The Real Estate Espresso Podcast Victor Menasce

On today's show we are talking about international investing. Real estate investing is a hyper local business. But that doesn’t mean you have to live near your investments. Live where you want to live and invest where the numbers make sense.



There are many people who live in the North East of the US and only invest in Texas or Florida for example. In our company we are active in several states across the US and we are also active in Canada.

We build what we think is the right product for a given location based on supply and demand and the financial metrics for that specific location. These are almost always special situations. These are special situations in the sense that it is a unique combination of circumstances that creates the inefficiency in the market and leaves behind what we believe is a glaring opportunity.

Now I need to be clear, we are not scouring the market for opportunities. With very few exceptions, these have all come to us unsolicited. 

It doesn’t matter if the project is in Colorado or Florida or Utah or Canada.

I’d like to invite you to attend an upcoming webinar on Tuesday evening to learn more about a new project in Ottawa Canada.

Today’s episode is not a solicitation for investment. The opportunity is open to accredited investors residing in the US and will be by prospectus only in compliance with US securities regulations. 

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Here is the Link to Register for the Webinar. If you can't make the exact time of the webinar, register anyway and we will send you the recording.

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**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

I’d like to invite you to a webinar that we are holding this coming Tuesday. This is an investment opportunity that is open to accredited investors only for a new apartment project located in Ottawa Canada. The link to register for the webinar is HERE

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Our guest today is Alessandro Chesser from the San Francisco Bay area. His company is removing the friction associated with protecting property in living trusts. This is a fascinating innovation in the industry. To connect and to learn more, visit https://www.getdynasty.com/

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**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

Dr. Ryan Smolarz is a surgeon based in the US Virgin Islands where he specializes in storage assets across the US.

On today's show we are talking about managing the emotional side of investing.

To connect with Ryan, visit ⁠Stor Partners⁠ or text them directly at 602-641-4109.

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Our development firm, Y Street Capital is hosting a webinar this coming Tuesday June 25 to discuss a 134 unit mid-rise apartment development project. To register for the webinar, use the following webinar link.

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**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

On today’s show we are going to look at something that has been making financial headlines all over the world over the past two days. The purpose of discussing it on this show is that even the major financial media like the Wall Street Journal and Bloomberg have been misreporting the story. 
The headline is that another Bank, this time a Japanese bank is running into trouble. The assumption is that the problem has to do with the inversion of the yield curve and investment in long term treasuries is the reason for the bank’s problems. Some of the problems which cause the failure of Silicon Valley Bank, First Republic Bank and Signature Bank last year stemmed from the need to raise additional cash, and in so doing, those banks were forced to sell US Treasuries at a loss. If those banks had the luxury of holding those bonds to maturity, then there would have been no losses. 
What we will discuss today is that the symptoms look similar, but that the root cause of the actual problem is quite different. 
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**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

On today’s show we are talking about investing fundamentals. What is an investment worth? If you watch the TV show Shark Tank you will see the contestant say that they are seeking $X in exchange for y% of the company. The sharks then do some quick math to determine the enterprise value and then compare the income as a percentage of the valuation. They are trying to get a sense of the current value of the company based on multiples of net income. That’s how companies should be valued. 

We now have a stock market index that is dominated by five companies which are Nvidia, Microsoft, Apple, Meta and Amazon. 

All of this is being driven by the anticipation of the impact that AI will have on the industry. 

We need to ask ourselves questions as to whether what is happening in the stock market makes sense or not. 

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**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

On today’s show we are talking about a new class of apartment living that is starting to make headway in several markets. We too are exploring this product offering for some of our new construction projects. 

When we talk about the continuum of care for aging adults there are several new product types being defined and accepted in the market. 

It used to be the case that the only type of senior housing was a nursing home, which today we call skilled nursing. Some simply called them old folks homes. 

Since then, there are more specialized forms of care like memory care, Parkinson’s care, independent living and assisted living. 

Well there is one more category of housing which is starting to establish market share in many communities. Still on a national level, the penetration of this product type is still tiny compared with other housing types. 

This is what we internally call a concierge apartment, or what many in the industry call an active lifestyle apartment. 

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**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)