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Real Estate Espresso

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Your morning shot of what's new in the world of real estate investing. Daily real estate investment outlook from investor, syndicator, developer and author Victor Menasce.

Your morning shot of what's new in the world of real estate investing. Daily real estate investment outlook from investor, syndicator, developer and author Victor Menasce.
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Anchor FM


Your morning shot of what's new in the world of real estate investing. Daily real estate investment outlook from investor, syndicator, developer and author Victor Menasce.




My First Trip to Venezuela

Today’s episode is the story that started for me back in 1974. For two years in a row in 1974 in 1975 I visited Caracas Venezuela. I was 11 years old and I was struck by the huge contrasts in the city of Caracas. The city is in the centre of a valley surrounded virtually on all sides by tall steep hills. In the centre of the valley floor was a bustling modern city with freeways, and tall modern buildings. Surrounding the city lining the Steep hill sides were thousands and thousands of...


The Fog of Average

The more you know about your potential customers, the better you can target your offer to the needs of your customers. People make a number of life decisions that alter their demand for housing. Housing is so much more than a dry roof over your head. Children grow up and move out on their own. Some will move to be walking distance from a university. Maybe they lose their employment and move back home. The decision to get married and start a family. Sometimes its the decision to end a...


Build Versus Buy

Todays' episode is a discussion on whether to build versus buy.


Special Guest, Sep Bekam

Sep is a multifamily real estate investor who has made an unusual transition from multifamily to portfolios of single family homes. When I first heard about the transition, I was a little skeptical. But the rationale for the shift makes sense and is sound. Sep has dealt first hand with the difficulties of managing economically challenged properties in rough neighborhoods. That learning has shaped his current investment choices. Many investors have made the same mistakes in some form. I love...


The Myth of Passive Income

I’m coming to you on location from the 17th annual investor summit at sea. This annual event is like no other. Every night, I’m seated with a new group of investors at my dinner table. One of the frequent questions that I ask people at my table is “What are your goals?” The typical story goes something like this. They have a full-time job. They like what I do, but I’m ready to change careers in favour of something with passive income. So They’ve started buying a few rental properties. They...


California Has It Wrong

Back in November, Californians voted on a proposition to eliminate the current state wide rent control legislation that was enacted in 1995. California’s rent-control regime is governed by a state law called the Costa-Hawkins Rental Housing Act. It prevents cities and counties from imposing rent control on single-family homes or apartments built after 1995, among other prohibitions. The law also froze rent control rules in cities such as Los Angeles that had policies before Costa-Hawkins was...


Get Out From Behind Your Desk

I'm coming to you live from The Investor Summit at Sea. This is an event like no other. It's here that you have the opportunity to learn from some of the biggest brains on the planet.


Not My Teenage Pension Fund

On today’s show I want to share a perspective on the world of investing. My mother started an investment holding company back in 1976. She had a portfolio of investments, largely in the stock market. When my mother passed away in 1981, I was 18 years old, I had the task of taking over that investment holding company. At the time, the conventional wisdom was that you could routinely earn an average return of 10-11 percent. In my world, as a relatively young investor, our target was to...


AMA - Which is Easier to Raise, Equity or Debt?

This question has been asked so many times by audience members, I'm not going to attribute it to a single person. It's a great question, and the answer is highly situation dependent. I’ve experienced situations where raising money has been easy, and other times when it has been very time consuming. The main issue is whether the venture is going to be appealing to the sources of debt financing and the sources of equity financing you are talking to. It’s easy when you get a quick yes. It’s...


Special Guest, Quentin D'Souza

Quentin D'Souza is a Toronto based investor who runs one of the local Real Estate Investment clubs there. You can reach Quentin at One of his specialties is legal secondary units. These in-law suites are a great way to multiply the revenue and increase the overall value of a property for minimal investment. It's particularly attractive in a high priced markets like Toronto.


Live Talk on Value Engineering

This segment was part of a live meetup in which I shared several real life examples of design decisions that were made to reduce cost without having an impact on quality.


The Grind of Analysis

Today’s show is a personal story of an inner struggle. I’m in the middle of a project and I’m in the process of updating the financial projections based on a revised construction budget, new information about the debt structure, and a more accurate view of the schedule. In the process of updating the spreadsheet I discovered that there were a number of places where numbers had been hard coded into cells, rather than being calculated from variables. I’ll give you a couple of examples. When...


Do You Know What Country You Live In?

If you’re a business owner, would you like to know which country your business is licensed to conduct business in? If you conduct business in multiple countries, would you like to know the rules of engagement for continuing to do so? If you set up your head office in a global financial center hoping and expecting it would act as a gateway to conducting business across an entire continent, would you like to know if that was a good investment? If you live in the United Kingdom and you own a...


AMA - Should I Visit The Property Before Purchase?

On today’s show Patrick asks “How important is making site visits prior to purchasing a property?” The simple answer is “It depends”. Certainly, you need to get a lot of information about a property before you buy. Some of it requires a site visit. That doesn’t mean it has to be you to go to the property. But you do need the information one way or another. When I perform due diligence on a property, I’m looking for a few important things. I want to know what is around it. If the value of...


The Fed Versus TNB

Today’s show is a fascinating story about industry insiders who are challenging the state of the banking industry. Last week I published an episode called "Not worth a Continental". If you have not listened to that episode, I suggest you stop today’s show and go listen to that earlier episode first. Today’s show will make so much more sense if you do. The players in the story are James McAndrews, former research director for the New York Federal Reserve Bank., And the Federal Reserve...


My First Investment

When I was 10 years old, I made my first investment. I didn’t know it at the time. Apparently I had $10,000 kicking around that my grandmother had put in my account. My uncle who owned a seat on the NY Stock exchange was an aggressive trader and a very wealthy man. He lived on 5th Avenue next to the Italian consulate overlooking Central Park. It was as good an address as you could possibly have in the financial center of the world. He would actively trade all day long. He would trade stocks...


Special Guests, Mark and Tamiel Kenney

Mark and Tami Kenney are multi-family investors. In a few short years they have acquired about 4,500 units of multi-family apartments together with their partners. It's enabled them to abandon the corporate life, and focus on their passion. Join me for a great conversation about how to make the transition from small projects to larger multi-family apartment investing.


Special Guest, Michael Flight

Michael Flight is a principal at Concordia Realty from the Chicago suburb of Oak Brook. He specializes in shopping center investing nationwide. Just because retail is going through major changes, doesn't mean there isn't opportunity. Join me for this immensely educational conversation about investing in shopping centers. You can reach Mike at


Not Worth A Continental

In late-18th-century America, something of minimal value was often described as being “Not worth a Continental,” which referred to the Continental Dollar, the American currency at the time of the American Revolution. The continental was paper money. It had occurred to the colonists that, as their revolution was costing quite a bit to maintain, they could go into “temporary” debt to finance the war. Pretty soon it became clear that the debt could not be repaid. The printing of paper...


How Do You Start Your Day?

Today’s show is a personal story. We are all part of this journey called life. The daily struggles are universal. Managing time, energy, diet, exercise, finances, commitments, friendships, cleaning up messes and mistakes. Finding the time, and creating the space to live out your dreams. I’m a pretty driven individual. If you’ve been listening to the podcast you probably have that sense by now. On today’s show I want to share with you something deeply personal about how I start my day each...