Shows
The 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 - 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 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 minThe Real Estate Espresso PodcastIs Biomass GreenIn the world of economics, it’s vital to understand energy. Energy is the economy. The economy and real estate are connected through multiple threads.
The ESG movement of environmental sustainability and governance has its heart in the right place. The problem is the so-called greenwashing which is the process of adopting the branding of something green and environmentally friendly, but doing something dirty under the covers.
On today's show we are going to be digging into some pretty shocking movements under the banner of ESG.
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Host: Victor Menasce
e...
2023-05-1606 minThe Real Estate Espresso PodcastAMA - Should I Invest In this Industrial Deal?Today's question comes from Ms. Cortes in Atlanta who asks:
I’ve been offered an opportunity to invest in a ground up construction of a new warehouse located near I-10. I’ve sent you the entire package of information from the deal sponsor including the webinar and the investor package. I’d love to get your perspective on the offering and whether this is something you would consider investing in.
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Host: Victor Menasce
email: podcast@victorjm.com
2023-05-1507 minThe Real Estate Espresso PodcastOffice Building Reconstruction with Matt PestronkMatt Pestronk is based in Philadelphia and specializes in redeveloping office assets in the North Eastern states. On today's show we are talking about the subtleties of office conversion projects. You can connect with Matt at postcre.com
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Host: Victor Menasce
email: podcast@victorjm.com
2023-05-1414 minThe Real Estate Espresso PodcastShopping Center Investing with Michael FlightMichael Flight is based in Oak Brook, Illinois and has been investing in shopping centers since the 1980's. On today's show we are talking about the changing nature of retail and how the retail apocalypse is not upon us. Michael has been doing some innovative work in the realm of combining blockchain technology with commercial real estate. To learn more about this get a copy of his blockchain paper at investonmain.com or visit his investment company at libertyfund.io.
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Host: Victor Menasce
email: podcast@victorjm.com
2023-05-1318 minThe Real Estate Espresso PodcastA Simple Site Plan Approval ProcessOn today’s show we are talking about the process of getting approvals for even simple projects.
We are talking about a project that recently received full approval to move forward with construction. Even in cases where the zoning is not changing and no new buildings are being built, it is possible that the site plan application results in a review of similar scope as a major planned used development.
Some areas are more difficult to develop than others due to the simple physical attributes of the site.
The property in question is in...
2023-05-1205 minThe Real Estate Espresso PodcastStorage Market SegmentationOn today’s show we are going to look at an asset class that continues to attract attention from both individual investors and institutional players. That asset class is storage. Storage is seen as a recession resistant asset class. There are clearly many signs that the global economy has entered recession, even if there have not been any official announcements to that effect.
But saying storage alone is too simplistic. The asset class segments further into many types of storage, each with their own specific needs and customer base.
As many of you know, our deve...
2023-05-1105 minThe Real Estate Espresso PodcastHousing Growth in Manufacturing Centers On today show we’re talking about housing needs in manufacturing corridors. Yesterday I attended a meeting involving politicians and city staff from five different communities along the St. Lawrence River seaway. Many of these communities have experienced a resurgence in Manufacturing as North American companies have expanded domestic manufacturing capacity. During the pandemic these communities experienced a huge influx of population from people seeking a lower density lifestyle with incredible outdoor amenities and still remain within an hour of a major city.
The problem is that many of these communities are experiencing a severe shortage of housi...
2023-05-1006 minThe Real Estate Espresso PodcastThe Number One Underwriting MistakeOn today’s show we are talking about one of the most overlooked line items in a property budget. This is the dreaded repairs and maintenance line.
Operating budgets make reasonable assumptions about the natural timeframe for equipment replacement, and the lifetime for windows, roofs, caulking, and so on.
Where it gets difficult is when big ticket items hit all at once due to supposed one-time events.
It seems like no property owner is immune.
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Host: Victor Menasce
email: podcast@victorjm.com
2023-05-0905 minThe Real Estate Espresso PodcastAndrew CrebarAndrew Crebar is the CEO of Honey Bricks, a platform for enabling young, newly accredited investors to invest in private placement real estate projects. On today's show we are talking about this specific high income earning demographic and how they are looking for alternative investments with top notch operators. To connect with Andy Crebar, visit honeybricks.com
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Host: Victor Menasce
email: podcast@victorjm.com
2023-05-0714 minThe Real Estate Espresso PodcastTodd SulzingerTodd Sulzinger is based in Redwood City California. He spent much of his career in finance roles in the tech industry before moving into the world of real estate investing. On today's show we are talking about the Silicon Valley Bank failure, mobile home park investing, and fund management. To connect with Todd, visit blueelminvesments.com
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Host: Victor Menasce
email: podcast@victorjm.com
2023-05-0610 minThe Real Estate Espresso PodcastArtificial Intelligence As A Real Estate Research ToolOn today’s show we are looking at how AI can be a useful research tool for real estate investors.
A lot of emphasis for AI tools has been for mining the universe for information and writing new material such as blog posts. No doubt, there is some utility there. But the quality of writing is low in my estimation.
The real power of these AI tools is as a better research tool. There are many tasks that have traditionally been the subject of very tedious activity. Legions of virtual assistants have earned a living half...
2023-05-0505 minThe Real Estate Espresso PodcastThis Time Is Not DifferentOn today’s show we are taking yet another look at the macro economic environment. Virtually everything in the world of real estate investing is being dominated by the macro environment.
The Federal reserve increased the Fed funds rate another 25 basis points. They made the argument that future rate hikes are going to be data dependent.
I watched the entire press conference today and there were some obvious holes in the press conference.
The first major hole is that there were no questions on the Fed’s balance sheet. That’s astonishing to me. The di...
2023-05-0405 minThe Real Estate Espresso PodcastSafety Then YieldOn today's show we are looking for tangible evidence of what investors are looking for.
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Host: Victor Menasce
email: podcast@victorjm.com
2023-05-0305 minThe Real Estate Espresso PodcastStructural Flaws and Bank ContagionThe Federal Reserve published an ironic report on the day that the FDIC took control over the First republic Bank. The report was all about the demise of Silicon Valley Bank. It was a retrospective of sorts on what contributed to the failure of the bank and what shortcomings were present at the bank regulator.
The thesis of the report is that the issues of SVB were unique to SVB. But that fails to address why there was a similar problem at Signature Bank. Or what about the problems at Credit Suisse, or First Republic Bank?
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2023-05-0206 minThe Real Estate Espresso PodcastBOM - Thinking Fast and Slow by Danial Kahneman Our book this month is called “Thinking Fast and Slow” by Daniel Kahneman. Daniel Kahneman is a professor of experimental psychology at Princeton University. He is the recipient of the Nobel Prize in economics for his life work in psychology and how decisions are made that influence business, society and economics. This book is the result of decades years of research, including numerous academic papers on how thought processes in the human mind function. I thought this book would be very Powerful because there are many examples of flawed thinking in every day life and certainly in business. Moreover, the b...
2023-05-0106 minThe Real Estate Espresso PodcastTaylor LohtTaylor Loht is based in Richmond Virginia where he has secured a FINRA broker-dealer license and is active raising capital for sponsor projects across the nation. So far he has raised $200M in capital. You can learn more and you can connect with Taylor at NTCapitalGroup.com.
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Host: Victor Menasce
email: podcast@victorjm.com
2023-04-3014 minThe Real Estate Espresso PodcastLive From The Secrets of Successful SyndicationToday's show is a live talk from The Real Estate Guys Secrets of Successful Syndication Conference in Dallas Texas, held on March 23. We're talking about the principles of raising capital with investors.
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Host: Victor Menasce
email: podcast@victorjm.com
2023-04-2921 minThe Real Estate Espresso PodcastAMA - Who Is Getting The Harcut?This question comes from Steve in Utah.
Two years ago I bought a subject to rental property that has a loan with it that has a 2.25% interest rate fixed for 30 years. A great deal for me!!! however back in November I noticed the loan servicer had changed. Today this loan would be under wrote at 6%, I did some quick calculations to determine the difference in value to the note holder with vastly different rates. The differences are massive as shown in the chart with the amount of difference in interest paid at at the 5year, 10 year and 30 year point...
2023-04-2806 minThe Real Estate Espresso PodcastDeflationary Examples From The Real EconomyOn yesterday's show we talked about how there are signs of monetary deflation present in our economy. We discussed the definition of what is inflation and what is deflation?
Today's show is the second in a two-part series on monetary deflation. On today’s show we are looking at specific examples of how money can disappear from the money supply.
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Host: Victor Menasce
email: podcast@victorjm.com
2023-04-2706 minThe 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 minThe Real Estate Espresso PodcastExpect Moving Goal PostsOn today’s show we are talking about how cities are getting pressure to perform better when it comes to turning around zoning and building
applications.
Many cities have earned a terrible reputation for being bureaucratic nightmares when it comes to getting a zoning application approved, or a site plan application, and in some cases a building application approved.
Most cities have recognized that a new zoning application is complex and requires a multi-disciplinary approach. For that reason, most cities offer an informal pre-consultation meeting. This gives a developer the opportunity to get feedback from al...
2023-04-2505 minThe Real Estate Espresso PodcastSocial Engineering In Real EstateSome days it seems like we live in an upside down world.
Today’s show fits in the category of “You can’t make this stuff up.” It’s just too bizarre for words, and it would be even funny if it were not for the fact that this is real.
Charlie Munger, who is Warren Buffet’s business partner is famous for saying “show me the incentive and I’ll show you the outcome”.
The latest bit of insanity coming out of the Biden White House is an idea whereby the government will charge a premi...
2023-04-2405 minThe Real Estate Espresso PodcastGeorge Ross on DeadlocksGeorge is back in NY after spending the winter in Florida. On today's show we are delving into a topic that is explained briefly in a couple of pages in George's book on negotiation. His book is based on the course syllabus from when he taught negotiation at the law school at NYU for more than 20 years.
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Host: Victor Menasce
email: podcast@victorjm.com
2023-04-2318 minThe Real Estate Espresso PodcastJeff ScheckterJeff Scheckter is now based in Nashville after building a sizeable turnkey rental portfolio in Indianapolis. On today's show we are talking about how the macro conditions are affecting turnkey rental assets and how it might be time to pivot into other opportunities. To connect with Jeff, visit highreturnrealestate.com
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Host: Victor Menasce
email: podcast@victorjm.com
2023-04-2211 minThe Real Estate Espresso PodcastTop 5 Underwriting MistakesOn today’s show we're looking at some of the most common mistakes that I see multifamily investors make in their underwriting. I'm presented with opportunities for multifamily projects of all shapes and sizes across many markets on a daily and weekly basis. Sometimes this analysis is performed by lenders, sometimes by mortgage brokers, and sometimes by the principals themselves.
So here we go I'm going to give you the top five mistakes I see most often when looking at a multifamily apartment pro forma.
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Host: Victor Menasce
email: podcast@victorjm.com
2023-04-2105 minThe Real Estate Espresso PodcastConnecting The DotsOn today’s show we are taking a look at some economic metrics that are not getting much airplay or analysis in the mainstream media. But we real estate investors need to pay attention.
We continue to have both government and Fed officials talking about how the economy is strong and resilient and that we may experience a mild recession later this year. This most recent statement is the closest we have seen Fed officials acknowledge the reality of our economic malaise.
On today’s show we are going to look under the covers in the e...
2023-04-2005 minThe Real Estate Espresso PodcastWhy Is The Fed On A Suicide Mission?On today’s show we are going back to 1910. These were the origins of the formation of the Federal Reserve during a secretive meeting on Jekyll Island off the coast of Georgia.
Leading up to the fateful meetings that took place over nine days, there had been a series of runs on banks and financial panics in 1873, 1884, 1893 and 1907. These banking panics over the preceding decades had caused the outright failure of 1748 banks. The Federal Reserve Act of 1913 was a direct outcome of this clandestine meeting on Jekyll Island. The Federal Reserve was created to protect the banking system. It is own...
2023-04-1907 minThe Real Estate Espresso PodcastCrime Repels InvestmentOn today’s show we’re asking about how crime and lawlessness is bad for business, bad for rent, and bad for real estate investment.
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Host: Victor Menasce
email: podcast@victorjm.com
2023-04-1805 minThe Real Estate Espresso PodcastWhat Is The Bank of International Settlements?Switzerland is known for playing a central role in the global financial system. The nation’s stance of neutrality has earned it a position of trust in the financial system and the monetary system.
It’s no surprise that the Bank of International Settlements is based in Basel Switzerland.
Established in 1930, the BIS is owned by 63 central banks representing countries from around the world that together account for about 95% of world GDP.
Because of the neutral position of this Swiss entity, the BIS is involved in many global initiatives. They host close to 200 meetings...
2023-04-1706 minThe Real Estate Espresso PodcastBrennen DegnerBrennen Degner is based in Denver Colorado where he is a principal at DB Capital Management. They invest in multi-family assets in four states through the southwest part of the US. On today's show we are talking about the capital markets and the current market conditions that we are seeing for investors and developers underwriting deals and managing existing portfolios through the life cycle.
To connect with Brennen, visit dbcap.com.
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Host: Victor Menasce
email: podcast@victorjm.com
2023-04-1612 minThe Real Estate Espresso PodcastDavid ChanDavid Chan is based in NYC where he specializes in agricultural land investing on a nation wide basis. You can learn more at their website farmtogether.com. David shares some eye opening statistics about agriculture in the United States. This is a truly fascinating conversation.
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Host: Victor Menasce
email: podcast@victorjm.com
2023-04-1517 minThe Real Estate Espresso PodcastAMA - Student Housing ValuationToday’s question comes from Josh at Virginia Commonwealth University
I’m appraising a 504-bed student apartment complex in a tertiary college market in Virginia. The property is unique, and recent comparable sales and reliable market data are scarce. I enjoyed your interview with Will Matheson a couple of weeks ago. I emailed him to discuss my property and get his thoughts on the changing market dynamics.
Do you have anyone else in your network who invests in student housing who would talk to me? I appreciate your help. My students at VCU and I cont...
2023-04-1406 minThe Real Estate Espresso PodcastWhat if?On today’s show we’re going to ask a number of “What if” questions.
I believe it’s important to stop and think strategically about what is happening in the business world that can materially affect your own business. But before you can think strategically, you need to ask a bunch of “what if” questions.
Over the past decade we have been accustomed to living in a world that has been largely moderate in response. We’ve had a decade of moderation, of broad economic prosperity, of localized problems.
We are so accustomed to calm...
2023-04-1305 minThe Real Estate Espresso PodcastBorder Proximate InvestingThis past week, Marcus & Millichap published a new report on BORDER-PROXIMATE INDUSTRIAL
As we talked about a few weeks ago on the podcast, there is growing demand for local manufacturing, or manufacturing located within the continent of the North America. Global tensions with China and Russia have disrupted trade relationships that were once considered stable.
A group of domestic and international companies are planning, or in the process of, nearshoring operations to North America. This reorganization of global supply chains is increasing cross-border trading, a dynamic that will serve as a tailwind for long-term demand fo...
2023-04-1206 minThe Real Estate Espresso PodcastUnexpected Housing Market DataOn today’s show we are looking at human behaviour to try and understand what is happening in the housing market.
It’s normal to associate a falling market with falling transactions, rising inventory, and falling prices.
According to the laws of supply and demand, when supply increases and demand falls you will see all three of these classic effects, falling transactions, rising inventory of homes for sale and falling prices
But a funny thing has happened on the way to the market.
In numerous markets all across North America we are se...
2023-04-1105 minThe Real Estate Espresso PodcastSpring Showers Bring Rising WatersOn today’s show we are talking about a spring-time ritual. The operation of the sump pump is linked to spring showers and the spring thaw.
All that water being held in the frozen ground or on the surface lets go all at once it seems and the water table rises quickly. Add a few spring rain storms and all of a sudden you have inches of water in your basement.
If you have tenants in a basement apartment, you can be facing the unpleasant task of relocating your tenants into a hotel, emergency repairs, mol...
2023-04-1006 minThe Real Estate Espresso PodcastFranco PerezFranco Perez is based in Silicon Valley where he invests in mobile home parks. On today's show we are talking about the mobile home park strategies that Franco prefers in today's market conditions. To connect with Franco and to learn more visit franco.tv or check out his YouTube channel.
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Host: Victor Menasce
email: podcast@victorjm.com
2023-04-0912 minThe Real Estate Espresso PodcastDamion LupoDamion Lupo hails all the way from Birmingham Alabama where he specializes in retirement accounts. But not just any retirement accounts. He specializes in retirement accounts that maintain checkbook control with the beneficiary. On today's show we are talking about the merits of such an approach. To connect with Damion and to learn more, visit eqrp.com
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Host: Victor Menasce
email: podcast@victorjm.com
2023-04-0817 minThe Real Estate Espresso PodcastAMA - Where To Find Distressed Deals?Michael asks:
I listened to your podcast about bridge loan default/buying opportunities that would hit the market. Was this message mostly for big institutional investors or for anyone investing in real estate? I was wondering how to find these opportunities to be ready for them when they are available.
Can you give suggestions on the number one source of these deals? Are they brokers? With bankers? or REITs? I'm not really sure where to look.
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Host: Victor Menasce
email: podcast@victorjm.com
2023-04-0706 minThe Real Estate Espresso PodcastDeclining Dollar DominanceToday's show was delayed by a widespread power and internet outage in Ottawa as a result of an ice storm.
There has been a lot written in recent weeks about the US dollar and the potential loss of the reserve currency status. Rumors of the BRICS nations forming their own crypto currency between their trading block has been making news headlines.
I’ve actually held off in publishing a podcast on this topic. Merely repeating what you can read in the WSJ and on Bloomberg would not be adding value. I would need to provide an...
2023-04-0705 minThe Real Estate Espresso PodcastQuestion on Foreign InvestmentOn today’s show we’re going to speak about a question that I
received during a live zoom meeting. The question was about whether I thought
it was a good idea to raise capital in the US for large scale industrial
projects in India. The thesis was that there is a large and growing logistics
opportunity in India and that it could be a great opportunity for US investors.
While the specifics of the question relate to industrial projects
in India, you can substitute your favorite project. It would be beach front
homes in Costa Rica, or h...
2023-04-0505 minThe Real Estate Espresso PodcastShow Me The IncentiveOn today’s show we are taking a look at a new law in the city of Los Angeles that has been recently amended called SB8.
This new rule states that no new development can take place that demolishes housing whether occupied or vacant unless replacement housing is constructed that maintains equivalent affordable and very affordable units and rents those units to low income households.
What are the intended consequences, and what are the non-intended consequences of this new rule?
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Host: Victor Menasce
email: podcast@victorjm.com
2023-04-0405 minThe Real Estate Espresso PodcastWhat Does Quantitative Tightening Mean For Real Estate Investors?Why is our money supply shrinking so much? Will that precipitate a credit crunch? On today's show we are looking at QT and what is driving it.
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Host: Victor Menasce
email: podcast@victorjm.com
2023-04-0305 minThe Real Estate Espresso PodcastBrad CartierBrad Cartier specializes in developing new "missing middle" multi-family apartment buildings in secondary and tertiary markets within a radius of Ottawa Canada. On today's show we are talking about the merits of missing middle investment opportunities.
To connect with Brad, you can find him on LinkedIn. Also visit his newletter which can be found on Twitter at https://twitter.com/briefcasere
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Host: Victor Menasce
email: podcast@victorjm.com
2023-04-0213 minThe Real Estate Espresso PodcastBOM - Signals by Dr. Pippa MalmgrenDr. Pippa Malmgren is a very well informed economist who has served as a former presidential adviser and a national security advisor to the Joint Chiefs of the US military. She is extremely well connected and offers insights that are not being shared in the mainstream media.
I believe that seeing things as they are happening before they become news is a competitive advantage.
"Signals" by Pippa Malmgren is a thought-provoking and insightful book that explores the power of economic and geopolitical signals in today's interconnected world. In this book, Malmgren offers a unique perspective on...
2023-04-0104 minThe Real Estate Espresso PodcastHousing Affordability InitiativesGovernments across the US and Canada are starting to become creative when it comes to addressing the issue of affordability.
Rather than a straight cash handout, different schemes are aimed at assisting financing. California, Utah and Idaho are three states that have recently implemented programs aimed at improving housing affordability.
But the problem is that the true cost is often a combination of variables. Many of these programs have an impact of less than 5% on the cost of housing. Those families struggling with finding affordable housing are not just 5% off from their majic number. The ga...
2023-03-3105 minThe Real Estate Espresso PodcastAMA - The City Has It WrongTracy from Washington State asks:
What does one do when a City imposes/interprets a code ruling wrong? I have a situation where a City official did not follow the standard guidelines for fire protection in a multifamily unit. Normally if buildings are located 10 feet or further apart standard attic venting can be applied and we designed our duplexes accordingly. When we submitted our plans the City would not let us install venting in the soffit because the homes were 10 feet from the property line and "they did not know what the neighbors would d...
2023-03-3006 minThe Real Estate Espresso PodcastLooking For A Needle In A Haystack On today show, we are looking at how human behaviour can vary predictably damage to global banking system. There are many examples and many repeated opportunities in history to see this phenomenon at work.
But on today show, we are going to look at a very recent example that most of us can easily relate to. In the early days of the pandemic, we started to experience shortages of every day staples. Households emptied the grocery store, shelves of non-perishable food items Like canned soup, pasta and rice, prepared foods like frozen pizza, and e...
2023-03-2905 minThe Real Estate Espresso PodcastCrypto Is Under AssaultOn today’s show we’re talking about another missing piece in the puzzle over the evolution of money.
Crypto-currencies were launched with the promise of replacing FIAT currency with a crowd sourced anti-establishment, off-grid alternative. The technology is rooted in the need for a system that would enable online micro-transactions where the transaction cost could be virtually zero.
If you want to make an online purchase within a game that costs only a few pennies, or perhaps a few tenths of a penny, there is no payment processing system that caters to these micro-transactions. Some o...
2023-03-2806 minThe Real Estate Espresso PodcastMonetary Response To A CrisisOn today’s show we are looking at some currents that are underneath the surface which to me are very concerning.
We have a history as a society of taking quantum steps to relinquish our individual rights in response to a crisis or even in some cases for convenience.
In the wake of the terrorist attacks of Sept 11, 2001 many people in the West allowed for governments to collect much more information about each of us in the name of safety.
Winston Churchill said, “Never let a...
2023-03-2705 minThe Real Estate Espresso PodcastStudent Housing with Will MathesonWill Matheson is based in Charleston South Carolina. On today's show we are talking about student housing and the strategies that make for successful investment in that specific segment. To connect with Will and to learn more, visit his company website at mathcap.com
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Host: Victor Menasce
email: podcast@victorjm.com
2023-03-2514 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