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!
Today's show is sponsored by The Cost Segregation Guys. If you own investment real estate and haven't looked seriously at cost segregation, you could be leaving significant tax savings on the table. The Cost Segregation Guys help investors accelerate depreciation, improve near-term cash flow, and make more efficient use of capital, all without changing the underlying asset. In a business where preserving cash matters, that's worth paying attention to. If you're interested in learning more, click on the link in the show notes and you'll be able to connect with them directly, and qualify for a discount because you came from the show. https://costsegregationguys.com/estateespressopodcast/Today we're talking about the shortage of workforce housing at resorts and near manufacturing plants. Our case study today is the Campus Ryan project at Mont-Tremblant in Quebec—a blueprint for how we can apply similar models in places like Vail, Breckenridge, Aspen, Banff, Whistler and countless others. ------------**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)
Drew Wahlgren is with Mag Capital Partners based in Dallas. His company specializes in sale lease-back transactions for industrial space, primarily in manufacturing. On today's show we are taking about how the business has evolved from there to expand into two new vertical segments while maintaining primary focus on single tenant industrial. To connect with Drew, visit magcp.com or email him directly at drew@magcp.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)
Nathan Resnick is based in Park City Utah where he is with the Cost Segregation Guys, the number one cost segregation firm in the US. On today's show we are talking about how cost segregation can be used with bonus depreciation to improve the cash flow of your property significantly. To connect with Nathan you can email him at n@costsegregationguys.com or visit: https://costsegregationguys.com/estateespressopodcast/-------------**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)
Most people think of counterparty risk as a banking concept. Will the other party perform? Will they pay? Will they deliver? But in a supply chain, counterparty risk is much broader. It includes whether your supplier can obtain raw materials, whether their supplier can get feedstock, whether the shipper can secure insurance, whether the vessel will even sail, whether the port will accept cargo, whether a manufacturer can operate with intermittent inputs, and whether the customer at the far end still has the liquidity to take delivery when costs have doubled.A closure in Hormuz does not mean every factory shuts down tomorrow morning. That's not how these systems work. There is a lag. Cargoes already in transit continue moving. Inventories buffer the shock for a period of time. Companies rely on safety stock, substitute routes, and emergency procurement. For a brief window, the financial markets can tell themselves a reassuring story.If fertilizer inputs are impaired, that impacts agriculture with a delay, but the delay does not remove the problem. It simply means the effect appears later in the form of food shortages or higher food prices.Governments can print money to try and wall paper over the problem. But they can't print food and they can't print oil. ---------------**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 show is sponsored by The Cost Segregation Guys. If you own investment real estate and haven't looked seriously at cost segregation, you could be leaving significant tax savings on the table. The Cost Segregation Guys help investors accelerate depreciation, improve near-term cash flow, and make more efficient use of capital, all without changing the underlying asset. In a business where preserving cash matters, that's worth paying attention to. If you're interested in learning more, click on the link in the show notes and you'll be able to connect with them directly, and qualify for a discount because you came from the show. https://costsegregationguys.com/estateespressopodcast/--------------They need reliable power, redundant fiber, cooling systems, physical security, and enough land to support expansion. But today the site selection problem has become much more complicated. It is no longer just an engineering problem. It is also a legal problem, a geopolitical problem, and increasingly, a national security problem. It's those last elements that we're going to be talking about today. A number of recently published articles on data sovereignty all point to the same conclusion. Data sovereignty is not simply about where the server sits. It is about who controls the data, which laws can reach it, who holds the encryption keys, who operates the systems, and whether the data can be moved across borders in an emergency without violating local law. In other words, the old real estate mantra of location, location, location has a new cousin in the digital world, jurisdiction, jurisdiction, jurisdiction. Now add physical risk to the equation.Last month, Reuters reported that drone strikes damaged Amazon Web Services facilities in both the UAE and Bahrain. Amazon said the strikes caused structural damage, power disruption, and fire suppression incidents that led to additional water damage. In a separate Reuters report, Amazon described the recovery as prolonged. This was not a cyberattack. It was a physical attack on cloud infrastructure. That changes the conversation.Then there is political opposition. -----------**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 we're talking about the immediate impact of price escalation on construction projects. Not next quarter. Not next year. Right now.In the past few weeks, we've seen a growing list of U.S. building-product manufacturers announce price increases across roofing, insulation, siding, waterproofing, gypsum, and steel-related accessory products. This is not a theoretical inflation story. It's not an abstract discussion about commodity markets. It's a boots-on-the-ground problem for anyone with a project in design, in permitting, in tender, or under construction.-------------**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 show is sponsored by The Cost Segregation Guys. If you own investment real estate and haven't looked seriously at cost segregation, you could be leaving significant tax savings on the table. The Cost Segregation Guys help investors accelerate depreciation, improve near-term cash flow, and make more efficient use of capital, all without changing the underlying asset. In a business where preserving cash matters, that's worth paying attention to. If you're interested in learning more, click on the link in the show notes and you'll be able to connect with them directly, and qualify for a discount because you came from the show. https://costsegregationguys.com/estateespressopodcast/------------Today we're talking about leasing strategy for new buildings in a market that is over-supplied.This is a topic that matters a great deal right now, because in many markets, especially where there's been a wave of new Class A deliveries, the challenge is no longer simply getting the building built. The challenge is getting it leased without destroying the economics of the project.When markets become over-supplied, a lot of owners make the same mistake. They become emotionally attached to their pro forma rent. They want to defend the number on the spreadsheet, even when the market has already moved on.In an over-supplied market, the first objective is not to maximize rent. The first objective is to maximize occupancy. That may sound counterintuitive, especially if you've just delivered a shiny new asset with premium finishes, nice amenities, and a construction loan that doesn't care about your excuses. But it's the truth.A vacant unit is the most expensive unit in the building.-------------**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 we're asking a question that sounds simple, but it is actually the wrong question. People ask, how many data centers will be required over the next decade? The research says the better question is, how much compute, power, cooling, and land will be required? Because one 15 megawatt enterprise facility is not the same thing as one 100 megawatt AI campus. Counting buildings without counting power is like counting apartment buildings without counting units. It does not tell you what you need to know. ------------**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)
Chad Zdenek is based in Southlake Texas where he is working with PassiveInvesting.com. On today's show we are talking about pivoting during periods of difficult market conditions. To connect with Chad, visit https://www.passiveinvesting.com/Chad also has an engineering background in space and aviation. He was the host of the show "Inside Mighty Machines" on the Smithsonian Channel. You can check out some of his trailers at https://www.youtube.com/@chadzdenek5252/videos----------**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)
Max Hansen is a lawyer and Managing Director at Accruit. He is an industry veteran when it comes to sheltering tax using Section 1031 and Delaware Statutory Trusts. On today's show we are talking about the family farmers and ranchers that are going to be divesting in the coming decade and how to create income passive streams for them while preventing a huge tax bite at retirement. Max can be reached at Accruit at 800-237-1031 or his direct line at 406-660-4206. Accruit at a lot of resources and more contact options at accruit.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)
Today's show is sponsored by The Cost Segregation Guys. If you own investment real estate and haven't looked seriously at cost segregation, you could be leaving significant tax savings on the table. The Cost Segregation Guys help investors accelerate depreciation, improve near-term cash flow, and make more efficient use of capital, all without changing the underlying asset. In a business where preserving cash matters, that's worth paying attention to. If you're interested in learning more, click on the link in the show notes and you'll be able to connect with them directly, and qualify for a discount because you came from the show. https://costsegregationguys.com/estateespressopodcast/------------Today we're talking about autonomous taxis, also called robo taxis, and how they're going to revolutionize real estate.When people think about autonomous vehicles, they usually think about transportation. They think about convenience, safety, maybe labor disruption. Think about all of those folks driving for Uber who will be out of work. But from a real estate perspective, the more important question is this: what happens to the built environment when the it makes more sense from a convenience and an economic perspective to call for a robot-taxi instead of owning a car. For the past hundred years, we've designed cities, apartment buildings, shopping centers, office properties, and even single-family homes around the assumption that every household needs one or more private vehicles sitting still most of the day.That assumption is about to be challenged.Today, most privately owned cars are parked roughly 95 percent of the time. They are extraordinarily expensive assets with very low utilization. Autonomous taxis flip that model on its head. A shared vehicle can serve many riders in sequence throughout the day. The result is higher utilization per vehicle, fewer idle hours, and a materially lower need for parking at the point of destination.Now, does that mean fewer vehicles on the road? Not necessarily, at least not right away. In fact, in some markets you may still see a similar number of vehicles circulating, especially during peak commuting hours. But even if the number of vehicles on the road doesn't decline dramatically, the number of parked vehicles absolutely will.------------**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 I want to talk about a very practical use of artificial intelligence, from a real world use case. I'm talking about using a well-written AI prompt to eliminate unnecessary engineering cost by finding existing tested assemblies that already solve the problem.This came up recently in the context of a wood framed floor assembly. The plans examiner at the city rejected the proposed assembly as not meeting the code. Now when that happens, you generally have two ways forward.The first is to use a prescribed assembly, something that is already recognized, already tested, already accepted.The second is to have an engineer design the assembly and stamp it.That second path is often perfectly valid, but it can also cost thousands of dollars. Sometimes many thousands. And if the assembly you want already exists in tested form somewhere in the world, then paying to reinvent it is not adding value. It's just adding cost and time. If a published result exists, an AI tool can often find it in ways that a conventional search tool could not. --------------**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 sponsor is The Cost Segregation Guys. If you own investment real estate and haven't looked seriously at cost segregation, you could be leaving significant tax savings on the table. The Cost Segregation Guys help investors accelerate depreciation, improve near-term cash flow, and make more efficient use of capital, all without changing the underlying asset. In a business where preserving cash matters, that's worth paying attention to. If you're interested in learning more, click on the link above and you'll be able to connect with them directly. -----------Today we're talking about an issue that at first glance sounds like an energy story, or maybe an airline story, but it is also very much a real estate story. There is a pause in the fighting in Iran. But significant damage to energy markets has already been done. The disruption in the Strait of Hormuz is now working its way through the travel economy. Airlines are facing sharply higher jet fuel costs. Some carriers have already warned that if fuel supply problems persist, they may cancel flights. United Airlines has already cancelled long haul flights. Many discount carriers in Asia have cancelled flights. Others are raising baggage fees and other ancillary charges to offset those costs. Reuters reported that Delta and Southwest raised checked baggage fees on April 7, and that United and JetBlue had already moved in that direction. Reuters also reported jet fuel rising from roughly $85 to $90 per barrel in February to about $209 per barrel. Airlines usually operate with about 30% of their cost structure based on fuel. So when fuel prices double, airlines flip from profitability to money losing in a heartbeat. Now, what does that mean for real estate investors?It means that any property whose revenue depends on people getting on an airplane needs to be re-underwritten, at least mentally, for a period of turbulence.--------------**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 I want to talk about artificial intelligence, not from the standpoint of hype, but from the standpoint of using it in your real business.There's no question AI is powerful. It can summarize documents, draft communications, analyze markets, answer customer questions, and automate tasks that used to consume hours of staff time. But there's a dangerous mistake I see many businesses making right now. They are trying to use AI to paper over broken processes and disorganized data.That is not a technology strategy. That is an accident waiting to happen.Most companies, including many of the major AI companies, are focused on the visible layer. They're focused on the prompt, the chatbot, the agent, the interface, the demo. What they are often ignoring is the underlying organization of the data itself.--------------**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)
If you want to save a ton in taxes, visit The Cost Segregations Guys and learn how cost segregation can improve your tax situation.--------------On today's show, we're talking about weakness in the labor market, and why the headline unemployment rate is telling a much more optimistic story than what many people are feeling on the ground. Moreover, the surge in energy prices is causing some people to sound the inflation alarm bell which has led to a surge in yields on Treasuries. But this is not telling the whole story and frankly I believe we will see a reversal in interest rates soon. Yes, the Fed has signalled that they intend to keep rates unchanged at the next meeting. But the Fed doesn't set market rates. ------------**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)
John Casmon is based in Cincinnati where he invests in multi-family apartments. On today's show we are talking about how their investment thesis has shifted to meet market conditions. To connect with John, visit https://casmoncapital.com/, check out their podcast at Multifamily Insights on all of the major podcast platforms. Also download their 7 Questions Guide for investing in multi-family apartments. ------------**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)
Jared Jones is based in Riverside California where he leads Middle Housing Partners. On today's how we are talking about how the zoning rules have changed and what is working in today's environment. To connect with Jared, visit https://middlehousingpartners.com/ or connect with him on LinkedIn. ---------------**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're talking about a real estate thesis that I believe deserves a lot more attention, and that is investing within a radius of major healthcare institutions.When I say healthcare institutions, I'm talking about hospitals, regional medical centers, specialty clinics, research hospitals, cancer treatment centers, rehabilitation campuses, and large outpatient networks. These are not simply buildings where doctors work. They are economic engines. They create employment, they attract patients, they generate supporting businesses, and they create demand for housing.Now, as real estate investors, we need to remember a very simple principle. People need a place to live close to where they work. Employment and housing demand are directly connected. If you can identify sectors of the economy that are growing, resilient, and difficult to automate, and then match your real estate strategy to those sectors, you've got the foundation for a very solid investment thesis.------------**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 March 25, 2026, the Senate Budget Committee held a hearing called, “Social Security: A Discussion on the Facts and the Path Forward.”According to the testimony presented to the committee, the combined Social Security trust funds are projected to be depleted in 2034, and the retirement fund itself is projected to be depleted in 2033. At that point, absent changes in law, scheduled benefits would face an automatic reduction.That's 7 to 8 years away. Everyone in that room understands the math. It's is not a mystery. This is not an ideological debate about whether arithmetic is real. The testimony was very direct. Lawmakers will need to increase program income by about one-third, lower scheduled benefits by about one-fourth, or adopt some combination of the two. Those are not my numbers. Those are the numbers presented in the hearing.So why is the largest budget line item in government spending getting almost zero news coverage? In the meantime, the news is covering how the B52 is still flying. -------------**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 a new sponsor on the show. The Cost Segregation Guys are the leading service provider in the US and they have helped tens of thousands of owners improve the tax efficiency of their assets. To learn more, visit The Cost Segregation Guys.------------The EOS Life by Gino Wickman asks a simple question: What would your life look like if your business actually served your life, instead of consuming it? Wickman frames that ideal around five conditions:doing what you love, with people you love, making a huge difference, being compensated appropriately, and having time for other passions. That is the central promise of the book. --------------**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're talking about the flurry of new capabilities being released in Claude, and more specifically, how these new tools can take real work off your plate as a real estate investor.There's a big difference between a technology that is interesting and a technology that is useful. For a long time, artificial intelligence sat in that interesting category. It could summarize an article, write a paragraph, maybe help brainstorm a marketing idea. But that's not where the real leverage is. The real leverage comes when the technology stops being a novelty and starts removing actual labor from your business.------------**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 we're talking about the deflationary impact of an oil shock.Now that might sound counterintuitive at first. After all, if oil prices spike, and if shortages appear in oil, aluminum, fertilizer, natural gas, and other key industrial inputs, most people's first instinct is to call that inflationary. And at the consumer level, it certainly feels inflationary. You see it at the pump. You see it in groceries. You see it in utility bills. You see it in transportation and construction costs.But that's only the first-order effect.The deeper question is this: what does a commodity shock do to the broader economy?History gives us a fairly consistent answer. Oil shocks are not ultimately expansionary. They are contractionary. They are not the fuel for growth. They are the tax that crushes growth. In the 1970's we called it stagflation. -------------**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)
Chris Seveney is based in Northern Virginia. He invests in distressed residential debt across the US. But not everywhere. There are some jurisdictions that heavily favor the borrower and make it difficult for a lender to protect their rights. To connect with Chris, visit 7einvestments.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)
Shane Pogue is based in Dallas Texas where he uses his investigative skills to help investors with due diligence. To connect with Shane, he can be found on LinkedIn at https://www.linkedin.com/in/shane-pogue-6b900a11a/
Today is another AMA episode, (Ask Me Anything). Our question comes from Tracy in Washington State who writes:I'm working on a 144-unit apartment project in an older jurisdiction where the city is charging about $7,000 per unit for water and sewer—so roughly a $1M fee. At the same time, we're bringing the main to the site, installing all laterals, and handling all on-site infrastructure.Based on public records, the sewer system is operating at around 50% capacity, and the fees from this one project would represent a large portion of their annual water improvement budget. So it's hard to see how the fee is tied to actual impact versus funding broader system upgrades.On top of that, they're requiring roughly 1,000 SF of open space per unit plus additional private open space. This equates out to over 3A on a 6A site, obviously this significantly impacts density and overall feasibility.I have built in 5 different jurisdictions near by and they all have different requirements compared to this project. but similar requirements to each other: Water/sewer would be approx $42K and the open space requirement 200-300 sf per unit.I feel that my project is right in line with the City goals stated in the comprehensive plan, but the development requirements would prevent almost any multi-family project from getting built.In your experience, how do you actually get a city to move on issues like this? Push for a development agreement, challenge the fee structure and nexus, or leaning into the economic impact and negotiate-----------**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 analyzing an office to residential conversion project in Washington DC that was reported in the Wall Street Journal. The developer bought it at a great price of $25.53 per square foot, far below replacement cost. But the geometry of the building is not ideal. The usable area is far below the total unless major modifications are made to the building's interior. The biggest question is whether the market will realistically absorb a large number of units in that location, given the lack of community amenities like schools, groceries, health care. It's in the tourist and business core of Washington DC.----------------**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 a new sponsor on the Real Estate Espresso podcast. If you've been listening to the show for a while, you'll know that we have rarely had any sponsored content at all. That's intentional. We've had plenty of offers to sponsor the show. Our sponsor is The Cost Seg Guys. If you own investment real estate and haven't looked seriously at cost segregation, you could be leaving significant tax savings on the table. The Cost Seg Guys help investors accelerate depreciation, improve near-term cash flow, and make more efficient use of capital, all without changing the underlying asset. In a business where preserving cash matters, that's worth paying attention to. If you're interested in learning more, send an email to podcast@victorjm.com and put Cost Seg in the title and see whether your property qualifies. I can tell you from first hand experience, that cost segregation can be a low cost high value exercise. Send an email to podcast@victorjm.com and put Cost Seg in the title.------------Today we're taking a hard look at the current state of real estate inventory in Cape Coral, Florida, and more importantly, what those numbers actually mean for investors. We looked at Cape Coral specifically last year as a bell-weather for markets across the sunbelt. At the time, there was a huge spike in inventory. It's time for an update. Because when people hear that inventory is falling, the natural instinct is to think the market is tightening and prices are about to run. That is not always true. Sometimes falling inventory means homes are selling. Sometimes it means sellers are simply giving up and pulling properties off the market. ------------**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're talking about the lasting impact of war in the Persian Gulf on oil prices, and more importantly, the cascading effects on real estate here in the United States.When conflict broke out in the Persian Gulf, the first reaction in financial markets was almost automatic. Traders bid up the price of oil. That response is understandable. A large portion of the world's seaborne crude passes through the Strait of Hormuz, and any threat to supply got reflected in price almost instantly.But here's where we need to separate headlines from economic reality. A spike in oil prices does not affect every form of energy equally. In the United States, natural gas is largely a domestic market. It has its own supply dynamics, its own pipeline network, and its own storage system. So even if crude oil jumps dramatically because of geopolitical tensions, natural gas in the U.S. may hardly move. The US exports about 20% of its natural gas production. That percentage is limited by the capacity of the existing LNG plants. When all the LNG plants under construction are completed, the percentage of US production available for export might increase to 30 and maybe eventually 40%. But that is years and possibly decades away. So where will we actually see the impact?We'll see it first in transportation.Diesel prices matter enormously. Diesel is the fuel of the real economy. It moves construction materials, food, appliances, furniture, HVAC equipment, steel, lumber, concrete additives, and labor crews. If diesel rises meaningfully, the cost of moving goods rises with it. That affects construction sites, distributors, warehouse operators, and every supplier feeding construction.------------**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)
If you've driven through any American town or suburb lately, chances are you've noticed a vacant Walgreens. Or a shuttered CVS. Or a boarded-up Rite Aid. These aren't isolated closures. This is a structural, sector-wide contraction that is reshaping the retail landscape in ways we haven't seen before.Here's the scale of what's happened. Walgreens has closed 1,200 stores over the past three years. CVS has shuttered more than 1,170 locations since 2022. And Rite Aid — a 63-year-old chain that once operated nearly 2,400 stores — went through bankruptcy twice and closed its last location in late 2025. It's gone. Entirely. In total, roughly 7,000 pharmacies across the country have closed since 2022. One in three pharmacies that existed in 2010 no longer exists today. Nearly 50 million Americans now live in what researchers are calling a pharmacy desert. So what does the industry say to do with them?---------**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 Friedland is based in Chicago where he has a sizeable portfolio of industrial properties, virtually all of them are debt free. This is a choice, not an outcome. Today's conversation contains several counter-intuitive revelations. To connect with Joel visit https://www.britproperties.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)
Joel Landon is based in Salt Lake City and he is with Heritage IRA. On today's show we are talking about the opportunity to reduce your 2025 tax obligation by taking action before April 15. Joel walks us through some of the types of opportunities that still exist to turn back the clock to 2025 and still influence the outcome. To connect with Joel and to learn more, visit 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)
Today we're talking about the war in the Persian Gulf, and why a market like Lake Charles, Louisiana could be a real beneficiary, even if the war were to end today.The Strait of Hormuz is one of the most important energy chokepoints in the world. A meaningful share of global oil and gas moves through that corridor. When conflict disrupts flows through that region, the world starts looking for stable, dependable alternatives.The war is also widening the pricing gap between U.S. natural gas and gas in Europe and Asia. Scott makes the point very clearly. If you're a chemical manufacturer deciding where to build, and gas is $14 in Germany but $3 or $4 in Louisiana or Texas, that's not a hard decision. That makes Louisiana more attractive not only for LNG, but for petrochemical and energy-intensive manufacturing investment as well.Louisiana is already a major energy state, and several LNG projects in Calcasieu Parish have either advanced or received major commitments recently, including Woodside's Louisiana LNG project in 2025, while other Louisiana-area projects have also moved ahead. Just last week, Venture Global announced final investment decision for its CP2 project which is an $8.5B expansion of its LNG plant located south of Lake Charles on the Gulf coast.-------------**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 show, we are talking about performing even the most basic of due diligence when it comes to potential suppliers, customers, tenants, lenders, brokers.It is sad to say, but there are large ecosystems of fraudulent players out there. Due diligence is both an art and a science. In fact, I have an upcoming episode where I interview a specialist in due diligence. On that show, we will dive into some of the more sophisticated techniques.But on today's show, we are focussing on even the most simple forms of due diligence that are so easy to perform, and quite frankly expose those individuals with a questionable history.----------**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 we're looking at New York City, and specifically at the combined impact of two policies associated with Mayor Mamdani's housing agenda, a rent freeze on rent-stabilized apartments and a proposed 9.5% increase in property taxes.Now separately, each of these policies is a political choice. Together, they become something more serious. They become a stress test of whether private ownership still means private ownership, or whether ownership has been reduced to a set of obligations without the corresponding rights.This is not just an economic question. It is also a constitutional one.-------------**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)
As part of my ongoing research for the podcast, I've been using AI to help streamline information gathering. That, in itself, is not too controversial. If you're tracking multiple markets, multiple asset classes, and multiple sources of institutional research, there's nothing unreasonable about wanting a faster way to collect reports, summarize themes, and identify what's changed.I installed an autonomous AI agent on my computer. I asked the agent to locate and download any new research reports from the major brokerages, CBRE, JLL, Marcus & Millichap, Colliers, and others. In my mind, that was a simple productivity task. Go find the latest market reports, download them, organize them, and save me the repetitive work. I asked it to perform this task every Sunday morning so that I would have a fresh download of reports to choose from each week.Some of the websites accepted normal interaction. Some did not. A number of them rejected queries that appeared to come from automated sources. In some cases, even with valid login credentials, the websites still resisted the activity.And this is where the experience changed.The agent became more persistent than I was comfortable with. It interpreted the blocked access not as a signal to stop, but as a problem to solve. It began trying alternate paths to achieve the objective. I didn't compromise the website and I didn't get access to files that I could not otherwise get through a browser interface. I'm not going to get into methods, because that's not the point, and frankly that's where the ethical and legal lines become very important. But in that moment, I realized something profound. Without intending to, I had placed myself in the role of someone effectively attempting to circumvent the security controls of a brokerage website.-------------**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, I want to talk about the right questions to be asking when it comes to adopting AI in your business.There's a lot of noise around AI right now. Most of the conversation is centered on fear. People are asking whether AI will replace jobs, reduce headcount, or make certain roles obsolete. Those questions may be understandable, but they're not the most useful strategic questions.In many cases, they're the wrong questions.If the only thing you ask is, “How many fewer people do we need?”, you're already thinking too small. That's a cost-cutting mindset. It assumes the opportunity is limited to doing the same work with fewer resources.But the better question is, “What can we do now that was previously impossible?”That's the real opportunity.------------**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)
Tom Staub is based in Austin Texas where he develops master planned communities through central and south-east Texas. On today's show we are talking about the attraction and challenges of land development.To connect with Tom, visit https://redoakvc.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)
Robby Butler is Managing Director at Y Street Capital. He's based in St. Louis plays a key role in our company. On today's show we are talking about how real estate trends are affecting long term strategies of investing. To connect with Robby , visit https://www.linkedin.com/in/robby-butler/ or at https://ystreetcapital.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 we are talking about a parallel between present day circumstances and 1973. The mid 1970's were characterized by the simultaneous surge in inflation and economic contraction. These were events that were up until that point considered to be mutually exclusive. The embargo didn't just cause a temporary blip; it changed the structural behavior of the U.S. economy. Even after the embargo ended in 1974, inflation expectations remained high. As prices rose, workers demanded higher wages to keep up. Employers then raised prices again to cover the higher wages, creating a self-reinforcing loop of inflation.If the oil supply remains constricted for more than a few weeks, I predict that stagflation will be upon us. It's a remake of the same movie with different actors.
When I first started my training in electrical engineering I was using a large mainframe computer at the university. Most other students had to book time in one of the terminal rooms to gain access to the computer. They were limited to 60 minutes at a time. I purchased my own terminal which I had in my bedroom and got a second phone line and I had unlimited access to the computer. I also purchased one of the first personal computers. It had a tiny screen and it broke the link that tied me to the university mainframe. Fast forward to today and we all know how the distributed nature of computing has pushed the majority of processing into the palm of your hand. That doesn't mean data centers have disappeared. Today those traditional computing data centres provide a lot of the backbone that cannot practically processed on a personal device. If you look at the state of AI today, the vast majority of the computing is being done in a data center. I believe the Apple strategy is worth further examination because if Apple is correct, the demand for data centres will be reduced, but not eliminated.------------**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 we're talking about the HUD Express Lane initiative.Now, whenever government launches something called an Express Lane, people naturally assume it means the opposite. That's not what this is. This is not a magic wand. It is not a relaxation of standards. It is not a broad-based shortcut for every borrower and every property type. It is much more specific than that, and once you understand the details, there's a very important lesson in it for real estate investors. HUD announced the Express Lane on July 10, 2025, for FHA-insured Section 232/223(f) transactions involving residential care facilities. In plain English, we're talking about skilled nursing, memory care, assisted living, and board-and-care properties financed through HUD's healthcare lending platform. For eligible low-risk refinance applications, HUD said the new process could reduce the time from application submission to issuance of a Firm Commitment from as much as 150 days down to roughly 10 to 15 days. -------------**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)
Last week we talked about property taxes being reset when land changes hands. That is true, but it is not the whole story. One of our listeners, Steve related a personal story which I'm going to share here. He writes:Your property tax episode struck home. My family owned what started as landfill since 1969 in California. In the late 90's it was full and a race track built on it. The track builders signed a 25 year ground lease with extensions. Since the lease was this long it was deemed an effective sale. Taxes went from 15k/ year to over $200k per year. Years later when we had to evict the tenants we got stuck with the new amount
Today I want to talk about the benefit of having an AI second brain in your real estate investing business.This is a topic that's getting more attention lately, and for good reason. There was a recent episode by Nate B. Jones on the idea of building a second brain with AI, and what I appreciate about the discussion is that it goes beyond simple productivity hacks. It gets to something much more fundamental. It gets to the importance of context. If you want to make real use of AI in your investing business, context is everything.The problem is that all of the AI tools are competing with each other and are essentially creating a walled garden. The work you perform in ChatGPT doesn't transfer to perplexity or to gemini or to Claude. They're all independent and yet some tools are better than others at performing specific functions. The problem in most real estate businesses is not the lack of data. It's the opposite. We have too much data, spread across too many systems, and almost none of it is connected in a meaningful way.-------------**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 show is a live talk that I gave a few weeks ago in Sonoma on how to use AI to gain leverage in your real estate investing business. I know we are talking a lot about AI on the podcast lately. We're doing so because it is so impactful on so many aspects of the business. Enjoy....-------------**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)
Chris Lento is based in Boston, but he invests across the Southeast United States. On today's show we are talking about some of the approaches his team uses to improve resident retention when the market gets saturated with new supply. To connect with Chris, you can find him on LinkedIn at https://www.linkedin.com/in/christopherlento/ or. at https://emcapitalgroup.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 we are talking about how to set up the accounting for a construction project. There is a right way and a wrong way to do it. But first.Send an email to podcast@victorjm.com if you'd like to learn more about the Y Street Capital Storage Fund. Put the word storage in the subject line. If you've been looking for a thoughtful way to invest in storage, the Y Street Capital Storage Fund may be worth your attention. The Fund is currently invested in four storage assets, with additional growth planned for 2026.What I like about self-storage is its simplicity as a business and its resilience across a range of market conditions. When it's operated with discipline, there is real potential to create value through better management, improved occupancy, and steady revenue growth.For investors who want exposure to the sector without the concentration risk of a single asset, this Fund offers a more diversified approach.This announcement is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy securities. Any investment will be made only through the Fund's offering documents, and only by verified accredited investors residing in the United States, in compliance with applicable securities laws. If you'd like to learn more then On today's show, we're talking about something that sounds administrative on the surface, but in reality can make or break the financial control of a construction project. That is, how you choose your budget categories.Most people think of a budget as a list of costs. Land, permits, concrete, framing, electrical, plumbing, finishes, done. But that's not how a construction project behaves in real life. A construction budget is not simply a cost estimate. It is a control system. It is the framework that ties together invoicing, payment applications, loan draw requests, your banking records, your accounting system, and ultimately your reporting to investors and lenders.If you choose your budget categories intelligently, reconciling all of that can be relatively straightforward. If you choose poorly, the administrative effort multiplies. Not a little, a lot.-------------**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 we're going to talk about a due diligence mistake that shows up in underwriting all the time, and it can be a silent killer of your cash flow. It's the assumption that the existing property tax assessment, the number you see on the tax bill today, is a reliable input for your forward-looking pro forma. In some jurisdictions, it's not.In fact, in certain places the current tax bill is almost meaningless for a buyer, because the act of changing hands triggers a reassessment. And that reassessment is designed to “catch up” for years, sometimes decades, of artificially low increases under the prior owner.If you don't model that correctly, you can buy a property that looks like it has a healthy debt service coverage ratio, only to discover after closing that your taxes reset upward and your deal has a permanent drag on returns.Let's break down why this happens, where investors get fooled, and how to underwrite it the right way.First, why can the existing tax bill be misleading?Because property tax systems are not uniform.In one jurisdiction, the assessed value may track market value closely and update frequently. In another, the assessed value might move slowly, or be capped, or lag reality for years. Some places have rules that limit annual assessment increases for existing owners, and then reset the assessment to near-market value on sale.The seller might have held the asset for a long time. During that holding period, their assessed value increased at a limited rate, maybe one percent, two percent, or tied to inflation. Meanwhile, market values doubled.So the seller is paying taxes on a value that's anchored in the past.You, as the buyer, are stepping into the present.-------------**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 we're talking about an uncomfortable situation that every commercial property owner faces sooner or later.Your tenant is operating their business, and they violate city bylaws or environmental regulations. It could be improper waste disposal, illegal dumping, grease trap violations, noise, odours, storage in fire lanes, unauthorized outdoor use, hazardous materials, unpermitted alterations, you name it.And the question is, what is the owner responsible for, and what are you supposed to do when the tenant is not in compliance?-----------**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 I want to talk about learning AI, and why it's fundamentally different from learning most other professional skills.If you decide you want to become a doctor, you commit to a long, structured journey. Years of study, exams, residency, and then a licensing body tells the world, “Yes, this person meets the standard.” Same thing with engineering, law, accounting, IT security, even trades like electrical. You put in the reps, you cross the stage, you get the credential.And yes, the world changes. Doctors have continuing education. Lawyers track case law. Engineers adapt to new codes. But the underlying framework, the language, the standards of practice, those evolve slowly enough that your investment in learning compounds over a career.AI is different. In AI, what worked 90 days ago can be obsolete today. Not because the fundamentals changed, but because the toolset changed. The interface changed. The capabilities changed. The cost changed. The workflow changed. And the people around you, your competitors, your employees, your vendors, they are all adapting in real time. If you learned “the way” to do something with an AI model last quarter, there's a decent chance you are already working off an outdated playbook.So what does that mean if you're serious about learning it?It means you're not learning a profession with a stable body of knowledge. You're learning to operate inside a moving river.-------------**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 I want to talk about something that looks like it belongs in an auto industry newsletter, but it's actually a leading indicator for the broader economy, and it matters for real estate investors.Walk onto an auto dealer lot today and you'll see a lot more sheet metal sitting still than you're used to seeing. The lots look full, and in many cases, they are. But the more important metric is not “how many cars you see,” it's how long they're sitting there.Cox Automotive reported that in January 2026 the U.S. market began February with inventory around 2.77 million units, and the key line was this, days' supply jumped to 98, driven by a notably slower sales pace. When days' supply rises, the story is simple, the vehicle is not moving, the consumer is hesitating. And that jump happened fast. Cox noted days' supply around 76 in the prior period, then up to 98 as sales slowed. CarEdge tracks market day supply by vehicle, essentially how long it would take to sell existing listings at the current sales pace. In late winter 2026, some models are showing truly abnormal numbers, deep into the multiple hundreds of days. The attached notes you provided list examples like the Dodge Charger around 406 days, the Jeep Grand Wagoneer around 463 days, and the Volkswagen ID.4 around 480 days of supply, which is beyond “slow,” that's a demand breakdown at the price point. Even some Korean cars are showing huge inventory. The Hyundai Sonata has 201 days of inventory on dealer lots. The Hyundai Santa Crus has 222 days on dealer lots. The Buick Envision which incidentally is made in China has 267 days of inventory on dealer lots. The are more than a dozen models with over 200 days of inventory on dealer lots. ------------**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 we're looking at the book Abundance, by Ezra Klein, co-authored with Derek Thompson, published in 2025. Ezra Klein is a writer and editor. He has a columnist and editor at The Washington Post, a policy analyst at MSNBC, and a contributor to Bloomberg. He's written for The New Yorker and The New York Review of Books, and appeared on Face the Nation, The Daily Show, PBS NewsHour, and many more. He has earned a reputation of being somewhat left wing in his views. There is a danger in type casting people. As you will see, much of what he talks about in his book could be considered part of the libertarian and Republican core beliefs. In real estate, we live and die by the gap between what people need and what the market can deliver. When housing is scarce, rents rise, household formation slows, employers struggle to hire, and communities get brittle. Abundance is a book that argues the United States has not merely stumbled into scarcity, it has, in many ways, designed it. The authors' central claim is that we've built layers of well-intentioned rules and processes that make it painfully hard to build housing, infrastructure, and clean energy at the scale we say we want. -------------**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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