Shows
The Real Estate Espresso PodcastBLS BSWelcome to the Real Estate Espresso Podcast, your morning shot of what’s new in the world of real estate investing. I’m your host, Victor Menasce.On yesterdays show we talked about the employment numbers for the US from payroll processing company ADP. The ADP numbers were a weak but in my view accurate reflection of the state of the labor market in the US Today the Bureau of Labor Statistics published their employment report for January. I’m here to tell you to skip the headline and in particular pay attention to the part mo...
2026-02-1106 minThe Real Estate Espresso PodcastReal Network Hack AttacksRegister for the Victor AI Demonstration Webinar December 16-------------On today’s show we are talking about real life network security and the importance of cyber security in today’s connected world. But first, I’d like to invite you to a webinar next week on December 16 where I will be demonstrating the use of our new AI tool which we affectionately call VictorAI. This is our own custom language model which is built on top of ChatGPT. We trained VictorAI with the contents of the Real Estate Espresso podcast and my book Magneti...
2025-12-1006 minThe Real Estate Espresso PodcastComing Soon - Victor AIOn today’s show we are talking about how to search the Real Estate Espresso Podcast. With over 2800 episodes there is a significant body of work. We have many loyal listeners and I often hear about past episodes from listeners. Searching 2800 episodes for something you have heard in the past can be a daunting task. So much so that most people won’t even try. So we have made the investment in creating a custom AI tool, specific to the Real Estate Espresso podcast.Let’s imagine that you want to know what did Victor have to say ab...
2025-10-2806 minThe Real Estate Espresso PodcastWhat The Heck Do I Do All Day Long?Some people ask me, Victor what does a typical day look like for you? On today’s show we are talking about one of the daily flows of being a developer in today’s environment. I’m naturally involved in talking with investors, with leading parts of our organization, with negotiating contracts, and with reviewing project plans, performing due diligence. But today’s I’m going to focus on just one aspect of my weekly workflow. There is a certain strength that comes from repetition of an exercise. In the gym, you can lift heavier wei...
2025-09-0606 minThe 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 minThe 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 minThe 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 minThe 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 minThe 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.
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Host: Victor Menasce
email: podcast@victorjm.com
2024-05-0431 minThe 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.
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Host: Victor Menasce
2024-04-2406 minThe 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 minThe 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.
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Host: Victor Menasce
email: Victor@victorjm.com
2024-04-1005 minThe 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.
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Host: Victor Menasce
email: podcast@victorjm.com
2024-03-1905 minThe Real Estate Espresso PodcastAMA - Construction Budgeting SoftwareToday is another AMA episode (Ask Me Anything). Rueben asks:
Can you suggest a good program for helping me build out my budget for a new single family 1500 sq. ft. construction?
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Host: Victor Menasce
email: podcast@victorjm.com
2023-08-2505 minThe Real Estate Espresso PodcastStudent Housing Supply and DemandOn today’s show we’re talking about demographics and policy. In Canada, our fertility rate is 1.48. We’re not making enough babies to maintain population. Like most western economies, fertility rates are below the 2.1 required to maintain population constant.
The US is at 1.64
Italy is at 1.24
China is at 1.09
So countries with low fertility and rising populations are acquiring population through immigration. That’s true in the US, Canada, and much of Western Europe.
Canada is a large country in terms of land mass...
2023-08-2405 minThe Real Estate Espresso PodcastAMA - Am I Over-insured or Under-insured? Today’s question comes from Paul, who asks: I have a multi family apartment project that is currently up for renewal of its insurance policy. I have a quote for new insurance, but I’m having a difficult time, assessing whether the insurance being quoted is going to leave me over insured or under insured. I would like to have replacement cost insurance. How would I determine replacement cost for an apartment complex that is 40 years old. How do I determine the correct level of coverage?
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HostL Victor Menasce
email: podcast@victorjm.com
2023-08-2305 minThe Real Estate Espresso PodcastWhat is Really Happening in the Chinese Economy?On today’s show we are taking a look at the economy in China. China is the world’s second largest economy and it is the most systemically important from a consumer perspective. China is the factory of the world, at least for now.
As China’s industrial sector boomed over the past 40 years. People moved from the farms into the cities in order to work in factories. The growth in manufacturing was only possible through the availability of inexpensive labor coming from the farms.
We’ve seen entire cities built on speculation with the assumption...
2023-08-2206 minThe Real Estate Espresso PodcastMarket Advantage for Fund Managers with Ken GeeKen Gee is based in Cleveland Ohio and he invests in multi-family assets. On today's show we are talking about the merits of a fund model versus syndicating individual deals. To connect with Ken and to learn more, visit kripartners.com
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Host: Victor Menasce
email: podast@victorjm.com
2023-08-2014 minThe Real Estate Espresso PodcastGetting Zoning Approval From The CityOn today’s show we are talking about the process for getting properties rezoned. The subject of today’s show is a three parcel land assembly in my home city of Ottawa Canada.
At the start of the planning committee meeting there were no less than six projects being reviewed. Several that had contentious elements were held for further discussion after the procedural portion of the meeting.
That front end portion of the meeting that lasted a total of 11 minutes. In that time, all of the projects were announced including our project. The committee basically uses...
2023-08-1705 minThe 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!
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Host...
2023-08-1604 minThe Real Estate Espresso PodcastLessons From ArgentinaOn today’s show we are taking a look at what can happen when politicians print too much money. The US, Japan, Canada, the UK, and Europe, China and many others are all at risk of becoming financially unstable. Argentina has a history of being fiscally irresponsible. The country has debased the currency a lot over the past two centuries. The country has also defaulted on its debt 9 times in the modern history.
Argentina defaulted on its foreign debt in December 2001. Many analysts thought this would lead the country into a long period of stagnation and would make...
2023-08-1507 minThe Real Estate Espresso PodcastArchitectural Design with Susan KingSusan King is based in Chicago where she works with HED, a major national architectural design firm. On today's show we are talking about architecture and how it applies to design of affordable housing. To connect with Susan, visit HED.design or connect with her on LinkedIn at https://www.linkedin.com/in/susan-king-faia-leed-ap-bd-c-lfa-0057b45/
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Host: Victor Menasce
email: podcast@victorjm.com
2023-08-1313 minThe Real Estate Espresso PodcastLive From The Investor Summit 2023We hear about all of the risks in the current market environment. But we rarely hear ideas on what you can do to find opportunity in the current conditions. Today's talk was recorded at the 2023 Investor Summit.
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Host: Victor Menasce
email: podcast@victorjm.com
2023-08-1238 minThe Real Estate Espresso PodcastA Globally Synchronized Deflationary RecessionOne of the goals of this show is to help you connect the dots on what is happening in the economy. Today’s show is not strictly about real estate. However, we have seen central banks in the US, Canada, Europe, and the UK all raising interest rates to combat inflation.
On today’s show I’m going to share some data with you that hopefully will convince you that we are already in a global downturn which will cause central bankers to flip from restrictive monetary policy to stimulative monetary policy. There is no soft landing in thi...
2023-08-1105 minThe Real Estate Espresso PodcastMore Banking Headwinds Are ComingLast week Fitch downgraded the sovereign debt rating for the United States. And late Monday, Moody’s downgraded the ratings of several US banks. Moody’s took action on 27 banks, including downgrading the credit ratings of 10 and putting others under review or giving their ratings a negative outlook.
Many of the reasons for the actions will be familiar: Rising deposit costs and risks to commercial property and construction loans posed by the shift to remote work.
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Host: Victor Menasce
email: podcast@victorjm.com
2023-08-1005 minThe Real Estate Espresso PodcastChanging Accreditation RequirementsIf you're currently an accredited investor, then you definitely want to pay attention because I believe that in a year from now you may not be accredited any longer. And if you are not an accredited investor, then I've got some good news for you, because there's actually a non-financial path that you can take to becoming accredited. Currently, the SEC is looking into increase in the accredited investor qualification threshold from its current $1 million net worth requirement to as high as $10 million as reported by Bloomberg.
One of the byproducts of inflation is that what once...
2023-08-0904 minThe Real Estate Espresso PodcastIs The Fed Biased?On today’s show, we are looking at a human phenomenon called bias. We would like to think that the professional, economists and decision makers in government, or making objective decisions using hard data. However, we see the exact opposite and play in numerous facets of our economy. On today’s show I’m going to give you two distinct examples from vastly different areas of government. Both of these examples have had severe economic impact with nothing more than recent events to skew the decision making process.
Biases are often clouding the human decision making process. The mo...
2023-08-0706 minThe Real Estate Espresso PodcastProperty Management Affiliates with Arielle EvanArielle Evan comes to us from Israel where she is CEO of Compera. The company is focused on managing affiliate relationships for property managers and tenants across multiple domains. By offering preferred services to tenants, the landlord provides a valuable service and this can also translate into a supplementary revenue stream. To learn more or to connect with Arielle, visit Compera.io or email Arielle@compera.io
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Host: Victor Menasce
email: podcast@victorjm.com
2023-08-0607 minThe Real Estate Espresso PodcastEngineering Profits with Joseph VieryOn today's show we are talking about how to use cost segregation to take advantage of tax savings. Joseph dispels some myths around cost segregation that could result in major savings even for smaller properties.
Another area of major savings is energy. There are grants and tax credits available under the inflation reduction act that can make energy improvements compelling for all types of properties.
To learn more, you can connect with Joseph at ustagi.com
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Host: Victor Menasce
email: podcast@victorjm.com
2023-08-0513 minThe Real Estate Espresso PodcastAMA - Why Do These Buildings All Look The Same?Today’s question comes from Steve in Salt Lake City
I have noticed living in the greater Salt Lake area that the styling of new multi family buildings has become very cold and austere it’s almost like the same template is being used. What factors do you use and what are your opinions on exterior building styling and it’s importance?
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Host: Victor Menasce
email: podcast@victorjm.com
2023-08-0406 minThe Real Estate Espresso PodcastMore Bleeding In The Hotel IndustryOn today’s show we are talking about how the forecast bloodbath in hospitality is just getting started. Last month we saw two of San Francisco’s large hotels handing the keys back to the lender. The owner of the San Francisco Hilton and the Park 55 Hotel announced in June that it will immediately stop making payments toward a $725 million loan, slated to mature November 2023. These two hotels represent about 3,000 hotel rooms. The troubles in San Francisco have been widely covered in the mainstream news media. Locals and businesses have been leaving the city in droves. The troubles in SFO...
2023-08-0305 minThe Real Estate Espresso PodcastIndustrial Market UpdateOn today’s show we are talking about industrial and what can happen when investors move en masse toward the same target. The folks at Marcus & Millichap issued a wave of mid year updates on the industrial sector for almost all of the major markets across the US.
The thesis is that with the growth of e-commerce and with supply chain constraints during the pandemic and with geopolitical risk, there would be need for more warehousing in North America.
We humans have a tendency to project current market conditions into the future. This is called rec...
2023-08-0205 minThe Real Estate Espresso PodcastBook Of The Month - "Influence" by Robert CialdiniIn his groundbreaking book "Influence: The Psychology of Persuasion," renowned social psychologist and marketing expert Robert Cialdini. He delves into the world of human behavior and unravels the secrets behind the art of persuasion. Cialdini came from the world of academia that had long resisted publishing works in the popular press instead of strictly academic publications. It was with concern about ridicule from his peers and with great hesitancy that his book was written with a broad audience in mind.
First published in 1984, this timeless classic remains relevant and influential, serving as an essential guide for anyone s...
2023-08-0105 minThe Real Estate Espresso PodcastAMA - What Do You Think Of Diversification?Today’s question comes from Chris who writes.
What are your thoughts on diversification? I keep hearing about how diversification is important to mitigate risk. How would you diversify your real estate investments? I’m not even clear on what would be considered to be truly diversified versus scattered.
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Host: Victor Menasce
email: podcast@victorjm.com
2023-07-3104 minThe Real Estate Espresso PodcastFranchise Shares with Kenny RoseKenny Rose is based in Chicago Illinois where he is the principal at Franshares a company that specializes in fractionalizing share ownership in franchises across the USA. Franchises come in all shapes and sizes. They range from food and beverage, to fitness, to waste management to property management. On today's show we are looking deeper at franchising and the opportunity to own fractional shares in frachises.
To connect with Kenny, visit franshares.com.
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Host: Victor Menasce
email: podcast@victorjm.com
2023-07-3008 minThe Real Estate Espresso PodcastSolar Farms With Travis godonTravis Godon is based in Ely Nevada where he specializes in land development for large utility scale solar farms. On today's show we are talking about the criteria that make for a suitable solar farm. To learn more or to connect with Travis, seek him out on LinkedIn at https://www.linkedin.com/in/travis-godon-b4a772ba/
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Host: Victor Menasce
email: podcast@victorjm.com
2023-07-2912 minThe Real Estate Espresso PodcastWhat Can Government Do?On today’s show we are taking a snapshot look at how one state is trying to address housing affordability.
Home pricing follows the laws of supply and demand. Sellers put their home on the market and buyers place an offer. That price might be low than asking price, higher than asking price, or at the asking price. It’s a full contact negotiation. There is nothing compelling a buyer to pay a particular price. If the buyer and seller can’t come to terms, then no deal gets done. This is the classic process of price discove...
2023-07-2805 minThe Real Estate Espresso PodcastIs AI Useful Or to Be Feared?On today’s show we are not talking about real estate, but instead about a major shift that is taking place in society.
We have an unstated assumption in our world that more is better. We want more money, a bigger house, a faster car, a bigger boat.
As investors we want more units, more mobile home parks, a higher rate of return, a longer vacation.
Marketers want more content, more more more. We are literally carpet bombing people with advertising.
To what end?
That is the same impetus that dr...
2023-07-2705 minThe Real Estate Espresso PodcastHousing Is A Right?Tenants can hardly be blamed for being confused. Many have never owned a home and they have no idea what it costs to own and maintain a property.
With the rise in interest rates, home affordability has become even more expensive. Inflation has affected many of the maintenance and repair costs. Air conditioners have gone up between 15%-25% in the past year. If your air conditioner fails, you will feel the pinch. That means your replacement budget just took a substantial hit as well.
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Host: Victor Menasce
email: podcast@victorjm.co...
2023-07-2506 minThe Real Estate Espresso PodcastShort Term Rentals with Shawn MooreShawn Moore is based in Park City Utah where he specializes in short term rentals. On today's show we are talking about the state of the short term rental market and how it is changing and "growing up". To learn more or to connect with Shawn, visit https://vodyssey.com
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Host: Victor Menasce
email: podcast@victorjm.com
2023-07-2313 minThe Real Estate Espresso PodcastSara MartinSara Martin is an architect and project manager with HED specializing in design of data centers for high capacity computing installations. On today's show we are talking about the data center industry and the characteristics of a modern data center. To learn more you can visit hed.design or connect with Sara directly on LinkedIn at https://www.linkedin.com/in/sara-martin-7b61b546/
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Host: Victor Menasce
email: podcast@victorjm.com
2023-07-2213 minThe Real Estate Espresso PodcastWhy We Don't Have Hyperinflation (yet)On today’s show, we are looking at different types of money printing to understand the impact that money supply has on consumer price inflation. Have you wondered why we don’t have hyperinflation with the tens of trillions of dollars that are loaned into existence through the banking system? There is one school of thought that says all forms of inflation are rooted in debasement of the currency. That theory says that inflation is a monetary phenomenon that is the result of inflation of the money supply. The price increase we see is a symptom of the inflation and...
2023-07-2105 minThe Real Estate Espresso PodcastAMA - Minimum Underwriting StandardsToday’s show is another AMA episode (Ask Me Anything)
Allan asks:
I have been listening to your show for about two years now and love the depth and variety of what you share. I’m amazed at how much you can pack into just a few minutes.
My question is, what are your minimum deal standards when you consider a new development deal? I’m finding that the numbers are more difficult to make work in the current environment with the rise in intere...
2023-07-2005 minThe Real Estate Espresso PodcastIntensification is Eco FriendlyOn today’s show we are talking about how maturing cities handle growth and development.
There are two costs associated with growth. There is the initial cost, and then there is the lifecycle cost.
Buildings and neighbourhoods go through cycles of development, stagnation, decline and renewal. Cities therefore go through cycles as well.
When a city is growing it costs money to build roads and schools and infrastructure like water treatment and sewage treatment. These costs are initial costs that are often paid for by de...
2023-07-1905 minThe Real Estate Espresso PodcastSome numbers Are Not AdjustedOn today’s show we are looking at one of the most convincing economic indicators in advance of next week’s Federal Reserve meeting.
We hear politicians talking about how the economy is strong and how unemployment is near record lows. Inflation is coming down, but core inflation remains elevated. Maybe there will be a mild recession or a soft landing in the fourth quarter of this year. For now, we have a hot economy. The consumer is driving the economy. Airlines are reporting record profits.
For the first five...
2023-07-1705 minThe Real Estate Espresso PodcastLeft Field Investing with Jim PfeiferJmi Pfeifer is the founder of Left Field Investing an online investment club with about 1,800 members. On today's show we are talking about how the community operates.
To connect or to learn more, visit leftfieldinvesting,com
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Host: Victor Menasce
email: podcast@Victorjm.com
2023-07-1611 minThe Real Estate Espresso PodcastBuilding In Difficult Communities with Leandro Tyberg and Arturo SneiderLeandro and Arturo are principals at Primestor, a Culver City development company specializing in building in some difficult parts of South Los Angeles.
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Host: Victor Menasce
podcast@victorjm.com
2023-07-1512 minThe Real Estate Espresso PodcastEvaluating Two Vastly Different ProposalsOn today’s show we are talking about how to evaluate a proposal from a consultant. We are going to look at two proposals from different geotechnical engineers. These two proposals differ significantly in both price and scope. One proposal is nearly double the price of the other. How would you evaluate which quote to accept? Which proposal is better?
Let’s start with even asking the question: Why do you need a geotechnical engineer? What do they do, and why do you even need to spend money on this?
The geotechnical engineer does an anal...
2023-07-1406 minThe Real Estate Espresso PodcastHow Governments Lie About The EconomyOn today’s show we are talking about some of the tricks that bureaucrats use to manipulate the inflation metrics that are being used to decide monetary policy. The cost of money affects the cost of virtually everything we buy. So the power to manipulate the economy and affect the fortunes of an entire population is in the hands of a handful of people who quite frankly have not earned the right to wield so much power.
But before we talk about the manipulations we need to define a few terms so that the inc...
2023-07-1306 minThe Real Estate Espresso PodcastJustice Delayed Is Justice DeniedOn today’s show we are taking a look at a looming problem that threatens the functioning of the entire legal system in North America.
Justice delayed is justice denied. The rule of law depends upon having a functioning legal system. In the absence of a working legal system, criminals will increasingly take their chances that the statute of limitations will prevail and they will get away with offences that in a different environment would result in litigation, judgements, and possibly even criminal convictions.
There is a shortage of ju...
2023-07-1205 minThe Real Estate Espresso PodcastAMA - Developing Near WetlandsThis question comes from Elizabeth who asks:
I’m looking at a property which borders on an environmentally protected wetland area. Of the acreage, about 80% is outside the environmentally protected zone. So I should be able to develop on the part that is not environmentally protected. What should I look out for when considering this property?
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Host: Victor Menasce
email: podcast@victorjm.com
2023-07-1106 minThe Real Estate Espresso PodcastWhat Are The Numbers Telling You?On today’s show we are taking a look at the weeks ahead. We are expecting a number of announcements including the upcoming interest rate policy when the federal reserve meets near the end of July.
The latest numbers coming out of Washington suggest a robust economy. At least that is the official narrative. Yet there are so many other metrics pointing in the opposite direction.
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Host: Victor Menasce
2023-07-1005 minThe Real Estate Espresso PodcastProperty Management Software with Vikas GuptaVikas Gupta is based in Pasadena California with a software startup called Azibo. Azibo is a software company that specializes in serving smaller independent landlords with a property management system that is highly integrated, but still easy for smaller landlords to use. To learn more or to connect, visit azibo.com
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Host: Victor Menasce
email: podcast@victorjm.com
2023-07-0911 minThe Real Estate Espresso PodcastInsurance Industry Explained with Calvin RobertsCalvin Roberts might be the youngest insurance brokerage principal I've ever met. But he is clearly one of the most knowledgeable. On today's show we are talking about the massive increases in insurance premiums and explaining the underlying factors.
To learn more or to connect with Calvin, visit falconinsagency.com.
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Host: Victor Menasce
email: podcast@victorjm.com
2023-07-0814 minThe Real Estate Espresso PodcastBuilding Inside OutOn today’s show we are talking about the architecture of the future. We are all accustomed to seeing the usual rectangular buildings with the vertical walls and 90 degree angles everywhere. Architects made them more interesting by articulating the facade with indentations and projections. Changing the materials on the exterior creates a sense of form, superimposed on what is still a rectangle.
I know what you’re thinking, any other shape is simply too costly to create. Standard materials can’t be used and it requires a tremendous amount of customization to create any other s...
2023-07-0705 minThe Real Estate Espresso Podcast2,000 Episodes and a Thought ExperimentToday is a milestone for the Real Estate Espresso Podcast. This is the 2000th episode of the podcast. It seems like yesterday that the podcast was a concept, an idea. I had been experimenting with various ways of communicating and had been a guest on numerous shows. Publishing a show for 2,000 days in a row has definitely been a project.
In fact, of the 2M podcasts out there, 90% quit after 3 episodes, and another 90% of the remainder quit by episode 20. So to help celebrate 2,000 episodes, we’re going to be holding a little contest. A few lucky winners wil...
2023-07-0605 minThe Real Estate Espresso PodcastAMA - Should I Buy That Brownfield Site?Today’s question comes from Matt who asks:
I have a property that we are considering buying that is in a hot neighborhood. The rents in the area are $2,500 a month for a 2BR apartment which is strong for the city as a whole. The city is a rustbelt city that has seen a lot of growth
The subject property was an industrial site that likely has contamination. The phase 1 indicates there is lead in the ground and there are likely petroleum products in the ground as well.
The seller is pushing for a cl...
2023-07-0506 minThe Real Estate Espresso PodcastThe Acute Labor Shortage In ConstructionOn today show, we are looking at the market for construction workers. With the rising interest rates, there has been a significant reduction in the number of construction jobs underway compared with the same period Last year.
It’s no secret that there is a shortage of workers in construction jobs.
According to a report in yesterday’s Wall Street Journal, many builders in Florida are experiencing an acute shortage of workers.
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Host: Victor Menasce
email: podcast@victorjm.com
2023-07-0405 minThe Real Estate Espresso PodcastWhy Is Unemployment So Low?On this podcast we keep trying to make sense out of this economy. It is confusing and there are numerous contradictory signals.
On today’s show we are taking a look at why there appears to be a labor shortage. We keep hearing about the so-called labor shortage and politicians and the Fed keep pointing to the historically low unemployment rate.
So where did all the people go? There was not a labor shortage before the pandemic, although we did have historically low unemployment even back in 2019.
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Host: Victor Menasce
2023-07-0305 minThe Real Estate Espresso PodcastStewart HeathStewart Heath is based in the Huntsville market where he invests in stabilized commercial assets that have a customer facing component. On today's show we are talking about the opportunity that is coming in the world of commercial real estate, as well as some of the risks and pitfalls. Stewart can be found at harvardgracecapital.com
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Host: Victor Menasce
email: podcast@victorjm.com
2023-07-0213 minThe Real Estate Espresso PodcastAre You Confused?Norway raised their interest rates by 50 basis points and announced another raise in August.
Switzerland raise their benchmark rate by 25 basis points.
The UK raised it’s benchmark rate by 50 basis points up to 5%.
China lowered its rate because they see ahead what is going on in the real economy.
If you’re confused by all of this seemingly contradictory data, you’re probably not alone. It is confusing.
The root of the uncertainty and the apparent contradictions can be found by looking deeper at the data. There is one th...
2023-06-2805 minThe Real Estate Espresso PodcastNavigating Current Market Conditions with Ken McElroyKen McElroy is based in Scottsdale Arizona. I caught up with Ken and his sons in Belize this month where we were speaking at the Investor Summit on Sand. On today's show we are talking about the key constraints in the current environment. To connect with Ken, visit KenMcElroy.com where he shares tons of content and a very widely followed podcast and Youtube Channel.
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Host: Victor Menasce
email: podcast@victorjm.com
2023-06-2507 minThe Real Estate Espresso PodcastImprovements Through Design with Alan StewartAlan Stewart is based in Grapevine Texas where he has built a sizeable portfolio of rental apartments. On today's show we are talking about making improvements that don't necessarily have to cost extra. To learn more or to connect with Alan, visit his website at sapientcg.com
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Host: Victor Menasce
email: podcast@victorjm.com
2023-06-2410 minThe Real Estate Espresso PodcastShort Term Rental - The Morning AfterInvesting is not easy. It is an active business that requires continuous improvement of systems and processes. It also comes with risks that you need to understand and quantify
On today’s show we are talking about one of the biggest risks to a short term rental property. Last week Dallas City Council voted to outlaw short term rentals in residential zones. You wake up the next morning and realize that you are potentially out of business. Naturally, there is a lineup of lawsuits arrayed against the city.
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Host: Victor Menasce
e...
2023-06-2305 minThe Real Estate Espresso PodcastThe Future of LumberOn today's show we are taking a look at what is happening in the world of softwood lumber and lumber futures. The entire construction industry for new homes and for many multifamily apartment developments is heavily influenced by lumber futures pricing.
There's a fundamental change taking place in the way that lumber futures are sold. But first we need to look at the two different types of futures contracts. The first type of futures contract is to purchase a single railcar worth of softwood lumber. That futures contract is an obligation to take delivery of a railcar...
2023-06-2206 minThe Real Estate Espresso PodcastCrypto On IceOn today’s show we are looking at crypto currencies. It should come as no surprise that governments the world over are not enthusiastic about having a grass roots competitor to official currency of the nation.
Since most of the world exists in the realm of fiat currencies, the most practical way into the world of crypto currencies is through a crypto exchange.
Is it a coincidence that the SEC is targeting crypto exchanges? We don’t know for sure, but today’s show is going to zero in on that question and postulate why there se...
2023-06-2106 minThe Real Estate Espresso PodcastFertility and MigrationOn today’s show we are talking about demographics and how this affects real estate on a global basis.
Most western economies have declining birth rates. The population of the world is growing.
On today's show we are looking at whether investing strategy is influenced by fertility rates and migration patterns.
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Host: Victor Menasce
email: podcast@vjctorjm.com
2023-06-2005 minThe Real Estate Espresso PodcastThe Fed's Last and Final Rate IncreaseOh today’s show we are talking about the current macro economic climate and provide a forecast for interest rates for the second half of this year.
The fact is that we live in an interconnected world and the attempts by central bankers to look at the economic conditions within a nation as a closed system is extremely naive.
We have Germany in recession having experienced two consecutive quarters of economic decline. New Zealand is now officially in recession.
The biggest news in the past week is that China announced a drop in inter...
2023-06-1905 minThe Real Estate Espresso PodcastRussell GrayRussell Gray is the co-host of the Real Estate Guys Radio show, now in its 26th year. On today's show we are talking about the current monetary environment and the risks inherent in today's FIAT currency based system. To connect with Russ or to learn more about the upcoming 22nd annual Investor Summit at Sea, send an email to summit@realestateguysradio.com, or visit realestateguysradio.com
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Host: Victor Menasce
email: podcast@victorjm.com
2023-06-1814 minThe Real Estate Espresso PodcastProperty Management Changes with Chad ZdenekOn today's show we are talking with Chad Zdenek who is based in Los Angeles. Chad has a side hustle as the host of at documentary TV series called "Inside Mighty Machines". By day, he owns and operates a portfolio of multi family apartments. On today's show we are talking about making changes to property management and the challenges inherent in making such a change. To learn more or to connect with Chad, visit csqproperties.com
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Host: Victor Menasce
email: podcast@victorjm.com
2023-06-1715 minThe Real Estate Espresso PodcastMore Will Change In The Coming Year Than EverWe have all experienced entering a search query only to receive a long list of unrelated products that happen to match one of the keywords in the search.
Incorporating artificial intelligence into the customer experience will transform search. You might be wondering how this will affect real estate investors.
I’m glad you asked.
Imagine you have a portfolio of rental properties and the client is looking for a three bedroom apartment within 10 minutes walking distance of a specific elementary school, or within a five minute walk of the number 65 bus route. Today’s apar...
2023-06-1606 minThe 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 minThe Real Estate Espresso PodcastCan The Banks Survive Another Rate Increase?On today’s show we are talking about the coming financial crisis. You might be wondering how I can say that. We are not seeing more bank failures since the failure of First republic Bank.
We are seeing signs of it creeping into the news headlines. Yesterday’s Wall Street Journal has zero’d in on the looming crisis in commercial real estate and the associated credit crunch. Today the Federal Reserve is meeting, as they do every six weeks. Their interest rate announcement will be a few hours after this podcast is published.
The bank fai...
2023-06-1406 minThe Real Estate Espresso PodcastAMA - Should I Invest In A Tax Shelter?This question comes from Paul who writes:
I have booked as strong capital gain as a passive investor in a syndication. The sponsor of the deal is asking all investors to come along for the ride in a 1031 exchange. The sponsor seemed to do a good job on this first project. However, the proposed replacement property is in Houston and I don’t have a good feeling about the fundamentals of this replacement property.
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Host: Victor Menasce
email: podcast@victorjm.com
2023-06-1305 minThe Real Estate Espresso PodcastAndrew AbernatheyAndrew Abernathey is based in Phoenix Arizona where he develops storage facilities in Arizona and California. Working closely with a family office, Andrew and his team at Abernathey Holdings are scaling up aggressively. To learn more or to connect with Andrew, visit Abernatheyholdings.com
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Host: Victor Menasce
email: podcast@victorjm.com
2023-06-1114 minThe Real Estate Espresso PodcastLegislative Risk with Anna KellyAnna Kelly is based in Lancaster Pennsylvania and she invests in several markets across the SE USA including multi family apartments and short term rentals. She has established herself as a leader in the space. On today's show we are talking about risk, and some of the lessons of the past three years. To learn more or to connect with Anna, visit reimom.com
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Host: Victor Menasce
email: podcast@victorjm.com
2023-06-1008 minThe Real Estate Espresso PodcastAMA - Managing A Remote Construction ProjectToday's question comes from Christian who asks: I’m small time RE investor and about to do my first long distance flip. Is it worth hiring a project management company? It is a flat fee and they would help with design, compare costs, negotiate with contractors, and management. The project budget is $50k-$100k and the cost is $7k for the PM. Is it worth it?
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Host: Victor Menasce
email: podcast@victorjm.com
2023-06-0906 minThe Real Estate Espresso PodcastThought Experiment on Risk ManagementOn today’s show we are going through a thought experiment about the risk of large global divisions and how that might affect your real estate development project.
To walk through the process, we are going to use an example of a small construction project for a single family home. The home is already under construction and the foundation has been poured and the wood framing is 80% complete. The project has been started and like all construction projects, once it is started it must complete.
Any discussion of risk requires a more detailed analysis of th...
2023-06-0806 minThe Real Estate Espresso PodcastProject Cost ReviewHow do you know if a project bid is good? On today’s show we are talking about how to value engineer a project.
We’re going to look at a project that has a firm bid on it. Overall, the construction bid seemed to be fairly reasonable in terms of total price per square foot. Having said that, there could still be problems in the bid. Some line items might be too high and others might be too low. One of the most common mistakes is to accept a total price merely because the overall price seem...
2023-06-0605 minThe Real Estate Espresso PodcastDesign of Warehouse BuildingsOn today’s show we are looking at the design of industrial warehouse buildings. Building designs are changing from a functional perspective and this is important when you consider investment in industrial buildings.
When we hear about warehouses, people tend to talk in terms of square feet and rent per SF. But these facilities are not universally interchangeable. Operators think in terms of volume, not just area.
So when you take design into account it is clear that not all warehouses are considered equal. Older buildings that do not meet the logistics demands of a mod...
2023-06-0505 minThe Real Estate Espresso PodcastIndustrial Outdoor Storage with Deborah SmithDeborah Smith is based in the NY area where she plays a key role in institutional investing at the Center Cap Group in industrial real estate. In particular, she is a big fan of industrial outdoor storage. We share that in common. On today's show we are talking about the market dynamics. To learn more or to connect with Deborah, visit centercapgroup.com.
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Host: Victor Menasce
email: podcast@victorjm.com
2023-06-0413 minThe Real Estate Espresso PodcastDan HaberkostDan Haberkost is based in Colorado Springs where he is the founder of Front Range Land. The company specializes in in-fill land improvements all over the South-east. On today's show we are talking about the current market conditions for in-fill land projects and the marketing for land. To learn more or to connect with Dan, reach out to him on Instagram at https://www.instagram.com/danhaberkost/
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Host: Victor Menasce
email: podcast@victorjm.com
2023-06-0309 minThe Real Estate Espresso PodcastWhy China's Economy is SputteringOn today’s show, we are taking a look at one of the largest economies in the world and wondering why it seems to be sputtering.
We are of course, talking about China. Earlier this year the Chinese economy was in strict lockdown due to the COVID-19 pandemic. After weeks of protest, the Chinese government change course and opened up the economy, seemingly overnight. At the same time, the economy inn, Europe, Japan, And even the United States were showing signs of weakness. China reopening was heralded as the saviour to pull the global economy out of wh...
2023-06-0205 minThe Real Estate Espresso PodcastConstruction Prices To Increase AgainOn today’s show we are looking at an outlook for inflation of construction prices and how this is going to play out over the next three years.
There is no question that construction prices have come down in the past 6 months and continue to fall. This has been driven by the fall in lumber prices. Labor prices have stabilized and many subcontractors who have been forecasting no capacity for the next 36 months are coming back on one knee asking for work.
The pricing for construction sub trades varies widely. We have seen prices for HVAC...
2023-05-3105 minThe Real Estate Espresso PodcastLive from The Toronto Multi Family ConferenceOn today’s show we’re coming to you live from Multi Family Conference in Toronto.
There were a number of great speakers at the conference, but I want to focus on one speaker in particular. Our North American culture can be celebrity obsessed and I don’t buy into that. However, I believe that success leaves clues and that success is rarely accidental.
That speaker was Alex Rodriguez. He is known as a baseball player, first for the Seattle Mariners, then the Texas Rangers and finally the NY Yankees...
2023-05-2905 minThe Real Estate Espresso PodcastMarket Lessons with Mark KenneyMark Kenney is a principal at Think MultiFamily in Dallas Texas. He and his partners have amassed a portfolio of more than 14,000 apartments. On today's show we are talking about lessons learned from the current market conditions. This is a fairly sobering episode and Mark is extremely transparent about the stresses he is experiencing. To connect with Mark and to learn more, visit ThinkMultiFamily.com
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Host: Victor Menasce
email: podcast@victorjm.com
2023-05-2818 minThe Real Estate Espresso PodcastQuentin DeSouzaQuentin DeSouza is based in Toronto Canada where he has grown as sizeable portfolio of multi-family apartments. On today's show Quentin talks about his strategy for stimulating rent growth in a rent controlled market. To connect or to learn more, reach out to Quentin at quentindesouza.com
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Host: Victor Menasce
email: podcast@victorjm.com
2023-05-2713 minThe Real Estate Espresso PodcastAMA - How to Handle an Unreasonable SellerToday’s question comes from Mathieu who asks:
I’m experiencing sellers who are demanding unreasonable terms when it comes to even looking at a property. They are asking me to get the property under contract before even viewing the property and they are demanding due diligence timeframes and closing schedules that are simply unreasonable for us to accept. How would you recommend that we negotiate the property purchase under these conditions?
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Host: Victor Menasce
email: podcast@victorjm.com
2023-05-2605 minThe Real Estate Espresso PodcastShort Term Rental EconomicsOn today’s show we are looking at short term rentals to see what market conditions are best suited to this product type.
In addition, some critics are zeroing in on a legal gray zone in the world of residential tenancies, short term rentals, hotel stays, and medium term rentals.
The world of short term rentals has been suffering a growth in supply and a fall in occupancy in some major metros. Phoenix and Las Vegas are among those cities that have suffered the most.
But any market follows the laws of supply and d...
2023-05-2505 minThe Real Estate Espresso PodcastBanks To Stop LendingOn today’s show we are taking a look at the so-called liquidity crunch to understand why it is happening. Is it just rumour? Is the lack of liquidity real?
On today’s show we have concrete proof as to why the credit markets are seizing up.
A few months ago it was simply a thesis that the regional banks were losing deposits to the major banks. These medium sized banks were under pressure ever since the failure of Silicon Valley Bank.
The outflow of capital has been largely to the benefit of the la...
2023-05-2405 minThe Real Estate Espresso PodcastConservation Easements Face New RegulationsOn today’s show we are talking about conservation easements.
We tend to think of the income tax code as a mechanism for extracting revenue from the population and from businesses. To be fair, that is true. But there are thousands upon thousands of pages in the tax code.
You can describe how much a business or an individual needs to pay in income tax in a very small number of pages.
The remainder of those thousands of pages is primarily a series of incentives
Conservation easements are one of...
2023-05-2305 minThe Real Estate Espresso PodcastAMA - McDonalds Drive ThroughToday's question is from Marc in Montreal
The information you provide on your show helps me every day sharpen my strategies and tactics. Thanks for that.
I run a strip mall with a laneway behind it that is used for a McDonald’s drive through. The city, rightly or wrongly, is not permitting McDonald’s to update is signage until “this is resolved”. This seems quite unreasonable since the laneway does not belong to them, the last owner was alive 80 years ago, and this usage has been in place for 10 years. We are going for prescriptive acquisition.
Strangely enough, a neighbour on...
2023-05-2204 minThe Real Estate Espresso PodcastSheltering Capital Gains with Brett SwartsBrett Swarts has been active in sheltering real estate from capital gains tax for several decades. On today's show we are talking about several strategies that can be used to shelter from tax including the Delaware Statutory Trust and the Deferred Sales Trust.
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Host: Victor Menasce
email: podcast@victorjm.com
2023-05-2115 minThe Real Estate Espresso Podcast1031 Exchanges with Max HansenMax Hansen is based in Utah where he has been practicing as a 1031 Intermediary for more than 40 years. On today's show we are talking about some of the nuances of sheltering capital gains tax in the US tax code. To connect or to learn more, visit accruit.com, now part of Millennium Trust.
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Host: Victor Menasce
email: podcast@victorjm.com
2023-05-2017 minThe Real Estate Espresso PodcastSquandering The Reserve Currency StatusThis past month, a milestone was passed that went largely un-noticed. China exported more goods in Remnimbi then in US dollars for the first time in modern history. This means that more and more countries are willing to do business with China.
When you consider what it means to be financially responsible, a few things come to mind.
You pay your bills
You follow a set of well established rules
You earn more than you spend
Countries that don’t follow these principles get punished internationally. You see their currencies fall in value. Countries that can’...
2023-05-1907 minThe Real Estate Espresso PodcastThe Banking Crisis RevisitedOn today’s show we are taking a look at why we are experiencing a banking crisis. There are those in the Federal Reserve and in the media who are critical of recent bank failures. Those banks were irresponsible and didn’t hedge their interest rate risk properly.
Silicon Valley Bank in particular received heaps of criticism for not hedging their interest rate risk.
But let’s step back for a moment and look at the big picture.
We have more than 10 years with interest rates being held near the zero bound. In that en...
2023-05-1806 minThe Real Estate Espresso PodcastThe Facts On Home AffordabilityOn today’s show we are talking about why the math of home affordability is broken. The critics of home affordability put the blame at the feet of developers and home builders for not building affordable homes.
But the price of homes in the resale market is set entirely by market forces. This is a function of the laws of supply and demand, combined with the ability to pay.
The simplest evidence of that is the fact that many homes were selling above asking price over the past three years. There is nothing forcing a buye...
2023-05-1706 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