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.
Can AI Revolutionize Property Management?
Traditional property management software digitized filing cabinets: it recorded payments, stored documents, and logged complaints, but did not change how work moved through the process.
Managing a community is not one job. It is a constant relay race among residents, boards, managers, accountants, banks, vendors, and regulators. A homeowner reports a leak. Someone identifies the property, checks responsibility, alerts a vendor, gets an estimate, seeks approval, schedules the repair, pays the invoice, updates the books, and closes the loop with the resident. Every handoff is a chance for delay, duplication, or failure.
Vantaca offers a...
Can AI Speed Up City Council?
I spent some time this week looking at a new playbook out of the AI world, describing what they call the "AI-native software development life cycle." And the more I read it, the more I realized: this isn't really a software story. It's our story. The steps engineers use to build a software application are almost identical to the steps we use to take a piece of dirt and turn it into a building. Plan, design, build, test, deploy, maintain. Swap "code" for "construction drawings" and you're reading our world in real estate development.
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**Real...
Why Hourly Rentals Failed
Visit The Cost Segregations Guys, our sponsor using this link for a discount. Cost Segregation is the key to accelerating depreciation and improving cash flow in your portfolio.
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On today's show we are looking at why Property Tech company Peerspace filed for Chapter 11 bankruptcy protection.
For over a decade, Peerspace was celebrated as the "Airbnb for hourly space." The company promised to unlock millions of dollars in value hidden inside under-utilized physical real estate. But its sudden filing in bankruptcy court exposes the deep structural vulnerabilities of trying to monetize space by...
BOM - Learned Optimism
Our book this month is “Learned Optimism: How to Change Your Mind and Your Life” by Martin Seligman. It is an influential book about the way people explain success, failure, adversity, and disappointment to themselves. Seligman, one of the most important figures in the development of positive psychology, argues that optimism is not simply a personality trait that people either possess or lack. Instead, he proposes that optimism can be learned by changing the habitual explanations people make about events in their lives. The result is a book that combines psychological research, practical exercises, and personal reflection to explore how o...
What Do We Know For Certain?
Back in 2018 we made the decision to invest in Lake Charles Louisiana. The thesis behind investing in this market is that the community is at the epicenter of a network of natural gas pipelines. Like some things in the energy industry, the timelines can be long and major projects often get delayed. As a result, not all of our projects in Lake Charles have gone as planned.
The south coast of the US is blessed with a lot of oil and natural gas. In fact, there is so much natural gas that US prices for natural gas ar...
State of MultiFamily Apartments in 2Q 2026
Today's show is a talk that I gave to the members at American IRA last week. We're talking about how the old value add playbook for apartments is broken and a different asset segment that we believe is working instead.
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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...
SE Market Perspective with Michael Bull
Michael Bull is based in Atlanta and he heads up Bull Realty. He is also the host of America's Commercial Real Estate Show. To connect with Michael email him at michael@bullrealty.com or visit bullrealty.com. The podcast can be found at https://www.creshow.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.v...
Short Term Rental Rules Are Changing
On today’s show we’re talking about short-term rentals, and more specifically, a change in how governments are enforcing short-term rental regulations.
For years, most short-term rental regulation focused primarily on the property owner.
Do you have a license? Are you collecting the correct lodging tax? Are you violating occupancy limits? Are you operating in a location where short-term rentals are even permitted? Some places enforced permitted uses through the zoning code. Some chose to overlay special regulations for short term rentals independently of the zoning code.
Increasingly, governments are asking a diffe...
The Changing Regulatory Landscape
There is a strange thing happening in rental housing across the United States.
If you looked only at national statistics, you might conclude that the business of owning an apartment is largely unchanged.
Since January 2025, more than forty states have passed, published, or court-decided something that touches deposits, notices, fees, or evictions.
Each individual change can look small.
Taken together, they represent something much larger.
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**Real Estate Espresso Podcast:**
Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si...
Why Electricity Rates Are Rising
On today’s episode, we’re taking a deep dive into an issue that is quickly becoming one of the most critical factors in site selection, underwriting, and property development across North America: the state of our electrical grid.
If you’ve been reading the headlines, you’ve probably seen a lot of finger-pointing. The mainstream narrative goes something like this: artificial intelligence and hyperscale data centers are single-handedly overwhelming our power grid, driving up energy prices, and threatening to break our infrastructure. But if you dig just one layer beneath the surface, you realize that AI isn't th...
Shakeup At Fannie Mae
Today, we are taking a closer look at last week’s executive shakeup at Fannie Mae. A lot of market commentators are treating this as a simple administrative hurdle—telling investors to prepare for extended processing times and minor closing delays.
While extended processing times are annoying, that perspective misses the real danger facing real estate investors today.
The major risk isn’t that your loan officer takes an extra few weeks to get back to you. The major risk is abrupt policy volatility. High-level executive changes at government-sponsored enterprises don't just swap out office namepl...
Impact Of The Trade War
There has been a lot of discussion over the past few days about tariffs and the trade relationship between Canada and the United States. The events of Friday where Canada withdrew from the negotiations put the impasse in stark terms. Most of that discussion has focused on manufacturing, autos, steel, aluminum, and politics.
The trade war is clearly escalating. Tariffs are just the start. What happens if the nations take the even more drastic step of withholding exports to each other? Major parts of the US are dependent on Canada for critical resources. We don’t know wh...
Grocery Anchored Shopping with John McNellis
John McNellis is based in Palo Alto and has been in commercial real estate for more than 40 years. He has been focused on grocery anchored shopping centers in Northern California for most of that time. On today's show we are talking about what is working today and the fundamentals that have stood the test of time.
He is also the author of the book "Making it In Real Estate", now in its third edition.
To connect with John visit https://mcnellis.com/ or email him at john@mcnellis.com.
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**Real...
Senior Housing with Dani Lyn Robison
Dani Lyn Robison is based in Orlando Florida, but operates a real estate business located in Ohio. On today's show we are talking about Senior Housing. This is one of several asset classes in their portfolio. To connect with Dani and to learn more, visit chatwithfreedom.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.v...
Underwriting A Matter of Perspective
On today's show, we're talking about a situation that confuses a lot of investors. How can the same property have two different underwriting models, and how can both of them be correct?
The answer comes down to perspective.
A lender is underwriting the property for one purpose. An investor is underwriting the property for a different purpose. Those two objectives overlap, but they are not identical.
Let's use a real-world example.
There are a number of state and local programs around the country that offer some form of property tax abatement...
Is The Software Business Model Dead?
Today we’re going to venture outside real estate for a few minutes and talk about software. But this is really a discussion about business economics, and those principles apply to every industry.
For the past twenty years, one of the most attractive business models in technology has been Software as a Service, or SaaS.
Instead of buying software once, customers pay every month or every year. From the software company’s perspective, this is wonderful. Revenue becomes recurring and predictable. Investors love recurring revenue, and software companies have been valued accordingly.
But arti...
Will Treasury Intervention Make A Difference?
On August 20, I'm going to be hosting a webinar on how to use AI to validate the quotes you receive from contractors and subcontractors. To register for the webinar click HERE. Even if you can't attend live, we will send you the recording.
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Today we're talking about an announcement from the U.S. Treasury Department that has generated a surprising amount of noise in the financial markets.
The two words getting attention are Treasury buybacks.
Treasury announced today, August 19, that beginning September 9 it will increase, by at least double, the...
AMA - Can Office Conversions Deliver Class B?
Today's episode is another AMA, or Ask Me Anything.
Today's question comes from Charles, who asks:
"What is your opinion of office-to-residential conversions? Namely, are they attractive enough to become a Class B property? I see repurposed motels as apartments, which I personally do not like, but I suppose there is a market for those properties."
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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://pod...
AI In Construction
Later this week we're hosting a deep dive webinar on AI In Construction. To register, click HERE .
Since the beginning, construction drawings have been one of the hardest documents for artificial intelligence to understand.
That makes sense when you think about it. A construction drawing is not simply a page of text. It contains symbols, dimensions, schedules, notes, details and references to information that might appear twenty pages later. A symbol on the floor plan may tell you almost nothing until you find the corresponding detail or section.
But something has changed dramatically...
Remote Management with Christina Kovacs
Christina Kovacs is based in Fort Lauderdale, but she invests primarily in Missouri. On today's show we are talking about the pitfalls of remote management and how to set things up for success.
To connect with Christina, visit https://www.christinakovacs.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)
Li...
Apartment Portfolios with Andrew Cushman
Andrew Cushman is based in Southern California, but invests mostly in the South Eastern states. On today's show we are talking about the distress in the market and what is driving the distress. Portfolios in secondary markets in states like Georgia and the Carolinas are seeing high occupancy and rent growth.
To connect with Andrew visit https://www.vpacq.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 Pod...
Lessons From WeWork
On today’s show we’re talking about Adam Neumann, the founder of WeWork.
There are probably few entrepreneurs in recent memory whose rise and fall has been documented as extensively as Adam Neumann.
WeWork went from being one of the most celebrated private companies in the world, valued at roughly $47 billion at its peak, to one of the most spectacular failed IPOs in recent history.
The company ultimately filed for bankruptcy years later.
But perhaps the more interesting story for investors isn’t the collapse of WeWork.
It’s what h...
Japan's Intervention Failed
On today’s show we’re going to connect three things that might seem completely unrelated: the Japanese yen, United States Treasury bonds, and the interest rate on your next real estate loan.
They are more closely connected than you might think.
So why should a real estate investor in Dallas, Atlanta, or Phoenix care what happens to the Japanese yen?
Because Japan is the largest foreign holder of United States Treasury securities. The latest Treasury data puts Japanese holdings at roughly 1.2 trillion dollars.
When Japan wants to defend the yen, it n...
City Hall Is a Partner In Your Project
The question is whether you want to partner with the city or not. The city can add value (or erode it) without being formally at the partnership table. How many people underwrite the city as part of their due diligence?
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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...
This Land Is Worthless
Today's show is sponsored by The Cost Segregation Guys. If you own investment real estate and are not taking advantage of accelerated depreciation, you're probably leaving money on the table. Check out the Cost Segregation Guys using the link and you will qualify for a discount on their services.
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Today's show is a case study of a property that is about to go to tax sale. That not the interesting part. The real question is "Why would anyone own it?" and "Who would ever buy it?"
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**Real Estate Espresso...
When Your Condo Doesn't Qualify
Today we’re talking about a change in the condominium market that has received surprisingly little attention.
The question is not whether your condo is worth $300,000 or $500,000.
The question is whether a buyer can get a mortgage on it.
We saw this problem extensively in the wake of the 2008 financial crisis. There were condominium projects all over the country where individual owners stopped paying their mortgages. Many also stopped paying their condominium fees.
As delinquencies increased, the financially healthy owners had to carry more of the burden.
Fannie Mae st...
Mobile Home Parks with Frank Rolfe
Frank Rolfe is based in Missouri and invests in mobile home parks across the US. He is the fifth largest owner of mobile home parks in the country. On today's show we are talking about the "buy box" for mobile home parks and the which properties you should stay clear of.
To connect with Frank, visit mhu.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://pod...
State of Apartment Market with Neal Bawa
Neal Bawa is based in Silicon Valley where he invests in multiple asset classes including new development in several markets across the US. On today's show we are talking about the state of the apartment market in the sunbelt. In particular, Neal makes a distinction between the syndication market and the rest of the apartment market.
To connect with Neal, visit https://multifamilyu.com/club
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**Real Estate Espresso Podcast:**
Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)
iTu...
Central 2Q Industrial
On today’s show, we’re continuing our look at industrial real estate across the United States.
Today we’re moving through the central states, starting around the Great Lakes, moving through the Midwest and Memphis, and finishing in Texas along the Gulf Coast.
The Marcus & Millichap second-quarter reports reveal a pattern we’ve seen in several parts of the country.
But there are distinct differences in each market.
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**Real Estate Espresso Podcast:**
Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?s...
West Coast Industrial
On today’s show, we’re looking at the industrial outlook across the Western United States, based on Marcus & Millichap’s second-quarter 2026 market reports.
We’ll examine ten markets: Las Vegas, Los Angeles, Oakland, Orange County, Phoenix, Portland, the Inland Empire, Sacramento, San Diego, and Seattle-Tacoma.
The broad theme is straightforward.
Western industrial markets are still digesting a major wave of construction. In many locations, vacancy rose not because demand disappeared, but because new supply arrived faster than tenants could absorb it.
This is similar to what we saw elsewhere in the SE a...
Northeast Industrial 2Q2026 Outlook
On today’s show, we’re looking at the industrial real estate outlook across the Northeast corridor.
Marcus & Millichap recently published its 2Q 2026 industrial forecasts for 36 metropolitan markets across the United States. Today, we’re going to focus on six of them: Boston, New York City, Northern New Jersey, Philadelphia, Baltimore, and Washington, D.C.
These markets are connected geographically by the I-95 corridor, but they are not all moving in the same direction.
There is, however, one common theme.
The wave of new construction that affected industrial markets over the past s...
Industrial In The Southeast USA
Today is the first in a four part mini-series on Industrial Real Estate across the US. The folks at Marcus & Millichap recently published 36 submarket reports across the US focusing on Industrial Real Estate. Today we are concentrating on six markets in the Southeast.
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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)
LinkedI...
Will The Japan Carry Trade Affect Real Estate?
On today’s show, we’re examining the Japanese yen carry trade and why its possible unwinding should be of interest to real estate investors thousands of miles away from Tokyo.
A carry trade sounds complicated, but the basic idea is simple. An investor borrows money in a currency with a low interest rate and invests that money in an asset offering a higher return.
The carry trade has its roots in an economic stagnation that started in 1991. Their stock market crashed in 1991 and the air came out of their real estate bubble? Over the next...
The Everything Crisis with Dr. Anas Alhajji
Dr. Anas Alhajji is one of the preeminent energy analysts in the world today. He is based in Dallas Texas. On today's show we are talking about the multiple factors that are affecting energy markets and global supply chains. Most of these factors are not making headlines and are largely being ignored by the markets.
To connect with Dr. Alhajji you can find him on Twitter at https://x.com/anasalhajji
His substack newsletter is widely followed and contains extraordinary behind the scenes analysis.
Daily: https://afalhajji.substack.com/
Weekly: https...
BOM - 1929 Inside the Greatest Crash in Wall Street History, and How It Shattered a Nation.
On today’s show, we’re reviewing a new book by Andrew Ross Sorkin called 1929: Inside the Greatest Crash in Wall Street History, and How It Shattered a Nation.
Sorkin is best known for Too Big to Fail, his account of the 2008 financial crisis. In this book, he goes back nearly eighty years earlier to examine the most famous market collapse in American history.
Most people know the basic outline. The stock market rose dramatically during the Roaring Twenties. Speculation took hold. The market crashed in October of 1929, and the Great Depression followed.
But...
Panama Is Not In The Headlines
Cost Segregation Is The Key to Bonus Depreciation. To Take advantage of bonus depreciation and lower your taxes, reach out to the Cost Segregation Guys.
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Panama is not in the headlines, but maybe it should be. Today we’re talking about water levels in the Panama Canal.
When most people hear that the canal is experiencing low water, they assume the immediate result will be fewer ships passing through each day.
That is not yet the principal restriction.
The more immediate constraint is draft.
Draft is th...
What Does The Fed Mean?
The progression from Alan Greenspan to Kevin Warsh is not simply a change in personality. It reflects four different views of how much the Federal Reserve should shape market expectations.
At one end is the belief that ambiguity preserves flexibility. At the other is the belief that communication itself is a monetary-policy instrument. Warsh appears to be pulling the institution back toward flexibility, but in a market that has become accustomed to continuous guidance.
Warsh seems to be drawing a distinction between transparency and prediction.
The Fed should explain why it made today’s...
Dear Diary
It’s rare that I get wrapped up in the news cycle. I’m not a news junkie. But this week, something crossed my desk that I simply could not ignore.
We all lived through the pandemic and were presented with data from the media that did not always line up with basic science. Those scientists, pathologists, and doctors who presented data that contradicted the official narrative were ostracized as quacks and conspiracy theorists.
Kudos to Senator Rand Paul for getting his hands on the Dr. Anthony Fauci’s diary. Dr. Fauci was the government’s face of...
Using AI to Find Cheap Dirt
We're building a project in Louisiana that has a lot of site work associated with it. In fact we need to import about 60,000 cubic yards of material to raise the finished grade of the property. The price per yard can vary widely depending on transportation. On today's show we are showing how AI is being used to find creative solutions to reducing the cost of the dirt work.
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**Real Estate Espresso Podcast:**
Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)
Stranded Deductions with Eric Brunner
Eric Brunner is a CPA based in Milwaukee. On today's show we are talking about which types of improvements must be capitalized versus expensed. Many accountants get this wrong and create tax liability for their clients by mistake.
To connect with Eric, visit him on LinkedIn
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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...
