded wear-and-tear definitions How missing the 60-day deadline triggers automatic $6,000+ treble damage exposure (even if you’re only 2 days late) Why judges interpret carpet and paint damage differently based on tenant family size, pets, and property age The two ways tenants win treble damages—and how to avoid both legal traps Real court case: Refrigerator dent dispute where judge ruled “all fridges get dented” (what this means for your deductions) Cost breakdown: Small claims vs mediation vs trial for deposit disputes Why text and email documentation may fail the “exact written statement” legal standard Section 8 tenant damage: When housing authorities terminate vouchers (rare but it happens) Whether you self-manage a duplex or oversee a 50-unit portfolio, this episode provides the legal clarity and documentation strategies you need to comply with deposit regulations and avoid costly penalties in 2026. Don’t let one missed deadline or poor documentation cost you thousands in treble damages. Watch the YouTube Video https://youtu.be/25Jhil6BEJw?si=2RkegR2y1ZjJjqNh Timestamps 00:00 – Welcome & Guest Introduction01:58 – Why Security Deposits Matter in Late 202504:19 – Understanding Colorado’s 30-60 Day Deadline09:36 – Treble Damages Explained: When Landlords Face 3x Penalties10:40 – Normal Wear & Tear vs Tenant Damage12:30 – Carpet, Paint & Picture Holes: What Judges Award16:17 – How Family Size Changes Wear & Tear Standards20:50 – Small Claims vs Mediation vs Trial: Cost Breakdown26:24 – January 1, 2026 Law Changes: What Landlords Must Know30:23 – Section 8 Tenant Damage: Who Holds Accountability?32:38 – Real Refrigerator Dent Case: Judge’s Surprising Ruling38:45 – The 14-Day Documentation Requirement41:23 – 5 Biggest Mistakes Landlords Make with Deposits43:42 – Text & Email Communication: Do They Count as Notice?49:18 – Property Walk Invitation & Portfolio Health Audits50:29 – When to Call an Attorney: Expert Advice Connect with our Guests Brandon Scholten: brandon@keyrenterdenver.com LinkedIn: Brandon Scholten Website: https://keyrenterdenver.com/ Links from Podcast Portfolio Health Audit + Connect with Keyrenter Colorado Revised Statute 38-12-103 HB 25-1249 Full Text Denver Landlords Digest Who is Keyrenter? Keyrenter Property Management Denver provides rental solutions for homeowners and real estate investors in the metro area who are interested in transforming their properties into passive income. It offers various services, from property marketing and thorough applicant screening to tenant placement and 24/7 maintenance services. Keyrenter Denver’s team of experts can take the clients’ burden of managing their rental off their hands so they can get back to what matters to them.

Denver’s inventory just exploded by 8,000 homes in four months – and the impact on flippers heading into 2026 has been brutal. Properties that once sold in days now sit for weeks. Price cuts of $80,000+ are becoming standard even on fully renovated homes. Derek Marlin of Elevation just watched his $775,000 Englewood flip sell for $695,000. Meanwhile, his million-dollar projects continue crushing it. This tale of two markets is forcing flippers to completely rethink their 2026 strategy. Chris Lopez welcomes back Derek Marlin, founder of Elevation Invest. Over 10 years, Derek has flipped hundreds of Denver properties. Previously, he sourced 300+ acquisitions for institutional buyers in just 20 months. Now, Derek reveals why his “singles strategy” of targeting lower-priced flips failed in 2025. He explains how he’s writing offers $100,000 to $150,000 below asking price and converting 1 in 10. Additionally, he shares why hedge funds are quietly disposing of 10-12% of their Denver portfolios right now. His off-market cold calling system converts 20-30 leads into one closed deal. Furthermore, his transparent wholesaling model shows clients exactly what he makes on every transaction. Derek shares brutal lessons from 2025’s market shift. First, he explains why spring selling season completely disappeared. Next, he reveals how massive inventory growth created fierce competition even for beautifully renovated properties. Then, he breaks down the specific underwriting adjustments required for success in 2026. He also explains his defensive acquisition strategy for Q4 2025 – buying now to sell next spring. Moreover, Derek discusses the “more better new” business philosophy that helped Elevation focus on core revenue streams. He demonstrates why creative problem-solving with sellers delivers deeper discounts than simple price negotiations. Most surprisingly, institutional buyers are now targeting distressed new-build communities rather than scattered single-family homes. As a result, this creates opportunities for investors who understand the evolving market dynamics heading into 2026. In This Episode We Cover: Why 8,000 homes added in four months completely changed the competitive landscape for the Denver flipping market The tale of two markets reality where million-dollar flips thrive while entry-level properties struggle to sell How to write lowball offers $100K-$150K below asking and convert 1 in 10 into contracts in today’s Denver flipping market Derek’s off-market cold calling system that generates 20-30 warm leads per closed deal Why transparent wholesaling (showing clients exact assignment fees) builds better long-term relationships Creative problem-solving strategies that get deeper seller discounts than price-only negotiations The “more better new” business philosophy for maximizing revenue before adding new ventures Why hedge funds are selling 10-12% of Denver portfolios and where they’re buying instead Institutional appetite for distressed new-build communities as the next major acquisition target Derek’s 2026 market prediction (flat prices hiding real 2-3% decline from buyer concessions) And So Much More! Whether you’re navigating the Denver flipping market heading into 2026, looking to acquire deals through creative strategies, or trying to understand what institutional players are doing right now, this episode delivers the data-driven insights and proven tactics you need. Derek doesn’t sugarcoat the challenges facing the Denver flipping market – but he shows exactly how strategic investors are still winning in this shifted landscape. Watch the YouTube Video https://youtu.be/4VfLq1T4aLI?si=a-75jRnF5GkT7XLr Timestamps 00:00 – Welcome & Guest Introduction03:10– 2025 Flipping Market Reality – Tale of Two Markets05:56 – Price Cut Case Study – $775K to $695K Englewood Flip14:17 – Q4 Acquisition Strategy & 2026 Spring Planning18:05  Lowball Offer Strategy – Writing $100K-$150K Below Ask23:13 – New Acquisitions Manager Position – $200K+ Opportunity26:32 – Off-Market Deal Flow – Cold Calling System & Conversion Rates31:17 – Creative Problem Solving – Getting Deeper Discounts Beyond Price32:18 – Business Focus Philosophy – More Better New Revenue Strategy37:04 – Institutional Business Update – Hedge Funds Selling Denver Portfolios44:40 – New Build Community Opportunities – Next Institutional Target46:56 – 2026 Market Prediction – Flat Prices Hide Real Decline Connect with our Guests: Derek Marlin: derek@elevationinvest.com Connect on LinkedIn: Derek Marlin Links from Podcast Elevation Invest: elevationinvest.com Podcast: Raising the Flipping Bar Who is Dynamo Dynamo Capital, founded in 2023, is a debt fund specializing in residential real estate lending in Wichita, Kansas. Offering fix-and-flip, construction, and long-term financing, they leverage technology and experience to give investors an edge in the lucrative fix-and-flip market. Dynamo balances traditional lending rigidity with hard money speed, typically lending up to 75% of a property’s after-repair value. Their personalized approach and strategic underwriting aim to provide flexible, accessible financing for real estate investors, enhancing clients’ portfolios with agility and expertise. Disclaimer: This podcast provides educational and informational content only. It does not constitute personalized financial, legal, or tax advice.

Bold market shifts in Denver are creating opportunities most investors miss. Two-to-four unit property purchases jumped dramatically in 2024—the biggest single-year house hacking strategy shift in Colorado real estate investing history. This dramatic change stems from new 5% down conventional loans. However, understanding how to leverage this window matters more than just knowing it exists. Chris Lopez brings together Denver’s most active house hacking professionals for this second episode in a three-part house hacking series. The panel includes Jeff White (30+ closings annually), Katie Heinsohn (five properties without high W2 income), and Troy Howell from Nova Home Loans. These experts share actual 2024 transaction data and real client case studies. Additionally, they reveal specific loan structuring techniques that set investors up for multiple properties. Five Working House Hacking Strategies for 2025 This episode delivers five working house hacking strategies for high-rate environments. First, you’ll learn why co-living and room-by-room rentals achieve 95% occupancy. Next, discover how Section 8 produces Class A rents in Class B properties. Jeff breaks down his recent southwest Denver triplex example. In this deal, two Section 8 units cover the entire mortgage payment while he lives free. Meanwhile, Ganesh’s journey from Jeff’s basement tenant to four properties demonstrates consistent execution. Similarly, Carly’s progression from nonprofit income to three properties proves house hacking strategies build wealth without six-figure salaries. Real Numbers and Loan Hacking Fundamentals The $35,000 comparison between stock market and real estate returns reveals powerful insights. Specifically, 1% property appreciation with leverage outperforms 10% stock returns without it. Troy explains essential loan hacking fundamentals throughout the episode. For instance, he covers optimizing tax returns to save $12,000 while still qualifying. Furthermore, he discusses how credit scores under 720 dramatically increase mortgage insurance costs. Most importantly, Troy shows how to structure property number one correctly. This prevents you from painting yourself into a corner on property number two. Katie shares her personal journey to financial independence. She built five properties by age 37 without any employer retirement plan. As a result, she’s creating generational wealth through house hacking strategies her friends working traditional jobs won’t match. What You’ll Learn in This Episode In This Episode We Cover: Why multifamily house hacking dominates Denver’s 2024 market (up from previous years) Five house hacking strategies working in 2025: co-living, Section 8, subdivided singles, multifamily, and ADUs How to define your buy box using deal-breakers first, then goals second Stop chasing appreciation and make house hacking deals cash flow today at current rates Real numbers: $35k in real estate beats $35k earning 10% in stocks (leverage math explained) Why getting pre-approved matters before you waste time analyzing house hacking properties How Ganesh pre-rented rooms before his first mortgage payment was due Credit score impacts: dropping below 720 makes mortgage insurance expensive Tax return optimization saved Jeff $12,000 while still qualifying for his triplex Why five-year minimum hold time protects against any market correction And So Much More! Taking Action in Today’s Market Understanding market shifts matters less than knowing how to execute house hacking strategies. Jeff closed properties throughout 2024 while others waited for rates to drop. Meanwhile, Katie built five properties using house hacking while friends stayed stuck in analysis paralysis. In addition, Troy structured loans that set borrowers up for their next house hack purchase, not just their current one. This episode provides the buy box framework, mindset principles, and loan structuring knowledge you need. Consequently, you can house hack successfully regardless of rate environment. Remember, waiting for perfect conditions means missing years of wealth building that can never be recovered. Watch the YouTube Video https://youtu.be/MXKVrcyfC1E?si=Tasqzcg58F_8vAwV Timestamps 00:00 Welcome to Part 2 of Our House Hacking Series04:41 Five House Hacking Strategies That Work in 202506:07 Why Room by Room and Co-Living Dominate Right Now08:12 Section 8 Strategy and How the Voucher Process Works16:39 Stop Chasing Appreciation and Make Deals Work Today19:01 Why You Need a Five Year Minimum Hold Time21:54 What is Your Buy Box and Why Does it Matter25:00 Jeff’s Last 30 Transactions Reveal House Hacking Trends31:18 Our 2025 Predictions for House Hacking Strategies32:22 Real Client Examples Using Different Strategies38:08 How to Build Wealth Without High Income41:20 The House Hacking Mindset Where Patience Wins43:56 Katie on Building Generational Wealth Without a 401k45:48 House Hacking Leverage Compared to 401k Returns48:21 Why 1% Real Estate Appreciation Beats 10% Stock Returns50:59 Loan Hacking Fundamentals and Getting Pre-Approved54:07 Common Loan Mistakes That Cost You Deals56:20 Key Takeaways on Buy Box, Mindset, and Flexibility Connect with our Guests: Jeff White: jeff@envisionrea.com Troy Howell: troy.howell@novahomeloans.com LinkedIn: Troy Howell Website: https://www.novahomeloans.com/loan-officer/troy-howell/ Katie Heinsohn-Noah: katie@envisionrea.com Who is Nova Home Loans? For over 40 years, we’ve been focused on helping homeowners find the perfect loan to fit their financial needs and personal goals. Working with NOVA is a personalized experience from initial application to final loan closing and beyond. We will be with you every step of the way toward successful homeownership. Start working with NOVA & Troy Howell today! NOVA FINANCIAL & INVESTMENT CORPORATION, DBA NOVA HOME LOANS NMLS 3087/ EQUAL HOUSING OPPORTUNITY/8055 EAST TUFTS AVENUE, SUITE 101/DENVER, CO