The Real Estate Espresso Podcast

Episode

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  Are Second Homes an Investment? 23.07.2026 5mnt

  There are between 5.7 and 6.5 million second homes in the United States. That represents a meaningful portion of the housing stock, about 5% if you consider that there are about 133 million households in the US. When people hear the phrase second home, they often picture an oceanfront mansion owned by someone in the top one percent. But when you compare several million second homes with the total number of American households, it becomes clear that ownership extends well beyond the ultrawealthy.Some are lake cottages that have been in families for generations. Some are small condominiums in warm climates. Others are hunting cabins, inherited homes, or houses purchased near children and grandchildren.This raises an interesting question. When does a second or third home become an investment rather than simply a vacation property?Ownership alone does not make something an investment.A vacation home is primarily purchased to provide a personal experience. That is consumption, even when the asset increases in value.There is nothing wrong with consumption. The problem arises when people describe a lifestyle purchase as an investment to justify spending more than they can comfortably afford.An investment property begins with a different question.Instead of asking, “Would I enjoy owning this property?” the investor asks, “What economic problem does this property solve, and what return should the capital produce?”-------------**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)  
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  Is A Bridge Like Commercial Real Estate? 22.07.2026 6mnt

  Today's show is sponsored by the Cost Segregation Guys. They can help accelerate depreciation and improve your property's cash flow. Click on the LINK to qualify for a discount. -------------The Gordie Howe International Bridge between Windsor and Detroit is a major infrastructure project between two nations. But beneath the politics and engineering is a financial structure that closely resembles many real estate partnerships.Canada agreed to fund the project when Michigan declined to provide upfront capital. Through the Windsor-Detroit Bridge Authority, Canada assumed the cost of design, land acquisition, construction, and supporting infrastructure on both sides of the border.The project cost is approximately 6.4 billion Canadian dollars, or about $4.5B USD.Under the original 2012 agreement, Canada would collect the toll revenue. That revenue would first pay operating and maintenance expenses. After those costs were covered, the remaining cash flow would be used to repay Canada’s capital investment and financing costs.Only after Canada had recovered its investment would the remaining profits be split equally between Canada and Michigan.That structure should sound familiar to real estate investors. It follows a common waterfall.A later 15 year side agreement introduced a different revenue structure. During that period, net revenue is divided equally.Net revenue means toll collections after direct operating expenses have been paid.Canada’s half is applied toward construction and financing costs. The United States’ half is directed into a regional economic development fund supporting infrastructure in the border corridor.This structure also has merit. There is no right or wrong. The real question is whether the economics can support both objectives without placing the original capital at unreasonable risk.That is the same balance we seek in a well-structured real estate partnership.We need enough cash flow to operate the asset.We need sufficient reserves to manage uncertainty.We need a credible path to return investor capital.And we need a profit-sharing structure that rewards everyone who contributes to the project’s success. But a waterfall cannot create money that the underlying asset does not generate. Structure matters, but economics come first.-----------**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)  
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  Skipping Steps Leads to Failures 21.07.2026 6mnt

  A few days ago I reported on the structural failure at the former Pfizer headquarters at 235 East 42nd Street in Manhattan. Late last week we learned a few more details. The structural engineer on the project has now publicly stated that the reinforcing steel specified in the construction drawings was apparently never installed on the two columns that ultimately buckled.If that statement ultimately proves to be correct, then this wasn't a design failure.It was an execution failure.The columns in question are made of steel. They are made of structural steel that looks like an I beam, except it is vertical instead of horizontal. The engineer called for steel plates to be welded to the sides of each beam in order to create a box beam out of the I-beam profile. This was not done. The photos of the failed columns clearly show the original columns with no welded plates. I’ve looked at the detail on the structural drawings which clearly show the treatment for four different types of columns. The columns near the exterior are the ones in question. That makes me ask a different question.How did this get past everyone?Now, I want to be careful.The official investigation is still underway. The Department of Buildings, the Department of Investigation and independent forensic engineers are all examining what happened, and no final conclusions have been reached. The city has also expanded inspections to other projects involving the same developer and inspection firm while investigators determine whether broader quality-control issues exist.But regardless of where responsibility ultimately lands, this incident exposes something much larger.A gap in quality assurance.Quality assurance isn't glamorous. Nobody celebrates it. Nobody gets awards for finding problems before they become disasters. But every high-reliability industry depends on it.Software isn't shipped without testing.Aircraft aren't delivered without  every component undergoing inspection and certification.Automobiles undergo extensive inspection on the factory floor before they're ever sold.As you think about that, ask yourself one simple question.In your own business, where are you relying on assumptions instead of verification?-----------**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)  
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  Burt Mulwitz 20.07.2026 12mnt

  Burt Mulwitz is based in Pataya in Thailand. He has been investing in real estate over 7 decades. On today's show he is sharing a funny story of a 68 unit property that I suspect my brother was living in. To connect with Burt call 310-922-1175 or visit his website at burtmentor.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)  
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  Investing Diligence with Chad Ackerman 18.07.2026 10mnt

  Chad was one of the founding members of Left Field Investors and today coaches passive investors on how to make thorough evaluations of investment options. Not a substitute for a financial advisor. But rather an experienced passive investor in real estate who has developed process and systems around how to evaluation investment options during the each phase of the due diligence process. To connect with Chad visit https://chadackermanrealestate.com/. He also has a starter kit that could be helpful at https://chadackermanrealestate.com/start-------------**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)  
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  The 21st Century ROAD To Housing Act 18.07.2026 5mnt

  The term ROAD means Renewing Opportunity in the American Dream.The act Act became law on July 11 without the President’s signature. It passed with enough votes in the Congress and the Senate that there was no possibility of presidential Veto. It is a sprawling piece of legislation containing dozens of provisions covering housing supply, financing, manufactured housing, building codes, environmental review, affordable housing programs and institutional ownership of single-family homes.The Act restricts large institutional investors from purchasing additional single-family homes once they control at least 350 homes, subject to several exceptions. Existing portfolios are not required to be sold, and exceptions remain for newly constructed housing, certain build-to-rent communities, senior housing and other qualifying transactions.This could reduce competition for scattered-site acquisitions from the largest operators. But it may also redirect institutional capital toward purpose-built rental communities, multifamily apartments and financing partnerships with smaller developers.--------------**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)  
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  Global Shipping Is At Risk 16.07.2026 6mnt

  The Strait of Hormuz is capturing headlines again as conflict between the United States and Iran escalates. Some commercial operators are reportedly refusing passage even with military escorts because crews and shipowners do not believe the risk can be managed. But viewing Hormuz as an isolated crisis misses the larger trend. Commercial shipping is increasingly becoming a weapon of war, economic coercion, and political leverage across multiple regions.We have seen attacks and interference in the Gulf of Aden, the Black Sea, the Sea of Azov, the Baltic Sea, and around strategic infrastructure in Central America. Ships are large, slow, visible, expensive targets. A relatively inexpensive drone or guided munition can damage a vessel worth tens of millions of dollars, disrupt its cargo, increase insurance costs, and discourage every other shipowner from entering the area.The ship does not need to sink for the attack to succeed.--------------**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)  
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  What The New CPI Data Tells Us 16.07.2026 5mnt

  Yesterday’s inflation report delivered a surprise. Headline prices fell sharply, but the important story was beneath the headline. This was not a gasoline story. Core inflation was unchanged for the month, and several categories that have kept inflation stubbornly high moved lower. For investors, that distinction matters because it changes the conversation around interest rates today.The new report is the Consumer Price Index, not the Personal Consumption Expenditures index that the Federal Reserve prefers. The PCE report still showed elevated inflation. But the CPI components give us a preview of where price pressure may be heading. Core CPI came in flat, compared with expectations for an increase. Core goods declined. Medical services, transportation services, used vehicles, and automobile insurance showed softness. Those are signs of broader disinflation, not merely cheaper oil.------------**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)  
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  The Failure of S2 Capital 14.07.2026 6mnt

  S2 Capital failed last week with the loss of nearly $400 million of investor capital. On today's show we are looking at some of the macro factors that contributed to this failure.-------------**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)  
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  The Nuclear Renaissance Is Upon Us 13.07.2026 5mnt

  The Real Estate Espresso Podcast is sponsored by the Cost Segregation Guys. Cost Segregation is the key to accelerating depreciation and improving cash flow for your real estate assets. Click HERE to connect with them and get a discount on their services. ------------Today we are talking about what may be the beginning of a nuclear renaissance. I realize that this is a real estate podcast. But occasionally I come across something that has the potential to have global impact.Over the July Fourth weekend, nuclear startup company Aalo Atomics brought a reactor to criticality at Idaho National Laboratory. The reactor was manufactured in roughly forty days. That is an extraordinary achievement, but the real story is not the stopwatch. The real story is the system behind it.The first enabling technology is the coolant. Conventional reactors use water under high pressure. High pressure demands thick reactor vessels, specialized forgings, heavy components, and a supply chain with very few qualified manufacturers. These reactor vessels are hugely expensive and take an extraordinary amount of time to manufacture. Aalo uses liquid sodium, which transfers heat at low pressure and has a high boiling point. Lower pressure allows thinner steel vessels that can be made from plate, rolled, welded, inspected, and moved through an industrial process. That changes the manufacturing problem from one of heroic craftsmanship to one of repeatable production.Instead of building one plant as a unique civil project, the design is broken into truckable modules. A module can be built indoors, where tools remain in place, workers repeat tasks, and quality is measured at every station. That sounds ordinary because it is how automobiles, aircraft, and industrial equipment are manufactured. The building was completed in thirty six days, the reactor was fabricated in less than a month, and hundreds of fuel rods were assembled in 2.5 days.------------**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)  
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  Obsolete Shopping Centers with David Pelusio 13.07.2026 12mnt

  David Pelusio is based in Rochester NY where he specializes in converting abandoned department stores and shopping centers into drive-through, climate controlled storage. On today's show we are talking about the formula for these types of redevelopment projects. To connect with David, email him directly at davidrlc@rlcone.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)  
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  Financial Therapy with Nate Astle 11.07.2026 12mnt

  Nate Astle is based in Kansas City where he is a financial therapist. On today's show we are talking about the emotional component of money and financial decision making. To reach out and connect with Nate, visit https://www.financialtherapyclinicalinstitute.com/or connect with him on LinkedIn at https://www.linkedin.com/in/nathanastle/------------**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)  
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  The Legacy of a Structural Failure 11.07.2026 6mnt

  Today's podcast continues our discussion of the structural failure at the former Pfizer headquarters in Midtown Manhattan, where a massive office-to-residential conversion suffered localized structural distress during construction.The investigation has only begun. Engineers have not yet reached any conclusions about the root cause, and it would be inappropriate to speculate. The building may ultimately be repaired, strengthened, and safely completed. Or investigators may determine that more extensive reconstruction is required. We simply don't know.But even before the engineering investigation is complete, another consequence has already begun to unfold.Reputation.Real estate is built on confidence. Lenders finance confidence. Investors buy confidence. Insurance companies price confidence. Residents lease confidence.When confidence disappears, value disappears.We saw this after the collapse of Champlain Towers South in Surfside, Florida. The tragedy permanently changed how buyers viewed aging condominium buildings. Reserve studies became front-page news. Deferred maintenance became a deal breaker. Insurance premiums exploded. Financing became more difficult. Thousands of condominium owners across Florida found themselves facing six-figure special assessments simply because the market had fundamentally re-priced structural risk.Whether fair or not, that event changed public perception.------------**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)  
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  NYC High Rise Failure - Root Cause 10.07.2026 7mnt

  The structural failure on 42nd St. in Midtown Manhattan this past week made headlines all over the world. The building in question was originally an office building belonging to Pfizer and is now in the process of being converted into a residential apartment building. It is the largest office to residential conversion project in US history and will result in nearly 1600 apartments.The structural design of a building is based on several factors. The first is, of course, the weight of all of the levels of the building that are being supported above the current level. The second is the lateral forces that result from the wind, pushing the building sideways.These are usually handled with sheer walls or diagonal bracing members that prevent the building from deflecting sideways.This is where most structural engineers get it wrong. The assumption is that if the wind is blowing from one side of the building, you have a zone of high-pressure on that side in a zone of low pressure on the opposite side. intuitively this makes sense. Wind tends to flow in a straight line. But in a dense urban environment with lots of surrounding buildings, the wind can and often does go in circles as it makes its way around the neighbouring buildings. In fact, there are many examples of structural failures in New York City, where the wind can often cause a building to twist like a corkscrew rather than just trying to bend to the wind. When that happens, the structural columns in the corners are the ones that experience the most stress. They’re almost always the ones that fail first. I’m going to bet that wind was a contributing factor. Now if you look at the weather on the day of the failure, the wind was light ranging from 5-7 mph out of the north west. Hardly the conditions that would damage a building. The heat an humidity on July 3 triggered powerful afternoon and evening thunderstorms across the city, bringing damaging wind gusts that caused localized power outages for over 17,000 New Yorkers before conditions calmed back down. I suspect that the damage happened on July 3 and was not noticed until Tuesday when the columns progressively moved and buckled. ------------**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)  
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  Meeting Madness 08.07.2026 4mnt

  On today’s show, we’re talking about meetings, specifically the balance between enough structure to create accountability and so much meeting time that the work itself gets pushed into evenings, weekends, and sleep.I have been looking at my own calendar, and the conclusion is uncomfortable. Too much of the week is committed to talking about work. The consequence is not merely fatigue. When focused work has to be stolen from the margins of the day, commitments become less predictable. A calendar full of meetings can create the appearance of control while quietly making the organization less reliable.The research on meeting effectiveness does not support one universal format. It supports matching the communication method to the job. Routine information should usually be written. Coordination among a tightly connected team can justify a brief standup. A difficult decision may require a longer working session. A formal operating review can make sense when leaders must examine performance, challenge assumptions, allocate resources, and leave with consequential decisions. Meeting science makes a useful distinction. If the purpose is simply to broadcast routine, non-urgent information, there is little reason to synchronize six calendars. Good asynchronous communication requires context, clarity, ownership, and documentation. It is not the absence of management. Done properly, it is management without forcing everyone to stop at the same moment.------------**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)  
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  Free Trade Is Still Here - For Now 07.07.2026 5mnt

  Today we’re talking about the July 1 review of the United States Mexico Canada Agreement, better known as USMCA, and what it means for anyone developing or constructing buildings in North America.Leading up to July 1, the public conversation made the date sound like a cliff. Either the agreement would be renewed for another sixteen years, or it would somehow vanish overnight. That was never the actual mechanism. USMCA entered into force on July 1, 2020. The agreement has a sixteen-year term, which takes it to 2036. The six-year review was a decision point, not an expiration date. Because the three countries did not unanimously extend it, the agreement remains in force and now moves into annual reviews.The important point is that continuity and certainty are not the same thing. The legal framework survives. Goods that satisfy the agreement’s rules of origin can continue to receive preferential treatment. But businesses no longer have a fresh sixteen-year runway. They now face a recurring political checkpoint, with the possibility of changes being negotiated every year.For the construction industry, that distinction matters. Construction is a long-cycle business. A development conceived today may not buy structural steel, electrical gear, windows, elevators, HVAC equipment, or finish materials for two or three years. A manufacturer deciding where to build a plant may be making a twenty-year decision. Annual trade reviews introduce a mismatch between short political cycles and long capital commitments.-------------**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)  
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  Labor Market Contradictions 07.07.2026 5mnt

  As usual the headline doesn’t tell the story. The numbers often get revised for previous months.  This time revisions to April and May, combined with a falling unemployment rate, tell a much weaker story than the headline suggests.The Bureau of Labor Statistics reported that nonfarm payrolls increased by 57,000 in June. That is already a modest number for an economy of this size. But April was revised down by 31,000 jobs, from 179,000 to 148,000. May was revised down by 43,000, from 172,000 to 129,000. Together, those two prior months contained 74,000 fewer jobs than previously reported.Revisions are a normal part of survey-based data. More employers respond, seasonal factors are recalculated, and the estimate becomes more complete. The issue is not that revisions occur. The issue is that investors, lenders, and policymakers often react to the first estimate as though it were precise. In this case, the revised trend is materially softer than the original narrative.Now let us compare the payroll survey with the household survey. In June, the household survey estimated that employment fell by 507,000 people. The civilian labor force contracted by 720,000. The number of people outside the labor force increased by 832,000. At the same time, the official unemployment rate declined from 4.3 percent to 4.2 percent.To be counted as unemployed, a person must be without work and actively looking for work. When someone stops looking, that person leaves the labor force and disappears from the unemployment calculation. So the unemployment rate can fall even while employment falls, provided the labor force shrinks faster.That is exactly why the participation rate matters. It fell three tenths of a percentage point in June, to 61.5 percent. The employment-to-population ratio also fell, to 59.0 percent. Those measures are not perfect, but together they show that a smaller share of the working-age population was either employed or participating in the job market.------------**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)  
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  Joint Venture Equity With Paul Moore 06.07.2026 14mnt

  Paul Moore is the principal at Wellings Capital, based in Lynchburg Virginia. On today's show we're talking about how the investment thesis has changed in response to market conditions. To connect with Paul visit https://www.wellingscapital.com/They also have a number of resourcesincluding their due diligence checklist available on their resources page at https://www.wellingscapital.com/resources-----------------**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)  
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  Surgery Centers With Dipesh Sitaram 04.07.2026 13mnt

  Dipesh Sitaram is based in Austin Texas. He's a dentist, like my father. He has invested in multiple asset classes including hotels, medical, office to name just a few. On today's show we are focusing on a vertical niche within medical office. To connect with Dipesh or to learn more, visit https://acuerecapital.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)  
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  Using Leading Indicators not Reports 04.07.2026 5mnt

  Today we are asking a practical question. Can you get a leading indicator of what is happening in real estate before monthly or quarterly reports from the major brokerages? If you really want to look at the leading indicators, how would you do it? How could you do it? Well, as it turns out, Brokerages like Redfin and Zillow can see activity before it appears in the monthly statistics. They see searches, appointments, open houses, offers, cancellations, and pending contracts. How can an ordinary investor get closer to that same information and understand where the market is moving before the headlines catch up?-------------**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)