The Real Estate Espresso Podcast

Markets are supposed to be mechanisms for price discovery. That’s the theory. Markets are also supposed to be efficient.  Millions of buyers and sellers, each acting on their own information, come together and arrive at a price. That price is supposed to reflect supply, demand, risk, cost of capital, and expectations for the future.

But in the real world, markets often experience distortions.

Global crude oil prices are a perfect example.

Some of you might remember when in 2020 that oil inventories had swelled to such a high level that futures contracts faced del...

I was recently speaking with an investor who was looking at the purchase of an agricultural property. During the discussion, a question came up that applies not only to farms, but to many types of real estate.

What is the property actually worth?

At first, that sounds like a simple question. But the answer depends on what exactly you're valuing.

Let's use the example of a coffee farm with 1,000 mature coffee trees.

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**Real Estate Espresso Podcast:**
 Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3G...

The Fed held today. Rates stay at 3.5%-3.75%. But here's the thing — the hold was not the news. The news was in the dot plot. The median projection for where rates will end 2026. Core PCE inflation was revised up to 3.3%. And unemployment? Revised up to 4.3%. Rising inflation and rising unemployment in the same forecast. That is the stagflation signal, and if you've been in this business long enough, you know what that means: the Fed is in a corner.

Now let me tell you why they're in that corner, because this is the part th...

Today’s show is sponsored by The Cost Segregation Guys. If you own investment real estate and haven’t looked seriously at cost segregation, you could be leaving significant tax savings on the table. The Cost Segregation Guys help investors accelerate depreciation, improve near-term cash flow, and make more efficient use of capital, all without changing the underlying asset. 

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Today I want to talk about a topic that's poorly understood by many investors, but it has a direct impact on every mortgage, every construction loan, and every real estate project.

I'm talking about...

Today we're talking about an unexpected outcome from the FIFA World Cup, one that contains an important lesson for every real estate investor.

Many short-term rental owners expected the World Cup to be a once-in-a-generation windfall. The assumption seemed obvious. Millions of fans would travel to host cities. Hotels would sell out. Short-term rentals would be scarce. Nightly rates would soar.

But that's not what happened.

Across several host cities, property owners are reporting that demand has fallen far short of expectations. In some markets, hotel occupancy is lower than anticipated, and short-term...

Today's show is an excerpt of a webinar held earlier this month on the application of AI in your real estate business. Enjoy today's segment on AI.

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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://ww...

Buck Joffrey is based in Santa Barbara California. His background is as a surgeon who gradually replaced his income through real estate. On today's show we are talking about how to navigate the current market.

To learn more or to connect with Buck, listen to the Wealth Formula Podcast or visit The Wealth Formula.

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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/pod...

Over the past few weeks, a story has emerged from one of the largest institutional real estate investors in North America that deserves a closer look. At first glance, it appears to be a story about losses. Teachers Insurance Annuity Association's Real Estate Account has reportedly realized more than $429 million in losses from the sale of 15 properties, with 12 of those transactions closing below their original acquisition price.

For many observers, that headline alone is enough to raise alarm bells. How does an institution with decades of experience, thousands of employees, and access to some of the best...

Today's topic is the IPO of SpaceX.

Now before anyone sends me an email, let me be clear. This is not a commentary on SpaceX as a company. SpaceX is arguably one of the most remarkable businesses built in the past century. They have transformed the economics of space launch, built a dominant satellite communications network through Starlink, and have demonstrated a level of innovation that few companies in history have achieved.

The question is not whether SpaceX is a great company.

The question is: What constitutes a reasonable value?

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Today we're talking about a topic that sits at the heart of every real estate transaction, yet it's often misunderstood by investors, borrowers, and even some professionals in the industry.

We're talking about the difference between collateral value and equity value.

At first glance, it might seem that a property has a single value. After all, if someone asks what a building is worth, we tend to quote a number. But in reality, the answer depends entirely on who's asking and why they're asking.

A lender looks at value differently than an equity...

Today’s show is sponsored by The Cost Segregation Guys. If you own investment real estate and haven’t looked seriously at cost segregation, you could be leaving significant tax savings on the table.  If you click on the link you will be connected with them directly and qualify for a discount.

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If you're a mid-size multifamily investor. You're not a mom-and-pop landlord with two units and you're also not an institutional shop with a dedicated capital markets team. You're in the middle — and historically, that middle ground has been underserved by the lending market...

Today we're talking about a challenge that extends far beyond higher education. It's a problem that affects shopping malls, office parks, resorts, industrial facilities, and even entire master-planned developments.

It's what happens when a property becomes disproportionate to the economy that surrounds it.

A recent story out of Vermont highlights the issue perfectly. It’s been local news in Vermont for the past 6 years. This weekend it was highlighted in the Wall Street  Journal. 

Green Mountain College closed its doors in 2019. The campus consisted of roughly 115 acres and 16 major buildings in the small town...

Tony Irwin is the President of Rental Housing Canada. On today's show I'm in person with Tony at the Canadian Rental Housing Conference. We're talking about housing policy, perception of immigration putting pressure on housing demand, and the myth of affordable housing.

You can connect with Tony at rentalhousingcanada.ca

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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)  
 Websi...

Steve Hart is based in Salt Lake City where he is the founder of Property Management Inc, a franchisor of property management systems for independent property managers across the US. On today's show we are talking about some of the dynamics in the industry. To connect with Steve, visit pmicorp.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.v...

Today we're talking about a financial instrument that most buyers have never heard of, most agents don't know how to use, and most lenders have very little incentive to promote.

It's called an assumable mortgage — and in today's rate environment, it might be the most powerful tool sitting unused in the real estate market.

Only FHA, VA, and USDA mortgages are assumable. Conventional and jumbo loans are not assumable because they contain a due-on-sale clause, which requires full repayment of the loan when ownership of the property transfers.

So when a seller with an...

Today we're pulling back from the headlinesand putting today's multifamily stress in its proper historical context. The data coming in from every corner of the lending market is telling a very consistent story. The question is no longer whether there is stress in multifamily. The question is whether the current cycle is starting to rhyme with the last major credit cycle in 2008 to 2010.Let's start with the anchor number: 0.78%. That is Fannie Mae's multifamily serious delinquency rate as of March 31, 2026. This is not a market-wide apartment default rate. It is specific to Fannie Mae's multifamily guaranty book of business...

On June 4 I'm hosting the second in a monthly webinar series on the use of AI in real estate investing businesses. To register for the webinar, CLICK HERE. It's at 8PM Eastern. Even if you can't make it, register and we will send you the recording.

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There are 6.2 million second homes in the United States. Let that number sink in for a moment.

According to NAHB estimates, second homes now account for 4.3% of the nation's entire housing stock. That's not a rounding error. That's a meaningful slice of the market and it's...

Today I want to talk about something that quietly landed in Canada earlier this year that I think deserves a lot more attention than it's been getting in real estate circles. CMHC — that's Canada Mortgage and Housing Corporation — has released what they're calling the Housing Design Catalogue.And while it might sound like a government bureaucrat's PowerPoint project, I actually think this is more significant than most developers are giving it credit for.

Now, here's where I want to zoom out and ask a bigger question. Could this model work beyond Canada?

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**Real...

On the first day of each month we review the book of the month.

The book is called Unreasonable Hospitality by Will Guidara. And I'll say this upfront — it may be the most useful book I've read this year for anyone who is in the business of managing assets, attracting capital, or building long-term relationships with tenants, investors, or partners.

So let me tell you a little about Guidara's story.

He co-owns Eleven Madison Park, the restaurant in Manhattan that climbed from obscurity to the number one restaurant in the world. That's not a...

Dr. Tom Burns has been developing real estate for more than 15 years while practicing as an orthopaedic surgeon. He is based in Austin Texas and today we are talking about the dynamics in the Austin market. Tom is a true expert in multi-family apartment development.

To connect with Tom and to learn more, visit richdoctor.com and get a copy of his book "Whey Doctors Don't Get Rich. If you want to reach Tom directly, you can email him at hello@richdoctor.com

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Tyler Vinson is a pioneer in tokenized fractional commercial real estate ownership. He is the founder and CEO at RE Tokens USA Inc. On today's show we are talking about the SEC compliant aspects of any secondary securities market and the various elements required to maintain compliance. You can reach Tyler at https://retokens.com/ or on LinkedIn at https://www.linkedin.com/in/realestateinvestment/

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**Real Estate Espresso Podcast:**
 Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)  
 iTunes: [The Rea...

Today I want to talk about a powerful force that's shaping housing demand across North America, and it's not population growth, immigration, or even job creation.

It's the growing gap between the cost of renting and the cost of homeownership.

For years, we've heard that homeownership is part of the American dream. But at the end of the day, households make economic decisions. When the monthly cost of owning a home becomes dramatically higher than the cost of renting a comparable property, many families simply choose to rent.

A recent analysis of the...

Today we're talking about the five most common underwriting mistakes I see from newer investors.

Now, underwriting is one of those topics where people often focus on spreadsheets, formulas, and software. But in my experience, underwriting mistakes are usually not math mistakes. They're assumption mistakes. They're judgment mistakes. They're failures to properly understand risk.

And unfortunately, during the years of cheap debt and rapid appreciation, a lot of people developed bad habits that only worked because the market bailed them out.

A rising market can hide a multitude of sins.

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Cost Segregation is the key to unlocking accelerated depreciation and all of the tax benefits that come from that.

https://costsegregationguys.com/estateespressopodcast/

Visit the Cost Segregation Guys to see how they can save you a ton on your taxes.

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On today's show we are talking about where AI can be useful in underwriting. The process of building a professional underwriting model for a real estate project has always been labor intensive. Not because the math is difficult, but because the information is fragmented.

You might have architectural...

On today show we are talking about the situation in the Persian Gulf. 

I’m here to tell you that the straight of Hormuz is going to be a weaponized flash point for years to come. 

Even if the Trump administration negotiates a deal with Iranian regime, there are too many third parties who would benefit from weaponizing transit through the channel. There are reports of independent parties already demanding ransom from ships for up to $10M dollars for safe passage. 

For only a few thousand dollars a rogue actor can convince the world...

On today's show we are seeing empirical evidence that most Western economies are in recession. Data from Walmart, Lowes, Kroger and others are all pointing to the same thing. The consumer has hit their limit.

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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/vmenasc...

Sean Dalfen runs the largest privately held industrial company in the United States with over 65 million square feet in the portfolio. On today's show we are talking about the characteristics of the last mile property and what makes for a good location for an asset. Dalfen Industrial is clearly operating at a very high level.

To learn more visit dalfen.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 Esp...

Today's talk is from a stage appearance at The Expand conference earlier in May at the Fairmont Chateau Laurier. I'm speaking about how to raise funds for any worthy venture.

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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 Es...

Our sponsor is The Cost Segregation Guys. If you own investment real estate, you can improve cash flow and returns by accelerating depreciation. Cost Segregation is the first step. Learn more by connecting with them directly and get a discount because you came from the show.

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On today’s show we are talking about how to make more effective use of artificial intelligence in your Real Estate Investing business. This is a real estate show not an AI show. I realize we have been talking about AI a fair bit over the past year. It...

Today’s question comes from Mark who writes:

Even when the city says that they encourage development in specific zones, in our case an industrial corridor, but the bureaucrats who are responsible for the approvals can still erect significant roadblocks. When do you decide that the juice is not worth the squeeze? 

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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/id1340...

On today’s show we are taking a look at the stock market. We don’t really know what the future will hold and whether the market will go up or down. But we can observe trends and see what those trends are telling us. So far the runup in the stock market is narrowly concentrated in a few companies. 

There is no secret and no surprise that companies are reducing headcount with the advent of AI. I’m here to say that the benefits of AI are going to permeate through corporate income statements on a much br...

Today we’re talking about a significant shift taking place in artificial intelligence during the first half of 2026.

For the last three years, most of the attention has been focused on foundation models. Which company has the most powerful language model? Which model scores highest on the benchmark? Which one can write code, pass exams, summarize documents, or generate images?

That phase is not over. The models are still improving. But the easy gains appear to be behind us. The bigger story is no longer simply about training a larger model. The bigger story is in...

Today’s show is sponsored by The Cost Segregation Guys. If you own investment real estate and haven’t looked seriously at cost segregation, you could be leaving significant tax savings on the table. The Cost Segregation Guys help investors accelerate depreciation, improve near-term cash flow, and make more efficient use of capital, all without changing the underlying asset. 

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On today’s show, we are talking about a trap. It’s a subtle trap, one that is paved with good intentions, conservative mindsets, and the comforting illusion of "low risk." I am talking about the trap...

Howard Lorey is Executive Vice President & Brokerage Manager for Nourmand & Associates based in Beverly Hills. He and his firm specialize in luxury and celebrity properties in Los Angeles and the exclusive enclaves. On today's show we are talking about the criteria and how the market segments. There is a growing investor component to this segment.

To connect with Howard, visit https://nourmand.com or you can email him directly at hlorey@nourmand.com.

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**Real Estate Espresso Podcast:**
 Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8c...

Austin Tunnell is based in Oklahoma City. On today's show we are talking about reviving those walkable neighborhoods that have been forgotten. This is an awesome strategy that many developers overlook.

To connect with Austin, visit https://www.buildingculture.com/

or message him on X.com at @AustinTunnell.

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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)  
 Websi...

The Wall Street Journal ran a major piece today warning that the Colorado River system is on the brink of disaster. The article points to a system under extreme stress: a river serving roughly 40 million people, more than five million acres of farmland, and hydroelectric power for millions. It also notes that Lakes Mead and Powell, the two largest reservoirs in the basin, have fallen dramatically from their peak volumes.

Now, there is no question that the Colorado River is in crisis. But the framing matters.

When the public hears “40 million people,” the mental image is s...

Institutional capital has stepped in at a time when retail investors have largely disappeared from the market. A newly announced $1.3 billion acquisition fund backed in part by the Ontario government’s Building Ontario Fund plans to purchase large inventories of newly completed but vacant condominium units across the Greater Toronto Area. The strategy is straightforward. Buy unsold condo inventory from stressed developers and convert those units into long-term rental housing.

This is not a small pilot project.

This is a large-scale institutional intervention into one of North America’s most overheated residential real estate markets.

Today we’re looking at a situation in northern Utah that has echoes of something very familiar to us in Colorado Springs.

O’Leary Ventures is backing a massive hyperscale data center initiative in Box Elder County, Utah. The Stratos project area has been approved at the state level through MIDA, the Military Installation Development Authority, and the county commission has approved the interlocal agreement and consent resolution required for the project area to move forward.

But now residents are organizing a referendum. They want to gather signatures, force the question onto a ballot, and pote...

Today’s question comes from Steve who asks “Will multi-generational living and caring for aging parents reduce demand for housing by causing previously separate households to re-combine?”

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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.yout...

Today’s show is sponsored by The Cost Segregation Guys. If you own investment real estate and haven’t looked seriously at cost segregation, you could be leaving significant tax savings on the table. The Cost Segregation Guys help investors accelerate depreciation, improve near-term cash flow, and make more efficient use of capital, all without changing the underlying asset. In a business where preserving cash matters, that’s worth paying attention to. If you’re interested in learning more, click on the link in the show notes and you’ll be able to connect with them directly...