The Real Estate Espresso Podcast

On today's show I'm coming to you live from Anchorage Alaska. Based on the most recent data available, the rental vacancy rate in the Municipality of Anchorage was 4.6% in 2024. This indicates a relatively tight rental market, although it's a slight increase from some of the historically low rates seen in recent years. The recent population decline can be linked to a long-running economic recession in Alaska, which began in 2015. This recession was largely a result of falling oil prices, which impacted state revenue and led to a slowdown in economic activity. As a result, Anchorage lost jobs and people, and its employment levels have yet to recover to pre-2015 peaks. ----------- **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)

Dave Shirkey is based in Michigan where today he specializes in mobile home park investing. On today's show we are talking about the darker side of investing which sometimes attracts bad actors. We're discussing how to avoid the possibility of being lured into a scam. To connect with Dave, you can reach him on LinkedIn. -------------- **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)

Kevin Bupp is based in Tampa, Florida where he invests in mobile home parks and structured parking assets. On today's show we are focusing on the investment mandate for parking lots and structured parking assets. To connect with Kevin you can find him on LinkedIn or at https://sunrisecapitalinvestors.com/fund-4/ ------------- **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)

On today’s show we are asking questions about property rights. Our team has been working on a development site in Utah. The property in question has a broad commercial zoning associated with it. The purpose of zoning is to restrict land use to specific uses that are in line with the city’s master plan. The intent is to ensure that developments of those properties is not in conflict with the stated goals of the city. At this point we have presented three different site plans to the city that are consistent with the zoning. All were supported by the planning commission. The most recent site plan proposal was approved by the planning commission with a vote of 7-0. But then when it got to city council, it was denied. Unlike in some other municipalities, this city has delegated the final decision-making authority to the Planning Commission for certain types of applications, including: This means that for these specific applications, the Planning Commission's decision is final and does not require further approval from the City Council, unless it is appealed. Since our property is zoned commercial, it is unclear that City council should have even played a role in the application according to the city’s own rules. So the question eventually becomes one of property rights. At what point does the denial of construction on a property effectively become a condemnation of the property, without just compensation. We are truly starting to ask questions about the legitimacy of the repeated denials. Clearly these are risks that a developer takes. But my gosh this feels a bit extreme. On today’s show we are going to take a look at the case law surrounding excessive government interference. Now of course I’m not a lawyer and I don’t play one on a podcast. As you can see, we’re a little frustrated with the city council and it’s looking like consulting a very experienced land use attorney might be the next step. ---------- **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)

On today’s show we are doing another in the beginner series. The Real Estate Espresso Podcast is unlike other podcasts in that most others are focused on a more entry level audience. Our listeners are sophisticated. Many of you own large portfolios of apartments. But you also have people in your life who are interested in learning more, but maybe don’t have access to high quality information. The idea of sending your spouse to a $199 weekend bootcamp for beginners where they are going to be abused by sleazy sales people sounds unthinkable. So where do they go. Look no further. We are going to dedicate a couple of shows a month to topics that will accelerate the learning for less experienced investors, and might give the most sophisticated investors a new way of explaining a concept that is otherwise complex to describe. Today’s show is focused on underwriting where I’m reviewing the underwriting from a new investor who is looking at their first multi-family acquisition. There are numerous pitfalls in underwriting which unless you have the experience, you don’t know what you don’t know. This project is the first syndication for them and they don’t have experience having put together a compliant offering. ------------ **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)

On today’s show we are talking about whether Real estate investing as a career require more tech skills in the future? Will it require more finance skills? How do you find that person? The advent of AI has changed the way that the real estate investing is done. It’s a fundamental shift in the real estate investment landscape, moving the industry from a reliance on intuition, fragmented data, and manual processes to a new paradigm that is data-centric. AI is not merely an incremental technological advancement; it is redefining the competitive advantage. -------------- **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)

On today’s show we are talking about ways in which business people and regular citizens are being targeted for financial fraud. This was prompted by an attempt to get $9,000 from our company earlier this week. The attempt to defraud us failed, but it showed how much more sophisticated these attempts are becoming. ----------------- **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 headlines on the Wall Street Journal have been marvelling at the lack of inflationary pressure as a result of tariffs. The latest CPI announcement had the annualized rate at 2.7% against the backdrop of a weakening labor market. This is converging on the Fed’s 2% target for inflation. We are looking at inflation because the Fed’s interest rate policy is linked to balancing both price stability and maximizing employment. If inflation is too high, they raise rates in order to suppress demand. If unemployment is too high they lower rates to stimulate investment. Of course we know it is not just the rates which affect the economy, it’s access to credit which is infinitely more important. We know that tariffs have been making headlines for most of this year. Tariffs have been in effect on a wide range of goods for many countries since April 1. There have been several delays to the implementation of tariffs which were designed to incentivize new trade deals with the US. Some of these have concluded and others like Canada and China are still in process. Last Friday the Producer Price Index was published and it showed that prices increase 0.9% for the month of July. That's a huge jump in a month. Is this all the result of tariffs? No. The services component of the PPI rose 1.1% and the goods component rose 0.7%. Tariffs are not the whole story. When I consider that companies need to maintain profitability, there are several ways they can do this. For example, retailers might hold the line on prices for goods that have tariffs attached to them. But I think the cost pressure from tariffs and the incentive to bring manufacturing to the US will have two effects. The drive to save costs will accelerate the adoption of AI in companies and speed up the elimination of jobs. Strangely, this will have the opposite effect that the White House is hoping for. So if inflation ticks up as a result of tariffs, can the Fed do anything about it? The answer is a resounding NO. Raising interest rates won’t make the tariffs go away. Increasing costs for businesses won’t cause demand to fall enough to suppress prices. So the Fed would be rendered completely impotent to bring price stability from an artificial imposition of tariffs causing prices to increase. You see these economic models assume normal economic behaviour. But if the model doesn’t explain the real situation on the ground, then at a certain point you have to abandon the computer simulation and look out the window to see what’s happening. -------------- **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)

Ryan Hawkins is based in St. Louis where he consults as a campaign manager for developers all across North America on the politics of land use. On today's show we are talking about the types of opposition that materialize and how to respond to them. To connect with Ryan and to learn more, visit https://www.sabrepointpa.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)

Luis Belmonte is based in San Francisco. He's been active in real estate development since the 1960's and has lived through 7 economic cycles in his career. On today's show we are talking about how to spot and survive these cycles. To connect with Luis, visit 7hp.com. He has several books on Amazon including Real Estate 101Streetdog MBAStreetdog ManagerStreetdog Negotiator--------------- **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)

On today's show we are doing a walk-through of a new project that is hosting an open house tomorrow. This is a 253 unit housing project at Mont Tremblant in Quebec, an hour North of Montreal. Mont Tremblant, like many resort communities suffers from a shortage of housing for the employees of the resort. On today's show I'm sharing some of the attention to detail that is necessary to deliver a world class product. ------------------- **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)

On today’s show we are talking about government involvement in the economy. Countries vary widely in terms of the extent to which government plays a role in the total economy. At the extreme end of the spectrum there are the purely authoritarian states based on communism. Places like Cuba and the old Soviet Union where government was the economy. But there are government initiatives within the US which frankly are worse. --------------- **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)

On today’s show we are taking a look at a relatively new product category. This is something that Y Street Capital has been active in for some time. But the industry and the investment community are waking up and taking notice. A recent white paper from the folks at Green Street is entitled : "Industrial Outdoor Storage: A Beautiful Ugly Duckling." Research and data on the sector remain scarce, which frankly can create opportunities. That’s the opinion at Green Street, and it’s our opinion as well. ------------ **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)

On today’s show we are looking at the integrity of economic data. This has been making headlines with the President firing the head of the bureau of labor and statistics and installing a longtime critic of the BLS to head the agency. The BLS has received a lot of questions and criticism for their data collection methods. The world seems up in arms that the President is going to interfere with how economic data is collected and reported. On today’s show we are going to take a walk through history to look at how economic data and employment data is collected and reported and the numerous changes that have taken place under various administrations since the 1940’s. The BLS and the BEA claim to have no political affiliation and therefore they are independent from the administration. Let’s look and see at what history tells us, and maybe you will agree with that sentiment, and maybe you won’t. The collection and dissemination of these statistics are primarily the responsibility of two independent federal agencies: the Bureau of Labor Statistics (BLS) and the Bureau of Economic Analysis (BEA). The BLS, which was first established in 1884, is responsible for producing data on employment, prices, and productivity, while the BEA's mission is to provide a comprehensive picture of the U.S. economy through its national accounts, including Gross Domestic Product (GDP). ------------- **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)

Capital tends to flow where it is treated the best. Well the state of Texas is considering a change to its constitution which will have no immediate impact on taxes. Currently the state of Texas has no state income tax for individuals or businesses. It also has no capital gains tax. Texas is currently in the process of considering a constitutional amendment that would permanently prohibit a state-level capital gains tax. This is a significant development, especially since Texas already has no state income or capital gains tax. The proposed change isn't to add a tax, but to legally block one from ever being enacted in the future. Texas voters will decide on Proposition 2, a legislatively referred constitutional amendment, on November 4, 2025. Of course any income earned in the state of Texas including capital gains is still subject to Federal income tax and capital gains tax. So why is this significant? When a jurisdiction is seen as business friendly, it tends to attract investment. It attracts more than its fair share of jobs and prosperity. This is sending a message to the business community that Texas is open for business and is open for investment and residency. This might be considered a PR stunt since in the short term it really changes nothing. But investment in a location starts with making a favourable first impression. It’s one step along the path of many steps that are ultimately required to get a company to locate there. --------------- **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)

Joel Landon is based in Salt Lake City where he helps investors administer their retirement savings. On today's show we are talking about how to use a Roth Conversion as a tax efficient method for investing in real estate. This is not a rookie move, and of course we are not providing tax advice on this show. Consult your own tax specialists who are familiar with your specific circumstance. To connect with Joel, visit https://heritageira.com/joel-landon/ or email him directly at joel@heritageira.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)

Mike Kron is based in Newport Beach California. His strategy has pivoted lately to focusing on retail credit tenant net leases. These are the national brand operators that provide corporate guarantees on the retail lease for businesses that are not vulnerable to e-commerce and shrinking retail footprints. To connect with Mike visit https://guardiannetlease.com/ or email him directly at mike@guardian-advisory.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)

On today’s show we are looking at an echo from the Great Financial Crisis. There was collapse of a banking house of cards triggered a drop in lending liquidity which then precipitated a fall in real estate prices. There were several areas across the US that got caught up in that mess in a big way. On today’s show we are looking at which areas of the country are currently experiencing negative equity and comparing them to counties that were similarly affected in the period from 2008-2012. In that time, the recovery only started in 2013. It took a full 8 years for prices to re-normalize in many of those areas. Right now, there are a few areas in California, Florida, New York, Illinois, and Texas that are experiencing negative equity. Washington DC is also on the list, but in my opinion for different reasons. Now I’m not here to tell you that we are experiencing a repeat of 2008. But I find it interesting that some of the same markets that experienced the most negative equity in 2008 are also the same ones experiencing negative equity today in 2025. This is a time when you need to be particularly careful. There are people still quoting growth statistics for these areas that frankly in my estimation are no longer valid. Yes, there are national home builders planning large scale gated communities with thousands of homes in the future. But I can also tell you that these builders will not be building at the same pace in an environment where inventories are surging and equity is evaporating. ---------- **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)

As many of you know, I follow macro economics and from time to time I share perspectives on the implications of underlying aspects of industries that ultimately affect real estate or the economy in some way. On today’s show we are talking about oil. It’s been a while since we have looked at what’s happening in oil and gas. To start with we have not seen any appreciable change in oil prices over the past two years. They’ve traded within a fairly narrow range between $70-$90 per barrel. There have been a few excursions outside that range. These days, prices are hovering between $60-$70 per barrel for most of this year. This is an indication of fairly balanced supply and demand. The latest 50% tariff levelled against India as punishment for buying Russian oil is totally missing the point. This has become a massive game of musical chairs. At the end of the day, supply and demand will always seek to find an equilibrium, just like gravity helps water find its equilibrium. ------------ **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)

On today’s show we are talking about the impact of data centres on nearby residents. You would think that a data centre is a large rectangular building filled with electronics and the high speed optical connections coming in and out of the data centre will connect the servers with the end users. Beyond the fact that the data centre is probably not the most beautiful building in the world, there should be no real lasting impact from the data centre on the community. Well, as it turns out, that’s not the case. In fact, data centres can create a huge amount of noise and they use a massive amount of water. -------------- **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)