Your morning shot of what's new in the world of real estate investing. Daily real estate investment outlook from investor, syndicator, developer and author Victor J. Menasce. Weekday shows are 5 minutes of high energy, high impact awesomeness. The weekend edition consists of interview with notable g…
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The Real Estate Espresso podcast is a valuable resource for anyone interested in real estate investing and macroeconomics. As a small real estate investor, I have found that this podcast expands my knowledge and thinking in the industry. What sets this podcast apart is its short format, which allows me to listen to an episode every day without taking up too much time. The host, Victor Menasce, does an amazing job providing a wealth of knowledge and value in each episode.
One of the best aspects of this podcast is the variety of topics covered. Victor is knowledgeable about a wide range of subjects related to real estate investing and he brings on guests who provide unique perspectives and insights. Whether it's discussing the current state of the real estate market or delving into specific investment strategies, each episode offers something new to learn. I appreciate how Victor presents timely information that is relevant to what's happening in the ever-changing real estate market.
Another great aspect of this podcast is the high-quality guests that Victor brings on. These guests are experts in their respective fields and offer valuable insights and advice for both beginners and experienced investors. I have gained a lot of knowledge from listening to these guests share their experiences and strategies.
One minor downside of this podcast is its brevity. While I appreciate the short format for its convenience, there are times when I wish episodes were longer so that more depth could be explored on certain topics. However, considering the daily nature of this podcast, it makes sense that episodes need to be kept concise.
In conclusion, The Real Estate Espresso podcast is a must-listen for anyone interested in real estate investing and macroeconomics. With its short format and high-value content, it provides daily insights that can help listeners gain a better understanding of the industry. The host, Victor Menasce, does an excellent job providing valuable information through his own expertise and by bringing on top-notch guests. Highly recommended!
We are accustomed to the idea of growth. We love it when the wind is at our back and progress is effortless. We have experienced a lifetime of growth. If a growing market is an underlying assumption, then most people are unaware that they are operating with the assumption of growth. Growth becomes a law of nature, a little like gravity. What would change in your strategy if you needed to win in a shrinking market? Canada experienced the first major drop in population this past quarter. Outside of a slight drop during the height of the pandemic, this quarter is the first time that Canada's population has declined in at least the past eight decades. The trend is not limited to Canada. The US administration has set much more stringent immigration policies over the past year. The policies continue to evolve with citizens from a total of 39 countries now barred from entering the US, even as visitors. This is largely a reaction to the near open-doors policy of the previous administration. The US and Canada are not a strangers to shrinking population. Internal migration has caused population to shrink. The gains in the sunbelt have been at the expense of loss in the rust belt. Detroit has lost more than 50% of its population since the 1970's. Cleveland has lost 60% of its population since the 1950's. Immigration is the pathway to maintaining population and to maintaining economic growth. I'm hopeful that these reductions are a short term reaction to periods of excessive growth and that both countries the US and Canada return to a more normalized immigration policy that recognizes the significant necessity and long term benefit that comes from a functioning immigration policy. -----------Real Estate Espresso Podcast: Spotify: The Real Estate Espresso Podcast Website: www.victorjm.com LinkedIn: Victor Menasce YouTube: The Real Estate Espresso Podcast Facebook: www.facebook.com/realestateespresso Email: podcast@victorjm.comY Street Capital: Website: www.ystreetcapital.com Facebook: www.facebook.com/YStreetCapital Instagram: @ystreetcapital
On today's show we are going to do a walk-through of a property offering memorandum in Arizona. Let me be clear, I'm not here to disparage any property. I'm simply going to share our perspective of how we would look at the property. The property in question is a conversion of a 1960's vintage motel in Tempe Arizona. The original property had 140 motel rooms with a two story structure. The centre courtyard has amenities including a swimming pool. All of the parking is surface parking around the perimeter of the property. When we look at a property, we are looking at the submarket and the specifics of the deal. This particular property is located in an area that I would consider to be a lower income area.Apartments in these neighborhoods have been the subject of ICE raids resulting in deportations. If residents fear being discovered, they will often leave and the question becomes who will rent these apartments? This particular property is being advertised as newly renovated. But the truth is, the physical layout of the units means the bedrooms do not have windows. They are tucked at the back of the old motel room design. If they were built today, they would not pass the building code as a legal bedroom. The financial model that accompanied the glossy package showed some stellar returns. But unfortunately some of the financial metrics did not seem credible when viewed through our lens. There is no way in our opinion that a 70 year old motel converted to apartments would value at over $500 per SF in the open market. The sad part is that these types of listings are out there. I never want to see an investor lose money. I don't want to see a property fall into disrepair and become blight within the community. But things do get old. Once they're functionally obsolete, the right solution is to demolish and rebuild. Extending the life beyond the useful life is rarely the right answer. I've had to demolish properties in Philadelphia. It's sad when that happens.--------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
On today's show we are talking about the street level process for getting a property leased up. Marketing is all about generating interest. Sales is about generating revenue.We have an industrial outdoor storage project that was built in central Florida to meet the needs of contractors who have equipment and materials that need storage. These are businesses that have valuable equipment like excavators that you can't just park in your driveway. The HOA won't allow it. These contractors have trailers full of battery powered tools that need a secure place to charge overnight. Many landscaping companies purchase composite decking materials for each job because they don't have the space to store materials. They have to charge more, and they lose some bids because their prices are not competitive. If they purchased materials by the truckload, they could get a 15-20% discount on those materials. In the landscaping business that kind of discount can make the difference between getting the job or not. It can make the difference between a profitable season and a break-even season. Not every customer will want the colors you chose. But if you have a few standard colors that are widely popular, you can win more bids for the modest cost of renting additional outdoor storage space. This is a relationship-driven outreach, not a passive listing exercise. The contractors who will sign leases are often busy doing project work, not browsing general property sites. To lease to these clients you need to target where they are, speak their language, and make the transaction clear and simple.---------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
REGISTER HERE for the December 16 live demonstration of VictorAI. ------------On today's show we are talking about the myth of the housing crisis. But first, I'd like to invite you to a webinar next week on December 16 where I will be demonstrating the use of our new AI tool which we affectionately call VictorAI. This is our own custom language model which is built on top of ChatGPT. We trained VictorAI with the contents of the Real Estate Espresso podcast and my book Magnetic Capital. It's the difference between going to a family doctor versus going to a specialist. The specialist is always going to give you a more precise answer. Click on the link in the show notes and we will talk to you on December 16 at 2PM.--------------Yes, there is a problem with affordability in the US. But affordability is not limited to housing. It is broadly based. Inflation has impacted virtually all aspects of daily life. The problem is that the US dollar has been devalued and that incomes have not kept pace with the devaluation of the currency. The problem is not a result of greedy landlords jacking up the rent above what ordinary people can afford. When landlords price their properties above market, they experience extended vacancy. A vacant property is losing money and will ultimately result in bankruptcy for the landlord.The crisis of affordability is the result of inflation which has eroded the purchasing power of ordinary citizens across the board. It's reflected in record levels of student debt, crushing levels of consumer debt, falling levels of home ownership, rising levels of automotive debt, and it's affected the ability to afford basic groceries. The solution is not rent control, any more than price controls at the grocery store will improve the affordability of groceries. We have had a succession of governments on both sides of the political spectrum who have been using devaluation of the currency as a way to fund excess government spending.
On today's show I'm speaking with George Ross about negotiating when there is a power imbalance and when a completed negotiation gets re-opened. ----------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
Brandon Cobb is based in Nashville, Tennessee where he specializes in land development. On today's show we are talking about navigating the curveballs that municipalities throw our way. To connect with Brandon and to learn more visit https://www.hbgcapital.net/, or if you want to learn more about land development, visit https://learnlanddevelopment.com/---------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
REGISTER HERE for the live VictorAI demonstration.On today's show we are talking about something that has happened in the macro economy that is not getting much attention. But first, I'd like to invite you to a live demonstration of our new custom language model which we are affectionately calling VictorAI. This is our own custom language model which is built on top of ChatGPT. We trained VictorAI with the contents of the Real Estate Espresso podcast and my book Magnetic Capital. It's the difference between going to a family doctor versus going to a specialist. The specialist is always going to give you a more precise answer. Click on the link in the show notes and we will talk to you on December 16. On today's show we are talking about something that has happened in the macro economy that is not getting much attention. You have probably noticed that prices at the gasoline pump have been falling. That is usually welcome news for consumers. Politicians will probably be quick to take credit for this. Prices in the oil futures market are set by a combination of supply and demand. The futures price for crude oil is what gets the most attention. Today the WTI intermediate price for January delivery is $57.44 per barrel compared with $72 at the start of this year. Whenever something happens you have ask yourself whether you are looking at the cause or the effect. Falling prices at the pump are effect and not cause. The cause is further upstream in the economy. Falling gasoline consumption reflects falling demand which reflects economic weakness. You're not going to get any politician to come out an use the word recession. That's going to guarantee a loss during the midterm elections which are now only a year away. Instead, they will trumpet a victory of lower gasoline prices at the pump which are helping ordinary households. The American consumer has suffered very real loss of purchasing power since the pandemic. Most of this has been the result of the handling of the pandemic and the government response to the pandemic. Labor shortages in the wake of the pandemic did not translate into greater purchasing power for the average consumer. -------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
On today's show we are taking a look at the latest market report from data analytics firm ALN. This report is hot off the press this week and shows an continuation of an over-heated apartment market across much of the US. Here are the individual market stats across the US. http://public.alndata.com/newsletters/2025/December/aln/marketstats.pdfWhen you look at the individual market numbers, I'm left with a pit in the bottom of my stomach.------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
Register for the VictorAI Demonstration WebinarI'd like to invite you to a webinar next week on December 16 where I will be demonstrating the use of our new AI tool which we affectionately call VictorAI. This is our own custom language model which is built on top of ChatGPT. We trained VictorAI with the contents of the Real Estate Espresso podcast and my book Magnetic Capital. It's the difference between going to a family doctor versus going to a specialist. The specialist is always going to give you a more precise answer. Click on the link in the show notes and we will talk to you on December 16. at 2PM EST.On today's show we are talking about what is happening at the Federal Reserve and I'm going to share some perspectives that are different from what you might be hearing in the mainstream media. ---------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
Register for the Victor AI Demonstration Webinar December 16-------------On today's show we are talking about real life network security and the importance of cyber security in today's connected world. But first, I'd like to invite you to a webinar next week on December 16 where I will be demonstrating the use of our new AI tool which we affectionately call VictorAI. This is our own custom language model which is built on top of ChatGPT. We trained VictorAI with the contents of the Real Estate Espresso podcast and my book Magnetic Capital. It's the difference between going to a family doctor versus going to a specialist. The specialist is always going to give you a more precise answer. Click on the link in the show notes and we will talk to you on December 16. This past week we commissioned a brand new network for a new apartment complex. The devices on the network were all installed in the early morning of Friday December 5. At that time, security protocols were implemented that were designed to keep hackers at bay. As part of that configuration we disallowed certain types of network traffic that represent risk to the integrity of the network and the devices on the network. No sooner than the new network had been commissioned when our network filters detected attempts at the banned network traffic. The destination of these packets was on a network based in China. ------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
In recent weeks, a number of macro indicators and market signals have begun flashing warning signs for the U.S. economy. While nothing yet screams “crash,” the collective pattern suggests slowing momentum — enough that many investors and central-bank watchers expect a forthcoming policy shift.--------------
Eric Bramlett runs one of the largest brokerages in central Texas. On today's show we are talking about the current market conditions in Austin Texas. Austin is facing a significant slowdown in both the residential market and in the rental market.To connect with Eric visit https://bramlettpartners.com/-------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
Chayce Lucca is base in Boston where he specializes in using AI in digital marketing. On today's show we are talking about the use of AI in marketing outreach. To connect with Chayce, you can find him on LinkedIn at https://www.linkedin.com/in/chaycelucca/ or at his marketing agency at https://synapseautomate.com/-------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
On today's show I'm coming to you live from Mont Tremblant where they are hosting a major ski event this weekend. We are also launching two brand new buildings and moving in 50 residents all at once. We're discussing the processes for launching a new building in a short time period and ensuring the resident experience is outstanding. ---------------
On today's show we are talking about bonus depreciation. This is a powerful tool to save on your taxes if you are properly structured.To learn more about the projects at Y Street Capital visithttps://ystreetcapital.invportal.com/login------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
Bonus Depreciation WebinarOn today's show we are talking about how to spot when you are on the receiving end of content that has been created by artificial intelligence. But first, I'd like to remind you that we only have a few weeks remaining in the calendar year. If you sold an asset this year, or if you earned a lot this year, you might have a bunch of tax owning next year. Buying an asset might be the solution. Bonus depreciation is a powerful tool. It doesn't apply equally to everyone. We are hosting a webinar tomorrow on December 4 at 11AM EST. We will keep it to under 30 minutes. The purpose is not to provide you tax advice. We are not accountants. The goal is to share enough information to stimulate a conversation with your own tax advisors. If. You can't make the 11AM timeslot, Click on the registration link anyway and we will send you the recording. The link is in the show notes and we will see you on Thursday morning. On today's show we are talking about how to spot when you are on the receiving end of content that has been created by artificial intelligence. ----------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
On today's show we are doing a comparison of our newly launched AI tool. This tool, lovingly called VictorAI is a knowledge base constructed from the Real Estate Espresso Podcast and my book Magnetic Capital. When it comes to AI there are two aspects, there is the training and then what is called inference or what would be the result of a query. If you are searching in a generic search engine like ChatGPT or Gemini or Perplexity you are going to get a more generic answer. This is a little like going to a general family medicine doctor versus going to a specialist. The specialist is almost always going to give you a more specific and more insightful answer than the generalist. The same can be said for AI tools. There are generalists and there are specialists. When we created our own knowledge base, we trained our own specialist. So on today's show we are going to put VictorAI to the test and compare it against three generic AI tools. The question is a simple one. Last week I published a show on the impact of condo reserve rules in Florida on the market. So on today's show I'm asking the same question to all of the AI tools."How did the Florida condo reserve study rules impact the market?"I deliberately worded the question in a slightly awkward way to see if it could figure out what I was asking. ---------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
This book names people who I knew or knew of in Silicon Valley. It is a reaction to the author's time at Kleiner Perkins Caulfield and Byers. He was part of the team that financed Google and co-founded Drugstore.com during the dot-com frenzy. He was actively involved with Jeff Bezos at Amazon. The prevailing wisdom was simple: raise as much capital as possible, scale at breakneck speed, and worry about profitability later. At the heart of the book is the Evergreen model, a philosophy of building companies that last “and last and last.” Whorton outlines the Evergreen 7Ps® framework, which includes:• Purpose: A mission beyond personal wealth creation.• Perseverance: Commitment to long-term endurance.• People First: Prioritizing employees, customers, and communities.• Profitability: Growth funded through cash flow, not endless rounds of dilution.• Private: Freedom from public market pressures.• Pacience: A deliberate pace, resisting the frenzy of blitzscaling.• Philosophy: A values-driven approach to leadershipReject the false binary. You don't have to choose between hypergrowth or irrelevance. Many founders feel pressured to pursue VC funding even when their business fundamentals don't align. Evergreen offers a viable third path.--------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
Rod Khleif is a repeat guest on the show. He's based in Sarasota Florida. On today's show we are talking about his first Assisted Living investment in Pittsburgh. Rod is also the host of the Lifetime Cashflow through Real Estate Investing podcast.To connect with Rod, the best way is https://rodkhleif.com/links/ which will give you access to numerous assets in his world. ----------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
Eugene Gershman is based in Bellevue Washington where he specializes in development. His projects are not constrained to the Pacific Northwest. On today's show we are talking about how to choose sites that are candidates for development. To connect with Eugene, you can find him on LinkedIn at https://www.linkedin.com/in/eugenegershman/ or at giscompanies.co-----------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
BONUS DEPRECIATION WEBINAR REGISTRATIONI'm coming to you live from one of our construction sites. On today's show we are talking about acceptance criteria for new construction. But first, I'd like to invite you to a special webinar scheduled for December 4 on how Bonus Depreciation could benefit your investment strategy. There are only a few weeks remaining in the year and now is the time for some last minute tax planning. If you sold an asset this year and might be facing a big tax bill, buying another asset might be the ticket to deferring or reducing that tax bill. Click on the link in the show notes and we will talk to you on December 4th. ----------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
The DOJ accused RealPage in August of 2024 of facilitating unlawful price-fixing and rent inflation by using competitively sensitive, nonpublic data from multiple landlords to generate rent recommendations, effectively aligning pricing across competing properties. Anti-trust behavior, also known as anti-competitive conduct, refers to business practices that substantially lessen competition in the marketplace, restrict free trade, or lead to the unfair formation or abuse of a monopoly. These actions ultimately harm consumers by resulting in higher prices, lower quality, reduced innovation, and less choice.The Justice Department's Antitrust Division filed a proposed settlement this week to resolve the United States' claims against RealPage Inc.The information provided by RealPage is frankly no different than the information that is routinely available from a multitude of sources including Yardi Matrix, Costar, and ALN to name just a few. This information is publicly available in close to real time. What perhaps is not publicly available is the extent to which landlords have been negotiating leasing incentives into leases with specific tenants. That information might not be publicly available. If RealPage was making pricing recommendations to landlords using this information, then I can see where a line was crossed and could be considered anti-competitive.The truth is, landlords have ready access to this kind of market information on a regular basis. Any appraisal or third party market study will make rental pricing recommendations based on the market data. These have been standard practice for decades when it comes to any financing due diligence. Any property owner with a brain can integrate the market data into a series of pricing strategies. While RealPage is having one hand tied behind their back with this settlement, there are very few secrets when it comes to pricing. We live in a fully interconnected world where tenants can increasingly use artificial intelligence to get up to date pricing information and frankly have the upper hand when it comes to finding the lowest price.-------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
The Surfside condo collapse in 2021 precipated a number of changes to Florida's condo laws. The result has been a massive negative impact on condos across the entire state. The latest change to the regulations improves the outlook by allowing home owner associations to fund part of their reserve funds using loans and lines of credit. Previously these reserves had to be funded in cash by the unit owners, often resulting in special assessements of hundreds of thousands for each owner. ------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
We have become accustomed to hearing about legislative changes that advance tenant rights and make it more and more difficult for property owners to protect their properties and indeed run a profitable business. There is nothing that compels investors to make losing investments. If made sufficiently unattractive, investors simply won't invest and the country will experience an acute shortage of housing which will have the effect of pushing rent prices higher. This time, there is an example of government creating the incentives to build more housing and to break down the procedural delays that make it more and more difficult for owners to get relief when tenants stop paying. In October 2025, the Ontario government introduced Bill 60, formally titled the Fighting Delays, Building Faster Act, 2025. While the legislation spans many areas — from transit and planning to municipal governance — one of its most consequential parts amends the Residential Tenancies Act and makes significant changes to how landlords and tenants interact. As a backdrop, the current backlog is 42,000 cases in front of the landlord tenant board. That's an improvement from the 53,000 case backlog a year earlier. Today, the average wait time for a case to be heard is 7 months.A few weeks ago I sent the premier of Ontario, Doug Ford a text message to let him know that I supported his initiative and that he is on the right track. He responded within a few minutes and thanked me for my message. Let's see if other jurisdictions monitor the impacts of these changes and maybe follow suit.-------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
On today's show we are looking at the compressibility of construction schedules. We often hear that projects will take longer and there are all kinds of reasons why they legitimately need to take longer. It's a large site and the site work will take a long time. The utilities are not available. The city infrastructure isn't ready. We can't find enough labor. The excuses are abundant. As developers we are no strangers to delays and we have experienced many of them. Most of them having to do with the entitlement process. Sometimes there are delays at the hands of lenders, delays at as a result of it taking longer to raise capital. But then there is the XAI Colossus Data Center. This supercomputer is the largest AI super computer in the world.This first phase of the data centre was built in 122 days. I don't know how many days or weeks of planning went into it. But all I can say is that there are many examples of decisions that were designed to save time in the most significant ways.This was just the first. They built a second data centre and from March to October, that data centre was also brought online with all the power, cooling, networking and computing, and of course all of the construction required to make that happen. This is a project that would have taken several years under normal conditions. What it does is it demonstrates precisely how compressible a construction schedule can be if you take the constraints off the problem. -------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
Allison Kierman is based in Scottsdale Arizona where she specializes in estate planning for business owners and high net worth families. On today's show we are talking about some of the pitfalls that can occur when this sometimes painful topic is ignored. To connect with Allison you can call 480-719-7333 or visit kiermanlaw.com-------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
Anthony Scavo is based in Westchester NY where he invests in small bay industrial across the US. The company has amassed 5 million square feet since 2021 and in on an aggressive growth trajectory. You can reach Anthony at basisindustrial.com or email him directly at anthony@basisindustrial.com.-------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
In real estate, most operational mistakes are not the result of bad intentions. They are the result of assumptions. You believe the tenant will know where to park, how to receive packages, how to operate the thermostat, or how to submit a maintenance request. You assume your team will know how to prepare the unit, confirm utilities, or walk a resident through the lease.But assumptions are the enemy of predictable execution.Professional developers use a tool from the software world called use cases, sometimes known as user stories, to design a process that works for the client in the real world, not the world we imagine on paper.A use case is a simple story that describes how a specific person completes a specific task under specific conditions. It forces you to see the experience through the customer's eyes, not the company's.In residential real estate, this is invaluable. ------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
On today's show we are talking about the impact of artificial intelligence on the design of apartment buildings. The most obvious medium term impact of AI is going to be on the automotive industry. Some people prefer to drive by car because they don't want the experience of public transit. It's noisy, it's crowded. You can't have a private phone conversation on a bus or on the subway. The bus doesn't take you where you want to go. It may take you close by, not exactly where you want to go. Even in places where traffic congestion is high and parking is expensive, people prefer to drive over the alternative. The cost of a taxi might be expensive. But depending on how often you drive and how far you drive, even using a taxi service might be more cost effective than owning your own car.These days a ride sharing service like Uber or Lyft is typically costing between $2-3 per mile or between $1.25 - $1.87 per kilometre. Much of this is linked to the wage associated with having a human driver behind the wheel.If you take a typical leased vehicle that might give you 15,000 miles per year and that lease might cost you $600 a month and maybe a similar amount in insurance. If you spend $2000 a year in fuel to drive those 15,000 miles then your cost per mile for a vehicle that you own is going to cost about $1.09 per mile. If you have to pay for parking, you are probably going to break $1.25 per mile in terms of cost. That's assuming that the car needs no maintenance. On the other hand, if you can save time because you don't need to look for parking a robotaxi might be a competitive solution. Some recent numbers suggest that robo-taxis will cost between $0.25-$35 per mile in mass deployment.That's a significant saving over car ownership. The other important question will be the balance of supply and demand. If you have to wait too long for a robo-taxi to show up, then people won't use it. But if the supply is sufficient to keep wait times low, then robo-taxi adoption will change the entire auto industry. There will be no reason to own a car. For those really long road trips, it would be cheaper to rent a car. For trips within the city, a robo-taxi would even be preferable to owning a car for many people. -------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
Sometimes in life you have amazing foresight and insight. And then other times you're just lucky. This is one of those cases where we are just lucky. I'll gratefully accept luck when it happens to benefit us. In fact we have no choice. We have have to accept unlucky bounces as well. This week there was an announcement of a major new nuclear power installation for Brigham City Utah. This suburb of Salt Lake City has a population of about 20,000. We know this area well because we have a 21 acre project currently under development just off the I-15 interchange and across the street from the Walmart SuperCenter. Our project consists of a Marriott Townplace Suites Hotel, 104 townhouses and 60,000 SF of flex industrial. The nuclear project will consist of an array of 4-10 small modular nuclear reactors with the first one being delivered in the early 2030's. The country has finally woken up to the notion that the US will need a vast increase in the amount of electricity generation capacity. The area around Salt Lake City could be a candidate for data centres and manufacturing, were it not for the fact that the area has insufficient power to sustain the growth. -----------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
On today's show we are taking a look at the benefits of working in an office environment versus remote work. Back in 2019 average commute times in major cities had reached a peak. For example average commute times in San Francisco were 33 minutes. During the pandemic, that fell to 25 minutes. But in truth, since many were not commuting at all, the commute times for people working from home went to zero. Fast forward to this year and commute times are back above 30 minutes again, essentially mirroring times from 2019, despite the fact that many offices remain vacant. In fact the downtown vacancy in San Francisco remains at 34.4%, so there are still a lot of people not traveling to the office and working from home. When I was in the tech industry, the benefits of having teams co-located was well documented. In fact, the level of communication between team members dropped significantly when desks were more than 50 feet apart. Close working teams need to be close together to function optimally. -----------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
Today's question comes from Zane in Georgia who asks:I was hoping to get a professional opinion or suggestion on how I should approach an issue with a small town council who won't update utilities and a seller who wants a premium price for their land but cannot get it because of utilities being maxed out. I am a residential and small multi investor and my knowledge of selling land for development is minimal. I have known the seller and family for several years and they trust me to represent them honestly, which is why they asked me to list their land. But, it has been a year and the few interested buyers we have gotten are bidding too low for the seller and then council ruins the DD. This is a 100 acre tract on two parcels in the city limits of Maysville, GA just off I-85N near Atlanta. Seller wants to get around 6.5M from the sale, I have warned that 4M is more likely but it's not a conversation they want to hear. The land has 18 acres of C2 zoning on the main road with major utility lines on the road, and is the largest undeveloped piece of land in the city limits. Jackson county is growing rapidly and building a lot of housing, but the city of Maysville has been underdeveloped. They did just approve 2 large data center projects which I think will jump start the city into more growth. The local city lines have water pressure limits due to poorly functioning wells and council is fixing the issue by purchasing water from surrounding counties. The sewer lines and reclamation facility are maxed out for residential use, but supposedly have retail/commercial capacity. The engineer I spoke to said the system needed to be replaced ideally, but they could increase capacity if needed. There have been several offers at lower prices, but all have fail in due diligence as a result of lack of utilities.------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
Joel Landon is with Heritage IRA, based in Salt Lake City. On today's show we are breaking down the different types of retirement accounts and why you would choose one over another. To connect with Joel, visit heritageira.com or email him directly at joel@heritageira.com.-------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
Mike Zlotnik is based in New York City and he invests in multiple asset classes across the mid-western part of the United States. On today's show we are talking about how the investment thesis has changed over the past few years with a renewed emphasis on safety and cash flow. To connect with Mike, visit https://bigmikefund.com/ where you can find both his podcast and his corporate site. ---------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
Coming to you live from Tulum Mexico where we have just wrapped up our Build to Scale Mastermind. This is our annual event, held roughly at the same time each year. We choose this time because it is a chance to start planning for the next calendar year before the start of the next year. Unlike past years, this year focused on more than just goal setting. We still did spend considerable time on goal setting. But we also spent time on the topic of business scaling with an emphasis on mergers and acquisitions.-----------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
On today's show we are looking at what I consider to be one of the most ridiculous market forecasts from what should be a respectable institution.The IEA which is based in Paris issued an updated demand model in the run up to the UN's annual climate change talks, this year scheduled to take place in Brazil. I believe it is important to understand energy markets, even as a real estate investor. It's important because energy is the economy. You cannot have a unit of economic output without a corresponding unit of energy being consumed somewhere in the world. These two have been inextricably intertwined throughout history. The problem with the IEA line of thinking is that it looks at oil and gas consumption without considering oil and gas supply. Supply and demand cannot be unbalanced for more than a few months. The oil industry only holds about 40 days of supply in inventory worldwide. So if supply and demand fall out of balance, prices will swing considerably which will ultimately affect demand. In the short term demand is relatively inelastic with price. You're not about to drive 3/4 of the way to work if the price of gas goes up by 1/3. But over time, capital decisions are made based on the economic model associated with each energy source. The US hit peak oil supply this year. That means the cost and effort to extract a barrel of oil from the ground is going to go up from here. The IEA report puts the global daily consumption of oil at around 100M barrels per day. Under the “Current Policies Scenario,” which is based on existing policy and regulations, global demand rises to 105 million barrels a day in 2035 and 113 million barrels a day in 2050, from 100 million barrels a day last year, mainly driven by petrochemical feedstocks and aviation.There are a few problems with this analysis. The first is that global oil consumption is already 104.6M barrels per day now in 2025 and the IEA is saying that it's going to take another decade to reach that demand.The biggest problem is that their model puts too much emphasis on government policy as the primary driving force affecting oil demand. There is oil on paper and then there is oil in the tank. These are not the same. Just because someone in Washington or Paris or London issues a policy statement about oil consumption you have to remember that the decision to consume oil consists of billions of micro decisions.-----------**Real Estate Espresso Podcast:**
The latest announcement from the White House is a proposed 50 year amortization loan in order to improve home ownership affordability. This proposal is naturally met with criticism from all sides. The obvious advantage is that the principal portion of the monthly loan payment can be spread over a longer time period and thereby reduce the size of the loan payment. The purists will argue that the amount of interest paid over the life of the loan balloons to unreasonable numbers. Perhaps the largest criticism has been that lower monthly payments will only have the effect of pushing housing prices higher. I personally think that two things would need to happen for that to be true. There is no question that home prices have risen faster than household incomes during the period from 2018-2022. The other argument is that if the amortization is extended to 50 years, it will have the effect of lowering monthly ownership costs which will then cause prices to be bid up to even higher levels outside the affordability of ordinary citizens. Theoretically I understand that argument. But in reality I don't think it will play out that way in practice for several reasons.
On today's show we are talking about the investor mindset. A few years back I wrote the book Magnetic Capital. That book was written based on observations that I had made when I was raising capital in the tech industry. Then when I made a left turn in my career in 2009 and moved into the world of real estate investing, I used my own funds until I ran out, and then raised funds. In doing so I re-learned the process of raising capital and discovered that it was essentially the same. At the core of any investment are five principles, when all five of those principles are present, raising money is virtually effortless. When one or more of those principles are missing, then raising capital gets difficult in a hurry. When a company makes a decision to set up manufacturing, to build a factory and employ hundreds or thousands of people, they are making an investment. Guess what, the same principles apply in that scenario as well. Right now we are seeing two major effects from the current international trade war underway. The constantly moving goal posts are eroding trust amongst international investors. This is causing some major international companies that currently have operations in the US to quietly move more production out of the US. -----------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
On today's show we are talking about Assisted Living and the number one mistake that investors (large and small) make when it comes to investing in senior housing.-------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
Bronson Hill is based in Pasadena where he runs Bronson Capital. He lives a short distance from the Altadena fire and the Pallisades fire that devastated nearly 20,000 structures last year. On today's show we are talking about using modular construction to accelerate the rebuilding process. To connect with Bronson and to learn more, text the word "Inflation" to 33777. -------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
Mauricio Rauld is based in Southern California and is the founder of Premier Law Group which he recently sold. Our team is continuing to work with the Premier Law Group as our securities lawyers. On today's show we're talking about a few of the upcoming changes to securities regulations.To connect with Mauricio, goto askmauricio.com or check out his youtube channel at http://www.youtube.com/@MauricioJRauld. Access to his Inner Circle Syndication Mastermind can be found at coachingwithmauricio.com.-------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)
On today's show we are talking about a recently published market report on industrial from Cushman and WakefieldThe U.S. industrial market continued to demonstrate strength and balance in the third quarter of 2025, showing clear signs of stabilization after two years of turbulence. Despite macroeconomic headwinds—from moderating consumer demand to policy uncertainty and tariffs—industrial real estate remains the most fundamentally sound asset class across commercial property types.According to Cushman & Wakefield's Q3 2025 U.S. Industrial MarketBeat, national industrial net absorption reached 45.1 million square feet (msf) in the third quarter, a 30% increase quarter-over-quarter and 33% higher year-over-year. This marks the strongest quarterly demand reading in more than a year and confirms two consecutive quarters of positive momentum.Year-to-date, absorption stood at 108 msf, roughly in line with the same period in 2024, signaling a healthy, steady-state market rather than one experiencing contraction or overheating.-----------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
On today's show we are talking about negotiating with a lender. We have a loan application in process that has taken much longer to finalize than promised. It often happens that a project has complexity associated with it. The lender puts the data room into underwriting and what comes out the other end often is surprising. Surprises at this stage are usually not good surprises. The terms at closing can differ significantly from the terms offered in the signed term sheet. This is where it is important to ask questions. Why did you reduce the loan amount? Why did you increase the interest rate? Why did you increase the loan interest reserve to such a high level? It's through this process that you can gain an understanding of how the lender is looking at the project. We have a file in front of a lender right now that experienced several misunderstandings. -----------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)
Most countries have a value added tax of some kind that is computed on consumption of goods and services. For example, European countries have extremely high VAT typically ranging from about 17% to 27% depending on the country, with most EU member states using standard rates between 19% and 25%. For example, Germany applies a standard rate of 19%, France 20%, Italy 22%, and Hungary 27% (the highest in the EU), while reduced rates can apply for specific goods and services such as food, books, or medicines depending on national policy.Canada has a goods and services tax of 5% charged by the federal government. Provinces also charge sales tax. In some cases the two sales taxes are combined into a harmonized sales tax. Like in the EU, the sales tax is charged at all stages in commerce, but the sales tax paid on input costs are deductible from the amount collected and owing.Are taxes inflationary? They fund the government, but slow the economy. The addition of import tariffs is just another tax. It's a sales tax levied on imports. Imagine if the federal government were to levy a sales tax on the American consumer. I believe there would be an outright revolt. I believe Republicans and Democrats alike would be united against such a move. It is pretty clear that the power of the purse rests with the Congress in the US. The executive branch of government does not have power to impose taxes. We will see if the tariffs imposed by the President will survive the challenge that is before the courts. ------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
Can you tell me whether the data contained in your business systems is compliant with the US Cloud Act, Canada's law Personal Information Protection and Electronic Documents Act, or the European Union GDPR?I expect that most people would claim complete ignorance of the rules, let alone have any idea whether they are in compliance or not. There is no way you are going to check whether a cloud hosted software application is compliant if you don't even know to ask the question.The problem is that when you sign up for a particular service online, do you have any idea where that data is hosted? Where is the data centre that is processing your request? What other applications might be integrated with this application, and where are they hosted? Let me give you a simple example. If you are using Spotify for your podcast, is the podcast hosted in Sweden where the company is headquartered or in the US where you live? If you are using an AI tool like Mistral, which privacy and data sovereignty laws must you comply with? If you are using Deepseek for an AI search, is the data being sent to China? -----------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
On today's show we are looking at some of the changes happening in the global monetary system that I believe are being largely misunderstood. The Genius Act is enabling the US the extend its reach internationally which could have the effect of strengthening the US position as the world reserve currency. Think about the demand for dollars or any stable currency if you live in a country that has high inflation. The people in Turkey or Argentina or Venezuela along with numerous other countries are experiencing very high inflation. Inflation in Turkey is close to 50% year over year. Argentina is 98% year over year, and Venezuela is a whopping 400% year over year. The average person on the street aims to spend their pay check fully because they know that whatever they purchase will be more expensive next week. If they can't realistically spend all their cash, they will find a way to exchange their local currency for US dollars or Euros. But mostly US dollars. The problem with is that the folks can't open a USD denominated bank account with their local bank. They end up going to expensive currency exchange businesses and pay a sizeable premium to convert their Turkish Lira into USD. If you walk the streets of Istanbul, these currency exchange businesses are virtually on every street corner. This year the US Genius Act was passed into law. Most people don't know what the Genius Act is. Some know that it is something about crypto. But they're not out there buying their groceries with bitcoin or Etherium. So who cares. What does this have to do with me? The thing to remember is that Stable coins are programmable. That means there is a history of all transactions on the blockchain and the US government can maintain both oversight and control over the transactions. Today, the vast majority of Stable coins are denominated in USD. That means the adoption of stable coins for commerce outside the US will actually extend the reach and entrenchment of the US dollar as the world's reserve currency. The fact that these coins are not issued by the US government will create the perception that these coins have the best of both worlds. They are US dollar denominated. They are backed by either US dollars or by US Treasuries. But they are not a CBDC. The idea is that these coins are all about extending the reach of the US dollar. There's currently 180 FIAT currencies in the world. There is no market for exchanging Guarani from Paraguay into Japanese Yen. All of this happens today through the US dollar. Stable coins denominated in US dollars are the key to further entrenching the dollar as the world's reserve currency. I believe these will have a higher international adoption than coins which are under the direct control of the Chinese Communist Party. ------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
David Foster is based in St. Petersburg Florida where he is a princpal at The1031Investor.com. On today's show we are talking about going beyond shelter from capital gains. The 1031 can be used to shelter from depreciation as well.To connect with David, visit http://the1031investor.com/about-us/----------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
Our book this month is "The Art of Saying No" by Damon Zahariades. Zahariades begins with a sobering analysis of why this simple, two-letter word is so cripplingly difficult for so many. He posits that our cultural conditioning, our deep-seated need for approval, and an often irrational fear of conflict combine to make "yes" the path of least immediate resistance. This path, however, leads invariably to the dark wood of resentment and burnout.The true value of The Art of Saying No lies in its transition from diagnosis to action. Zahariades provides a robust, immediately deployable toolkit of refusal strategies. He understands that one cannot simply begin shouting "NO!" at one's colleagues and loved ones. It requires finesse, a degree of social judo that redirects the requestor's energy without causing undue damage to the relationship.He advocates for the concept of the "Guilt-Free No," a refusal delivered with kindness and clarity, often accompanied by a brief, non-negotiable explanation. The key, he correctly identifies, is to separate the person from the request. You are not rejecting your friend; you are rejecting the additional commitment that robs you of your time. -------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
This week, a whole bunch of new capabilities were rolled out with no fanfare of announcements, by none other than Google. These capabilities were rolled into Google earth where there is a whole host of new layers that can be enabled. Some are included in the free offering, and the rest require an upgrade to either their Professional service or their professional advanced service, The Pro account costs $75 / month per user and the Pro Advanced is $150 per month. When I look objectively at what is being offered, the price is high and the services are underwhelming compared to other much more comprehensive offerings in the market. So when I look at it objectively, the Google offering is noteworthy because it is being offered by Google. The offering surprising because it is so far behind what other startups are offering in the market. If google wants to get serious about playing in this space, they certainly have the scale and ability to compete. But the market for these types of services is small compared to the general consumer market. For that reason, I doubt that Google will aim to dominate the space. -----------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)
Email: podcast@victorjm.com and put the word "Bonus" in the subject line. There are two months remaining in the calendar year. For many that means some last minute tax planning. This year re-introduced bonus depreciation in the US at 100% write-off. If you are looking to take advantage of this lucrative tax strategy, then you might consider one of our industrial or storage investments that would qualify for bonus depreciation this year. We have several projects that could be a potential fit to your investment portfolio. If you're interested in learning more, send an email to podcast@victorjm.com and put the word bonus in the subject line. That's podcast@victorjm.com and we can hop on a quick discovery call to see if there is alignment between your investment objectives and our projects for which we are currently raising capital. Any investment would be for accredited investors, by prospectus only and in compliance with US securities regulations.--------------On today's show we are talking about the question of maintaining a function in-house, versus outsourcing. This is a classic question that every business will deal with at one time or another. On today's show I'm going to outline the criteria that I believe should come into play when making a decision to staff internally versus outsource.Let's start with the four different ways that a person might become attached to your organization. Partner or executive team memberEmployee, either full time or part timeContractorAdvisorWhich of these you are going to choose is a function of the role you're looking to fill within the organization. The first question to answer is whether the function is core to the business, or not core. --------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
Rates continue to fall today. There were two rate announcements, only hours apart. This morning the bank of Canada reduced its benchmark lending rate by 0.25%. Weakness in the labor market was the top cited reason for the drop in rates. This afternoon at 2:30, Chair Powell stood at the podium as he does every six weeks and announces the results of the two day FOMC meetings. The Fed dropped their benchmark lending rate by 0.25% to a target range of 3.75% to 4%. This is the second consecutive rate cut by the Fed, a move aimed at supporting a labor market that has shown signs of weakening even while inflation continues to run above the Fed's 2% target. When you start to look at all of the corporate layoffs and the rising unemployment rate, it is very reminiscent of the 2001 recession that was led by layoffs in the tech sector. So while the news of lower interest rates is welcome, the rates are a reaction to a faltering economy where just this week alone, more than 75,000 people lost their jobs. I'm not counting the smaller layoff announcements of only a few hundred people in that total. These are big numbers. You don't see these kind of numbers in a growing economy. So the likelihood is high that the US is already in recession, but it is politically unpalatable to say that out loud. What's more, there is no data being collected or reported, so the economy can limp along under the cover of the government shutdown. Then there is the government shutdown itself. Those families are not getting paid and you can guarantee that they've cut back on discretionary spending. That's a few million people who are not traveling to resorts or dining out in fancy restaurants.------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)
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