The Real Estate Espresso Podcast

Today's question comes from Zane in Georgia who asks: I was hoping to get a professional opinion or suggestion on how I should approach an issue with a small town council who won't update utilities and a seller who wants a premium price for their land but cannot get it because of utilities being maxed out. I am a residential and small multi investor and my knowledge of selling land for development is minimal. I have known the seller and family for several years and they trust me to represent them honestly, which is why they asked me to list their land. But, it has been a year and the few interested buyers we have gotten are bidding too low for the seller and then council ruins the DD. This is a 100 acre tract on two parcels in the city limits of Maysville, GA just off I-85N near Atlanta. Seller wants to get around 6.5M from the sale, I have warned that 4M is more likely but it's not a conversation they want to hear. The land has 18 acres of C2 zoning on the main road with major utility lines on the road, and is the largest undeveloped piece of land in the city limits. Jackson county is growing rapidly and building a lot of housing, but the city of Maysville has been underdeveloped. They did just approve 2 large data center projects which I think will jump start the city into more growth. The local city lines have water pressure limits due to poorly functioning wells and council is fixing the issue by purchasing water from surrounding counties. The sewer lines and reclamation facility are maxed out for residential use, but supposedly have retail/commercial capacity. The engineer I spoke to said the system needed to be replaced ideally, but they could increase capacity if needed. There have been several offers at lower prices, but all have fail in due diligence as a result of lack of utilities. ------------ **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 with Heritage IRA, based in Salt Lake City. On today's show we are breaking down the different types of retirement accounts and why you would choose one over another. To connect with Joel, visit heritageira.com 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 Zlotnik is based in New York City and he invests in multiple asset classes across the mid-western part of the United States. On today's show we are talking about how the investment thesis has changed over the past few years with a renewed emphasis on safety and cash flow. To connect with Mike, visit https://bigmikefund.com/ where you can find both his podcast and his corporate site. --------------- **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)

Coming to you live from Tulum Mexico where we have just wrapped up our Build to Scale Mastermind. This is our annual event, held roughly at the same time each year. We choose this time because it is a chance to start planning for the next calendar year before the start of the next year. Unlike past years, this year focused on more than just goal setting. We still did spend considerable time on goal setting. But we also spent time on the topic of business scaling with an emphasis on mergers and acquisitions. ----------- **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 what I consider to be one of the most ridiculous market forecasts from what should be a respectable institution. The IEA which is based in Paris issued an updated demand model in the run up to the UN’s annual climate change talks, this year scheduled to take place in Brazil. I believe it is important to understand energy markets, even as a real estate investor. It’s important because energy is the economy. You cannot have a unit of economic output without a corresponding unit of energy being consumed somewhere in the world. These two have been inextricably intertwined throughout history. The problem with the IEA line of thinking is that it looks at oil and gas consumption without considering oil and gas supply. Supply and demand cannot be unbalanced for more than a few months. The oil industry only holds about 40 days of supply in inventory worldwide. So if supply and demand fall out of balance, prices will swing considerably which will ultimately affect demand. In the short term demand is relatively inelastic with price. You’re not about to drive 3/4 of the way to work if the price of gas goes up by 1/3. But over time, capital decisions are made based on the economic model associated with each energy source. The US hit peak oil supply this year. That means the cost and effort to extract a barrel of oil from the ground is going to go up from here. The IEA report puts the global daily consumption of oil at around 100M barrels per day. Under the “Current Policies Scenario,” which is based on existing policy and regulations, global demand rises to 105 million barrels a day in 2035 and 113 million barrels a day in 2050, from 100 million barrels a day last year, mainly driven by petrochemical feedstocks and aviation. There are a few problems with this analysis. The first is that global oil consumption is already 104.6M barrels per day now in 2025 and the IEA is saying that it’s going to take another decade to reach that demand. The biggest problem is that their model puts too much emphasis on government policy as the primary driving force affecting oil demand. There is oil on paper and then there is oil in the tank. These are not the same. Just because someone in Washington or Paris or London issues a policy statement about oil consumption you have to remember that the decision to consume oil consists of billions of micro decisions. ----------- **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 latest announcement from the White House is a proposed 50 year amortization loan in order to improve home ownership affordability. This proposal is naturally met with criticism from all sides. The obvious advantage is that the principal portion of the monthly loan payment can be spread over a longer time period and thereby reduce the size of the loan payment. The purists will argue that the amount of interest paid over the life of the loan balloons to unreasonable numbers. Perhaps the largest criticism has been that lower monthly payments will only have the effect of pushing housing prices higher. I personally think that two things would need to happen for that to be true. There is no question that home prices have risen faster than household incomes during the period from 2018-2022. The other argument is that if the amortization is extended to 50 years, it will have the effect of lowering monthly ownership costs which will then cause prices to be bid up to even higher levels outside the affordability of ordinary citizens. Theoretically I understand that argument. But in reality I don’t think it will play out that way in practice for several reasons.

On today’s show we are talking about the investor mindset. A few years back I wrote the book Magnetic Capital. That book was written based on observations that I had made when I was raising capital in the tech industry. Then when I made a left turn in my career in 2009 and moved into the world of real estate investing, I used my own funds until I ran out, and then raised funds. In doing so I re-learned the process of raising capital and discovered that it was essentially the same. At the core of any investment are five principles, when all five of those principles are present, raising money is virtually effortless. When one or more of those principles are missing, then raising capital gets difficult in a hurry. When a company makes a decision to set up manufacturing, to build a factory and employ hundreds or thousands of people, they are making an investment. Guess what, the same principles apply in that scenario as well. Right now we are seeing two major effects from the current international trade war underway. The constantly moving goal posts are eroding trust amongst international investors. This is causing some major international companies that currently have operations in the US to quietly move more production out of the US. ----------- **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 Assisted Living and the number one mistake that investors (large and small) make when it comes to investing in senior housing. ------------- **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)

Bronson Hill is based in Pasadena where he runs Bronson Capital. He lives a short distance from the Altadena fire and the Pallisades fire that devastated nearly 20,000 structures last year. On today's show we are talking about using modular construction to accelerate the rebuilding process. To connect with Bronson and to learn more, text the word "Inflation" to 33777. ------------- **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)

Mauricio Rauld is based in Southern California and is the founder of Premier Law Group which he recently sold. Our team is continuing to work with the Premier Law Group as our securities lawyers. On today's show we're talking about a few of the upcoming changes to securities regulations. To connect with Mauricio, goto askmauricio.com or check out his youtube channel at http://www.youtube.com/@MauricioJRauld. Access to his Inner Circle Syndication Mastermind can be found at coachingwithmauricio.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)

On today’s show we are talking about a recently published market report on industrial from Cushman and Wakefield The U.S. industrial market continued to demonstrate strength and balance in the third quarter of 2025, showing clear signs of stabilization after two years of turbulence. Despite macroeconomic headwinds—from moderating consumer demand to policy uncertainty and tariffs—industrial real estate remains the most fundamentally sound asset class across commercial property types. According to Cushman & Wakefield’s Q3 2025 U.S. Industrial MarketBeat, national industrial net absorption reached 45.1 million square feet (msf) in the third quarter, a 30% increase quarter-over-quarter and 33% higher year-over-year. This marks the strongest quarterly demand reading in more than a year and confirms two consecutive quarters of positive momentum. Year-to-date, absorption stood at 108 msf, roughly in line with the same period in 2024, signaling a healthy, steady-state market rather than one experiencing contraction or overheating. ----------- **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 negotiating with a lender. We have a loan application in process that has taken much longer to finalize than promised. It often happens that a project has complexity associated with it. The lender puts the data room into underwriting and what comes out the other end often is surprising. Surprises at this stage are usually not good surprises. The terms at closing can differ significantly from the terms offered in the signed term sheet. This is where it is important to ask questions. Why did you reduce the loan amount? Why did you increase the interest rate? Why did you increase the loan interest reserve to such a high level? It’s through this process that you can gain an understanding of how the lender is looking at the project. We have a file in front of a lender right now that experienced several misunderstandings. ----------- **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)

Most countries have a value added tax of some kind that is computed on consumption of goods and services. For example, European countries have extremely high VAT typically ranging from about 17% to 27% depending on the country, with most EU member states using standard rates between 19% and 25%. For example, Germany applies a standard rate of 19%, France 20%, Italy 22%, and Hungary 27% (the highest in the EU), while reduced rates can apply for specific goods and services such as food, books, or medicines depending on national policy. Canada has a goods and services tax of 5% charged by the federal government. Provinces also charge sales tax. In some cases the two sales taxes are combined into a harmonized sales tax. Like in the EU, the sales tax is charged at all stages in commerce, but the sales tax paid on input costs are deductible from the amount collected and owing. Are taxes inflationary? They fund the government, but slow the economy. The addition of import tariffs is just another tax. It’s a sales tax levied on imports. Imagine if the federal government were to levy a sales tax on the American consumer. I believe there would be an outright revolt. I believe Republicans and Democrats alike would be united against such a move. It is pretty clear that the power of the purse rests with the Congress in the US. The executive branch of government does not have power to impose taxes. We will see if the tariffs imposed by the President will survive the challenge that is before the courts. ------------ **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)

Can you tell me whether the data contained in your business systems is compliant with the US Cloud Act, Canada’s law Personal Information Protection and Electronic Documents Act, or the European Union GDPR? I expect that most people would claim complete ignorance of the rules, let alone have any idea whether they are in compliance or not. There is no way you are going to check whether a cloud hosted software application is compliant if you don’t even know to ask the question. The problem is that when you sign up for a particular service online, do you have any idea where that data is hosted? Where is the data centre that is processing your request? What other applications might be integrated with this application, and where are they hosted? Let me give you a simple example. If you are using Spotify for your podcast, is the podcast hosted in Sweden where the company is headquartered or in the US where you live? If you are using an AI tool like Mistral, which privacy and data sovereignty laws must you comply with? If you are using Deepseek for an AI search, is the data being sent to China? ----------- **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 some of the changes happening in the global monetary system that I believe are being largely misunderstood. The Genius Act is enabling the US the extend its reach internationally which could have the effect of strengthening the US position as the world reserve currency. Think about the demand for dollars or any stable currency if you live in a country that has high inflation. The people in Turkey or Argentina or Venezuela along with numerous other countries are experiencing very high inflation. Inflation in Turkey is close to 50% year over year. Argentina is 98% year over year, and Venezuela is a whopping 400% year over year. The average person on the street aims to spend their pay check fully because they know that whatever they purchase will be more expensive next week. If they can’t realistically spend all their cash, they will find a way to exchange their local currency for US dollars or Euros. But mostly US dollars. The problem with is that the folks can’t open a USD denominated bank account with their local bank. They end up going to expensive currency exchange businesses and pay a sizeable premium to convert their Turkish Lira into USD. If you walk the streets of Istanbul, these currency exchange businesses are virtually on every street corner. This year the US Genius Act was passed into law. Most people don’t know what the Genius Act is. Some know that it is something about crypto. But they’re not out there buying their groceries with bitcoin or Etherium. So who cares. What does this have to do with me? The thing to remember is that Stable coins are programmable. That means there is a history of all transactions on the blockchain and the US government can maintain both oversight and control over the transactions. Today, the vast majority of Stable coins are denominated in USD. That means the adoption of stable coins for commerce outside the US will actually extend the reach and entrenchment of the US dollar as the world’s reserve currency. The fact that these coins are not issued by the US government will create the perception that these coins have the best of both worlds. They are US dollar denominated. They are backed by either US dollars or by US Treasuries. But they are not a CBDC. The idea is that these coins are all about extending the reach of the US dollar. There’s currently 180 FIAT currencies in the world. There is no market for exchanging Guarani from Paraguay into Japanese Yen. All of this happens today through the US dollar. Stable coins denominated in US dollars are the key to further entrenching the dollar as the world’s reserve currency. I believe these will have a higher international adoption than coins which are under the direct control of the Chinese Communist Party. ------------ **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)

David Foster is based in St. Petersburg Florida where he is a princpal at The1031Investor.com. On today's show we are talking about going beyond shelter from capital gains. The 1031 can be used to shelter from depreciation as well. To connect with David, visit http://the1031investor.com/about-us/ ---------- **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)

Our book this month is "The Art of Saying No" by Damon Zahariades. Zahariades begins with a sobering analysis of why this simple, two-letter word is so cripplingly difficult for so many. He posits that our cultural conditioning, our deep-seated need for approval, and an often irrational fear of conflict combine to make "yes" the path of least immediate resistance. This path, however, leads invariably to the dark wood of resentment and burnout. The true value of The Art of Saying No lies in its transition from diagnosis to action. Zahariades provides a robust, immediately deployable toolkit of refusal strategies. He understands that one cannot simply begin shouting "NO!" at one’s colleagues and loved ones. It requires finesse, a degree of social judo that redirects the requestor’s energy without causing undue damage to the relationship. He advocates for the concept of the "Guilt-Free No," a refusal delivered with kindness and clarity, often accompanied by a brief, non-negotiable explanation. The key, he correctly identifies, is to separate the person from the request. You are not rejecting your friend; you are rejecting the additional commitment that robs you of your time. ------------- **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)

This week, a whole bunch of new capabilities were rolled out with no fanfare of announcements, by none other than Google. These capabilities were rolled into Google earth where there is a whole host of new layers that can be enabled. Some are included in the free offering, and the rest require an upgrade to either their Professional service or their professional advanced service, The Pro account costs $75 / month per user and the Pro Advanced is $150 per month. When I look objectively at what is being offered, the price is high and the services are underwhelming compared to other much more comprehensive offerings in the market. So when I look at it objectively, the Google offering is noteworthy because it is being offered by Google. The offering surprising because it is so far behind what other startups are offering in the market. If google wants to get serious about playing in this space, they certainly have the scale and ability to compete. But the market for these types of services is small compared to the general consumer market. For that reason, I doubt that Google will aim to dominate the space. ----------- **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)

Email: podcast@victorjm.com and put the word "Bonus" in the subject line. There are two months remaining in the calendar year. For many that means some last minute tax planning. This year re-introduced bonus depreciation in the US at 100% write-off. If you are looking to take advantage of this lucrative tax strategy, then you might consider one of our industrial or storage investments that would qualify for bonus depreciation this year. We have several projects that could be a potential fit to your investment portfolio. If you’re interested in learning more, send an email to podcast@victorjm.com and put the word bonus in the subject line. That’s podcast@victorjm.com and we can hop on a quick discovery call to see if there is alignment between your investment objectives and our projects for which we are currently raising capital. Any investment would be for accredited investors, by prospectus only and in compliance with US securities regulations. -------------- On today’s show we are talking about the question of maintaining a function in-house, versus outsourcing. This is a classic question that every business will deal with at one time or another. On today’s show I’m going to outline the criteria that I believe should come into play when making a decision to staff internally versus outsource. Let’s start with the four different ways that a person might become attached to your organization. Which of these you are going to choose is a function of the role you’re looking to fill within the organization. The first question to answer is whether the function is core to the business, or not core. -------------- **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)

Rates continue to fall today. There were two rate announcements, only hours apart. This morning the bank of Canada reduced its benchmark lending rate by 0.25%. Weakness in the labor market was the top cited reason for the drop in rates. This afternoon at 2:30, Chair Powell stood at the podium as he does every six weeks and announces the results of the two day FOMC meetings. The Fed dropped their benchmark lending rate by 0.25% to a target range of 3.75% to 4%. This is the second consecutive rate cut by the Fed, a move aimed at supporting a labor market that has shown signs of weakening even while inflation continues to run above the Fed’s 2% target. When you start to look at all of the corporate layoffs and the rising unemployment rate, it is very reminiscent of the 2001 recession that was led by layoffs in the tech sector. So while the news of lower interest rates is welcome, the rates are a reaction to a faltering economy where just this week alone, more than 75,000 people lost their jobs. I’m not counting the smaller layoff announcements of only a few hundred people in that total. These are big numbers. You don’t see these kind of numbers in a growing economy. So the likelihood is high that the US is already in recession, but it is politically unpalatable to say that out loud. What’s more, there is no data being collected or reported, so the economy can limp along under the cover of the government shutdown. Then there is the government shutdown itself. Those families are not getting paid and you can guarantee that they’ve cut back on discretionary spending. That’s a few million people who are not traveling to resorts or dining out in fancy restaurants. ------------ **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)