The Real Estate Espresso Podcast

Latest Episodes:

What Is The Bank of International Settlements? Apr 17, 2023

Show notes

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 a year at their Basel headquarters. Every 8 weeks, the governors of the members central banks all meet at this location.

The BIS is working hard to understand the global plumbing for central banks in particular. There are a number of pilot projects aimed at improving the global plumbing for central banks in particular relating to the rollout of central bank digital currencies across the globe.

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Host: Victor Menasce

email: podcast@victorjm.com

Brennen Degner Apr 16, 2023

Show notes

Brennen 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

David Chan Apr 15, 2023

Show notes

David 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

AMA - Student Housing Valuation Apr 14, 2023

Show notes

Today’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 continue to benefit from your content.

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Host: Victor Menasce

email: podcast@victorjm.com

What if? Apr 13, 2023

Show notes

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 predictable linear situations, that we can’t wait for things to return to normal.

But what if there is not going to be a return to normal? What if we will experience crisis after crisis after crisis?

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Host: Victor Menasce

email: podcast@victorjm.com

Border Proximate Investing Apr 12, 2023

Show notes

This 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 for domestic industrial space. Trading with Mexico and Canada was up 12 percent and 9 percent year-over-year, respectively, in January, while trading with China was down 13 percent.

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Host: Victor Menasce

email: podcast@victorjm.com

Unexpected Housing Market Data Apr 11, 2023

Show notes

On 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 seeing falling inventory. We saw inventory peak in October and November in many markets. Inventory in Nashville fell by 30% since the fall. Inventory has fallen by 20% in Charlotte NC.

There are plenty of new listings. But they are not sitting on the market. Inventory is still falling.

Is it possible that we are witnessing a seasonal effect? Does inventory fall during the first quarter in most years?

Well no, in fact, we usually see the opposite. Inventory often grows during the winter months.

Homes that are listing are not sitting on the market for months and months. They are moving.

So why is inventory falling? Does it mean that fewer people are moving?

There seems to be plenty of jobs activity. People are still moving for work. Layoffs are up, but the jobs market seems to be absorbing laid off workers at a reasonable rate.

I don’t have comprehensive data to back this up. I have a few localized examples. But it’s enough to form a thesis. The thesis is that people are not selling their homes unless they absolutely have to.

Many people locked in a good interest rate over the past five years. If they sell their home and buy a new one, they will rate lock at a new higher interest rate. They’re better off keeping their home and renting it out.

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Host: Victor Menasce

email: podcast@victorjm.com

Spring Showers Bring Rising Waters Apr 10, 2023

Show notes

On 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, mold remediation, possible insurance claims assuming you even have flood insurance

Sump pumps require regular testing. They can go for months without turning on. Seals may get dry and brittle and the pump could fail shortly after.

But the real test comes when there are multiple failures.

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Host: Victor Menasce

email: podcast@victorjm.com

Franco Perez Apr 09, 2023

Show notes

Franco 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

Damion Lupo Apr 08, 2023

Show notes

Damion 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

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