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The Real Estate Espresso Podcast — Business
The Real Estate Espresso Podcast

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.

Copyright: © 424617

Latest Episodes:

The Bond Market Has Spoken - You Need To Listen May 22, 2025

Show notes

On today’s show we are talking about the risk premium being attached to US sovereign debt and how this has the potential to destabilize real estate markets for all US investors.

We are accustomed to thinking that the Fed sets the interest rate. But the truth is that the Fed only sets one interest rate. That is the Fed Funds rate that banks use to lend to each other.

The downgrade of the US debt by Moody’s debt rating agency last Friday was a reflection of the government’s persistent failure to adopt measures that would “reverse the trend of large annual fiscal deficits and growing interest costs.” Moody’s was the third bond rating agency to downgrade the US sovereign debt after S&P and Fitch downgraded the US debt in August of 2023. It’s not the downgrade per se that is the problem. The market makes its own determination and does not just look at what the bond rating agencies have to say.

Spending is heading higher, regardless of who is in the White House. The demographic impact on entitlement programs is unavoidable. The population is aging and when the social security program was launched, there were 16.5 people in the workforce for every one person collecting benefits. Today there are 2.71 people in the workforce for every one person collecting benefits. By the mid 2030’s, that number is expected to fall to 2.3 people working for every one person collecting. The math doesn’t fund the liabilities.

The current White House was elected on the promise of the economy and of fiscal responsibility. The latest budget bill that had wound its way through the Congress shows an increase in spending and a widening budget deficit. Despite desires to cut government waste and abuse, the impact seems somewhat muted.

The bond market is clearly seeing significant risk to the ballooning US sovereign debt. This week’s auction in new US Treasuries did not go well. The appetite for new paper from the US government was muted and the price that was bid for the 30 year was so low that the yield on the 30 year is now above 5%. The 30 year Treasury is a long denomination bond and its yield moves very slowly. To have the price for that bond drop so sharply in a matter of days has definitely rattled markets.

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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)

The Elephant In The Downtown May 21, 2025

Show notes

On today’s show we are talking about the elephant in the downtown. This is the property that was once a symbol of success that has now become a central embarrassment to the city. It seems that almost every city has one, and in some cases more than one.

In Houston it’s the One City Center Building with 600,000 SF that is 80% vacant. In Portland Oregon it’s the 45 story office tower affectionately called The Big Pink that is now 50% vacant and partly over-run with homeless people sleeping on vacant floors. That building just sold for $0.20 on the dollar.

In Chicago it’s the old post office. This colossal art deco building, one of the largest in Chicago, sat vacant and decaying for nearly two decades after the U.S. Postal Service moved out in the mid-1990s.

In Los Angeles there is Oceanwide Plaza

In Memphis it’s the Sterick Building.

There are quite a few across the nation.

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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)

How AI Changes Your Staffing May 19, 2025

Show notes

On today’s show we are taking a deeper look at AI. I realize that this is a real estate podcast. But real estate is a business like any other business.

AI has changed the world. It has democratized information in ways that we have not even begun to process.

I am increasingly finding myself asking more and more questions of AI that historically I would have asked myself.

Some people think that AI is over-hyped. I actually think it is under hyped. Most businesses have not even begun to think about how their organization will change as a result. They have not planned how roles and responsibilities get defined with the assumption that AI is going to assume much of the work that would have been delegated in the organization.

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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)

Warehouse On Wheels with John Brooks May 18, 2025

Show notes

Today's show is truly fascinating and an example of business ingenuity.

Johnathan Brooks is based in Scottsdale, Arizona where he is the CEO of Warehouse on Wheels. His company operates nationally along all 8 of the major transportation corridors providing 53 foot trailer rentals as a solution to warehousing and manufacturing temporary storage needs. The solution is 4x more cost effective than a physical warehouse.

To connect and to learn more, visit wowtrailers.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)

Student Housing with Brandt Stiles May 17, 2025

Show notes

Brandt Stiles is based in St. Louis where he is co-CEO at Subtext Living. The company develops student housing nationwide. Their portfolio consists of over 10,000 beds and they are one of the top 3 developers of student housing across the US.

The world of education has changed, especially during the pandemic and that represents both risk and opportunity for universities and for student housing. On today's show we are talking about navigating those shifting market forces.

To connect with Brandt and to learn more, visit https://subtextliving.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)

First Quarter Home Stats Are In May 16, 2025

Show notes

Today’s show is an unusual show in that we are quoting national statistics. As you know, I don’t love national numbers because they reflect averages and the average often doesn’t apply in specific areas.

When we look at demand for homes, and for rentals, there are historic norms that are based on demographics and employment that most market analysts use to predict demand for housing. This feeds into well understood models for household formation, the age at which people start having children, and the time when they purchase their first home.

Recent studies are showing that the high cost of housing, combined with higher interest rates rates are reducing the number of new homes being sold to first time buyers across the US.

The Mortgage Bankers Association published a new report earlier this week that outlines some startling statistics for single family home sales. We’re going to look at these numbers and then infer what the implications might be for property investors, specifically in the apartment space and in the built to rent segment.

Historically, first time home buyers have accounted for an average of 36% of home purchase transactions over the past 20 years. For 2024, this proportion fell to an all time low of 24% of purchases.

First homes are being purchased nearly a decade later than historic norms.

All of the major national home builders are reporting a slowdown in home sales and an acute slowdown in first time home buyers. Pulte homes, the nation’s third largest home builder reported an 11% decline in first time home sales.

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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)

OPEC's Giant Nothing Burger May 15, 2025

Show notes

On today show we’re talking about what is happening in the world of energy. This is a Real Estate podcast. The only reason to be talking about energy is that energy is the economy. For every unit of economic output there is an equivalent unit of energy consume somewhere in the world. These two track one another with razor like Precision.

To start with we need to acknowledge that there is no universe in which you can have US energy dominance and low oil prices at the same time. These are mutually exclusive. The cost of shale oil production is so much higher than conventional oil and the capital markets are much more intelligent than they were back in 2009 at the start of the shale oil revolution.

There are a handful of oil analysts who I follow. They truly understand, energy markets. In my experience, the mainstream media take a very simplistic view and completely misreport if not outright misrepresent what’s happening in the world of energy.

-------------

**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)

Changes To US Tax Code May 14, 2025

Show notes

On today’s show we are talking about the tax reform that was tabled in the US Congress Ways and Means Committee.

This new tax bill, ambitiously titled the "One Big, Beautiful Bill" by House Republicans, is poised to introduce a cascade of changes that could reshape the landscape for real estate investors. While still navigating the legislative process, the bill's provisions target substantial tax alterations designed to invigorate various sectors, with real estate emerging as a notable beneficiary.

------------

**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)

Small Bay, Big Returns May 13, 2025

Show notes

On today’s show we are talking about small bay industrial. This is a segment that offers incredible flexibility. It doubles as office space, as a gym, as last mile inventory for e-commerce. It can even be used as a man-cave for exotic vehicle collections.

The past few years have seen a lot of large bay industrial capacity added to the market. In fact, I think there has been so much new supply added, that in some markets, there is excess supply. Amazon overbuilt by nearly 33M SF in 2022 alone. Of course they’re just one supply chain.

Adaptability is one of the primary advantages of small-bay facilities. It allows properties to be easily reconfigured to suit different operational needs, allowing landlords to benefit from higher occupancy rates, reduced downtime between tenants, and the ability to cater to shifting market demands. Low competition from new small-bay development enhances the landlord-friendly aspect of small-bay facilities and allows for consistent rent appreciation. We have seen rents in many major cities rise from $8 per SF NNN to over $14 per SF NNN. This represents a significant opportunity to buy existing properties and push rents higher.

-------------

**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)

What About China? May 12, 2025

Show notes

On today's show we are looking at China's global leadership in automotive. This is something that will ultimately affect US design an manufacturing, which in turn affects real estate.

-----------

**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)

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