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Denver home prices are flat and condo values are still sliding — here is your March 2026 Denver real estate market update. In Q1, homes across the metro held steady while condos dropped 6% year over year for the fourth consecutive quarter. As a result, that spread is creating two very different conversations for Colorado investors right now. Because the data tells such different stories depending on what you own, this episode breaks both of them down in detail. Chris Lopez is joined by Brandon Scholten of Keyrenter Property Management and Troy Howell of Nova Home Loans for this month’s Denver real estate update. Brandon manages properties across the Front Range and, as a result, brings a ground-level read on where rents are moving. Meanwhile, Troy closes investment loans daily and tracks rate trends in real time — including a recent 3-plex deal that closed at 5.875% with $17,500 in seller credits. Since the buyer had a free-and-clear home to leverage, the deal was effectively 100% financed using a HELOC. Beyond the price data, the March 2026 market update also covers stadium development along the Santa Fe corridor — the Broncos’ Burnham Yards, Denver Summit’s Santa Fe Yards, and Ball Arena’s 20-year mixed-use buildout. If those projects play out as planned, nearby property values could see a material impact. In addition, the episode includes a look at a distressed Aurora multi-family that sold for $12.4 million in 2019, yet currently carries a $10.5 million mortgage. Even though it was under contract at $6.4 million, the buyer still walked away after inspection. In This Episode We Cover: Q1 2026 Denver real estate price data — homes flat, condos down 6% and what each trend signals How Fannie and Freddie are loosening condo insurance requirements and whether it moves the needle The $865K Westminster fourplex from the monthly property walk, with projected $20K year two cash flow A creative 3-plex closing in Aurora — HELOC-funded, 5.875% rate, zero cash out of pocket Why the $12.4M distressed Aurora building couldn’t sell at $6.4M — and what it says about the broader Denver market Brandon’s take on whether the rental market’s worst softness is finally in the rearview And So Much More! This March 2026 Denver real estate market update gives you the data, the deals, and the ground-level perspective to make a more informed decision on your next move. So whether you’re watching the Denver condo market or looking for your next rental property, this episode has something for you. Watch the Youtube Video https://youtu.be/0qnj5nNy2lU Timestamps 00:00 — Welcome and Panel Introductions — Brandon Scholten (Keyrenter Property Management) and Troy Howell (Nova Home Loans) join Chris for the Q1 2026 Denver market update 01:09 — Q1 2026 Denver Price Data — Homes up 2% year over year and generally flat; condos down 6% four quarters running, now flattening 03:07 — Colorado Springs Price Breakdown — More volatile quarter to quarter, similar overall trend with homes flat and condos negative 03:58 — Fannie and Freddie Loosen Condo Requirements — Insurance underwriting changes and what it may mean for the condo market 04:59 — Stadium Development Recap — Burnham Yards (Broncos), Santa Fe Yards (Denver Summit), and Ball Arena’s 20-year buildout plan 09:24 — What Record Attendance at Denver Summit Signals for the Area — And why Chris sees short-term rental and co-living opportunity near these corridors 11:41 — Property Walk Recap — $865K Westminster fourplex near 72nd and Tennyson, projected $8K year one and $20K year two cash flow with 25% down 18:24 — Aurora 3-Plex Closes at 5.875% — How a roofing contractor used a HELOC on a free-and-clear home to effectively 100% finance a $582K triplex 20:47— Distressed Deal Watch — Aurora multi-family bought at $12.4M in 2019, mortgage at $10.5M, under contract at $6.4M, buyer still walked 23:22 — Rate Outlook for 2026 — 52-week range of 5.98% to 6.89%, currently at 6.3%, and what employment data suggests about where rates head next 26:14— Rental Market Trends from Keyrenter — Why Brandon believes the worst of the softness is likely behind us, and where it lingered longest Links in Podcast Troy Howell: [email protected] LinkedIn: Troy Howell Website: https://www.novahomeloans.com/loan-officer/troy-howell/ Brandon Scholten: [email protected] Website: https://keyrenterdenver.com/ The National Observer: Office conversions surge as workplace dynamics shift Baby boomers have an emerging rival in the housing market Mortgage Rates Aurora apartment complex at center of national controversy is for sale View the Aurora 3-plex deal underwriting Sign up for the deals list 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

After 20 years of buying and holding on the Front Range, the numbers finally said it was time to move. That moment of reckoning is exactly what this episode is about — and for anyone rethinking their Denver real estate portfolio strategy in 2026, it’s one of the most honest conversations we’ve had on this show. Adam Haman sat on an underperforming Aurora duplex longer than he should have, watched the ARM reset and the rents slide, and finally made the call. What came next is where it gets interesting. Chris Lopez sits down with Adam Haman, a Denver-based real estate broker at Your Castle Real Estate and longtime Front Range investor. Adam manages his family’s portfolio alongside his brothers and sister, and has built his holdings from a single duplex purchase in his mid-20s to a mix of duplexes, townhomes, and a full 13-building fourplex development in Colorado Springs — all built to rent. This episode is a real-time case study in portfolio rebalancing. Adam recently sold a problem duplex in Aurora after an ARM reset pushed his rate from 4.5% to 6.5% while Aurora rents dropped from roughly $2,200 per side to $1,800 — and staying full got harder. He walks through how he priced it, the lowball offers he received, and why he took a number that was lower than he’d hoped. At the same time, he’s doing a DSCR cash-out refi on a Greeley duplex he loves — locking a 30-year fixed at 6.5% and pulling out roughly $200,000 to redeploy into higher-yield income opportunities. In This Episode: Why an ARM adjustment and softening rents turned a cash-flowing Aurora duplex into a break-even liability How Adam priced, listed, and ultimately sold the property — and what the buyer’s DSCR loan had to do with the final number Where Adam sees buy-side opportunities right now, including Athmar Park and why he’s watching the Burnham Yards development Why he’s making disrespectful offers on investment properties — and how to do it in a way sellers actually respond to The Greeley duplex DSCR refi breakdown: 30-year fixed, $200K out, and why the spread into Dynamo Capital makes sense How a $6,500 earnest money deposit in 2018 eventually led to ownership of an entire Colorado Springs fourplex complex Why Adam is seriously looking at new construction duplexes in Texas — with builder rate buydowns under 4% and projected $600/month cash flow Colorado legislation, rental licenses, and what rising compliance costs mean for small landlords Watch the Youtube Video https://youtu.be/oaC-2wDXNEI Timestamps 00:00 — Welcome & Guest Introduction — Investor, Broker, 20 Years on the Front Range  01:32 — Adam’s Origin Story — Started at 25, Rookie of the Year, Then Sold Zero Homes in 2007  04:42 — Fail Fast Philosophy — Why He Wishes He’d Found Mentors Earlier  07:10 — The Aurora Duplex Problem — ARM Reset from 4.5% to 6.5% Plus Rents Sliding to $1,800  10:09— Walking Through the Sale — Listed at $575K, Final Number Around $539K and Why He Took It  14:10— Buy-Side Opportunities Right Now — Why Disrespectful Offers Are Back on the Table  15:00— Athmar Park Deep Dive — 18% Rent Decline, Burnham Yards, and the Path of Progress Question  16:08 — What Makes a Rental Perform — Lawns, Fenced Yards, and Two-Car Garages as the Formula  22:35 — Rebalancing Away from 100% Real Estate — Why He’s Diversifying Into Dynamo Capital  28:58 — The Greeley Duplex DSCR Refi — $200K at 6.5% Fixed and Why He Kept This One  25:17— Considering Texas — New Construction Duplexes at a 4% Rate Buydown Near San Antonio and Dallas  28:58 — The Greeley Duplex DSCR Refi — $200K at 6.5% Fixed and Why He Kept This One  36:47— Colorado Springs Fourplex Development — How $6,500 in Earnest Money Led to 13 Buildings  41:54— Colorado Legislation and Small Landlords — Rising Compliance Costs and What’s Changed  Links in Podcast Adam Haman — Your Castle Real Estate 📞 303-550-5949 Real estate broker and Front Range investor — reach out to connect, share a deal, or discuss the market Property Llama Dynamo Capital Fund

Denver office investing in 2026 is drawing serious contrarian attention — and the numbers explain why. Class A buildings in the Denver Tech Center are trading at 30 to 50 cents on their last sale price. Some are selling for 65 dollars a square foot while replacement cost runs 500 dollars or more. For investors who remember multifamily in 2011, the setup looks familiar. Matt Ritter co-founded Pinnacle Real Estate in 2006. Today, Pinnacle Real Estate has 50 brokers and 25 staff and is one of Colorado’s largest locally owned commercial brokerages. He also co-founded Knightbridge Capital, where he and partner Rick Yoshimoto have been actively acquiring distressed Class A office in the Denver Tech Center while most investors won’t touch the asset class. In this episode, Chris Lopez and Paul DeSalvo sit down with Matt to break down the office thesis, what’s happening in multifamily, retail, and industrial, and what 25 years in Colorado CRE has taught him about investing at the bottom. In This Episode: Why the floor may already be in for Denver office and what that means for buyers Buying at 11 to 13% cap rates with 65% LTC bank financing at 6.5% Target returns: 8-9% cash on cash quarterly and 20% net IRR The 400 Inverness deal: 92% occupied at acquisition with 6+ years of weighted average lease term How spec suites are driving leasing velocity in today’s market Retail, industrial, and multifamily: where each asset class stands right now Why suburban multifamily is outperforming central Denver What Colorado’s legislative climate is doing to institutional investor interest nationwide First Bank’s acquisition by PNC and what it means for CRE lending in Colorado Watch the Youtube Video https://youtu.be/ReoHF8ICc5w Timestamps 00:00 — Welcome & Guest Intro — Matt Ritter, Pinnacle Real Estate and Knightbridge  02:33 — How Pinnacle Grew to 50 Brokers in 20 Years  06:03 — Paul DeSalvo’s First Multifamily Deal with Matt (2011)  13:30 — 1031 Exchange Compounding: How Paul Scaled Deal by Deal  10:24— Colorado Commercial Market Breakdown: Retail, Industrial, and Cap Rate Shifts  17:36— Why Matt Started Buying Denver Office in 2021  18:32— The Thesis: One Third of Office Has Terminal Cancer  20:21— Buying Class A Buildings at 65 Dollars a Foot in the DTC  26:40 — 400 Inverness Breakdown: 92% Occupied, 11.5 Cap at Acquisition 28:45— Investor Returns: 8-9% Cash on Cash and 20% Net IRR Target  29:24 — Multifamily Market Analysis: Where Prices Are Heading  32:00— Suburban vs Central Denver: Which Submarkets Are Holding Up  37:40 — Spec Suites and Why Tenant Demand Is Stronger Than Expected  42:12 — Colorado’s Legislative Climate and What It’s Doing to Investor Interest  45:00 — Stadium Developments and Reasons to Be Hopeful About Denver  47:03 — First Bank’s Sale to PNC and What It Means for CRE Lending  52:13 — Closing Advice from 25 Years in Colorado Real Estate Links in Podcast Pinnacle Real Estate Knightbridge Matt Ritter on LinkedIn Matt’s direct line: 303-960-8033 NMHC — National Multifamily Housing Council

This solo episode is a full breakdown of Chris Lopez’s 2026 real estate investment deals. He covers every position closed in Q1 and the active pipeline he’s evaluating right now. That includes a hotel conversion buying at roughly $30,000 a door and a Denver office deal at a 12 cap with 6.5% debt in place. The shift from common equity to debt isn’t accidental. Chris walks through three Q1 investments: a Canadian debt fund, a preferred equity position in Western Ohio multifamily, and a fund acquiring non-performing loans. All three reflect a strategy focused on income and downside protection. The episode also tackles a harder question. Should you stay focused on known asset classes or follow the numbers into new territory? The 2026 real estate investment deals on his radar include a bank-owned distressed multifamily portfolio in Denver and Colorado Springs, a niche Denver industrial deal with owner carry, and a 300-unit hotel-to-multifamily conversion. He’s also tracking an indoor kids entertainment private equity fund paying mid-to-high teens cash on cash. The final segment covers debt fund due diligence. Chris explains why he now does on-site audits before writing a check. That means reviewing loan files, checking appraisals, verifying LTV compliance, and tracing bank account activity to reduce fraud risk. Chris is bringing all three topics to the Passive Pocket Summit in Denver, April 30–May 2. Grab a ticket at passivepockets.com/summit and use code LOPEZVIP to save $100. Watch the Youtube Video https://youtu.be/4AMPLsnwp8M Timestamps 00:00 — Episode intro — solo format, what prompted this episode  00:25 — Passive Pocket Summit context — three speaking topics  01:11 — Capital allocation overview — the shift to debt over equity  01:57— Q1 2026 investments — Canadian debt fund, preferred equity (Western Ohio multifamily), non-performing loans fund  03:29 — Passive Pocket Summit promo — passivepockets.com/summit, LOPEZVIP code  03:58 — Emerging asset classes — the focus vs. diversify debate  04:35 Distressed multifamily in Denver and Colorado Springs — bank-owned portfolio  05:19 — Denver office at a 12 cap — 6.5% debt, 92% occupied, Park Meadows/DTC location  06:10 — Denver industrial deal — owner carry, niche supply/demand dynamics 07:10— Hotel to multifamily conversion — 300 units at ~$30K/door, $60–70K all-in basis  07:49— Indoor kids entertainment PE deal — mid-to-high teens cash on cash 09:19 — Debt fund due diligence — why Chris does on-site audits  11:24— Wrap-up and event reminder Links in Podcast Passive Pocket Summit Use code LOPEZVIP at checkout — saves $100 on registration Event dates: April 30–May 2, Denver CO

Small multifamily deals in Colorado are producing cash-on-cash returns worth paying attention to in 2026. Three real deals just went under contract or closed along the Front Range. In this episode, Chris Lopez sits down with real estate agent Jeff White and lender Troy Howell of Nova Home Loans. Together, they walk through three actual deals. Those are a Loveland fourplex at $685K, an Aurora triplex at $579K, and a Pueblo duplex at $300K. These are not hypotheticals. One is already under contract. Another closed just weeks ago. The numbers are real. The Deals Jeff walks through both the house hacker and investor scenarios on each property. For the Loveland fourplex, a house hacker with 5% down pays $458 per month in year one. Then, in year two, that same property cash flows over $1,076 per month. That works out to a 23.80% cash-on-cash return. For investors at 25% down, the fourplex delivers 6.50% cash-on-cash in year one. That is roughly three times the Denver metro average. Beyond that, Section 8 rates in Larimer County hit $1,732 per month for a two-bedroom. As a result, the numbers look very different from what most people expect. The Pueblo duplex, meanwhile, introduces a different tool: DSCR loans. Troy explains how one investor used a cash-out DSCR on a free-and-clear property. As a result, she funded the down payment and reserves on the new purchase. In addition, the property appraised at $310K on a $300K purchase and came with a $10K seller credit. It also stabilized at a 7.72% cap rate with a 6.875% 30-year fixed rate. The Portfolio Play The episode also covers the strategy behind the Loveland fourplex. Specifically, an investor bought nine fourplexes for $5.2 million and has since been selling them individually. Chris, Jeff, and Troy break down the margin and the mechanics. In short, finding the right motivated portfolio seller remains one of the most underrated plays in Colorado real estate. Watch the Youtube Video https://youtu.be/BF24OiyWDy0 Timestamps 00:00 — Welcome & Three-Deal Overview  03:25 — Loveland Fourplex — $685K, New Roof, Appraised at $715K  05:26 — The 0.75 Rent-to-Price Ratio Rule — How to Screen a Deal Fast 08:40— House Hacker Pays $458/Month in the Loveland Fourplex  11:19— Investor Scenario — 6.5% Cash-on-Cash Year One, 3x Denver Average  12:39— Reserves Deep Dive — The 10% Rule on a 1980s Building  16:13 — Aurora Triplex at $579K — All-Brick, Month-to-Month Leases  17:44— Aurora Numbers — $517/Month House Hack, 8.33% COC Investor Year Two  20:38— Pueblo Duplex at $300K — Seller Credit, Four-Car Garage, Appraised at $310K  22:01 — DSCR Loans Explained — Qualify Off Rental Income, Not Your W2  35:40— The Nine-Fourplex Portfolio Play — How Bulk Buying Creates Margin  Links in Podcast Deal Analysis Spreadsheet — Troy Howell’s underwriting spreadsheet Weekly Deals Email List — Sign up to receive Front Range multifamily deals from Jeff White weekly Strategy Call — Book a consultation with Chris, Jeff, or Troy Connect With Our Guests Troy Howell: [email protected] LinkedIn: Troy Howell Website: https://www.novahomeloans.com/loan-officer/troy-howell/ Jeff White: [email protected] 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 Denver February 2026 market update is here, and active listings nearly hit 9,000 — 5% above last year — with Chris Lopez calling for inventory to break 15,000 before summer. At the same time, rates briefly touched below 6% for the first time in recent memory, triggering a refi wave that helped some borrowers drop from 6.625% to 5.75% with closing costs covered. The purchase market, though, barely flinched. Chris Lopez hosts the Denver February 2026 market update roundup with Brandon Scholten of Keyrenter Property Management and Troy Howell of Nova Home Loans. Together they dig into the latest DMAR report numbers, two deals that closed this month, and some candid takes on where Denver’s apartment market, condo segment, and office sector are actually headed. On the deals side, Troy walks through a Pueblo duplex acquisition where the buyer used a DSCR cash-out refi on a free-and-clear rental to cover the full 30% down — plus walking away with cash left over. And an Aurora 14-bed triplex that went from a webinar deal to a signed contract to a 3pm closing, all at 5% down, a $27K seller credit, and a 5.625% rate on a 30-year fixed. In This Episode We Cover: Why Denver’s inventory jump in February was historically unusual Who actually locked when rates dipped below 6% — and what they saved Chris’s call that closed prices will fall further in 2026 The Fannie Mae condo rule that’s killing deals in otherwise solid complexes How one investor bought a Pueblo duplex with no cash out of pocket The Aurora triplex that went from webinar deal to closing day in one month Why stadium proximity rarely pays off the way investors expect Denver’s real apartment vacancy rate — and why 2028 looks very different The affordable housing fee lawsuit and what it means for small developers Where downtown office demand is actually going Whether you’re managing existing rentals, watching for the right entry point, or actively building your Colorado portfolio, this episode gives you the ground-level data and deal examples you need to make sharper decisions this spring. Watch the Youtube Video https://youtu.be/7P4EG-QAbdU Timestamps 00:00 — February Denver Market Overview — Active Listings Up 5% Year Over Year to Nearly 9,000  03:27 — New Listings Jump 9.25% From January — Why This February Was Unusual  04:15 — Rates Briefly Dip Below 6% — Troy on Who Actually Locked and What They Saved 06:19— Closed Prices Down 3% Year Over Year — Why Chris Expects Further Declines in 2026  08:57 — Colorado Springs Snapshot — Homes Down 2–4% While Condos Surprise to the Upside  09:58 — The Condo Lending Problem — Why Fannie Mae Is Killing Deals in Complex Communities  14:01 — Deal: Pueblo Duplex Financed 100% Using a DSCR Cash-Out Refi on an Existing Rental  18:34— Deal: Aurora 14-Bed Triplex — 5% Down, 5.625% Rate, $27K Seller Credit  22:10 — Should You Buy Near the New Broncos Stadium? The Panel Gets Honest  31:01 — Apartment Vacancy Is 12.3% When You Count Unrented New Units — And What Changes by 2028  33:05 — Apartment Permits Down 43% Since 2021 — The Supply Math That Points to Recovery  37:50 — RedT Lawsuit Dismissed — Denver’s Affordable Housing Fee Fight and What It Means for Builders  42:10— Downtown Denver Office Losses Top $1 Billion — Where the Demand Is Actually Going  46:31 — Wrap and Panel Final Thoughts Links in Podcast Thousands of apartments sit empty around the Denver metro, but experts warn a shortage may be looming. How offering $50,000 and free rent helped one Denver apartment building stand out Homebuilder loses lawsuit calling Denver affordable housing fee ‘extortion’ Downtown Denver office losses top a billion, with more to come DMAR February 2026 Market Trends Report (member-only) Metro Denver’s housing market revs up as affordability improves Golden Triangle apartment complex raises bar for incentives to attract tenants Apartment rents fall to early 2022 levels in metro Denver Connect With Our Guests Troy Howell: [email protected] LinkedIn: Troy Howell Website: https://www.novahomeloans.com/loan-officer/troy-howell/ Brandon Scholten: [email protected] Website: https://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. 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

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

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

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

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

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

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

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

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

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