The Real Estate Espresso Podcast

Dave Seymour is based in Boston where he became known for the star of the hit A&E TV show Flipping Boston To connect with Dave, reach out to him directly at: https://www.linkedin.com/in/daveseymour343/ or on his website at https://www.freedomventure.com/

On today’s show we are talking about the impact of data centre infrastructure on the cost of new construction for single family homes and apartments. Data centres are power hungry beasts and building them will require a lot of electricians. The concern is that the US does not have enough electrician now. Many of those electricians are nearing retirement and the number of new entrants to the trade are not replenishing those who exit. There are so many electricians required for data centres that there will not be enough for the scale of work required across all sectors. The net result will be a massive increase in the cost of building housing because of the labor being siphoned off to build data centers. That’s the theory. So on today’s show we are going to analyze whether that hypothesis is indeed true. Will we really have a shortage of electricians and what do we need to change in the way we build homes in order not to be facing massive increases in cost? Let’s start by examining how much demand is being added to the network. We will try to calculate how many electricians will be pulled out of the market just to service the data centre industry. ------------ **Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)

On today’s show we are talking about how to interact with a lender. If you’re in the game of real estate, chances are you’ve borrowed money. Lenders come in all shapes and sizes from the traditional community and regional banks, to the larger agency debt like Fannie Mae or Freddie Mac, to the government sponsored loans from HUD or SBA. There are then numerous private options including debt funds, CMBS loans, preferred equity, CPACE and mezzanine lenders. They all have one thing in common. They will go through an underwriting process that requires you to provide documentation about the borrower, the guarantor if it’s a recourse loan and the property. Those requirements will be listed generally on a term sheet, and then perhaps later in the process in a commitment letter, or a closing checklist. On today’s show I’m going to share what we believe are best practices, or at least I’m going to share how we manage this process in our development company. ------------ **Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)

On today’s show we are talking about how to best use artificial intelligence in your daily business. AI is not good at producing a finished work product that you would be happy to deliver to a customer. There may come a time when that is true. But today, if you are delivering something of true value, you need to be creating at least a portion of that work. I have not encountered a scenario where an AI tool was able to take something from start to finish in one step. In frustration I took the idea produced by Gemini into a simple image editor. I uploaded the image, and typed in the 28 words. I spent a coupe of minutes formatting the text and in the span of about 4 minutes I had a finished product, fully formatted and ready to send. I had wasted about half an hour trying to get AI to produce a finished product. The real value of the AI tool was in accelerating the creative process and as a brainstorming tool. That first step was genuine help. The rest was an exercise in frustration and wasted time. When it was clear that creating the final product could be done in a matter of minutes, essentially editing 28 words, I should have jumped off the AI train and reverted back to the old fashioned, but tried and true method of editing a file. ------------ **Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)

On today’s show we are talking about cutting corners in quality assurance. We are all extremely busy. That’s certainly true for me. My average day consists of 5-6 hours of scheduled appointments. Against that backdrop, it’s difficult to get anything done that requires focus time. So when you’re too busy, there are tempting shortcuts. These include delegating tasks to other people in the organization, and sometimes taking advantage of tools like artificial intelligence to save time in the review process. When I was in the world of tech product development, we used to attach a cost to a defect making its way into a product. Depending on when the defect was detected, the cost could be higher or lower. A defect uncovered early in the design phase was nearly free. There was almost no cost to that defect. If a defect made its way out into the field and ultimately resulted in an outage of the telecom network, the cost of that defect was massive. The earlier in the process a defect is uncovered, the lower the cost and the later in the process, the higher the cost. Not surprisingly, nearly 40% of the investment in the product development was actually spent on quality assurance. That sounds like a high percentage and it is. ------------ **Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)

On today’s show we are unpacking the critical details every sophisticated investor, developer, needs to understand about the different types of flood plain designations and how wetland mitigation can make or break your deal. First, why do people even want to develop in flood plains? For one, the land doesn’t usually present itself as a flood plain. It’s completely dry most of the time. But, like every opportunity, there are layers of risk and regulation you need to run through. The U.S. government, via FEMA, essentially maps out risk using what’s called Flood Insurance Rate Maps, or FIRMs. Picture these as overlays on your site plan that tell you how often the water is likely to rise and cause problems. But what is your flood map is out of date? 75% of existing FEMA maps are out of date. As you know, the US government is in a budgetary shutdown, with no signs of a quick resolution. Even if you are not relying on government funding for a loan, if your property is in a flood plain, your lender will require paperwork from FEMA before they can close the loan. So the government shutdown means your loan cannot close until the government re-opens FEMA gets caught up on their backlog of requests. ------------ **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)

Jon Yoo is with Convoy Home Loans based in Los Angeles. They specialize in DSCR Loans for commercial investors. On today's show we are talking about some of the market dynamics. To connect with Jon, visit https://convoyhomeloans.com/ or email him at info@convoyhomeloans.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)

We have two guests on today's show. Garrett Sutton is well known as one of the Rich Dad advisors for asset protection. His son Ted has joined the practice and is going to succeed Garrett in the long term. On today's show we are talking about some of the new legislation at the state level that will affect investors. So far only New York has enacted its own corporate transparency act. But there are other states that are considering it. The result could be a complex patchwork of regulations that will make compliance much more complicated than a single federal statute. To connect with Ted and Garrett, visit https://www.corporatedirect.com/. They also have a new Youtube channel called TENERO. --------------- **Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)

On today’s show we are talking about the mobility of wealth. Everyone I speak with from NYC is extremely fearful of the change that seems likely in the Mayor’s office next month based on early polling results. Many are considering leaving the city. Even those who want to continue to work in the city are moving to nearby cities and states. Some are going to New Jersey. Some are going to Connecticut, others to Pennsylvania. NYC has become a tale of two cities. There is a lot of wealth in Manhattan specifically. There are about 350,000 millionaires concentrated in a small radius on the island of Manhattan. There are about 120 billionaires in NY. But New York is about more than just a financial capital. It’s a city of 8.5M people spread across the five boroughs of Manhattan, Brooklyn, Queens The Bronx, and Staten Island. Last night’s mayoral candidate debate pretty much sealed the outcome of the election which is only 19 days away. Frontrunner Zohran Mamdani is an eloquent speaker. He speaks nonsense with conviction, with stories, and with data to back up his nonsense. A great orator can be persuasive. I understand that people who don’t understand money think that someone else will pay for their sense of entitlement. Free stuff can be attractive on election day. In the 1970’s it was hard to believe that NYC could recover. It seemed doomed to a life of decay, crime, and outright chaos. We have experienced the resurgence of the city, slowly at first under Mayor Ed Koch, then more recently under Mayor Rudi Giuliani and Michael Bloomberg. This podcast is about real estate and real estate investing and not NYC politics. Why are we talking about this? Because businesses are not returning to NYC. Things are going to be ugly in NY for a while. If wealth is leaving NY, the obvious question is where is the wealth going? Where are these people moving? Who will be the biggest beneficiaries of New York’s loss? ------------ **Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)

On yesterday’s show we talked about how AI might be influencing the functional obsolescence of industrial warehouses. On today’s show we are looking at another aspect of AI and how it could affect the value of industrial real estate. On today’s show we looking at how transportation is going to evolve with the advent of autonomous trucking. Will this have an impact on industrial property? Now this sounds like science fiction and something that is going to be in the distant future. But it’s much closer than you think. Many of these new trucks will also be electric vehicles. I don’t know when Tesla’s semi truck will hit the market in a big way. The first production Tesla Semis were delivered to PepsiCo in December 2022. Since then, a small number of trucks have been delivered to a handful of other customers for real-world testing and fleet integration. Let’s put this in perspective. The power supply to charge just one Tesla Semi is the same power required to supply about 988 homes. Let’s say that you want to be able to charge a couple of trucks at a time and you need to add 1000 If your warehouse is not sitting next to a major power source, how are you going to find the spare power capacity for 2000 homes at the site of your industrial warehouse? If you can’t get the power, then your warehouse is going to be functionally obsolete. ------------ **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)

AI is continuing to make headlines on nearly a daily basis. But this is a real estate podcast, not an AI podcast. We need to assess the impact of AI on real estate. On today’s show we are looking at whether AI will change the design of industrial warehouses and render some of the existing warehouses functionally obsolete. The introduction of robotics has profoundly changed the design of industrial warehouses, moving them away from layouts optimized for human movement to a new paradigm centered on efficiency, density, and data-driven automation. This shift is driven by the capabilities and requirements of different types of robots, leading to significant changes in space utilization, infrastructure, and overall workflow. So all of these changes will impact the design of a warehouse. Your 50 year old warehouse might require too many functional changes to adapt to this new world and just might be functionally obsolete. ------------ **Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1) iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613) Website: [www.victorjm.com](http://www.victorjm.com) LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce) YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734) Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso) Email: [podcast@victorjm.com](mailto:podcast@victorjm.com) **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com) Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital) Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)

Today's question comes from Steve who writes: "How do municipalities allow zoning and use applications that are filed by an entity that doesn’t own the property? Can a group of citizens argue that the applicant doesn’t have property rights when they don’t own the property?" ---------- **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)

As real estate investors we need to be paying attention to many aspects of the economy. After all, we are investors first and foremost and real estate investors second. Our investments do not occur in isolation. They are influenced by the surrounding environment. If the stock market rises, how does that affect real estate? If the stock market crashes, how does that affect real estate? On today’s show I’m going to predict a stock market correction and using history as a guide, predict the impact on the economy as a whole and real estate in particular. A stock market correction (a decline of 10% or more from recent highs) can trigger or accelerate an economic downturn. ------------- **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)

Keith Weinhold is based in Anchorage Alaska. I had the pleasure of visiting with Keith on his home turf a few weeks ago where he gave my wife and I a tour of the city. On today's show we are talking about divesting fully from Anchorage and redeploying capital into the Tampa Bay area. Tampa and Anchorage are almost extreme opposite ends of the country. A unique element of Keith's strategy has been to invest in new construction properties. The benefits include lower maintenance and higher tenant retention. Keith is the host of the "Get Rich Education Podcast", running weekly since 2014. You can connect with him there. ------------- **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)

Hugh O'Reilly is based in Toronto where he has a background in law and as the head of a major pension fund. Today he advises technology startups in the property tech space. On today's show we are talking about Landlogic.ai and what is possible using these advanced tools. To connect with Hugh, visit https://www.landlogic.ai/ or email him directly at hmboreilly@gmail.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)

On today’s show we are talking about the impact of recent US Federal Government policy changes and then the government shutdown on real estate. There are several government agencies involved in commercial financing. These include the US Department of Agriculture, the department of housing and urban development, the department of Veterans Affairs, the Federal Housing Finance Agency (FHFA) and the Small Business Administration. Loan applications involving Fannie Mae and Freddie Mac also rely on reports generated by government agencies that are currently closed. All of these sources of financing are either delayed or are at a standstill. There have also been numerous policy changes that have affected loan approvals since the most recent federal election. How could this be a problem? ------------- **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)

ALN Apartment Data published a new national report this week. It's hot of the press. Two major developments have defined the multifamily sector this year, and both have been widely felt. The first, a deceleration in new apartment supply, was anticipated as the 2024 construction boom reached its peak. The second, a broad resurgence in apartment demand, has exceeded nearly everyone’s expectations. While the slowdown in new deliveries was written into the forecast, the scale and breadth of the demand recovery have caught the industry by surprise. This is not just a rebound — it’s a synchronized surge across asset classes, market tiers, and regions. Through September, over 580,000 net new units have been absorbed nationwide. That’s more than double last year’s total through the same point in time and just shy of the exceptional 2021 figure. -------------- **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)

WEBINAR REGISTRATION I’d iike to invite you to learn more about an exciting opportunity located in Bradenton Florida. Bradenton is next to Sarasota for those of you who are familiar with Florida. This market has an industrial moratorium that is driving one asset class to new heights, specifically light industrial. This 35 acre property, right in the middle of Bradenton has an existing Charter School on 11 of those acres and 24 acres of land that we are developing. We are hosting a webinar on Wednesday October 8 at 7PM Eastern time. This opportunity is only open to accredited investors residing in the US in compliance with SEC regulations. To learn more, click on the link in the show notes and we will see you on Wednesday evening, October 8 at 7PM. ----------- Today's question comes from Irene who writes: I own a portfolio of short term rentals here in Kihei Maui. Most of these are condo’s across the street from the beach. The HOA has undertaken replacement work of some of the plumbing infrastructure which required the opening up of walls and replacement of pipe. In the process of demolition, they destroyed the bathroom cabinetry, which quite frankly was not necessary. As they were nearing completion we started to replace the cabinetry. The security team from the HOA then notified us that we needed to stop work because we did not have a building permit for the improvements. I’m not an expert in construction. How should I be responding to the HOA and a building inspector if the building inspector shows 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)

WEBINAR REGISTRATION On today's show I'm speaking with Jack Tucker on why there is an acute shortage of industrial land in Bradenton Florida. ----------------- **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)

Bradenton Industrial Webinar ----------- I’d like to invite you to learn more about an exciting opportunity located in Bradenton Florida. Bradenton is next to Sarasota for those of you who are familiar with Florida. This market has an industrial moratorium that is driving one asset class to new heights, specifically light industrial. This 35 are property, right in the middle of Bradenton has an existing Charter School on 11 of those acres and 24 acres of land that we are developing. We are hosting a webinar on Wednesday October 8 at 7PM Eastern time. This opportunity is only open to accredited investors residing in the US in compliance with SEC regulations. To learn more, click on the link in the show notes and we will see you on Wednesday evening at 7PM. -------------- On today’s show we are looking back in history for some of the narratives that surrounded the adoption of new technology. The year was 1999. At the time, it seemed like the internet was the answer, what’s the question? Companies were spending hundreds of millions burying optical fibre anywhere they could. After all, the internet would need lots of fibre to carry all of that traffic. There was tons of investment in the core of the network to carry all of this traffic. I personally was an executive in the tech industry. I left Nortel in 1997. The next company I was at was Tundra Semiconductor. We were designing microprocessor core logic chips that were used in all kinds of applications. One of our customers was Motorola who was shipping 250,000 cellular base stations a year. These would eventually be upgraded from the GSM base station to the Edge base station and then eventually the 3G base station. Back in those days, the emphasis was on building out the core of the network. Later in my career I took progressively more senior positions in the tech industry. By 2004 I was VP of Engineering at AMCC that was headquartered in San Diego. I was also President of AMCC Canada. My company had raised about $1B in the public markets at the height of the Dotcom frenzy. As a result, we had all kinds of startup companies parading through our board room with the hopes of getting acquired by a company with a ton of cash. I learned to ask three very simple questions of every startup company. The answer to these questions revealed more than anything else. The technology, the features, the cool factor, none of it mattered. ------------- **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)