Denver Investment Real Estate

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

Denver’s rental market hit its softest point in 12 years. Properties across the metro are renting $200-400 below peak levels. One Coors Field condo dropped a dramatic 31% from $2,880 to $2,000/month. This Denver real estate market update September 2025 reveals why Colorado investors are seeing the softest rental market in over a decade. Specific opportunities are emerging for those willing to act during fall. Class A condos near Coors Field fell from $2,880 to $2,000/month. Multifamily properties are trading 29% below their 2021 peaks. The data tells a clear story about where Denver’s market stands. Chris Lopez hosts the monthly roundup with three experts who work directly with Colorado investors daily. Troy Howell from Nova Home Loans shares how refinance activity has surged. Borrowers are moving from 7% rates down to the mid-to-low 6% range. Many are recouping their costs within 12-24 months. Brandon Scholten from Keyrenter Property Management reveals this is the toughest rental market he’s seen in 12 years. One client dropped rent $880/month just to secure a tenant. Jeff White from Envision Advisors explains why fall remains the best buying season. He shares how to make “disrespectful offers” that actually get accepted. The panel analyzes the Denver real estate market update September 2025 data from the Denver Metro Association of Realtors. Detached homes are up 2% year-over-year. Attached properties (primarily condos) are down 4%. Inventory sits 17.5% higher than last year. However, it remains about 2,000 units below the historical average of 15,000. This suggests the market is normalizing rather than crashing. They discuss the “phantom inventory” problem. Sellers with strong equity positions aren’t truly motivated. This creates listed properties that may never actually sell. A Lakewood apartment complex just sold for $33M. That’s a 29% discount from its $46M sale price four years ago. This illustrates the correction happening in commercial multifamily while residential holds steadier. In This Episode We Cover: Why Denver inventory is up 17.5% year-over-year but still below historical averages How mortgage rates at 6% represent the best opportunity in a year for buyers and refinancers The 31% rent drop on a Coors Field area condo ($2,880 to $2,000/month) and why this is the softest rental market in 12 years Why multifamily properties are having their “2008 moment” with the Lakewood apartment selling at a 29% discount ($46M to $33M) Colorado Springs leading the nation with a 12.5% rent decrease since 2022 and what it signals for Denver metro How a non-profit worker became a 4-time house hacker and closed on an $850K fourplex with just 5% down Why fall is the best buying season and how to make “disrespectful offers” that actually get accepted in Q4 The phantom inventory problem – sellers who don’t have to sell creating misleading market data Colorado’s new 90-day rule when selling vs. renting properties (critical for landlords to understand) Why buying properties that work with today’s debt is essential instead of gambling on future refinances How medium-term rentals are outperforming long-term in Denver’s current market conditions Whether you’re a house hacker looking for your first deal or an experienced investor considering scaling into multifamily, this data-driven Denver real estate market update for September 2025 provides the specific numbers and strategies you need for Colorado’s current conditions. The panel emphasizes buying properties that work with today’s debt numbers rather than gambling on future refinances – a lesson many commercial operators are learning the hard way. If you’ve been waiting for the perfect time to buy, the combination of 6% rates, motivated sellers entering Q4, and softening competition may be your window. Watch the YouTube Video https://youtu.be/IeAuPONYZD4 Timestamps 00:00 – Welcome & September 2025 Market Roundup Intro01:28 – Market Stats Review: Detached Up 2%, Attached Down 4% Year Over Year04:30 – Mortgage Rates Drop to Best Levels in a Year – Refi’s Moving from 7% Down to Mid-6% Range08:19 – Why Fall Is the Best Buying Season for Investors11:40 – The “Phantom Inventory” Problem: Sellers Who Don’t Have to Sell 15:30 – New Colorado Law: 90-Day Rule for Selling vs Renting Properties19:10– Softest Rental Market in 12 Years – Brandon Scholten on Dramatic Rent Drops22:09 Class C Apartments Renting at $895/Month in Denver24:48– Lakewood 198-Unit Apartment Sells at 29% Discount from 2021 Peak26:31 Multifamily Opportunity: Commercial Real Estate Having Their 2008 Moment31:05– Colorado Springs Leads Nation with 12.5% Rent Drop Since 202234:04– Four-Time House Hacker Closes on $850K Fourplex with 5% Down39:05 – Making Disrespectful Offers in Q4 Market  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 Two Denver suburbs take different paths as residents face housing crunch: ‘We can manage it, but just barely’ 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

Q4 is here, which means it’s time to start planning for 2026. I plan early so I can be proactive and launch into the new year with a clear game plan. January 1st hits hard and fast after the holidays. Every year, I review what worked and what didn’t. I look at the big market shifts and ask myself: how should I adapt?  When I evaluate my progress, I focus on two areas: Entrepreneurial Journey: Where I’m making money as an entrepreneur Investing Thesis: How I deploy that capital—my strategic framework for where and how to invest based on market conditions, expertise, and risk tolerance Let me walk you through my journey—not just the wins, but the lessons that shaped how I think about investing today. Rates started rising in 2022, signaling a major market shift. I’ve learned from experience to pivot when markets change, so I began adjusting both my investing strategy and entrepreneurial focus. Since real estate moves slowly, that pivot is still ongoing. I’m sharing these lessons to help you navigate your own transitions, whether as an investor, entrepreneur, or both. Watch the YouTube Video https://youtu.be/98D_dY6YAOo Phase 1: The Entrepreneurial Beginning (2002-2009) I was a sophomore at Virginia Tech when the entrepreneurial bug bit me hard. That launched me into an early tech and online marketing business that did incredibly well. I learned how to run a business, developed money-making skills, and generated significant active income. But I made critical mistakes: I reinvested too much back into the business instead of diversifying into non-correlated assets I had lifestyle inflation and spent way more than I needed to When I did have money to invest, I focused on day trading stocks and foreign currency exchange Like most people who try day trading, I was not successful at it. I didn’t lose money, but I didn’t make any money either. Worse, I realized it was basically a job—my money wasn’t working hard unless I was actively working. I wasn’t really investing. After a couple of years, all I had to show for it was worse eyesight from staring at computer monitors. Like many entrepreneurs, Rich Dad Poor Dad was my first business book. That’s what put real estate on my radar as the path to building wealth. It was time to make that pivot. Phase 2: The Transition Years (2009-2011) The Great Financial Crisis hit, and even though I wasn’t in real estate, my business felt the ripple effects. Several factors converged: Industry headwinds hit us hard Business partnership issues emerged The broader economic crisis created challenges All of this led to my income starting to fall. We had momentum and high profit margins, but not anymore. That’s when I learned my next key lesson: every business opportunity, every investment opportunity has a life cycle or a sweet spot for where you are in the cycle. Every opportunity eventually ends, so ride it well while it’s great and move on when it’s time. My big mistake was taking too long to pivot. I was doing a full pivot, creating my new investing thesis and entrepreneurial journey—both in real estate. In 2010, I started looking for my first deal. In January 2011, I bought my first house hack—a foreclosure at one-third of the peak price with creative financing: zero down, 5% fixed rate over 15 years. The success of that first deal gave me the belief that I could really excel in real estate. I knew the next real estate cycle was about to begin. In the stock market, you can’t make anything happen – you’re never a part of it, you’re just reacting to news. In real estate, I could take a leading role and actually make deals happen. So I went all-in on real estate. Phase 3: Building the Rental Portfolio (2011-2019) My gut said the next market cycle was beginning. Prices dropped so much that they only had one way to go—UP. My investing thesis was simple: buy rentals. I was buying rentals, doing cash-out refis, and doing 1031 exchanges to scale my portfolio. As an entrepreneur, I launched my brokerage, Envision Advisors. I had figured out how to buy rentals and scale my portfolio—now I helped other investors do the same thing. Both as an investor and entrepreneur, I rode Denver and Colorado’s amazing growth wave. Prices and rents were growing at a fast pace. Here’s the crucial difference from my early career: In my first business, I made money but invested poorly. This time, I made money AND invested wisely. This created my next “good problem”—significant net worth growth with high concentration in Denver metro residential real estate. Phase 4: Real Estate Diversification (2019-2022) By the late 2010s, I had built significant net worth concentrated in Denver residential real estate. But several factors converged that made me rethink my strategy: Numbers were getting harder to make work in Denver My life was getting busier as an entrepreneur with a growing young family I was no longer getting amazing returns on my active hustle My first focus for diversification was geographic—outside of Colorado. I’m not a fan of out-of-state investing. I had seen too many people get chewed up by out-of-state deals. They were either hands-off and got their butts kicked, or they regularly traveled to those markets (vacation, business, family) and built insider knowledge. I couldn’t replicate my Denver knowledge and network elsewhere. I had no desire or connections to travel to markets where the rental numbers made sense. Syndications gave me the geographic diversification I needed without the out-of-state landlord headaches. In 2019, I made my first LP investment in a multifamily syndication. I gradually increased my allocation to passive deals—primarily multifamily and debt funds in Denver and the Midwest—while continuing to buy select rentals in Denver. Phase 5: Pivot and Global Portfolio Diversification (2022-2025) Rates started rising in 2022 and I knew it was time to pivot again. Before I tell you what I did, there are two key principles I focused on: Principle #1: Ride the Big F***ing Trends If I could only have one investment principle, it would be this: ride the big f***ing trends. Looking back at my career, my biggest wins came when I aligned with massive growth waves: Early internet boom (Phase 1): My first business generated significant revenue riding this trend Denver rental explosion (Phase 3): Built wealth as both investor and entrepreneur Those periods generated the most revenue, with the least friction, and were frankly the most fun. When you’re paddling downstream with the current, everything moves faster and easier. The flip side? When I’ve fought trends or ignored market shifts, I’ve struggled. I’ve learned the hard way: growth is your friend, and fighting the current is exhausting. In 2022, commercial real estate was heading for a crash. Rate increases would pressure residential prices, but commercial was going to feel real pain—their 2008 moment. Distressed assets create the best buying opportunities. I had capital to deploy, strong connections in the space, and the perfect vehicle to access these deals: passive LP investments. The pain was just beginning. How I Changed My Investing Thesis Applying this principle, I made a fundamental shift: I stopped buying rentals, started investing in passive deals, and began selling some of my rentals. This transition delivered exactly what I hoped for: Increased Cash Flow: Despite selling properties, my overall cash flow increased through passive investments Freed Up Bandwidth: Even with property managers, I still needed to manage the managers and handle asset management. Now I had that mental bandwidth back Simplified Operations: Just this year I closed down 3 LLCs and eliminated multiple bookkeeping headaches Access to Better Deals: I kept seeing syndication opportunities and thinking “there’s no way I can do that on my own.” Now I could participate Was it perfect? Nope. I caught a couple of “falling knives” as the commercial market turned. But I’m in a far better position than if I’d kept those rentals. In hindsight, I should have sold everything and held more cash before deploying. At the time, it felt scary—plenty of people thought I was crazy for selling rentals with sub-4% debt. But the transition worked. The investing pivot worked. But Envision Advisors helped investors buy rentals, and I wasn’t buying rentals anymore—I was investing passively because that was the next big f***ing trend. I needed a new business model that stacked with my new investing thesis: Property Llama Capital. Principle #2: The Stacking Philosophy Identifying the trend is step one. Step two is stacking everything around it. Here’s my core theory: find the best investment opportunities, then build a business around that same trend. When you align market trends with your skills, interests, and business opportunities, you create exponential effects. That’s the 1+1+1 = 9 result. You may or may not be an entrepreneur looking to build a business, but you have opportunities, skills, connections, and resources that allow you to stack. Whether you’re W2 or self-employed, I encourage you to identify how you can create your own stack based on your unique situation. Phase 3 was perfect stacking: I was buying rentals (investing), running Envision Advisors (business), and the Denver rental market was booming (trend). Everything aligned. It generated revenue with minimal friction, was genuinely fun and we helped hundreds of clients buy rentals for their financial success.  Phase 5 is stacking again (2022-Present): Here’s how it comes together in the current market shift: The Trend: Commercial real estate distress + growing demand for passive investing opportunities. Direct ownership of these larger commercial assets is much harder than residential due to price points—many are in the 7 or 8 figures+—making passive investing an easier way to access them. Plus, regulatory frameworks have received significant clarity as the market has matured. My Skills: 15+ years of real

House hackers are closing deals at 6% rates and generating positive cash flow. While market headlines suggest waiting for better conditions, three separate Colorado deals just proved house hacking delivers results in 2025. These aren’t theoretical examples – we’re breaking down actual purchase prices, financing packages, and cash flow projections from deals that closed this year. Chris Lopez sits down with Denver broker Jeff White (completing his 9th house hack) and Troy Howell from Nova Home Loans to dissect three successful closings. Jeff’s latest acquisition – a $910K off-market fourplex – demonstrates how strategic advice and relationship building created $55K in instant equity while generating $975 monthly cash flow during owner occupancy and $3,000 after move out. These deals span Denver and Colorado Springs, showcasing different strategies from first-time buyers to experienced house hackers. You’ll discover why a $540K move-in ready property beats $20K+ renovation projects, how Colorado Springs’ unincorporated areas offer Airbnb flexibility across all four units, and why Section 8 zip code variations boost returns by $520 per unit monthly. In This Episode We Cover: How off-market relationships led to a $55K appraisal windfall on Jeff’s 9th house hack Why paying premium for move-in ready properties saves money versus renovation projects Section 8 zip code strategy generating $1,870 monthly for two-bedrooms in Colorado Springs Financing packages that work – 6% rates, PMI buyouts, strategic down payment choices Cash flow analysis – $975 while living there, $3,000 after moving out on Denver fourplex Why house hacking still pencils at current rates despite market headlines Colorado Springs vs. Denver opportunities for multifamily investors Whether you’re a first-time buyer starting with $25K down or an experienced house hacker building toward a ten-property portfolio, you’ll learn how to structure deals that generate positive cash flow from day one while building long-term wealth through Colorado real estate. Episode Overview https://youtu.be/Td2yp1H6Vs4 Timestamps 00:00 – Welcome & Guest Introductions 02:44 – Jeff’s 9th House Hack – Denver Fourplex Journey to 10 Properties08:18 – Financing Package Breakdown – 15% Down, 6% Rate, PMI Buyout Strategy12:48 – Cash Flow Analysis – $975/Month While Living There, $3,000 After Move Out16:30 – Deal #2: Single Family Mother-in-Law – First-Time Buyer Strategy22:00 – Airbnb vs Long-Term Strategy – $2,700 Monthly from Basement Rental 26:12– Deal #3: Colorado Springs Fourplex – Unincorporated Area Advantages32:44– Section 8 Zip Code Analysis – $1,870 Two-Bedroom Rates in Springs35:48 – Market Reality Check – House Hacking Still Works in 2025 Connect with our Guests: Troy Howell: troy.howell@novahomeloans.com LinkedIn: Troy Howell Website: https://www.novahomeloans.com/loan-officer/troy-howell/ Jeff White: Jeff@envisionrea.com LinkedIn: Jeff White 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

Overpricing rental properties costs investors weeks of vacancy time, while underpricing locks in lost income for entire lease terms. Keyrenter CEO Brandon Scholten and leasing specialist Shawn Riley break down their proven 4-step rental analysis process that helps Colorado investors avoid both costly mistakes. Chris Lopez joins forces with the Keyrenter team to demonstrate exactly how property managers analyze rental markets using tools most investors never access. Brandon brings 10 years of Colorado portfolio data while Shawn performs 40+ rental analyses weekly, giving them insights into what actually rents versus what owners hope to achieve. This comprehensive training reveals why 70% of owners start above recommended rent ranges and how the first week on market determines your entire leasing timeline. From Rent-O-Meter analysis to Zillow competitor research to proprietary portfolio data, you’ll learn the exact process professional property managers use to minimize vacancy time while maximizing rental income. In This Episode We Cover: 4-step rental analysis process using Rent-O-Meter, Zillow, and portfolio data Why starting $200-300 above market rate typically results in renting at the bottom of your range First week performance rule – need 2-3 tours booked or immediate price adjustment required Case study: Denver condo rented in 8 days at $1,950 while mountain view units stalled at $2,200+ Interior finishes that matter – clean carpet beats kitchen remodels for rental ROI How AC vs swamp cooler affects conversion rates with out-of-state tenants HB25-1090 legislation impact – new transparency requirements changing pricing strategies Whether you’re underwriting your first rental property or optimizing an existing portfolio, this step-by-step rental analysis training provides the data-driven approach Colorado investors need to make profitable pricing decisions. Don’t let guesswork cost you thousands in lost rent or extended vacancy periods. Episode Overview https://youtu.be/zIx869uLLVo Timestamps 00:00 – Welcome & Guest Introductions 05:34 – Why Rental Analysis Matters 07:50 – Step 1: Rent-O-Meter Analysis 08:59 – Step 2: Zillow Active Listings 11:54 – Interior Finishes Impact on Rent 14:11 – AC vs Swamp Cooler Premium 15:40 – Step 3: Property Manager Portfolio Data 16:40– Step 4: Setting Rent Ranges Not Fixed Numbers 18:21– Case Study #1: Denver Mid-Century Condo – Mountain view units21:05– Case Study #2: Edgewater Single Family 30:38 – Live Rental Analysis: Thornton 4BR/2BA32:09– Rent-O-Meter Comp Breakdown 35:05– Zillow Comp Analysis 38:29– In-Portfolio Comp Verification 45:52– Owner-Paid Perks Strategy 47:39– HB25-1090 Legislation Impact 55:22 – Fall Rental Season Strategy  Connect with our Guests: Brandon Scholten: brandon@keyrenterdenver.com LinkedIn: Brandon Scholten Website: https://keyrenterdenver.com/ Keyrenter Contact: Rental Analysis: shawn@keyrenterdenver.com Investor Events: virginia@keyrenterdenver.com Links in Podcast Free Rental Analysis Upcoming Investor Dinner: Join Key Renter for their next investor dinner on Thursday, October 9th from 6-8pm at their Wheat Ridge office. Topic: “Property Management in Transition” Space is limited – RSVP by emailing virginia@keyrenterdenver.com. Property Management Consultation: If you submitted a property during the webinar and didn’t receive your analysis, Shawn Riley will be following up individually. For new requests, contact shawn@keyrenterdenver.com. 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.

Episode Overview What if Colorado’s market stagnation is actually creating the best investor opportunities in over a decade? While most buyers sit on the sidelines waiting for lower rates, meanwhile savvy investors are capitalizing on August’s unprecented real estate trends. Furthermore, Colorado Springs just hit 4 months supply of inventory. Denver’s active listings dropped 7% in a single month. Consequently, this creates distinct opportunities across the Front Range. Host Chris Lopez, Co-Founder of Property Llama and host of the Denver Real Estate Investing Podcast, brings together Colorado’s top real estate professionals. Additionally, Troy Howell from Nova Home Loans reveals 10-year treasury rates hitting 4.03%. Jeff White, Denver’s go-to investment broker, simultaneously shares why 70% of appraisals are coming in at or above contract price. Moreover, Jenny Bayless breaks down Colorado Springs market dynamics. Median prices dropped from $497K to $480K year over year. The team conducts an in-depth analysis of pad split conversions. They walked properties with investors transitioning from short-term rentals. Specifically, room-by-room strategies generating $264 per week require $30-40K upfront investments. However, they eliminate seasonality risks. In addition, they reveal why builders are offering 20-25% discounts to investors. DSCR loans provide financing flexibility for non-traditional rental strategies. Beyond market data, the discussion explores real-world scenarios. These include Aurora’s notorious complex foreclosure where only one unit paid rent. Additionally, they examine downtown Colorado Springs’ 3,000 new apartment units. These units are pricing out local residents. Furthermore, showing trends suggest these buyer-favorable conditions will persist. The panel also examines HOA financial crises affecting small complexes. They discuss lending differences between condos and townhomes. Moreover, appraisal performance consistently exceeds expectations despite market uncertainty. In This Episode We Cover: Builder concession strategies delivering 20-25% effective discounts Why 4 months inventory supply signals buyer’s market opportunity in Colorado Springs How Denver’s 7% inventory drop creates false scarcity for unprepared investors Pad split conversion analysis – $264 weekly rates with $30K investment requirements Fed rate cut expectations and mortgage rates trending toward 6% Why 70% of appraisals exceed contract prices despite buyer market conditions https://youtu.be/rwQN33imows?si=y1l4oyV46xKr9aSV Timestamps 00:00 – Welcome & Guest Introductions01:18 – Colorado Springs Market Update – 4 Months Supply of Inventory4:07– Condo vs Townhome Lending Rules – Critical Differences14:04 – Denver Market Trends- Balanced Market Indicators17:31 – Pad Split Property Walk Analysis – 7 Bed Conversion Strategy35:24– Interest Rate Update –Fed Rate Cut Expectations41:25 – Colorado Springs Apartment Boom – 3,000 Units Downtown46:44– Aurora Complex Foreclosure Update – Only 1 Unit Paid Rent48:51– Showing Trends Analysis – 5.5 Showings per Month Average52:18 – Appraisal Performance Report – 70% Coming in at Contract Price Links in Podcast Apartment boom? Downtown Colorado Springs triples numbers of apartments since 2021New developments expected to add nearly 500 middle-class and affordable housing units in downtown Colorado SpringsLender forecloses on Aurora apartment complex owned by notorious landlordHere’s Why Old Homes Suddenly Cost More Than New Ones Connect with our Guests: Jeff White: jeff@envisionrea.com Jenny Bayless: jenny@envisionrea.com Troy Howell: troy.howell@novahomeloans.com LinkedIn: Troy Howell Website: https://www.novahomeloans.com/loan-officer/troy-howell/ 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

Episode Overview Colorado real estate market opportunities are emerging as distressed builders struggle with inventory. Mike Hills, VP at Atlas Real Estate Company, reveals how current market conditions create exceptional opportunities for Colorado investors. His company manages over 6,000 doors across 10 states and recently launched their first fund targeting these market opportunities. Mike Hills brings unique perspective as both the second employee at Atlas Real Estate (now 200+ employees strong) and a personal investor who’s been house hacking since 2001 – before the term even existed. His journey from liquor store owner to real estate executive offers raw insights into surviving market crashes and building sustainable wealth through 20-year thinking while capitalizing on current Colorado market opportunities. This episode reveals Atlas’s proprietary strategies for identifying real estate opportunities and why they’re currently buying entire developments at 15-25% discounts to retail. Mike Hills shares hard-earned lessons about tenant retention, contractor relationships, and why 2025 Colorado market conditions are showing recovery signs after the challenging 2024 market. In This Episode We Cover: How Mike Hills survived the 2008 casino project disaster and rebuilt stronger Atlas Real Estate’s growth from startup to 6,000+ door operation Why tenant retention beats rent increases in today’s market Colorado market opportunities following hospital and infrastructure development Distressed builder opportunities creating 15-25% instant equity Signs that contractors are getting hungry again in 2025 20-year mindset approach that builds generational wealth Mike Hills’ combination of personal investing experience and professional market insights provides actionable strategies for building wealth through Colorado real estate opportunities. From managing a handful of rentals to scaling toward institutional size, this conversation cuts through market noise with data-backed perspectives from someone managing thousands of doors while building his own substantial portfolio in today’s market conditions. https://youtu.be/GP1btIoOZL0?si=yeiqj-YYaJySb190 Timestamps 00:00 – Welcome & Guest Introduction – Mike Hills from Atlas Real Estate 01:30 – Mike’s Origin Story – House Hacking Pioneer Since 2001 04:10– From Casino Failure to Atlas Success – Learning from $250K Loss 08:43 – Atlas Empire Breakdown – 6,000 Doors Across 10 States 12:31– Urban Infill Strategy Revealed – Following Hospital Development 13:52 – 20-Year Mindset Philosophy – Why Patience Beats Home Runs 16:55 – Cash Reserve Strategy – 6 Month Emergency Fund Rule 19:24 – 2024 Market Reality Check – Vacancy and Eviction Challenges 26:35– Teaching Kids About Money – Real World Lessons 30:11 – Distressed Builder Opportunities – Atlas First Fund Launch 36:43– Property Management Wisdom – Tenant Retention Over Rent Raises 42:18 – Investment Advice – Building Generational Wealth Links in Podcast Website: www.realatlas.com Connect with Mike: Email:michael@realatlas.com Phone: (720) 220-8500 LinkedIn: linkedin.com/in/mike-hills-122974215

Episode Overview Most landlords think a paid-off rental property is the ultimate win. However, what if that “safe” 3.4% return is actually costing you thousands in opportunity cost? In this eye-opening episode, we break down a real Denver property worth $484,000 that’s generating just $16,500 annually – and furthermore show you exactly how private lending real estate investing can potentially 4x that income through strategic debt fund strategies. Additionally, Chris Lopez, host of the Denver Real Estate Investing Podcast and co-founder of Property Llama, reveals why he’s personally moved away from traditional rental strategies toward debt fund investing that pays 22-25% annually. Moreover, with hundreds of rental property transactions under his belt, Chris shares the exact analysis tools and strategies that helped him overcome what he calls “1031 Derangement Syndrome” – specifically, the fear of paying taxes that keeps investors stuck in underperforming assets. This isn’t theoretical – instead, we walk through live Property Llama scenarios showing how selling a paid-off rental and reinvesting through private lending real estate investing can generate $34,000 to $74,500 annually instead of $16,500. As a result, you’ll discover why pure cash flow strategies are particularly powerful in today’s market cycle, furthermore learning how to evaluate debt funds that lend to fix-and-flip investors, and finally understanding the exact risk-adjusted returns available right now through platforms like Property Llama Dynamo 2. In This Episode We Cover: Why 3.4% cash flow on equity is actually underperforming your savings account How to become the bank and earn 8-25% annual returns through private lending Real scenarios showing 2x to 4x cash flow increases from strategic property sales Live Property Llama demonstration with actual Denver property analysis Chris’s personal shift from 1031 exchanges to tax-smart debt fund investing Property Llama Dynamo 2 breakdown – 22-25% annualized returns explained Portfolio optimization strategies for maximum cash flow without rental headaches Whether you’re holding paid-off properties generating minimal returns or looking to reduce rental property management headaches while maximizing income, this episode provides actionable strategies you can implement immediately. Don’t let tax fears keep you stuck in underperforming investments – discover how strategic property sales can dramatically boost your cash flow in 2025. https://youtu.be/ZeJjulKCI_0?si=_rM1G6Sm86fj6pvd Timestamps 00:00 – Welcome & Panel Introductions01:21 – Private Lending Explained – How to Become the Bank (8-25% Returns)02:31 – Real Property Analysis – $484K Denver Rental Generating Only 3.4% on Equity04:19– Scenario 1 Breakdown – 10% Debt Fund = 2x Cash Flow Increase ($34K Annual)06:40– Scenario 2 Revelation – 22% Debt Fund = 4x Cash Flow Boost ($74.5K Annual)08:08– Tax Strategy Shift – Overcoming “1031 Derangement Syndrome”09:05 – Property Llama Dynamo 2 Details – 22-25% Annualized Returns Available Links in Podcast Detailed breakdown of Property Llama Dynamo 2 investment fund Property Llama platform and portfolio optimization tools **Past performance does not guarantee future results. All investments involve risk, including the potential loss of principal. Returns shown are historical and may not be indicative of future performance. Individual results may vary. This information is for informational purposes only and does not constitute an offer to sell or a solicitation to buy securities. Please consult with your financial advisor and review all fund documents before making investment decisions.

Episode Overview Colorado house hackers are facing record-high insurance costs – but this 25-year broker just revealed how to cut premiums by $1,000+ annually. Most investors have no idea that 75% of their insurance premium comes from ONE factor, or that Colorado insurance companies are literally losing $10 for every $1 they collect in premiums. Chris Lopez hosts an eye-opening panel with insurance broker Kendall Liedtke (25+ years, 12 company access), mortgage expert Troy Howell (Nova Home Loans), and investor Jeff White (Envision Advisors) to break down the 2025 Colorado House Hacking Insurance strategies investors desperately need. Kendall drops bombshells including why your credit score difference between 760-850 can save $1,000 annually, how roof age controls 75% of your premium costs, and why having just ONE non-weather claim can get you declined by most carriers. Jeff reveals his three-tier protection strategy that lets him sleep peacefully managing dozens of rental units across Colorado. In This Episode We Cover: Why insurance companies require auto+home bundling (it’s not greed – here’s the math) $1,000+ annual savings from credit score optimization alone How 75% of your premium is determined by roof age (shocking breakdown) Why Colorado carriers lose $10 for every $1 collected and what this means for rates House hacking insurance strategy: One policy with endorsements vs separate coverage $500K liability requirement for tenants (costs only $15-20 more annually) Additional interest vs additional insured – critical distinction for landlords Three-tier protection strategy: Renters + Landlord + Umbrella coverage And So Much More! This episode could save Colorado house hackers thousands annually while ensuring proper protection. Whether you’re analyzing your first house hack or optimizing an existing portfolio, these insider strategies from a 25-year broker are pure gold for Colorado real estate investors. https://youtu.be/jqCT289j5l0?si=p4WNxMmQQyVV6OvU Timestamps 00:00 – Welcome & Panel Introductions 02:05 – Kendall Liedtke Introduction – 25+ Year Insurance Broker with 12 Companies 03:19 – Captive vs Independent Agents – Why Shopping Matters 04:46 – Homeowner’s vs Rental Policies – 4 Property Types in Colorado 05:53 – Should You Shop Insurance? – Broker Advantage Revealed 7:15 – Bundling Requirements – Insurance Companies Losing $10 Per $1 in Colorado 10:26– High vs Low Deductibles – 1% Wind/Hail = $5,000 on $500K Home 11:46 – Credit Score Impact – 760 vs 850 = $1,000 Annual Savings 14:36 – Claim History Effects – One Non-Weather Claim = Declined 18:20 – Roof Age Reality Check – 75% of Premium Tied to Roof Age 23:08– House Hacking Coverage – Don’t Take Shortcuts on Protection 25:08?– Short vs Long Term Rentals – 180 Days = The Dividing Line 33:40– Tenant Insurance Requirements – $500K Liability vs $100K Standard 40:47 – Colorado Dog Breed Law – No More Breed Discrimination 44:03 – Umbrella Policy Benefits – Tiered Protection Strategy Connect with our Guests: Kendall Liedtke: kendall.liedtke@trucordiainsurance.com Phone: 720-833-8421 Troy Howell: troy.howell@novahomeloans.com LinkedIn: Troy Howell Website: https://www.novahomeloans.com/loan-officer/troy-howell/ Jeff White: Jeff@envisionrea.com LinkedIn: Jeff White 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

Episode Overview Property Llama just broke records for the sixth consecutive month while most real estate funds are struggling with paused distributions and capital calls. This comprehensive 2025 Property Llama shareholder update reveals exactly how they went from survival mode to consistent record-breaking growth, and why their debt fund is tracking at nearly 24% annualized returns with 66% of new capital coming from repeat investors. Chris Lopez and Richard McGirr, co-founders of Property Llama, break down their complete transformation strategy in this detailed 2025 Property Llama shareholder update. Together, they’ve built a “small but mighty” team that can scale 3x without additional hiring by focusing ruthlessly on what actually works. This isn’t your typical feel-good business update. Chris and Richard reveal the hard truths about cutting two-thirds of their business functions to achieve laser focus, why their users average over $1M in property equity, and how they identified that real estate investors have one primary goal: income over everything else. They also share exclusive updates on their deal performance, including a build-to-rent project that received an unsolicited private equity buyout offer just three months after closing, potentially cutting the business plan timeline in half. Their success has attracted major national partnerships, with Richard now hosting Unlimited Capital on the Best Ever CRE network and Chris co-hosting BiggerPockets’ new Passive Pockets show. These partnerships demonstrate their “other people’s media” strategy for achieving national scale without the massive time and money investment typically required to build audiences from scratch. In This Episode We Cover: How cutting 66% of business functions led to record monthly growth Why their debt fund tracks 24% annualized returns while others struggle The bootstrap mentality that prioritizes cash flow over features How they identified what investors actually want (hint: it’s not 1031 exchanges) Deal performance updates across multiple markets and asset classes Why 66% of monthly capital comes from repeat investors How to build systems that scale 3x without hiring additional team members National partnership strategy with Best Ever CRE and BiggerPockets And So Much More! Whether you’re an active real estate investor looking to go passive or an entrepreneur trying to focus your business for maximum growth, this Property Llama shareholder update delivers specific strategies and real numbers from operators who went from survival mode to thriving while others struggle. Don’t miss Chris and Richard’s transparent breakdown of what’s working in today’s challenging real estate market. https://youtu.be/88podJh4qjg Timestamps 00:00 – Introduction 02:30– Pivoting, Surviving and Thriving – Launching During Market Shifts  03:25 – Property Llama Users Hit $1M+ Average Equity – Why This Matters  06:00 – Finding What Investors Actually Want -Solutions vs Features 08:52 – Right People on the Bus – Building Small But Mighty Teams  12:13– Systems That Scale 3x Without Hiring – Cutting Two-Thirds of Functions  14:20 Every Month Breaks Records – How Focus Drives Growth  17:04 – Des Moines Market Outperforming – 9 LOIs on Single Property  20:36– Build-to-Rent Gets Unsolicited PE Offer – Cutting Timeline in Half  22:31 – Debt Fund Tracking 24% Annualized Returns – 66% Repeat Investors  25:40 – National Partnerships – Best Ever CRE & Passive Pockets  30:25 – Second Half 2025 Priorities – Execute on What’s Working Links in Podcast Property Llama Website Passive Pockets Best Ever CRE Check out some of the Best Ever Episodes with Chris and Richard: JF 3959: Fund Structuring Secrets, and The Power of Personal Brand ft. Justin FreishtatJF 4001: Fund‑of‑Funds Playbook, Family Office Relationships and LP‑First Investing ft. Danny GouldCapital Raising Confidence, Authentic Investor Messaging, & Why He Avoids Multifamily ft. Ash Patel

Episode Overview A $1 condo listing in Lakewood just had an open house – and ZERO people showed up. This isn’t just a quirky real estate story; it’s revealing what July 2025 Denver market trends are showing us about a massive shift happening right now. While detached homes stay relatively stable, condos are crashing with prices down 7% year-over-year and financing options disappearing. Chris Lopez, CEO of Envision Advisors and host of the BiggerPockets House Hacker Show, breaks down July’s Denver market trends with Key Renter’s Brandon Scholten and Nova Home Loans’ Troy Howell. These aren’t just numbers – they’re revealing opportunities for savvy investors who know where to look. Denver’s active inventory just hit 13,995 listings – the same level we saw in 2011 during the post-recession recovery. Transaction volumes have dropped to Great Financial Crisis levels despite massive population growth. Meanwhile, most condo complexes can’t qualify for agency financing, creating a perfect storm that’s pushing desperate sellers to list at $1 just to get attention. Here’s what makes this episode different: We’re not just talking theory. Brandon shares real data from his property management portfolio showing which areas are struggling (hint: it’s not just condos), while Troy reveals why financing has become nearly impossible for many condo buyers – and what that means for cash investors. In This Episode We Cover: Why a 2-bedroom Lakewood condo dropped from $260K to $1 and still got zero interest How Denver’s inventory levels mirror 2011 despite Colorado’s population boom The financing crisis killing condo sales (and creating opportunities for cash buyers) Why room-by-room rentals are delivering the highest cash flow returns right now $100 million in downtown development funding – and why office conversions cost $146K per door How the Broncos’ land acquisitions are doubling property values in target areas Interest rate updates and the “magic number” that could unleash buyer demand Bottom line: While mainstream media talks about market stability, the data reveals we’re in a unique moment where informed investors can find deals that won’t exist once rates drop below 6%. Whether you’re looking at new construction discounts, distressed condos, or multi-family opportunities, this episode gives you the local intel you need to act. Don’t miss this deep dive into Denver’s current market dynamics – subscribe now for weekly insights you won’t find anywhere else. https://youtu.be/1R2kWR_B7rM?si=E_Pw8Aav8-hRie5i Timestamps 00:00 – Welcome & Introductions 01:21 – July Market Trends Deep Dive – Active inventory flat at 13,995 listings (down just 12 from June)03:16 – $1 Condo Listing Breakdown – Lakewood 2bed/1bath, 100 days on market, ZERO open house attendance07:24– Condo Financing Crisis Revealed – Most complexes can’t get agency financing, FHA eligibility issues14:23 – Inventory Levels Match 2011 Crisis – 14K active listings same as post-recession era16:32 – Transaction Volume at Great Financial Crisis Levels – Despite population growth since 200825:58 – Vacancy rises to 6.4% from 5.6% last year, new apartment supply pressures market30:15 – Construction Pipeline Update – 2,400 new units added Q2, 4,500 absorbed32:34 – Denver Eliminates Parking Minimums – “Housing crisis, not parking crisis” policy shift34:35– $100M Downtown Development Projects – Office conversions at $146K per door subsidy38:37 – Broncos Land Acquisition Continue – $10M warehouse purchase doubles 5-year value40:47 – Zeppelin Station Receivership Crisis – Former food hall hotspot now nearly empty43:22 – Interest Rate Update – Mid-6% range, FHA at 5.5% with points47:43– Investment Opportunities Wrap-Up – Room rentals, new builds at 20% discounts, multi-family deals Links in Podcast 10 Denver projects picked to get $100M in Downtown Development Authority dollarsWarehouse sells for $11M near possible Broncos stadium siteDenver no longer will require parking minimums for new developmentsNew food hall operator says he’s out as Zeppelin Station lists for sale Connect with our Guests: Brandon Scholten: brandon@keyrenterdenver.com LinkedIn: Brandon Scholten Website: https://keyrenterdenver.com/ Troy Howell: troy.howell@novahomeloans.com LinkedIn: Troy Howell Website: https://www.novahomeloans.com/loan-officer/troy-howell/ 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

Episode Overview Denver multifamily investing opportunities are exploding as properties just dropped 40% from their peak values. This market correction is creating the best investing opportunities 2025 has to offer for active investors willing to move now, while passive “wait and see” investors risk missing the bottom. Chris Lopez interviews Kevin Woolsey, Senior Advisor at MMG and Denver’s premier multifamily specialist who handles everything from duplexes to 200+ unit institutional properties. Kevin has his finger on the pulse of Front Range deals and shares exclusive insights about 2025 Denver multifamily investing opportunities from recent transactions showing properties trading at $130/door that were $280/door just three years ago. This episode reveals why the “prevent defense” strategy of waiting 6 months for better conditions is backfiring spectacularly. Kevin exposes how institutional investors with 30-40% vacancy rates are getting crushed, while smart money recognizes these investing opportunities present as the perfect time for strategic repositioning from weaker submarkets into prime Denver locations. In This Episode We Cover: How 40% price drops create massive acquisition opportunities right now Why properties in Cheesman Park trade for same price as suburban four-plexes did in 2021 Bank distressed properties already online (not listed on MLS) The difference between macro trends vs micro trends for deal identification Which Denver submarkets bounce back fastest as supply construction halts Specific due diligence steps for finding street-level opportunities Why active investors win while passive investors get left behind And So Much More! Don’t miss this critical market update that could reshape your 2025 Denver multifamily strategy. Whether you’re building your first portfolio or managing institutional assets, Kevin provides the insider knowledge you need to take action now. Subscribe for weekly Front Range market intelligence that no other podcast delivers. https://youtu.be/RCTadsEKYsU Timestamps 00:00 – Welcome & Guest Introduction – Kevin Woolsey, MMG Senior Advisor03:34 – Current Trends and Opportunities in Denver- Why Waiting 6 Months Won’t Work 06:19- Distressed vs Opportunistic Sellers – When to act vs when to wait09:17 – The Importance of Active Investment – Why “Survive Till 25” Failed 13:30 – Distressed Property Opportunities – Who Should Buy vs Who Should Wait21:33 – 40% Price Drops Revealed – Current Case Studies29:13– Institutional Deal Examples – $250/door properties now at $140/door33:09- Micro Market Intelligence – Street-by-street research requirements35:35 – Action Steps for Investors – Due Diligence Requirements 38:25- Bank Distressed Properties – Already happening, not listed on MLS Connect with our guest Email: kevin.woolsey@mmgrea.comPhone: 303-990-4361MMG Real Estate

Episode Overview Denver landlords are being forced to sell their buildings because they can’t afford the property tax bills, exposing the hidden risks that make triple net investment analysis more complex than most investors realize. Many investors view triple net leases as “mailbox money.” However, the reality is far more complex in today’s Denver market. Meanwhile, tax increases of 100% are forcing landlords to reassess their entire approach to triple net investment opportunities. Kayla Mahoney runs the commercial division at Engel & Volkers Denver. Additionally, she has guided dozens of investors through triple net acquisitions. Furthermore, she’s witnessed firsthand how single-tenant properties can go from 100% occupied to completely vacant overnight. As a result, this leaves landlords scrambling to service debt while searching for replacement tenants. Moreover, her expertise in evaluating tenant creditworthiness has helped investors avoid common pitfalls. Subsequently, she structures risk-mitigated deals that protect triple net investment returns. This episode reveals why multi-tenant strip centers are outperforming single-tenant properties. Plus, you’ll learn how to evaluate corporate tenant stability beyond surface-level brand recognition. Next, Kayla covers the specific Denver submarkets delivering 5-7% cap rates for savvy investors. Then, she breaks down the value-add strategies working for triple net investment. Finally, this includes below-market rent repositioning and maintaining substantial capital reserves for vacancy periods. In This Episode We Cover: Why property taxes doubling on Santa Fe corridor properties caught landlords off guard How to evaluate tenant creditworthiness using Moody’s ratings and financial analysis Multi-tenant diversification strategies that reduce single-tenant vacancy risk Denver submarkets delivering compressed 5-7% cap rates vs 7-9% in emerging areas Why industrial triple net properties offer superior stability compared to retail Environmental liability concerns and who pays for ground contamination issues Restaurant property advantages including second-gen buildouts and drive-thru premiums And So Much More! Whether you’re a multifamily investor considering a 1031 exchange or exploring your first commercial acquisition, this episode provides the Denver-specific insights needed to evaluate triple net opportunities with confidence. Kayla’s practical approach to risk mitigation and tenant evaluation could save you from costly mistakes while identifying the deals that actually deliver passive income. https://youtu.be/b1m4lywk5W0 Timestamps 00:00 – Introduction00:55 – Triple Net Basics – What Tenants Pay vs What Landlords Think03:12 – Evaluating Tenant Creditworthiness – Moody’s Ratings & Business Performance07:26 – Multi-Tenant Strategy – Diversification Through Strip Centers08:28 – Denver Hotspots and Trends – 9th & Colorado + RiNo Success Stories10:20 Value-Add Opportunities – Below Market Rent Strategies11:42 – Property Tax Shock – 2x Increases Crushing Denver Landlords13:23 – Risks + Risk Mitigation with High Property Taxes 14:45 – O’Reilly Auto Parts Analysis – Amazon Threat to Retail Tenants16:45 – Environmental Liability – Who Pays for Ground Contamination18:04 – Restaurant Properties – Second Gen Advantages & Drive-Thru Value 20:43 – Lease Structure Strategy – 5-Year Options vs 20-Year Commitments23:30 – How to Calculate a Triple Net Lease24:23 – Industrial vs Retail – Which Offers Better Stability26:50 – Value-Add Opportunities – Below Market Rent Strategies Connect with our guest: Email: kayla.mahoney@engelvoelkers.comLinkedIn: https://www.linkedin.com/in/kaylamahoneycre