Good Success Ft. Victor Menasce

Shows

The Real Estate Espresso PodcastPay Attention - Lending Policy ChangesOn today’s show we are talking about changes in lending policies and how these are affecting commercial real estate loans. But first. I’d like to give the listeners to the podcast the opportunity to be among the first to get visibility of an exciting new project that will form part of our industrial portfolio. The project is located on a 21 acre parcel in Bradenton Florida. This is an area that has an acute shortage of property that is even zoned for industrial uses. The project is not open yet for investment. This is an opportunity for i...2025-07-2206 min

The Real Estate Espresso PodcastCan You Make Sense of Macro Economic Data?I’d like to give the listeners to the podcast the opportunity to be among the first to get visibility of an exciting new project that will form part of our industrial portfolio. The project is located on a 21 acre parcel in Bradenton Florida. This is an area that has an acute shortage of property that is even zoned for industrial uses. The project is not open yet for investment. This is an opportunity for interested parties to learn more about the project. If you are interested in learning more, send an email to victor@victorjm.com and put th...2025-07-1806 min

The Real Estate Espresso PodcastAI Tools for Real EstateWe are doing a mini-series on AI tools in real estate. Some of these tools are the same ones we use in our development company Y. Street Capital. We use these tools in-house and on projects belonging to our consulting clients. If you want to learn more about how our consulting division could help you with your projects, send an email to victor@victorjm.com.-----------------On yesterday’s show we spoke about land.id. This is a tool that has a ton of capability for evaluating land. On today’s show we’re going to sta...2025-06-1405 min

The Real Estate Espresso PodcastAMA - Streamlining The Approval ProcessToday's question comes from Matthew in upstate NY who writes: Hi Victor, I own a commercial construction firm and the City and Town of Canandaigua , NY. Officials have asked me, a residential contractor and developer to come speak on current struggles developers and contractors are seeing in this market. I feel like a broken record. I listen to you all the time with regards to codes, zoning, utility, and building permit process, all of these come at a cost of TIME and Money. I feel most boards don’t have any construction or business education and decide to...2024-06-2606 min

The Real Estate Espresso PodcastLivestream - Predictions and Ask Victor AnythingToday's show is an extract of yesterday's livestream where I'm making some predictions for the upcoming period and answering listener questions live. -------------- Host: Victor Menasce email: podcast@victorjm.com 2024-05-0431 min

The Real Estate Espresso PodcastDecoding Employment Trends: Unveiling the Real Story Behind the Numbers Join us on the Real Estate Espresso Podcast as we dive deep into the latest employment statistics, unraveling the complexities and revealing the true narrative behind the numbers. Host Victor Minasce scrutinizes the unemployment rate, shedding light on how government definitions and economic shifts shape our understanding of workforce dynamics. From the gig economy to high-paying tech jobs, explore the factors influencing employment trends and gain invaluable insights into the evolving job market landscape. Tune in for a comprehensive analysis that challenges conventional wisdom and illuminates the reality of today's employment landscape. ------------- Host: Victor Menasce 2024-04-2406 min

The Real Estate Espresso PodcastShopping The World For ValueAs you know, I’ve been in Turkey for the past week at their national Builder Expo in Istanbul. On today’s show we are going deep on three aspects of interior finishes where we stand to save money in construction without experiencing a loss of quality. In fact, I would argue that in some cases, we are going to see an uptick in quality. It’s no secret that construction projects are facing pretty steep headwinds these days. There is price volatility in materials, in labor, and of course in capital costs at a time when some markets are ex...2024-04-2205 min

The Real Estate Espresso PodcastCan Investor Visas Be A Good Source Of CapitalOn today’s show we are talking about the EB5 Investor Visa and whether these sources of investment funds have the potential for being useful for real estate projects. The goal of the EB-5 program is to enable immigrants to get an accelerated permanent residency permit through an investment in a qualified EB5 investment. ----------- Host: Victor Menasce email: Victor@victorjm.com 2024-04-1005 min

The Real Estate Espresso PodcastVictor MenasceOn today's show we are looking at what investors are predicting for the coming year. Data from Colliers and CBRE form the basis of today's show. The CBRE investor sentiment survey indicates what investors think will happen this coming year. ------------ Host: Victor Menasce email: podcast@victorjm.com 2024-03-1905 min

The Real Estate Espresso PodcastAMA - How To Choose Book Of The MonthAllan Asks: Hi Victor, Thank you again for your excellent content and insight. There is so much of a “punch” packed into a small amount just like an espresso. Hopefully this isn’t an obvious question and worth your time to answer but how do you stay up to date finding books that will be Books of the month? Is there any particular strategy to staying in tune with new material and content to internalize and make a part of you. Thanks again for all you do! ------------------ Host...2023-08-1604 min

The Real Estate Espresso PodcastAMA - What Does The Crash Look Like?Today's question comes from Adam who writes: Hello Victor, Thank you for the wonderful podcast. I am a daily listener and I regularly recommend the Real Espresso Podcast to others. Today you ended your podcast (S6 E166 Cand the Banks Survive Another Rate Increase?) with words "before it all comes crashing down". I know many are like me wondering what this crash will look like in our own sectors of real estate, but I also know you are not big on making predictions. That being said, when you say "before it all...2023-06-1505 min

The Real Estate Espresso PodcastCould We Experience Deflation?On today show, we are looking again at the macro environment. So much of what is happening in the world of real estate is being dominated by the macro environment, which is why we keep coming back that. It’s specifically on today show we are looking at a definition for inflation, in order to understand deflation. There is a case to be made for deflation. Today’s show is the first of a two part series on deflation. Now I know what you’re thinking. How can we be experiencing deflation when all of the statistics are poi...2023-04-2606 min

The Real Estate Espresso PodcastAMA - Is This What You Were Seeing In October?Today’s email comes from Adam in Riverside, Ca. Victor! Your podcasts are the best! I continue to be a proud, loyal listener. Thank you for continuing to deliver fresh and relevant content. Back in October, several of your podcasts foreshadowed concerning activity you noticed in the global credit markets/ banking system. With the recent bank failures I can’t help but wonder if they are somehow related to what you were noticing several months ago. --------------- Host: Victor Menasce email: podcast@victorjm.com 2023-03-1707 min

The Real Estate Espresso PodcastAn Economic RevelationToday I had a realization. Amidst all of the confusion, all of a sudden the economic picture came clear. I was driving in the car this morning and a certain calm came over me. I’ve been wondering for weeks why there is conflicting economic data and I was unable to make sense out of it. I know what you’re thinking, Victor you need to get a life. When a moment of clarity about the economy is exciting to you , you need therapy. So without any apologies, I can hardly contain my exci...2023-03-1005 min

The Real Estate Espresso PodcastGrowth Versus ValueYou know me as the host of the Real Estate Espresso Podcast. By day, I’m also one of the partners at Y Street Capital where we specialize in new construction and development projects across the US and Canada. We are observing that Investors these days are cautious. We agree that it make sense to be cautious. You want to ask tough questions whenever you are performing due diligence. You really want to understand what it means to invest in a particular project from a market standpoint. On today’s show we are talking about what...2023-01-2405 min

The Real Estate Espresso PodcastCalifornia's IncentivesWe have heard of a debt trap. This is where the cost of servicing a debt exceeds the cash flow needed to service the debt. In those instances, some borrowers take on additional debt hoping for better days and hoping to outrun the bankruptcy. States, cities and provinces don’t have the luxury of printing money. They need to live within their means, or at least within their ability to get revenue from taxation. It’s no secret that companies and wealthy individuals have been leaving high tax states in search of low tax states. Ther...2023-01-2305 min

The Real Estate Espresso PodcastGeorge RossOn today's show we're talking about the negotiating techniques for sellers who are looking to sell when few people are buying. George taught negotiation at the law school at New York University for over 20 years. His writings on negotiation are based on his course notes from those days. George has established himself as a world class authority in negotiation through his many decades in the practice. ----------------- Host: Victor Menasce email: podcast@victorjm.com 2023-01-2212 min

The Real Estate Espresso PodcastPaul KazanofskiPaul Kazanofski is based in Nashville Tennessee where he runs Revision Homes, a high volume house flipping and one of the premier custom builders in Nashville. On today's show we are talking about the state of the market and how the downturn is affecting people in the business. To connect with Paul you can find him on LinkedIn. ---------------- Host: Victor Menasce email: podcast@victorjm.com 2023-01-2118 min

The Real Estate Espresso PodcastA Car Crash In Slow MotionWhat is the no-sale auto auction, and why do we care as real estate investors? The world of real estate is highly dependent on borrowing and the liquidity and affordability that banks and other major lenders can offer. But banks lend in multiple areas. They have consumer credit. They have subprime credit. They have real estate credit, automotive credit, commercial credit, and on and on. The auto industry, like real estate is highly driven by credit markets. During the pandemic, dealers were getting credit authorizations for all kinds of insane financing. ...2023-01-2006 min

The Real Estate Espresso PodcastSecond Look at AI SoftwareOn today’s show we are going to take a closer look at AI tools that are making headlines. A couple of weeks ago I put out an episode on the OpenAI framework and the software ChatGPT which uses that framework as the underlying AI engine. In that episode I gave some live examples of questions and answers that I put to the software. In that episode, I concluded that the results were underwhelming and no threat to us humans. It turns out that my conclusions missed the mark in that episode. Nothing I said wa...2023-01-1905 min

The Real Estate Espresso PodcastWorld Economic Forum Misses The Mark?The World Economic Forum opened its annual meeting on Monday evening in Davos Switzerland. This five day in person event is one of the global networking events of the year where you can rub shoulders with some of the most influential people in the world. These folks hold sessions on everything from the economy to energy, to health care to climate change. The output of the conference seems more like a highly choreographed Hollywood production than a conference designed to influence change. The documents are highly polished and extremely superficial in their treatment of the...2023-01-1706 min

The Real Estate Espresso PodcastHas Elon Changed The Value of Real Estate?When you think of Elon Musk, we largely think first of Tesla, or PayPal, or more recently Twitter. None of these has the potential to materially impact the value of real estate. But SpaceX has changed the value of real estate in ways that are not showing up readily in the metrics. At least, you might not see the effect right away. Today, a large percentage of the population have adopted high speed internet. If you’re going to work from home, and participate in your office culture, you need a reliable high speed internet connection. ...2023-01-1606 min

The Real Estate Espresso PodcastCarina GuzmanCarina Guzman specializes in land development. On today's show we are talking about a 90 acre residential subdivision that is next to a ski resort. To learn more or to connect with Carina, you can find her on LinkedIn, or on Instagram at https://www.instagram.com/the_land_development_queen/ -------------- Host: Victor Menasce email: podcast@victorjm.com 2023-01-1513 min

The Real Estate Espresso PodcastAundrea NewbernAundrea Newbern is the Chief Operating Officer at Get Rich Education. She also runs several businesses including a property management company, and a crime scene cleanup company that is based in Detroit Michigan. It turns out the crime scene cleanup can be a valuable source of properties for investors. Who would have guessed? You can connect with Aundrea at https://www.facebook.com/aundreasells or visit getricheducation.com/course --------------- Host: Victor Menasce email: podcast@victorjm.com 2023-01-1410 min

The Real Estate Espresso PodcastAMA - Land Value for Special Use PermitOn today's show, we're answering a question from Martin who is looking to underwrite a small development project using an existing structure as the basis for the new higher density building. ---------------- Host: Victor Menasce email: podcast@victorjm.com 2023-01-1206 min

The Real Estate Espresso PodcastBack To Basics - Volume 1Today’s show is the first in a series we are calling back to basics. Back to basics means getting clear on underwriting criteria. On today’s show we’re going to examine the interplay between your project approval criteria, versus your lender’s project approval criteria. When you undertake a new project, how do you know it’s a good project? --------- Host: Victor Menasce email: podcast@victorjm.com 2023-01-1105 min

The Real Estate Espresso PodcastGrowth or Recession?On today’s show we’re taking a closer look at what it takes for the Bureau of Labor and Statistics to declare their numbers for GDP, and ultimately when they declare that we are in a recession. Why is this important for real estate investors? Well, interest rates keep rising because inflation is high and the economy is strong. The economy is strong is the part of that narrative that is continuing to fuel inflation expectations in the eyes of the Fed. We know intuitively that the economy in Nebraska is different than the econ...2023-01-1005 min

The Real Estate Espresso PodcastSearch for Higher Quality CollateralOn today’s show we are going to focus on the market for T-Bills to try and understand why there is an apparent shortage of this paper. Demand is exceeding supply. Why is that? It doesn’t make sense. Is the market saying that they want to US government to spend even more? Do they want to see even greater deficit spending? The government holds a monthly auction for T-Bills and these notes sell in the open market to the highest bidder. The highest yield paid in the Jan 5 auction was 4.1%. The current RRP...2023-01-0906 min

The Real Estate Espresso PodcastSam PayroviSam is based in NYC where his company is undertaking one of the most innovative coastal clubs that are actually floating private membership clubs. The first club will be located in Miami and you can learn more about the project at Arkhaus.miami. --------------- Host: Victor Menasce email: podcast@victorjm.com 2023-01-0817 min

The Real Estate Espresso PodcastBuy On The Line, or Swiss Cheese?On today’s show we are going to talk about one of my favourite real estate development strategies. I call that strategy Buy on The Line, Move The Line. So what is that line? On one side of the line is a hot gentrified neighborhood. On the other side of the line is an economically depressed area. Often, these lines get developed and moved. Over the course of time, a few properties get left behind. The net result is a form of Swiss Cheese. The question is whether the holes in the Swiss Cheese represent an...2023-01-0605 min

The Real Estate Espresso PodcastInventory Bubbles and Staffing BubblesWe are starting to look back on the pandemic as one giant bubble. There was the stock market bubble, the lending bubble, the real estate bubble. The pandemic saw demand for certain products multiply. There was a shortage of hand sanitizer. These days, there are pallets on sale at the drug store and Walmart, a sign of unrealistic inventory building by retailers. Clearing out those excesses will be painful. It will result in losses as those mistakes become visible. Companies bulked up during the pandemic. They saw business booming and they saw the opportunity to...2023-01-0506 min

The Real Estate Espresso PodcastDevelopment Risk ManagementToday’s show is another AMA episode. Today’s question comes from Paul who asks: “I have always considered development projects to be high risk. How do you mitigate the numerous risks in a development project?" -------------- Host: Victor Menasce email: podcast@victorjm.com 2023-01-0406 min

The Real Estate Espresso PodcastHow Good is Artificial Intelligence?Today’s show is a deep dive into the world of artificial intelligence. There are a lot of marketing agencies out there that are offering to write content for you for your website, or your blog. The problem with hiring someone to do this work for you is that they are being asked to represent you. But it’s rare to have a ghost writer capture your voice. A ghost writer is not going to be anywhere near the quality that you would get if you undertook the writing yourself. That’s why it’s not a good ide...2023-01-0305 min

The Real Estate Espresso PodcastRecession OutlookSigns of recession are everywhere. These metrics have not been seen in a long time. We are generally conditioned to think of a recession as a negative thing. But frankly, it’s a necessary part of the cycle and as real estate investors we should actually embrace the recession. Imports to the US are down 7.6% in November from the month of October. That’s a huge decline on the basis of a single month. We have been hearing for months now that retailers ordered too much inventory during the pandemic. The rise in interest rates mean...2023-01-0206 min

The Real Estate Espresso PodcastBOM -- Who Not HowOut book this month is called "Who Not How" by Dr. Benjamin Hardy. I’m a huge fan of his work. Benjamin Hardy has listed Dan Sullivan as the primary author even though Dan Sullivan didn’t write a single word of the book. Rather, Dan Sullivan is the curator and designer of many of the ideas that underpin the book. Not only is Ben an excellent writer, but his work is well researched and methodically organized. He has written other titles which we have reviewed on this podcast including “Willpower doesn’t work” and “The gap and the gain.” 2023-01-0106 min

The Real Estate Espresso Podcast2022 - The Year In ReviewThis year was a year of managing the unexpected. Jan 1, 2022 was a day of optimism and a fresh start in a new year. The world was on its umpteenth wave of Covid. 0micron was the new word added to the vocabulary. The word endemic was being used and many countries around the world were loosening travel restrictions. I personally have not fully returned to the pre-pandemic average of traveling twice a month. But I did travel 10 times this year. It was well below my average. But it’s starting to feel more normal again. The travel industry struggled to co...2022-12-3106 min

The Real Estate Espresso PodcastLessons From Southwest AirlinesThe problems at Southwest Airlines demonstrate what can happen when your systems break down. All businesses, including real estate investment business have systems. These systems are designed to have limits. When you go outside those limits, you can’t expect those systems to keep working. For example, our investment management software is currently handling hundreds to low thousands of investors. We have no idea what would happen if the system was faced with millions of investors. I can’t tell you for sure, but I’m pretty certain our system would break down. ------------ Host...2022-12-3005 min

The Real Estate Espresso PodcastEnergy Renaissance?On today’s show we are talking about what is coming in the world of energy. So why am I telling you this? This is, after all a real estate show. Well, wherever there is low cost energy, there is economic growth. Wherever there is economic growth, there will be population migration. All of this affects real estate. It’s going to get a lot worse before it gets better. But the good news is that it will get better. We have a global energy shortage. We think that energy is expensive at $1.50 per litre in C...2022-12-2906 min

The Real Estate Espresso PodcastAdverse SelectionOn today’s show we are talking about one of the unwritten rules that influences the success of medical facilities. In an ideal world, patients should be free to seek the medical care that is best suited to their condition. If they have insurance coverage, the insurer would pay the bill up to the limits of the insurance plan, and patients would get the best care possible. On today’s show I’m going to introduce you to a term you might not have heard before. The term is adverse selection. ------------ Host...2022-12-2805 min

The Real Estate Espresso PodcastSetting Powerful GoalsOn today’s show we are talking about how to set goals for the coming year. There are two types of goals that you can set. The first are attainment goals. These are the goals that have a specific outcome. It could be something like “Buy a new house for my growing family by December of 2023” Or perhaps “Increase my income to $20,000 a month by the end of the year.” Those are attainment goals. Attainment goals, if well articulated can be powerful guideposts in helping you determine the thousands of day to...2022-12-2705 min

The Real Estate Espresso PodcastRepeat of the 1920's?In the 1920’s stock market mania was in full bloom. The stock market was so hot that companies were issuing public share offerings at an unprecedented rate. In fact you didn’t even need an operating business to issue a public share offering in those days. The share offerings would sell out regardless making instant millionaires out of the company founders. Here are a few quotes from those days. "We will not have any more crashes in our time." This was said by John Maynard Keynes in 1927, two years befo...2022-12-2606 min

The Real Estate Espresso PodcastDr. Tom BurnsDr. Tom Burns is based in Austin Texas as one of the principals of Presario Ventures a private equity firm that specializes in construction of new apartments. On today's show we are talking about the current macro economic environment and how it's affecting new development projects. To connect with Tom, visit Rich.Life or email him directly at tom@richdoctor.com. For those in the medical profession get a copy of his book "Why Doctors Don't Get Rich". ----------------- Host: Victor Menasce email: podcast@victorjm.com 2022-12-2514 min

The Real Estate Espresso PodcastA Goal Without A Plan Is A HopeToday's show is an excerpt from the 2023 annual goal setting workshop. In this segment, we're talking about how to transition a goal into something tangible by putting a concrete plan behind it. Planning can be a daunting process. But it doesn't have to be. If you follow a few simple steps to avoid the largest planning mistakes, you can create the core a solid plan that you can execute. --------------- Host: Victor Menasce email: podcast@victorjm.com 2022-12-2412 min

The Real Estate Espresso PodcastShort Term Rental BustOn today’s show we are taking a deeper look at what is happening in the world of short term rentals. This industry has become so developed that there are specialists in virtually every aspect of short term rentals. There are products designed to automate so many aspects of owning and managing a short tern rental. There are tools to manage help you integrate the calendars and portals associated with multiple booking systems, whether it’s AirBnB, VRBO, Booking.com, Home away or Expedia. These systems don’t talk to each other. So if a client...2022-12-2306 min

The Real Estate Espresso PodcastWhy Would Investors Accept Low Returns?As real estate investors we are often conditioned to focus on rates of return as the primary criteria for investment. The past year has clearly adjusted investor expectations across the board. So far the stock market is down 25% this year. The bond market has been a traditional safe haven. There is no safety to be found in the bond market either. Our own criteria for investing has been steady for much of the past decade. Our aim has always been to create enough value that we can design an interim exit upon completion...2022-12-2205 min

The Real Estate Espresso PodcastHow Many Loan Exits Are There?On today’s show we are talking about global debt and the multiple exit strategies from that debt. Every stream of cash flow must have an exit strategy. When you go to the grocery store and put your groceries on your credit card, the institution who issued the card is lending you money. By the way, I don’t recommend you do this. The path to repaying that loan for most people is their employment income. If you’re being responsible with managing your debt, and have planned it out carefully, then you have a viable exit path o...2022-12-2106 min

The Real Estate Espresso PodcastEnvironmental Regulations Gone WildOn today’s show we are talking about one of the latest proposals to come from the securities and exchange commission. The proposed new rules which are outlined in a 490 page document that was circulating for comment since last year. Somehow in the middle of the pandemic capturing headlines, this story seemed to fly below the radar. Under the new rules, registered companies, that is, public companies would be required to make climate risk disclosures as part of the regular reporting to investors. Let’s be clear. This proposal is one of the wors...2022-12-2005 min

The Real Estate Espresso PodcastAging Services CrisisOn today’s show we are talking about changes in Aging Services. The senior housing category is one of the hottest areas of real estate investing. Unlike regular housing that is just bricks and mortar, senior housing is a service offering built on a real estate platform. A recent workshop hosted by Health Dimensions identified 9 areas for aging services evolution in the upcoming year. On today’s show we’re going to look at a handful of these areas. Later in the week, we will be looking at additional areas. --------------- Host: Victor Menasc...2022-12-1906 min

The Real Estate Espresso PodcastTom StaubTom Staub is based in Austin Texas where he is involved in large scale land development in outskirts of the city. These master planned communities offer features that are not found very often in typical suburban neighborhoods. To learn more, visit redoakvc.com. -------------- Host: Victor Menasce email: podcast@victorjm.com 2022-12-1816 min

The Real Estate Espresso PodcastKevin MayKevin May is the founder and CEO of Land Hub (www.landhub.com). His company specializes in land and only land. On today's show we are talking about how marketing land is different from other asset classes. ---------------- Host: Victor Menasce email: podcast@victorjm.com 2022-12-1711 min

The Real Estate Espresso PodcastTaking Advantage of InversionsOn today’s show we are talking about inversions of all kinds. We have an interest rate inversion. That’s when short term rates are higher than long term rates. That’s the market signalling that they believe an economic slowdown is upon us and that central bankers will have little choice but to lower rates when the realization of economic contraction becomes apparent. Higher interest rates have impacted returns in the stock market. They have caused prices to fall in the bond market which has devalued virtually all of the debt that has been issued in the pa...2022-12-1605 min

The Real Estate Espresso PodcastCleanup In Aisle 4 PleaseToday’s show is probably going to go down in history as one of the most important shows ever published on this podcast. That sounds like a bold statement. But the more I look at our global financial system, and out global monetary system, I’m increasingly convinced that there are so many time bombs out there, another financial crisis is inevitable. The only thing I can’t tell you is which pin will actually pop the balloon. On today’s show we are talking about how the Fed, the all powerful Fed, is actually a minor player i...2022-12-1406 min

The Real Estate Espresso PodcastIntroduction to Goal Setting 2023On today's show we're coming to you live from the 2023 annual goal setting workshop. These few minutes extracted from 2.5 days will give you a sense for the factors that enable effective goal setting. ------------------------ Host: Victor Menasce email: Podcast@victorjm.com 2022-12-1309 min

The Real Estate Espresso PodcastShort Sales Are BackOn today’s show we are repeating words that have not been heard for nearly a decade. In the wake of the GFC, short sales, underwater mortgages were pervasive in some markets and made up a significant percentage of market activity. Well according to a recent report from Black Knight, About 270,000 homebuyers who bought during the red-hot housing market this year already owe more than their house is worth. These market conditions are being compared with 2008 very regularly. It’s been nearly a decade since we heard the phrase short sale. It’s been nearly a decade since...2022-12-1305 min

The Real Estate Espresso PodcastSpecial Guest, Josh McCallenToday's episode was recorded on-location at the Renault Winery in southern New Jersey. Josh and his wife Melanie rescued this storied property out of bankruptcy four years ago with a tentative mission of extracting value from a distressed asset. Fast forward four years, a pandemic, and an economic cycle and this property has been transformed into a legacy project befitting its 150 year history. On today's show we're talking about the journey that Josh has taken the organization, and the property to deliver an experience that is extraordinary. To connect with Josh visit renaultwinery.com or the investment a...2022-12-1116 min

The Real Estate Espresso PodcastEric WeissEric Weiss is a world renowned executive chef and sommelier. He has served as food and wine consultant to the white house for 15 years, trained the staff at major properties all over the world. To connect with Eric, visit servicearts-inc.com ------------- Host: Victor Menasce' email: podcast@victorjm.com 2022-12-1014 min

The Real Estate Espresso PodcastMore Labor Market TurmoilOn today’s show we are talking about what impacting labor markets and how that can affect real estate. In the food and beverage industry we’re seeing a massive shortage of workers. The question is, where did they all go? We saw in the most recent statistics for the past month a trend that has been underway for much of the past six months. In November, the US enterprise employment report shows that 263,000 new jobs were created and that unemployment remains at a low 3.7%. A large percentage of jobs hired were in the travel, leisure and hosp...2022-12-0906 min

The Real Estate Espresso PodcastOff Balance Sheet FinancingOn today’s show we are talking about off-balance sheet financing. Increasingly, borrowers are seeking ways to hide their liabilities so as to appear financially stronger than they are in reality. This represents a growing risk to the economy and financial as our debt laden world sinks deeper into the abyss of rising interest rates. Let’s start with whether a liability needs to be disclosed on the balance sheet in the company financials or not. If not, why not? ------------- Host: Victor Menasce email: podcast@victorjm.com 2022-12-0806 min

The Real Estate Espresso PodcastIs a REIT The Same As Holding Real Estate?On today’s show we are asking the question as to whether investing in a REIT is the same as investing in real estate? In order to answer that question we first need to unpack and define what a reit is . A real estate investment trust is a publicly traded fund that is generally registered to be traded on a public exchange like the nyse or the Toronto stock exchange, and subject to a number of regulatory limits. ---------------- Host: Victor Menasce email: podcast@victorjm.com 2022-12-0605 min

The Real Estate Espresso PodcastElastic Money SupplyOn today’s show we are talking about the money supply and whether we would be better off with a fixed money supply such as when the dollar was on the gold standard. In a fixed money supply the economy cannot grow. In fact it is possible for commerce to be inhibited by a lack of money in the system. Back in the 1970’s the Italian Lira was dropping in value. That meant that the coins in circulation were worth more than the face value of the coins. You could melt down the coins and sell...2022-12-0505 min

The Real Estate Espresso PodcastLive From Norris RanchOn today's show, I'm coming to you live on location at the Norris Ranch on the outskirts of Colorado Springs. This is an extraordinary property that formed part of a much larger cattle ranch, originally close to 20,000 acres. --------------- Host: Victor Menasce email: podcast@victorjm.com 2022-12-0406 min

The Real Estate Espresso PodcastJoel FriendlandOn today's show we are speaking with Joel Freidland. Joel is based in Chicago where he specializes in industrial space in the Chicago. Today's show is packed with statistics on the market and how to helps if you have multiple sources for capital. You can connect with Joel at britproperties.com. -------------- Host: Victor Menasce email: podcast@victorjm.com 2022-12-0315 min

The Real Estate Espresso PodcastAMA - Accepting a Lower Rate of ReturnToday is another AMA episode. Tony asks “I love your show and I wake up to your voice every morning. So much quality in a few minutes. My question is, given the changing market conditions, have you had to change your investment criteria? If so, how have you changed them? Are you willing to accept a lower rate of return?” ---------------- Host: Victor Menasce email: podcast@victorjm.com 2022-12-0206 min

The Real Estate Espresso PodcastBOM - Iceland's Secret by Jared BiblerOur book this month is called “Iceland’s Secret “ by Jared Bibler. Jared is an American who worked on Wall Street as an analyst and trader. In 2004 after several trips to Iceland, he fell in love with the country and eventually sought employment in finance. His first role in Iceland was developing software that was used for asset management. He was finding the software development role to be a back room effort with little human interaction. After this, Jared took a role at one of the three large banks in Iceland on their trading desk. It was...2022-12-0106 min

The Real Estate Espresso PodcastInterest Rate Yield Curve InversionOn today’s show we are talking about what an inverted yield curve means for real estate investors. The yield curve is making headlines. The Wall Street Journal reports that the yield curve has not been this inverted since 1981 and 1981’s recession pushed unemployment rates even higher than the 2008 financial crisis. A yield curve inversion happens when short term rates are higher than long term rates. This is a bit like an atmospheric inversion. In an atmospheric inversion, the temperature at the ground is lower than the temperature up in the clouds. It can happen, just...2022-11-3004 min

The Real Estate Espresso PodcastHow Close Is The US to The End Game?How close is the US to a debt trap? We are all accustomed to thinking in linear terms. But exponential growth is all around us. Exponential systems grow without bound until they collapse. What is an exponential? It’s anything with compound growth. The only way for the collapse to be averted is for inflation to devalue the debt faster than the interest can accumulate. That makes it possible to issue more debt as a solution to lack of funds to service the debt. On yesterday’s show we talked about the prototype of the US v...2022-11-2905 min

The Real Estate Espresso PodcastThe Digital Dollar Is HereOn today’s show we are talking about central bank digital currency. This is the so-called digital dollar. Crypto currency started as a way to get transaction costs down to zero to enable micro-transactions online without the clearing costs of a Visa or Mastercard transaction. Now governments want to get into the game. There is a lot of opposition to digital currency from a privacy standpoint and rightly so. On today’s show we are going to examine some of the issues with programmable currency. There is no question that governments have to respond to cryp...2022-11-2805 min

The Real Estate Espresso PodcastKeith WeinholdKeith is a repeat guest on the show. He hails all the way from Anchorage Alaska where he invests, and he is also the host of the Get Rich Education Podcast. He has several resources to share with you at getricheducationpodcast.com/course. --------------------- Host: Victor Menasce email: podcast@victorjm.com 2022-11-2714 min

The Real Estate Espresso PodcastDerek DombeckDerek Dombeck is based in Wisconsin where he is the principal at a private lender specializing in residential investment and small multi-family properties. His foray into lending was an accidental path that resulted from the financial crisis that started in 2007. Derek also has two books he'd like to share with you. To connect with him and to get a copy of his books, send an email to derek@bestreifunding.com ----------------- Host: Victor Menasce email: podcast@victorjm.com 2022-11-2615 min

The Real Estate Espresso PodcastAnother Tiny Home StartupOn today’s show we’re talking about affordable housing initiatives. It’s no secret that housing in many major cities like Toronto, San Francisco, Vancouver, Los Angeles is increasingly difficult to find, and highly unaffordable. In a free market, this is a function of supply and demand. Many of these cities have struggled with allowing new supply as a result of bureaucratic gridlock. Some homeowners have added supply to the market by adding secondary suites, or accessory dwelling units. These are often a basement apartment in climates where homes have basements. Sometimes, it’s an attic...2022-11-2506 min

The Real Estate Espresso PodcastHow To Hire A Property ManagerOn today’s show we are talking about how to choose a property management company. Property managers come in all shapes and sizes. There are those who have strong corporate systems and processes and are excellent at managing hundreds of units on a single property. Then there are those who specialize in managing third party properties but do not dedicate staff to a single property. A single property manager might have a dozen or more clients. There are those property managers who aim to maximize their income on the back of the property ow...2022-11-2405 min

The Real Estate Espresso PodcastCompared To What?Can the silent tax solve our national debt problem? What is this silent tax I’m referring to? It’s inflation of course. The debasement of the currency has been used for centuries as a way of creating budgetary flexibility when governments have political desires that exceed the piggy bank. The ability to tax the population is limited by the tolerance of the population. Tax too little and you have ineffective government and anarchy. Tax too much and you have social unrest, and eventually violent revolution. Let’s imagine for a moment that the government collec...2022-11-2305 min

The Real Estate Espresso PodcastElectric ShockA lot has been said in very general terms about the looming energy crisis in Europe. Those of us who live in North America whether it’s the US or Canada simply have a hard time comprehending the scope of what is happening in Europe. I have family who live in Europe and on today’s show I’m going to put a personal connection to an energy bill. Most large apartment buildings in Italy have centralized heating that turns on at the end of November for the season. The fuel for heating is usually natura...2022-11-2206 min

The Real Estate Espresso PodcastGeorge RossGeorge Ross is a repeat guest on the show. On today's show George is offering his perspective on Donald's bid for President. He knows the man perhaps as well as anyone having worked with him for over 47 years. ------------- Host: Victor Menasce email: podcast@victorjm.com 2022-11-2014 min

The Real Estate Espresso PodcastSteve RozenbergSteve Rozenberg is based in Houston Texas where he flies 777 for a major airline, and he also invests in real estate. We discussed the mindset of a pilot and how it makes him a better real estate investor. You can learn more or connect with Steve at SteveRozernberg.com. ----------------- Host: Victor Menasce email: podcast@victorjm.com 2022-11-1914 min

The Real Estate Espresso PodcastThings Are Different Now, or Are They?Folks there are about six weeks remaining in 2022. I believe goal setting is a critical component of success. If you have not started planning for next year, you are probably going to start the year without a solid plan. If you’re planning in January, then you missed the starting gun. Every year, our team takes three days to plan the upcoming year. This year, we will be doing that work from December 9-11. It will be a face to face session held over those three days in Ottawa Canada. We have only a few number seats available for th...2022-11-1806 min

The Real Estate Espresso PodcastReversion To The Mean Is A MythOn today’s show we are asking the question “Are we in an orderly market?” Market volatility can be a function of exaggerated trading activity. In extreme cases, it can be the result of market manipulation. In the world of real estate, there are those market experts who are saying that we need to look at the long term averages. If you look far enough back you can construct a rolling average. This thinking says that over the long term, home prices cannot exceed an average price to income ratio. Things will return to normal. ...2022-11-1505 min

The Real Estate Espresso PodcastHiring A Good EngineerOn today’s show we are talking about the importance of hiring the best engineers for your real estate development projects. Engineering is not just about technical knowhow. Engineering designs are multi-dimensional. When you fix one variable, you can often break another. When problems arise in engineering it’s almost always a result of an incorrect scope, or an incorrect assumption or understanding of the design requirements. When we hire engineers, the results are often mixed. There have been some painful lessons along the way. In all cases, we hired competent engineers. They understood the spec...2022-11-1405 min

The Real Estate Espresso PodcastLeslie Anne MorrisAll the way from Nashville, Tennessee, Leslie Anne Morris specializes in short term rentals in the Smokey Mountains. Today's show is a deeper examination of the laws of supply and demand and how choosing the best location is vitally important when it comes to short term rentals. Her website is JoshsCabins.com or InvestInthesmokeymountains.com where you can book a short term rental or learn more about investing in the area. ---------------- Host: Victor Menasce email: podcast@victorjm.com 2022-11-1314 min

The Real Estate Espresso PodcastMatt PichenyMatt Picheny is based in NYC where he started his career as a starving actor in live theatre. His journey into real estate investing is unique and inspiring. You can learn more and connect with Matt at picheny.com. Matt is also the author of the newly released book "Backstage Guide to Real Estate Investing". ------------- Host: Victor Menasce email: podcast@victorjm.com 2022-11-1212 min

The Real Estate Espresso PodcastAMA - Ground LeaseToday is another AMA episode (Ask Me Anything). Today's question comes from Collins I’m the owner of a nice property on one of the main highways in an area of south Alabama that has sustained steady growth over the last 30 years. In fact, the city recently placed a year long moratorium on development. I saw this time as an opportunity to achieve favorable zoning and have my land packaged for any would be purchasers or developers. I am a “land dealer” in the IRS’s eyes so I’m taxed at ordinary business i...2022-11-1106 min

The Real Estate Espresso PodcastConstruction Supply Chain UpdateOn today’s show we are talking about what’s happening in the world of construction. The supply chain shortages of the pandemic are continuing as China pursues it’s zero Covid policy. New lockdowns have been ordered in Guangzhou, one of China’s largest manufacturing hubs. So much of what we buy is sourced from manufacturing in China. Shortages are not only about materials. It’s also about labor. There is no doubt that some trades people are busy with a backlog that stretches 18 months or more. These projects were committed in 2020. But increa...2022-11-1005 min

The Real Estate Espresso PodcastDevelopment IncentivesOn today’s show we are talking about the impact of construction cost saving on rental affordability. The narrative among tenant’s rights groups is that landlords are out there just getting rich and exploiting tenants. Developers need to be building more affordable housing. In Canada, the government in the province of Ontario has finally been recognizing that the cost of housing is linked to a few inexorable facts. The cost of rental housing is partly a function of supply and demand. If there are too many impediments to increasing supply, then the price of r...2022-11-0906 min

The Real Estate Espresso PodcastCondo AssignmentsOn today’s show we are talking about a shadow market that appears in the grey zone of the real estate market. When a condo developer launches a new building, you often get speculators who make purchase commitments on newly released units. They believe these first units released into the market are the lowest price point and that all future sales for those units will be at higher prices. It is true, that many condo developers do indeed have a price escalation built into their pricing model. Buying at the very start of a project on the fi...2022-11-0805 min

The Real Estate Espresso PodcastWhere Will The Job Losses Come From?We are reading the headlines about layoffs that have started across corporate America. Twitter made headlines this week. But then anything involving Elon is making headlines these days. Even Facebook parent Meta is expected to lay off thousands after hiring nearly 42,000 employees since the start of the pandemic. Free cash flow at the company has fallen 98% in recent months. This is not limited to the US of course. It’s happening globally. If the economy is so strong as we are being led to believe, then why are these layoffs happening? Is it going to get worse? If...2022-11-0707 min

The Real Estate Espresso PodcastMike AyalaMike Ayala now calls Austin Texas home. He and his partner Andrew Lanoie own, manage and operate a sizeable portfolio of mobile home parks. To learn more and to connect with Mike, check out the Investing for Freedom podcast. ----------------- Host: Victor Menasce podcast@victorjm.com 2022-11-0513 min

The Real Estate Espresso PodcastAMA - Development CriteriaToday is another AMA episode (Ask Me Anything). William from Northern California asks, I find myself coming across more development opportunities and I'm needing some better "back of the envelope" criteria to help separate the wheat from the chaff. Almost every deal requires spending some amount of pre-development money to bring the project into better focus. However, at some point you should be able to come to a go/no-go decision based on the numbers, after which you would kick the deal or renegotiate the price. hat does your "back of the envelope" criteria look like in ord...2022-11-0406 min

The Real Estate Espresso PodcastLeading Economic IndicatorsOn today’s show we are taking a look at some leading economic indicators that may give us some clues as to what is happening in our economy, ahead of the Federal Reserve’s meeting this week. I’m a huge believer in the law of supply and demand. In a world of short term business visibility, just in time manufacturing, it’s difficult to see supply gluts form until they’re upon you. Supply gluts can happen quickly, and before you know it, you have an excess of inventory. The opposite can happen too. We saw sho...2022-11-0206 min

The Real Estate Espresso PodcastBook Of The Month - Skin In The Game by Nassim Nicholas TalebOur book this month comes from Nassim Nicholas Taleb. He’s famous for his book “The Black Swan”. This book reshaped our culture’s thinking around rare but completely predictable events. His book, moved an entire generation of business leaders, and the title of his book The Black Swan has become part of the business vernacular. In fact, I would venture to say that most people who use the phrase Black Swan don’t really know what it means. So when Nicholas Taleb wrote another book, I knew it would be well researched and well written. The phra...2022-11-0105 min

The Real Estate Espresso PodcastAMA - Building Product InformationToday is another AMA episode (Ask Me Anything). Paul from Northern Florida asks. I would like to first thank you for your work on your show. Your broad range of subjects and guest has made this a daily must listen to program for me. So thank you again. I would like to ask your thoughts on product research for new residential construction projects. While I am not a developer nor do I want to become one I am in the process of selling my business and I want to do a couple of projects. I...2022-10-3106 min

The Real Estate Espresso PodcastGeorge RossOn today's show George and I are discussing maintaining flexibility in negotiation. At the end, George offers some advice on how to negotiate with politicians. We are so blessed to have George's advice. At 94 years of age, one of the wisest men I know. ----------------- Host: Victor Menasce email: podcast@victorjm.com 2022-10-3012 min

The Real Estate Espresso PodcastMichael CoffeeMichael Coffee is with Stacksource.com, a fintech company that provides an automated and streamlined borrowing process for commercial real estate projects. The service matches the borrower with the lender that offers the best terms to the borrower's needs. You can find Michael on LinkedIn, or connect with him directly at michael.coffee@stacksource.com ------------ Host: Victor Menasce email: podcast@victorjm.com 2022-10-2915 min

The Real Estate Espresso PodcastSo Much Confusing InformationOur world is very confusing at the moment. Whatever thesis you create, you can find the evidence to support your point of view. Even a review of the headlines in the Wall Street Journal on a single day can be contradictory. Apple reports record revenue. Amazon forecasts falling sales and the shares dropped 12% in after hours trading US Gross Domestic product up 2.6% in the third quarter. Boeing reports a loss. Google reports falling advertising revenue. Facebook reports falling advertising revenue, Fedex reports falling revenue and suspends guidance. -------------------- Host...2022-10-2805 min

The Real Estate Espresso PodcastAMA - Minimizing Environmental ImpactToday is another AMA episode (Ask Me Anything). Mike asks, Hi Victor, I listen to your great podcast a lot and I notice that you and your company do a lot of development, which obviously effects and impacts the worlds environment that we all share. You seem like a very practical and good person, so I’m wondering what do you and your company do to make sure that your projects are sustainable and are not just hurting the environment? --------------- Host: Victor Menasce email: podcast@victorjm.com 2022-10-2706 min

The Real Estate Espresso PodcastWhat is SOFR and Why Do I Care?As real estate investors we are very sensitive to interest rates. Rates for permanent loans are indexed to the yield on the 10 year treasury and in some cases on the yield for the 30 year treasury. But for short term financing like bridge financing or construction loans, these loans are indexed historically to LIBOR. It’s common to see a construction loan with a rate of LIBOR + 5.75% with a floor of, say, 8.5%. So what is this thing called LIBOR and why is it used to set rates for commercial bridge loans? For more than 40 ye...2022-10-2606 min

The Real Estate Espresso PodcastAnnouncing The Norris RanchOn today’s show we’re talking about a major development project that we have underway. We closed yesterday on a parcel of land consisting of 1783 acres on the edge of Colorado Springs. This property was part of a much larger property called the Norris Ranch that originally was close to 20,000 acres. There is a story behind Mr. Norris and the Norris Ranch. We purchased the property from Mr. Steve Norris, son of Bob Norris who died in 2019 at the age of 90. Bob Norris was a cattle rancher. Through an unlikely turn of events, Mr. Norris had an elephant on h...2022-10-2505 min

The Real Estate Espresso PodcastAMA - How Are Bond Yields Calculated?Today is another AMA episode (Ask Me Anything). Davindra asks I am a long time listener of your RE espresso podcast and have thoroughly enjoyed your well thought out and efficiently delivered content. Time permitting, I had a question on the most recent podcast about potential scenarios for the economy. In the second scenario, you said, bonds would have a significant "run up" as interest rates stabilize. Can you explain what this means? I've been trying to wrap my head around the bond market but there are so many moving parts that affect it, and affect different matu...2022-10-2405 min

The Real Estate Espresso PodcastAllison WilliamsAllison Williams is a lender with walkerdunlop.com. On today's show we are talking about financing for multi-family apartment assets. Today's points are timely and top of mind for many investors. --------------- host: Victor Menasce email: podcast@victorjm.com 2022-10-2313 min

Real Estate EspressoBook of the Month - "Made To Stick" On today show we are featuring the book of the month. In order to be considered for book of the month, a book has to meet a very simple criteria. Work must be impactful enough to change your life or your perspective on the world. Whether it does or not of course is up to you. You might consume the content, remark on how good it is, and continue your life as before. But if you do you’re missing the point.Our book this month is by two brothers who are both university professors on...2019-07-0105 min

Real Estate EspressoYou're in Luck! Changes to the Zoning Code.You can get in touch with the host Victor Menasce at victorjm.com. In today's episode we're talking about changes to the zoning code and what can happen even if that change looks really promising. 2018-02-2504 min