The Real Estate Espresso Podcast

Victor Menasce
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Aug 22, 2025 • 6min

When Do Government Denials Become Unlawful?

On today’s show we are asking questions about property rights. Our team has been working on  a development site in Utah. The property in question has a broad commercial zoning associated with it. The purpose of zoning is to restrict land use to specific uses that are in line with the city’s master plan. The intent is to ensure that developments of those properties is not in conflict with the stated goals of the city. At this point we have presented three different site plans to the city that are consistent with the zoning. All were supported by the planning commission. The most recent site plan proposal was approved by the planning commission with a vote of 7-0. But then when it got to city council, it was denied. Unlike in some other municipalities, this city has delegated the final decision-making authority to the Planning Commission for certain types of applications, including:Conditional Use PermitsCommercial site plansThis means that for these specific applications, the Planning Commission's decision is final and does not require further approval from the City Council, unless it is appealed.Since our property is zoned commercial, it is unclear that City council should have even played a role in the application according to the city’s own rules. So the question eventually becomes one of property rights. At what point does the denial of construction on a property effectively become a condemnation of the property, without just compensation. We are truly starting to ask questions about the legitimacy of the repeated denials. Clearly these are risks that a developer takes. But my gosh this feels a bit extreme. On today’s show we are going to take a look at the case law surrounding excessive government interference. Now of course I’m not a lawyer and I don’t play one on a podcast.As you can see, we’re a little frustrated with the city council and it’s looking like consulting a very experienced land use attorney might be the next step. ----------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](⁠https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1⁠)   iTunes: [The Real Estate Espresso Podcast](⁠https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613⁠)   Website: [⁠www.victorjm.com⁠](⁠http://www.victorjm.com⁠)   LinkedIn: [Victor Menasce](⁠http://www.linkedin.com/in/vmenasce⁠)   YouTube: [The Real Estate Espresso Podcast](⁠http://www.youtube.com/@victorjmenasce6734⁠)   Facebook: [⁠www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)⁠   Email: [⁠podcast@victorjm.com⁠](mailto:⁠podcast@victorjm.com⁠)  **Y Street Capital:** Website: [⁠www.ystreetcapital.com⁠](⁠http://www.ystreetcapital.com⁠)   Facebook: [⁠www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)⁠   Instagram: [@ystreetcapital](⁠http://www.instagram.com/ystreetcapital⁠)  
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Aug 21, 2025 • 8min

Beginner Series on Underwriting

On today’s show we are doing another in the beginner series. The Real Estate Espresso Podcast is unlike other podcasts in that most others are focused on a more entry level audience.  Our listeners are sophisticated. Many of you own large portfolios of apartments. But you also have people in your life who are interested in learning more, but maybe don’t have access to high quality information. The idea of sending your spouse to a $199 weekend bootcamp for beginners where they are going to be abused by sleazy sales people sounds unthinkable. So where do they go. Look no further. We are going to dedicate a couple of shows a month to topics that will accelerate the learning for less experienced investors, and might give the most sophisticated investors a new way of explaining a concept that is otherwise complex to describe.Today’s show is focused on underwriting where I’m reviewing the underwriting from a new investor who is looking at their first multi-family acquisition. There are numerous pitfalls in underwriting which unless you have the experience, you don’t know what you don’t know. This project is the first syndication for them and they don’t have experience having put together a compliant offering. ------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  
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Aug 20, 2025 • 6min

How Has A Career In Investing Change With AI?

On today’s show we are talking about whether Real estate investing as a career require more tech skills in the future? Will it require more finance skills? How do you find that person?The advent of AI has changed the way that the real estate investing is done. It’s a fundamental shift in the real estate investment landscape, moving the industry from a reliance on intuition, fragmented data, and manual processes to a new paradigm that is data-centric. AI is not merely an incremental technological advancement; it is redefining the competitive advantage.--------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  
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Aug 19, 2025 • 5min

Impressed But Not Fooled By This Scam

On today’s show we are talking about ways in which business people and regular citizens are being targeted for financial fraud. This was prompted by an attempt to get $9,000 from our company earlier this week. The attempt to defraud us failed, but it showed how much more sophisticated these attempts are becoming. -----------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  
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Aug 19, 2025 • 6min

The Lagging Economy

The headlines on the Wall Street Journal have been marvelling at the lack of inflationary pressure as a result of tariffs. The latest CPI announcement had the annualized rate at 2.7% against the backdrop of a weakening labor market. This is converging on the Fed’s 2% target for inflation. We are looking at inflation because the Fed’s interest rate policy is linked to balancing both price stability and maximizing employment. If inflation is too high, they raise rates in order to suppress demand. If unemployment is too high they lower rates to stimulate investment. Of course we know it is not just the rates which affect the economy, it’s access to credit which is infinitely more important. We know that tariffs have been making headlines for most of this year. Tariffs have been in effect on a wide range of goods for many countries since April 1. There have been several delays to the implementation of tariffs which were designed to incentivize new trade deals with the US. Some of these have concluded and others like Canada and China are still in process. Last Friday the Producer Price Index was published and it showed that prices increase 0.9% for the month of July. That's a huge jump in a month. Is this all the result of tariffs? No. The services component of the PPI rose 1.1% and the goods component rose 0.7%. Tariffs are not the whole story. When I consider that companies need to maintain profitability, there are several ways they can do this. For example, retailers might hold the line on prices for goods that have tariffs attached to them. But I think the cost pressure from tariffs and the incentive to bring manufacturing to the US will have two effects.Any new manufacturing in the US will take time to implement. In the meantime, companies will have to find other ways to cut costs. If and when they do eventually bring new manufacturing to the US, it will be very highly automated to minimize the impact of higher wages in the US. With the advent of AI, manufacturers will be looking for ways to eliminate other positions in the company and reduce headcount to improve operating margins. The drive to save costs will accelerate the adoption of AI in companies and speed up the elimination of jobs. Strangely, this will have the opposite effect that the White House is hoping for. So if inflation ticks up as a result of tariffs, can the Fed do anything about it? The answer is a resounding NO. Raising interest rates won’t make the tariffs go away. Increasing costs for businesses won’t cause demand to fall enough to suppress prices. So the Fed would be rendered completely impotent to bring price stability from an artificial imposition of tariffs causing prices to increase. You see these economic models assume normal economic behaviour. But if the model doesn’t explain the real situation on the ground, then at a certain point you have to abandon the computer simulation and look out the window to see what’s happening.--------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  
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Aug 18, 2025 • 15min

Land Use Politics with Ryan Hawkins

Ryan Hawkins is based in St. Louis where he consults as a campaign manager for developers all across North America on the politics of land use. On today's show we are talking about the types of opposition that materialize and how to respond to them. To connect with Ryan and to learn more, visit https://www.sabrepointpa.com/--------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  
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Aug 16, 2025 • 14min

Economic Cycles with Luis Belmonte

Luis Belmonte is based in San Francisco. He's been active in real estate development since the 1960's and has lived through 7 economic cycles in his career. On today's show we are talking about how to spot and survive these cycles. To connect with Luis, visit 7hp.com. He has several books on Amazon includingReal Estate 101Streetdog MBAStreetdog ManagerStreetdog Negotiator---------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  
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Aug 15, 2025 • 7min

Live From Campus Ryan

On today's show we are doing a walk-through of a new project that is hosting an open house tomorrow. This is a 253 unit housing project at Mont Tremblant in Quebec, an hour North of Montreal. Mont Tremblant, like many resort communities suffers from a shortage of housing for the employees of the resort. On today's show I'm sharing some of the attention to detail that is necessary to deliver a world class product. -------------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  
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Aug 15, 2025 • 6min

How Much Government Do We Need?

On today’s show we are talking about government involvement in the economy. Countries vary widely in terms of the extent to which government plays a role in the total economy. At the extreme end of the spectrum there are the purely authoritarian states based on communism. Places like Cuba and the old Soviet Union where government was the economy. But there are government initiatives within the US which frankly are worse. ---------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  
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Aug 13, 2025 • 7min

A New White Paper on Industrial Outdoor Storage

On today’s show we are taking a look at a relatively new product category. This is something that Y Street Capital has been active in for some time. But the industry and the investment community are waking up and taking notice. A recent white paper from the folks at Green Street is entitled : "Industrial Outdoor Storage: A Beautiful Ugly Duckling." Research and data on the sector remain scarce, which frankly can create opportunities. That’s the opinion at Green Street, and it’s our opinion as well. ------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

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