The Real Estate Espresso Podcast

Victor Menasce
  • 4.9 (133)
  • Investing
  • Updated Daily

Welcome to The Real Estate Espresso Podcast, your morning shot of what's new in the world of real estate investing. Join investor, syndicator, developer, and author Victor J. Menasce as he shares his daily real estate investment outlook. Our weekday episodes deliver 5 minutes of high-energy, high-impact content to fuel your success. Plus, don't miss our weekend editions featuring exclusive interviews with renowned guests such as Robert Kiyosaki, Robert Helms, Peter Schiff, and more.

  1. 5h ago

    Free Trade Is Still Here - For Now

    Today we’re talking about the July 1 review of the United States Mexico Canada Agreement, better known as USMCA, and what it means for anyone developing or constructing buildings in North America. Leading up to July 1, the public conversation made the date sound like a cliff. Either the agreement would be renewed for another sixteen years, or it would somehow vanish overnight. That was never the actual mechanism. USMCA entered into force on July 1, 2020. The agreement has a sixteen-year term, which takes it to 2036. The six-year review was a decision point, not an expiration date. Because the three countries did not unanimously extend it, the agreement remains in force and now moves into annual reviews. The important point is that continuity and certainty are not the same thing. The legal framework survives. Goods that satisfy the agreement’s rules of origin can continue to receive preferential treatment. But businesses no longer have a fresh sixteen-year runway. They now face a recurring political checkpoint, with the possibility of changes being negotiated every year. For the construction industry, that distinction matters. Construction is a long-cycle business. A development conceived today may not buy structural steel, electrical gear, windows, elevators, HVAC equipment, or finish materials for two or three years. A manufacturer deciding where to build a plant may be making a twenty-year decision. Annual trade reviews introduce a mismatch between short political cycles and long capital commitments. ------------- **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)

    5 min

  2. 15h ago

    Labor Market Contradictions

    As usual the headline doesn’t tell the story. The numbers often get revised for previous months.  This time revisions to April and May, combined with a falling unemployment rate, tell a much weaker story than the headline suggests. The Bureau of Labor Statistics reported that nonfarm payrolls increased by 57,000 in June. That is already a modest number for an economy of this size. But April was revised down by 31,000 jobs, from 179,000 to 148,000. May was revised down by 43,000, from 172,000 to 129,000. Together, those two prior months contained 74,000 fewer jobs than previously reported. Revisions are a normal part of survey-based data. More employers respond, seasonal factors are recalculated, and the estimate becomes more complete. The issue is not that revisions occur. The issue is that investors, lenders, and policymakers often react to the first estimate as though it were precise. In this case, the revised trend is materially softer than the original narrative. Now let us compare the payroll survey with the household survey. In June, the household survey estimated that employment fell by 507,000 people. The civilian labor force contracted by 720,000. The number of people outside the labor force increased by 832,000. At the same time, the official unemployment rate declined from 4.3 percent to 4.2 percent. To be counted as unemployed, a person must be without work and actively looking for work. When someone stops looking, that person leaves the labor force and disappears from the unemployment calculation. So the unemployment rate can fall even while employment falls, provided the labor force shrinks faster. That is exactly why the participation rate matters. It fell three tenths of a percentage point in June, to 61.5 percent. The employment-to-population ratio also fell, to 59.0 percent. Those measures are not perfect, but together they show that a smaller share of the working-age population was either employed or participating in the job market. ------------ **Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)

    5 min

  3. 1d ago

    Joint Venture Equity With Paul Moore

    Paul Moore is the principal at Wellings Capital, based in Lynchburg Virginia. On today's show we're talking about how the investment thesis has changed in response to market conditions. To connect with Paul visit https://www.wellingscapital.com/ They also have a number of resourcesincluding their due diligence checklist available on their resources page at https://www.wellingscapital.com/resources ----------------- **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)

    15 min

  4. 2d ago

    Surgery Centers With Dipesh Sitaram

    Dipesh Sitaram is based in Austin Texas. He's a dentist, like my father. He has invested in multiple asset classes including hotels, medical, office to name just a few. On today's show we are focusing on a vertical niche within medical office. To connect with Dipesh or to learn more, visit https://acuerecapital.com/ ------------ **Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)

    13 min

  5. 3d ago

    Using Leading Indicators not Reports

    Today we are asking a practical question. Can you get a leading indicator of what is happening in real estate before monthly or quarterly reports from the major brokerages?  If you really want to look at the leading indicators, how would you do it? How could you do it?  Well, as it turns out, Brokerages like Redfin and Zillow can see activity before it appears in the monthly statistics. They see searches, appointments, open houses, offers, cancellations, and pending contracts. How can an ordinary investor get closer to that same information and understand where the market is moving before the headlines catch up? ------------- **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)

    5 min

  6. 4d ago

    Is AI Intelligent?

    On today’s show we are talking about the difference between pattern recognition and intelligence.  We’ve all seen the cases where AI is completely lacking in common sense. In order to understand how this happens, we need to understand how AI has been trained.  By examining historic patterns, AI algorithms take the lazy path to predicting the next step in the pattern. But not all patterns are predictive.  The nearest car wash is really close by, only a few hundred yards. The answer to the next question is telling. If it’s only a few hundred yards away, should I walk or drive? The AI then suggests that you could walk.  This is hilarious and obviously lacking in common sense. Walking is not going to get your car cleaned. This is the difference between pattern recognition and intelligence. ------------- **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)

    5 min

  7. 5d ago

    BOM - This is Strategy by Seth Godin

    Our book of the month is "This is Strategy" by Seth Godin. When this book was published, I knew I wanted to read it. I’ve been following Seth for years.  Rather than presenting strategy as an academic discipline or a collection of management frameworks, he describes it as a way of thinking about systems, incentives, and long-term change. The result is a book that is less about business tactics and more about understanding how meaningful change actually occurs. His assertion is that what is taught in school consists of questions where the answer is known. If the teacher doesn’t know the answer, they can’t write a test to give you a mark. As a result, schools don’t teach you how to answer questions where the answer is not known. In fact, part of the job will be to define the question. The true underpinnings of strategy come from asking these types of questions.  ------------ **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)

    7 min

  8. 6d ago

    This NY Freeze Won't Work Either

    This month Mayor Mamdani implemented a rent freeze for the next two years on rent stabilized apartments. Memories are short. This has been tried before and it was a dismal failure. But this time will be different.  You see when property owners have expenses rising including city taxes, insurance, utilities,  and rents are legislated to be flat, and you still need to comply with the city’s stringent building standards regulations, the math doesn’t add up. At a certain point, the owners of these buildings are being legislated into bankruptcy.  Most of the city’s 1M rent stabilized units are in the Bronx and Northern Manhattan. About 2M residents live in these apartments. The last time this was tried an urban wasteland was the result. The South Bronx was littered with burned out buildings. Desperate building owners found that it was more desirable to collect an insurance settlement than to lose their building to foreclosure. I remember those days well. My family was from NY and there were daily news reports of another fire in the South Bronx which swallowed up a few more buildings. Between 1970 and 1981, the Bronx lost roughly 100,000 housing units to abandonment and arson, approximately one out of every five units in the borough’s total housing stock.  In 1980 alone there were 8,312 arson fires in NYC. When the rent is frozen, a black market opens up. We saw this in the past. Tenants in a rent stabilized property would choose to sublet their apartment for more than they were paying, but less than a market rate apartment. The large gap between the market rate and the rent stabilized units creates an incentive for this black market to emerge. But no, this time will be different. ------------ **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)

    6 min
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4.9
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About

Welcome to The Real Estate Espresso Podcast, your morning shot of what's new in the world of real estate investing. Join investor, syndicator, developer, and author Victor J. Menasce as he shares his daily real estate investment outlook. Our weekday episodes deliver 5 minutes of high-energy, high-impact content to fuel your success. Plus, don't miss our weekend editions featuring exclusive interviews with renowned guests such as Robert Kiyosaki, Robert Helms, Peter Schiff, and more.

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