Asset Management with Matt Picheny

Matt Picheny is based in NYC where he acquires and manages multi-family apartment assets across the southern US. Matt is also partnered with Y Street Capital on two projects. On today's show we are talking about asset management. To connect with Matt and to learn...

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Lending with Paul Winterowd

Paul Winterowd is based in Salt Lake City where he specializes in helping sponsors capitalize commercial real estate projects. On today's show we're talking about the difficulties being faced by borrowers in the current environment. To connect with Paul,...

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Buy On The Line

On today's show we are talking about the Buy On The Line Strategy ---------- Host: Victor Menasce email: podcast@victorjm.com

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We Work No More

In September of 2019, I published an episode on the podcast entitled “Why Wework doesn’t work.” This week Wework filed for Chapter 11 bankruptcy protection in NJ. The bankruptcy filing affects the main company, and over 400 subsidiary entities that also simultaneously...

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When Oil is Not the Same as Oil

On today’s show we are looking at the energy transition away from fossil fuels. This is not real estate per-se. But it is a macro economic factor that affects our economy very deeply, even though most members of the population are completely oblivious. With global...

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Car Dealership Tricks In Real Estate

On today’s show, we are talking about the importance of offering a discount without lowering your price. There is so much emphasis on sale price that the value of inventory is strongly linked to the most recent comparable sales. From the perspective of the end...

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Olympic Qualification with Clayton Young

Clayton Young is an elite distance runner. He is currently ranked among a handful ot top runners in the US and top 50 in the world. On today's show we are talking about the mindset and habits that are required to do anything at a high level, whether it's in...

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Industrial Outdoor Storage With Chris Long

Chris Long is based in Central Florida where he builds and operates Longyards facilities across the US and Canada. On today's show we are talking about the market characteristics of industrial outdoor storage and what customers are asking for. To connect with...

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Translating Vision Into Operations

On today’s show we are talking about translating vision into execution. There are many companies that have an impressive company tag line. But when you ask employees and stakeholders about it, there is usually an awkward pause. What comes after that is often a...

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Another Form of Counterparty Risk

On today’s show we are talking about signs of stress in the construction industry.  It’s no secret that many developers have put projects on hold as a result of higher interest rates.  When we talk about counter party risk, that term conjures up an image for the GFC...

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BOM – Dare to Lead by Brene Brown

Brené Brown, renowned for her research on vulnerability, courage, and empathy, delves into the heart of leadership in her book "Dare to Lead." In this captivating and insightful read, Brown explores the intersection of vulnerability and leadership, offering a...

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Exactly What is Communism?

On today’s show we are talking about what is driving the economy.  There was a time when I thought the fear over communism taking hold in the west was overblown. Yes, communism had taken hold in China, the Soviet Union, and Eastern Europe. But we saw how that turned...

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Utilities Submetering With Kelly Koontz

Kelly Koontz is based in Seattle Washington where he is a principal at Submetering Solutions. The company specializes in all forms of submetering for the major utilities like water, gas, electric and more. Some of the newer technology meters don't require cutting...

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Central Bank Balance Sheets

The Fed is losing money. Now you might say, how can the Fed lose money? Isn’t the Fed the very definition of money? Can’t they just print more? Well I guess sure they can. But printing money only works as long as confidence remains in the currency. It works until it...

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Creative Financing with Chris Prefontaine

Chris Prefontaine is based in Rhode Island where he invests in the local and nearby states. The strategies he teaches apply nationwide. To connect or to learn more, visit smartrealestatecoach.com. To get a copy of the free book, visit whickedsmartbooks.com/victor1 and...

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The Difference Between Water and Moisture

On today’s show we are talking about the technology in some of the newest materials for new construction. It’s increasingly common to have building plans examiners and building inspectors reject materials for use in a new construction project. This often comes down to...

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How Are Episodes Decided Upon

When I speak with listeners of the podcast, I’ve been asked on numerous occasions how I come up with topics for the daily show. More specifically, how do I decide what angle to explore on a particular topic.  I get this question often, so I decided to dedicate a few...

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REAP The Rewards

On today’s show we are talking about ways in which you could get a solar system almost for free. That’s right, you heard me correctly. Under the inflation reduction act, the US Federal government offers a tax credit of up to 30% of the cost of a solar power generation...

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The Best Waterfall Structures

On today’s show we’re talking about getting paid, and who gets paid and in what order. Investment options often include a waterfall provision. This defines the order of precedence of payment. This is an important element of any investment. On today’s show we are going...

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Fiscal Or Monetary Dominance

On today show we are looking at a tug-of-war that is underway in the financial markets. There is also a competition for capital between government and private enterprise. For the moment it appears as though government is winning that battle for dollars. We have an...

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Insurance Woes with Galen Hair

Galen Hair is a lawyer who specializes in litigating insurance claims on behalf of real estate owners against insurance companies. On today's show we are talking about the insurance landscape and what property owners can do in the current environment. To connect...

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Workforce Housing with Jason Buxbaum

Jason Buxbaum is based in Phoenix Arizona and invests in developing and redeveloping workforce housing across multiple markets in Arizona and Texas. On today's show we are talking about the market dynamics and how they're changing. Opportunity that...

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Sourcing The Best Product For The Job

On today’s show we are challenging some conventional wisdom. Subtrades are pretty set in their ways about how things get built. They have their preferred suppliers. They expect materials to be packaged in a specific way. They have familiarity with a regular and...

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Filling The Gaps

On today’s show we are making a distinction between new supply and value added opportunities. Investors over the past few years have focused on two different investment theses. Thesis number one is the traditional value added project. This is where you take an...

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Vacation Boomerang

On today’s show, we are looking at a market effect that could have been easily predicted. In fact, we made precisely this prediction on the show back in 2021. When markets over-shoot the long-term averages for demand, it is reasonable to expect a bit of a boomerang...

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What Is Gasoline Telling Us?

On today show we are looking at what seems like a huge paradox in the world of energy. On this show we look at energy from time to time. Why is that? Because energy is the economy. If the economy is cooking, then energy consumption will rise. If the economy is...

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Construction Material Shortages

On today show, we were talking about the supply chain in construction, and how certain seasonal effects are clouding the picture of what is happening in the real economy. At this time last year lead times four windows and doors were running incredibly long. Many...

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East Coast Investing with Gabriel Lajeunesse

Gabriel Lajeunesse is a wealth advisor with UBS and is based in Burlington Vermont. On today's show we are talking about investing in the current market conditions. To connect with Gabriel, you can find him on LinkedIn and on Twitter....

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Accounting with Cherry Chan

On today's show, our guest is a full fledged CPA who specializes in Tax and real estate investors To connect with Cherry, visit realestatetaxtips.ca -------------- Host" Victor Menasce

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Selling Your Design To Decision Makers

On today’s show we are talking about the marketing of new development projects to city officials. It’s difficult to know what is the best way to communicate with bureaucrats and politicians who have a say in determining whether your proposed project is going to be...

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AMA – Inflating Away The Debt

Today's question comes from John who writes: "You have answered a question for me in the past and is was well received for me. Next question is I have heard a few different people say that back in the 80s, the debt was inflated away.  I only know how to pay down...

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AMA – Outdoor Storage

This question comes from Sam who writes: I have 7 acres near a major boat ramp North of Houston that I am looking to develop.  The area has grown 4.11% per year for the last 2 years according to the Census. With a major development up the road I expect this trend to...

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Why The US Needs Inflation

On today’s show, we’re talking about why the United States needs inflation. In order to understand us we need to go back to the. Following World War II. From 1945 until 1951 US government Debt went went from 110% of GDP to 50% of GDP. How did they do it? In 1945 US...

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Atlanta MultiFamily Apartments with Daniel Angel

Daniel Angel is based in Atlanta where he invests in multi-family apartments. On today's show we are talking about the state of the market and navigating the headwinds that we are all experiencing. To connect with David and to learn more, visit apexinvesting.us....

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Danger – Be Careful Out There

On today’s show we are exploring the limits that could trigger the next major breakage in the economy. I believe that the conditions are consistent with those that led up to the black Monday stock market crash in 1987. I remember that day very well. I was in my fifth...

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Ranch Land For Sale

More farmland is now hitting the market as a large percentage of America’s farmland is owned by people aged 75 or older. Forbes Magazine recently published an article about this phenomenon. We  have experienced this first hand. Last year, our team acquired the last...

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Market Sentiment Surveys

On today’s show we are going to look at some soft data. A few days ago we explored the difference between hard data and soft data when it comes to economic indicators. Hard data includes things like the unemployment rate, the CPI, GDP, GDI and so on.  Soft data...

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Keeping Your Contractor In Line

On today’s show we are talking about the elements of negotiating a construction contract, specifically using the industry standard AIA contract forms.  I’ve heard a number of people insist on using the industry standard AIA contracts. These industry standard contracts...

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Economic Distinctions

On today show, we are going to look at two different words that are used to describe macro economic factors, and in each case we’re going to look at an important distinction in the nature of these anomic indicators. We’re going to start by looking at economic data...

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BOM – Buy Back Your Time by Dan Martell

On the first day of each month we review the book of the month. Our book this month is "Buy Back Your Time" by Dan Martell.  In the book, he offers a refreshing perspective on time management and productivity, focusing not just on doing more but on reclaiming our most...

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Multi Family Lessons with Chris Balzaretti

Chris Balzaretti is based in NY and invests both in NY and Texas. On today's show we are talking about the lessons from Texas investments made during the past few years. To connect with Chris and to learn more, you can email Chris@takeflytecapital.com...

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The Commodity Super Cycle

On today’s show we are talking about the commodities super cycle. We often hear those words, but what do they actually mean? What does this mean for real estate investors? I’ve witnessed the shocking price increase of copper wire. Six gauge wire is used in high load...

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The Wage Price Spiral

The United Auto Workers didn’t get the memo. Jerome Powell wants to stamp out any possibility of a wage price spiral.  The auto industry is in the middle of an escalating strike as the United Auto Workers are fighting for a catch up on the concessions delivered when...

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Is Insurance Changing Design Choices?

On today show we’re taking a look at how insurance is affecting choices in design.  Why are some insurers are exiting geographic areas entirely. What does this mean for owners of real estate in those locations? Insurance is both optional and essential depending on...

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Rising 10 Year US Treasury Yields

Real estate investors generally don’t care about short-term interest rates. The short term rates affect the cost of capital for bridge financing where those loans are indexed to the secure overnight funds rate. Short term debt can be replaced with permanent financing....

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The Ant And The Grasshopper

Aesops Fables are classics credited to Aesop, a slave in ancient Greece. The stories date back to a time between 620 and 540 BCE with each story containing a life lesson.  We are starting today’s episode with a fable called "The Ant and the Grasshopper.” ...

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Macro Economics With Josh Lessard

Josh Lessard is the research engine behind George Gammon and the Rebel Capitalist Show. On today's show we are talking about Josh's journey to becoming a central figure in the Rebel Capitalist team when he was just emerging from high school. To learn more...

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Asset Protection with Scott Smith

Scott Smith is based in Austin Texas where his law practice specializes in asset protection and insurance litigation. On today's show we are talking about structures to protect assets and create resilience from the many threats to your wealth. To connect and to...

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AMA – Who Are Your Mentors?

Robert asks - “Most successful people have mentors. Who are your mentors?” This is such a great question. In fact I’m struck by the fact that in five and a half years producing a daily show, this topic has not come up before now. I’ve had a number of mentors over the...

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What The Fed Didn’t Say

On today’s show we are examining the latest Federal Reserve announcement and trying to make sense out of it for real estate investors.  We’re looking at what was said, the underlying assumptions, and what the likely decision points will be.  When asked if a soft...

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The Evolution of Working From Home

On today’s show we are looking at a new report on The Evolution of Work from Home published by three authors: Jose Maria Barrero, from the Instituto Tecnológico Autónomo de México Nicholas Bloom University of Chicago Booth School of Business and Hoover Institution...

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New Development in Spokane

On today's show we are talking about a new development project in Spokane. We believe it's important to design products that are differentiated in the market. We will be hosting a webinar on September 19 and would invite you to attend. To register for the...

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Tofu Dregs

On today’s show we are talking about buildings that are built so fast that they cannot possibly be structurally sound.  Guess what? They’re not. These buildings have been called Tofu Dreg buildings.  It’s not unusual in China to see 30 story buildings being erected in...

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New Development with Kent Ritter

Kent Ritter is based in Indianapolis where he has built a portfolio of multifamily apartments. His firm Hudson investing is undertaking its first development project in a suburb or Indianapolis and on today's show we are talking about the transition to new...

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Industrial Investing with Ben Fraser

Ben Fraser is based in Kansas City and is involved in multiple asset classes. On today's show we're talking about industrial and understanding some of the nuances of that segment. To connect with Ben and to learn more, visit aspenfunds.us -----------------...

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The Banking Secret Is Out

On today’s show we are looking at a headline article in the WSJ.  The topic is banking. Think about it. Every bank’s risk management department would have stress tested the existing loan portfolio. They would have looked at the maturity dates of each loan, and...

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Small Condos Are Not Selling

 On today’s show, we are talking about some of the dynamics that are showing up in the small investor segment of the real estate market. We are starting to see anecdotal boots on the ground evidence of properties being offered for sale that in my opinion are...

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Exempt Securities Primer

On today's show we are going to talk about the world of exempt market securities. But before we do, then let me make it clear. I am not a lawyer, nor am I a securities lawyer. The purpose of today’s show is not to provide legal advice, but merely to arm you with...

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Secular Versus Cyclical

On today’s show we are talking about the difference between two types of inflation. Economists have terminology for inflation that is used to describe the nature of the inflation. The first is cyclical inflation. This type of inflation is caused by a short term...

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Is This A Healthy Housing Market?

On today's show we’re taking a look at the big picture of the housing market in both the United States and Canada and asking the simple question. Is this a healthy housing market? If so, then why and if not, why not? -------------- Host: Victor Menasce email:...

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Ross Hamilton

Ross Hamilton is the founder of Connected Investor, which was sold to First American Title a little over a year ago. On today's show we are talking about some of the technology innovations that are coming to the world of real estate transactions. To connect with...

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Distressed Notes with Scott Carson

Scott Carson is based in Austin Texas where he specializes in purchasing and repairing distressed loans from banks and commercial lenders. Scott is a real experr in the field and he shares some insights as to what is happening in the market today. To learn more or to...

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The Tail Wagging The Dog

With tax deadlines coming up and only a few months remaining in the year, we are getting a lot of tax related questions at our development company Y Street Capital. These questions are often coming from prospective investors who are looking at our investment...

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Thinking Two Moves Ahead

On today’s show, we are putting some of the global financial risks on your radar that is not getting any air play in the news. If you have been a listener to this podcast for a while, it should be clear that we are in the throes of a global economic downturn. However,...

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AMA – Build To Rent

This question comes from Ravi who writes:   I have been a long time listener of your prodcast. In fact I won a signed book a few years ago. I have a lot of respect for you and was hoping to get your opinion regarding the build to rent investment thesis. I have...

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AMA – Enforcing Developer Commitments

Today is another AMA episode (Ask Me Anything) Jay writes: I recently bought a lot in a subdivision. Where do I find out what the developer has agreed to do exactly for the infrastructure?  I already discovered a public access walk path that is graveled and the plot...

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Student Loan Distress with Angie Stauffer

Angie Stauffer is based in Gilbert Arizona where she is a senior executive with YRefy. The company helps student loan borrowers in distress with loan modifications. These loans cannot be forgiven through personal bankruptcy. By lowering the interest rate and extending...

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Robby Butler

Robby Butler recently joined our real estate development team. On today's show you're going to get a chance to meet him for the first time. You can reach him directly at robby.butler@ystreetcapital.com ------------- Host: Victor Menasce email:...

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AMA – Cost Seg Study

Today is another AMA episide (Ask Me Anything). Michael writes: "Hey Victor, I have been investing in multifamily properties for over a decade, mostly in smaller deals but a few in the $1M to $2M range.  I've been encouraged to do cost seg studies many times over...

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Under Cloudy Skies

On today’s show we are talking about what is happening in the economy. There is a narrative of bumpy landing, to a soft landing, and now more recently, no landing. It seems as if the market is convinced that the US economy is strong and is going to emerge from this...

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AMA – Loan Denial From Regional Bank

Today's question comes from Tracy who writes: I am a developer/builder in Eastern Washington State. I have been in talks for months with a regional bank for a new apartment building. We have satisfied all the preliminary requirements to be pre-approved. Recently,...

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Urban Townhouses with Scott Choppin

Scott Choppin is based in Southern California. His company specializes in purpose built urban townhouses for rent. On today's show we are talking about the challenges and merits of building in California. He publishes a weekly article on Substack called "The Real...

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Lending Alternatives with Tim Milazzo

Tom Milazzo is based in New Smyrna Beach, Florida where he is the founder and CEO of StackSource. The company focuses on driving transparency into the borrowing process for commercial real estate borrowers. To find out more, visit stacksource.com --------------- Host:...

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AMA – Construction Budgeting Software

Today is another AMA episode (Ask Me Anything). Rueben asks: Can you suggest a good program for helping me build out my budget for a new single family 1500 sq. ft. construction? ------------ Host: Victor Menasce email:...

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Student Housing Supply and Demand

On today’s show we’re talking about demographics and policy. In Canada, our fertility rate is 1.48. We’re not making enough babies to maintain population. Like most western economies, fertility rates are below the 2.1 required to maintain population constant.  The US...

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AMA – Am I Over-insured or Under-insured?

 Today’s question comes from Paul, who asks: I have a multi family apartment project that is currently up for renewal of its insurance policy. I have a quote for new insurance, but I’m having a difficult time, assessing whether the insurance being quoted is going to...

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What is Really Happening in the Chinese Economy?

On today’s show we are taking a look at the economy in China. China is the world’s second largest economy and it is the most systemically important from a consumer perspective. China is the factory of the world, at least for now.  As China’s industrial sector boomed...

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Some of You Asked About Norris Ranch

As many of you are aware, the real estate development company that I’m a partner in is building several projects. On today’s show, I’m going to give you an update on the Norris Ranch project in Colorado Springs. It’s been about ten months since we closed on the...

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Market Advantage for Fund Managers with Ken Gee

Ken Gee is based in Cleveland Ohio and he invests in multi-family assets. On today's show we are talking about the merits of a fund model versus syndicating individual deals. To connect with Ken and to learn more, visit kripartners.com ------------ Host: Victor...

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Private Lending with Kevin Amolsh

Kevin Amolsh is based in Denver Colorado where he runs The Pine Financial Group. They're a private lender with $130M in assets under management. To connect or to learn more, visit https://pinefinancialgroup.com/ or visit https://thepinereport.com/ to get a copy...

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Another Economic Headwind

The mainstream media continue to push the narrative that the US and Canadian economies are strong. Unemployment is low and the service sector of the economy is doing great.  This is what is driving the soft landing hypothesis.  But what is being overlooked is the...

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Getting Zoning Approval From The City

On today’s show we are talking about the process for getting properties rezoned. The subject of today’s show is a three parcel land assembly in my home city of Ottawa Canada.  At the start of the planning committee meeting there were no less than six projects being...

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AMA – How To Choose Book Of The Month

Allan Asks: Hi Victor, Thank you again for your excellent content and insight. There is so much of a “punch” packed into a small amount just like an espresso. Hopefully this isn’t an obvious question and worth your time to answer but how do you stay up to date finding...

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Lessons From Argentina

On today’s show we are taking a look at what can happen when politicians print too much money. The US, Japan, Canada, the UK, and Europe, China and many others are all at risk of becoming financially unstable.  Argentina has a history of being fiscally irresponsible....

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AMA – Mechanics Liens

Today’s question is actually two listener questions, both of whom have described very similar situations.  JR got plat approval and paid a contractor called straight edge for the horizontal development.  That work consists of the road paving, and the infrastructure...

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Architectural Design with Susan King

Susan King is based in Chicago where she works with HED, a major national architectural design firm. On today's show we are talking about architecture and how it applies to design of affordable housing. To connect with Susan, visit HED.design or connect with her...

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Live From The Investor Summit 2023

We hear about all of the risks in the current market environment. But we rarely hear ideas on what you can do to find opportunity in the current conditions. Today's talk was recorded at the 2023 Investor Summit. ---------------- Host: Victor Menasce email:...

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A Globally Synchronized Deflationary Recession

One of the goals of this show is to help you connect the dots on what is happening in the economy. Today’s show is not strictly about real estate. However, we have seen central banks in the US, Canada, Europe, and the UK all raising interest rates to combat inflation....

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More Banking Headwinds Are Coming

Last week Fitch downgraded the sovereign debt rating for the United States. And late Monday, Moody’s downgraded the ratings of several US banks. Moody’s took action on 27 banks, including downgrading the credit ratings of 10 and putting others under review or giving...

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Changing Accreditation Requirements

If you're currently an accredited investor, then you definitely want to pay attention because I believe that in a year from now you may not be accredited any longer. And if you are not an accredited investor, then I've got some good news for you, because...

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What Is Your Right To Water?

On today’s show we are talking about water. Water is one of those life sustaining commodities. Water is seemingly everywhere, and scarce at the same time. 3/4 of our planet’s surface is water. Our human bodies are about 65% water.  In many parts of the country if you...

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Is The Fed Biased?

On today’s show, we are looking at a human phenomenon called bias. We would like to think that the professional, economists and decision makers in government, or making objective decisions using hard data. However, we see the exact opposite and play in numerous facets...

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Property Management Affiliates with Arielle Evan

Arielle Evan comes to us from Israel where she is CEO of Compera. The company is focused on managing affiliate relationships for property managers and tenants across multiple domains. By offering preferred services to tenants, the landlord provides a valuable service...

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Engineering Profits with Joseph Viery

On today's show we are talking about how to use cost segregation to take advantage of tax savings. Joseph dispels some myths around cost segregation that could result in major savings even for smaller properties. Another area of major savings is energy. There are...

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