The housing market is going to change again. I don’t mean the actual market. I’m talking about the rules and initiatives from the US federal government.
The person to watch is Bill Pulte, the current director of the Federal Housing Finance Authority. This agency oversees lending agencies like Fannie Mae and Freddie Mac. If the last name sounds familiar, it’s because Bill is the grandson of William Pulte, founder of the Pulte Group, the third largest home builder in the US. Prior to joining the administration, Bill sat on the board at Pulte Group and founded Pulte Capital Partners, an investment firm focused on building and housing-related businesses.
Over the next few weeks, the administration is evaluating over 50 initiatives aimed at improving home ownership affordability.
So for the next few weeks, we can anticipate changing rules. That means nobody who is paying attention should be making any big decisions until the new rules are clear. But then investors are also accustomed to working in a relatively stable environment where the rules don’t change every year, or every month, or every week.
---------
**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)
ATTEND George's Online Birthday
If you can't attend in person and would like to wish George Happy Birthday, send an email to podcast@victorjm.com and put George in the subject line. I'll make sure he gets your best wishes.
Today’s show is dedicated to my friend and advisor George Ross. If you’ve been listening to this show for a while, you’ll know that George has been a frequent guest on the show.
I’ve known George for 16 years and we’ve been spending time together monthly since that time.
I’d like to invite you to a virtual online birthday party for George. I’m hoping for a huge turnout and for all of you to get some first hand wisdom from George in that session.
George is 98 years young. His actual birthday was earlier this week. The get together this month is going to be a surprise for George.
------------------
**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)
Owen Reimer is based in Steinbach Manitoba, a small town in Manitoba. Like many communities, there is a shortage of housing and a shortage of new housing in particular. On today's show we are talking about how to maintain costs under control.
To connect with Owen, visit https://www.stoneshorecapital.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)
Colton Pace is based in Austin Texas where he is the founder of OwnWell, a the largest company in the US by volume that specializes in lowering property tax bills. On today's show we are talking about the process of challenging property tax assessments.
To connect with Colton, visit https://www.ownwell.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)
The Republican party is known for being conservative, fiscally conservative, socially conservative, religiously conservative, and so on. The latest salvo from the White House is to ban large institutional investors from gobbling up single family homes.
Conservative values are based on free markets. The solution to the cost of housing is not to artificially reduce demand. Imagine for a moment that government stepped in to reduce the cost of a burger at McDonalds by barring people above a specific income level from buying a Big Mac. The assumption is that the price of housing or a Big Mac is based on supply and demand. By crushing demand, houses will become more affordable all of a sudden?
The problem is that the input costs for a Big Mac have gone up and McDonalds is not going to sell burgers at a loss. The same is true in housing. Builders want to build affordable homes. But their input costs are preventing that from 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)
Every year in early January the global tech industry converges on Las Vegas for the annual Consumer Electronics Show. I’ve attended this conference religiously in the past, and less frequently now that my focus is on real estate rather than technology.
This year, as with last year, the central theme to CES is AI. Virtually everything being showcased at CES is AI enabled in some way.
On yesterday’s show we talked about some announcements at the show that pertain to the construction side of real estate investing. On today’s show we are talking about some of the innovations in the Smart Buildings arena.
To be clear, many of the products present at this year’s show didn’t wait for a trade show to be announced or deployed in the market. In fact, our team has been designing and deploying AI enabled security cameras for several months. This includes facial recognition for building entry systems.
A lot of building management systems are using AI to predict weather, energy pricing, and usage patterns to reduce energy consumption and save on 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)
Every year in early January the global tech industry converges on Las Vegas for the annual Consumer Electronics Show. I’ve attended this conference religiously in the past, and less frequently now that my focus is on real estate rather than technology.
This year, as with last year, the central theme to CES is AI. Virtually everything being showcased at CES is AI enabled in some way. There are also some clear differences and advances compared with last year. We’re going to be doing mini series on the podcast looking at some of the biggest advances and what will be the impact on real estate investing.
CES this year, particularly from the major heavy equipment manufacturers, made significant announcements focused on embedding AI and autonomy directly into construction equipment and the entire job site workflow. The theme has shifted from "automation is coming" to "AI is the new operating system for construction."
--------------
**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 is the first in a regular monthly feature on the podcast where we choose a particular architectural award winning project and see why it was award winning. What made it stand out? On today's show we are looking at an adaptive re-use project in Basel Switzerland which converted a wine storage warehouse into apartments. Here is a PHOTO of the project.
--------------
**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 a new security threat that all property owners need to have on their radar. Ten years ago, a drone was a hobbyist toy. Today, a consumer quadcopter is a stabilized, GPS-enabled camera platform with live video, automated flight modes, and enough payload to carry small objects. That combination has created a new category of criminal capability: low-cost airborne access to your roofline, your yard, your loading dock, and your operational routines.
The security mistake I see most often is treating drones like a novelty. They are not. For business owners and security professionals, the right mental shift is simple: treat low altitude airspace around your property as part of your perimeter, just like fences, gates, and door controls.
--------------
**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)
Recorded live in Tulum Mexico at our Build to Scale
Mastermind. This annual retreat is where we bring together great people and focus on the systems and processes to scale your business. Today's show is the second in a two part segment on goal setting for 2026.
--------------
**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)
Today's show is the first in a 2-part series on goal setting, recorded at our annual Build To Scale Mastermind retreat in Tulum Mexico.
------------
**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 something that appears to be news, if you strictly follow the headlines. But if you’re following the industry, you will recognize that the media are reporting news that quite frankly is several years old.
The issue is the condo market. The problem is that the condo model is flawed, at least in its current incarnation.
Any condo developer needs to achieve somewhere between 60-80% pre-sale of units in order to qualify for their construction financing, the pre-sales process is full of uncertainty. New condos are just not selling.
The way developers in the past have got a jump on the sales process is to sell somewhere between 20-30% of the units to investors. That means designing units that are very small and will generate the most rent per square foot. Developers have also frequently relied upon the so-called friends and family contingent of buyers. These are sometimes subcontractors to the project who will commit to buy a few units, knowing that they will likely never take occupancy. These units will be sold after completion, or perhaps some of these contracts will be assigned prior to finalizing the condo registration.
Even with that, many of these units are more expensive to purchase than existing units in the market. Even units that were delivered 5 or 10 years ago are experiencing negative cash flow at today’s interest rates. So that eliminates 20-30% of the buyers right off the top. It’s now almost mathematically impossible to achieve the pre-sales targets without the investor component.
There are hundreds of incomplete condo projects across the US and Canada that are stalled and in danger of going back to the lender.
-------------
**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)
Happy New Year and Happy first of the month. On the first day of each month we review the book of the month. In order to be considered for book of the month a book needs to meet a simple criteria. It needs to be impactful enough that it might change your life or your perspective on the world. I would put this month’s book into the category of philosophy.
It is a thought provoking read called “Sapiens: A Brief History of Humankind”, by Yuval Noah Harari. The book has sold more than 25M copies since it was first published in 2011. His works have been translated into 65 different languages.
The central thesis of the book is that Homo sapiens dominate the world because we are the only species capable of cooperating flexibly in large numbers, a feat we achieve by believing in "shared myths" —things like money, gods, nations, and human rights that exist only in our collective imagination.
-----------
**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 forward to 2026. I’m going to make some predictions for the coming year.
------------
**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 narratives that impact market movement. Throughout history there have been two truths:
It’s that narrative that can powerfully influence the perception of what happened and the way investors view the market.
I’m going to use silver as an example. But the process applies to real estate, indeed to any investment vehicle.
-----------
**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 one of the greatest threats to real estate, and it doesn’t come from real estate, or even have anything to do with real estate.
The word bubble has been making headlines lately with an increasing number of pundits calling the level of investment in AI a bubble.
Last week we talked about three styles of investing: fundamentals, momentum and arbitrage. On today’s show we are talking about the level to which a bubble has been created, and the discussion is centering around which pin is going to pop the balloon. The emphasis on the pin is misplaced in my view.
When you are in a bubble, it feels good. I know. I experienced it in the dot com bubble. My company went public in February of 1999. Much of 1998 was spent in the preparation for the public offering.
There were some really good technology companies that lost most of their valuation in the wake of the dot com bubble bursting. Amazon lost 90% of its value. Nvidia lost 85% of its value. Intel lost 80% of its value and Microsoft lost 58% of its value.
1/3 of the value of the S&P 500 is based on just 7 technology companies. If the market wakes up one day and realizes that these companies are over-valued, there will certainly be a correction. If the value of those 7 companies were to be similarly cut down as the dot com related stocks were in the year 2000, what would be the impact on the overall stock market?
Let’s do a simple thought experiment. Let’s say that these 7 stocks lose 80% of their value and that none of the other 493 companies in the S&P500 lose any value. If we see that happen, then the S&P500 would effectively lose 27.2% of its value.
------------
**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 we are looking at the Year in Review. We are going to look at Six Themes That Defined Commercial Real Estate in 2025.
2025 was not an easy year in commercial real estate, but it was an important one. It was a year that forced clarity. If there was one central theme that defined the global economy in 2025 it was the word uncertainty. This was artificially and intentionally created by the White House and it permeated virtually all aspects of the economy. Commercial real estate was similarly affected. From one day to the next we didn’t know if a sector of the economy was going to be impacted by tariffs. We didn’t know if critical materials that are needed for construction or maintenance would be available, and at what price?
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**Real Estate Espresso Podcast:**
Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)
iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)
Website: [www.victorjm.com](http://www.victorjm.com)
LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)
YouTube: [The Real Estate Espresso Podcast](http://www.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)
Michael Matthew is a CPA based in Toronto Canada specializing in international tax for real estate investors. He has both Canadian and US clients. On today's show we are talking about some of the distinct differences between the Canadian and US Tax code.
To connect with Michael, email michael@askmichael.ca.
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**Real Estate Espresso Podcast:**
Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)
iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)
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 what I consider to be the number one risk in any construction project. This is one of those activities that forms part of the substrate of the project, but in a customer visible sense adds zero value to the project. It’s necessary, but unwelcome. Furthermore, it’s the number one area where subcontractors notoriously overcharge their clients.
I’m talking about excavation, site preparation, backfill and grading. All of this falls into the category of dirt work.
At the core of this work is a high quality geotechnical survey. The geotech tells you the condition of the soils beneath the surface. Some conditions might be suitable for construction, and others not.
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*Real Estate Espresso Podcast:**
Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)
iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)
Website: [www.victorjm.com](http://www.victorjm.com)
LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)
YouTube: [The Real Estate Espresso Podcast](http://www.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)
When people talk about investing, they often speak as if there is a single correct approach. In reality, there are multiple styles of investing, each rooted in a different view of markets, human behavior, and risk. Confusion arises when investors mix these approaches without realizing they are playing different games. Three of the most common styles are value investing, momentum investing, and arbitrage. All three can work. All three can fail. And most importantly, all three require very different skills, temperaments, and operating environments. Understanding the differences is not academic. It determines whether you are acting intentionally or gambling unknowingly.
----------------
**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)