エピソード

  • Stranded Deductions with Eric Brunner

    Stranded Deductions with Eric Brunner
    2026/07/26

    Eric Brunner is a CPA based in Milwaukee. On today's show we are talking about which types of improvements must be capitalized versus expensed. Many accountants get this wrong and create tax liability for their clients by mistake.

    To connect with Eric, visit him on LinkedIn

    ------------

    **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)

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    13 分
  • Hotel Conversion with Mitchell Rice

    Hotel Conversion with Mitchell Rice
    2026/07/25

    Mitchell Rice is based in Salt Lake City, Utah. He is the founder of ElkStone Capital Partners.

    He got his start in the investment management group at The Church of Jesus Christ of Latter Day Saints working on large commercial projects in multiple asset classes. After a few years he launched his own investment management business.

    On today's show we are talking about converting functionally obsolete hotels into workforce housing and how this is expanding the supply of affordable product in the market.

    To connect with Mitch, or to learn more visit

    https://www.elkstonecapitalpartners.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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    11 分
  • Is There A Business Case For Solar?

    Is There A Business Case For Solar?
    2026/07/24

    China is manufacturing solar panels at a scale that has transformed the economics of the global market. High-efficiency panels leaving China are currently priced at roughly eleven cents per watt. Some domestic Chinese prices are even lower.

    That sounds extraordinarily cheap. But the panel is only one component of a solar installation.

    The proper analysis begins with the building’s hourly electrical load, not its annual utility bill.

    Two buildings can consume the same amount of electricity annually and have very different solar economics. A warehouse operating primarily during daylight hours may consume solar power as it is generated. An apartment building may experience its highest common-area loads during the evening, after solar production has declined.

    Electricity consumed directly inside the building is usually more valuable than electricity exported to the grid. Export compensation can be materially lower than the retail price, depending on the utility tariff.

    So, is a ten-year break-even compelling?

    Usually, not by itself.

    A ten-year payback represents an approximate unlevered return of ten percent before degradation, maintenance, equipment replacement and execution risk. It may still make sense for an owner with a long holding period, a newly replaced roof, strong tax benefits and confidence that the building will remain occupied.

    A five-year break-even is different. That implies roughly a twenty-percent simple return before considering residual value. For a durable system producing predictable savings, that can be highly attractive.

    ------------

    **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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    5 分
  • Don't Tell Me. Show Me.

    Don't Tell Me. Show Me.
    2026/07/24

    Most people are still using artificial intelligence as though it were a slightly more sophisticated search engine. They type a question into a chat window, receive an answer, and then go back to performing their work manually. That approach can save a few minutes. But it misses the larger opportunity.

    Both OpenAI and Anthropic have recently introduced capabilities that allow you to teach the system a workflow by demonstrating it on the computer screen. You press record, perform the task yourself, and the software observes your mouse movements, keyboard entries, browser navigation, and sequence of decisions. You can then save that recorded process as a reusable skill.

    Think of this as training a new administrative employee. You don’t merely tell them, “Prepare the weekly report.” You sit beside them and demonstrate where the source information is located, which files to open, what information to copy, how to name the finished document, and where to save it.

    Once the skill has been recorded, the computer can repeat that sequence.

    For a real estate investor, the possibilities are substantial.

    ---------

    **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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    5 分
  • Are Second Homes an Investment?

    Are Second Homes an Investment?
    2026/07/23

    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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    6 分
  • Is A Bridge Like Commercial Real Estate?

    Is A Bridge Like Commercial Real Estate?
    2026/07/22
    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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    6 分
  • Skipping Steps Leads to Failures

    Skipping Steps Leads to Failures
    2026/07/21
    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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    7 分
  • Burt Mulwitz

    Burt Mulwitz
    2026/07/20

    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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    13 分