The Real Estate Espresso Podcast

On today’s show we are talking about the city that people love to hate. It’s the grittiest great city in the world. Of course I’m talking about NYC. The density of NY brings a lot of advantages. I love the fact that so much is at your fingertips. My family lived in Manhattan for many years. Then my parents decided that it was not a good place to raise a family and they left NY when my mother was still pregnant with me. Although I’ve never lived full-time in NY, it still feels like home. I can find my way around the city like a native NYer and have mastered many of the shortcuts. But there are a lot of problems with NY. The inconveniences are everywhere. --------------- **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 taking a look at the dirty underbelly of municipal politics. It’s an open secret that some council members have in some cases demanded, and in other cases accepted financial compensation in exchange for political support. The running joke is that many city council members seem to have very nicely renovated kitchens and baths in their homes, more than usual for the population at large. Now let me be completely clear, our firm has never engaged in this type of activity and if asked, we would refuse. ---------------- **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 episode is another AMA episode (Ask Me Anything). Our question comes from Robert who asks: "How do you know when you are pushing innovation too far and you're out running marketplace demand?" ---------------- **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)

Erica Schwartz is a Tony award winning producer and actress. She has been involved with major Broadway productions like Moulin Rouge, Wicked and Hamilton. On today's show we are talking about the economics of broadway shows. To connect with Erica and to learn more visit avalonroad.net or email her directly at eschwartz@avalonroad.net. ------------- **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)

Jonah Bamberger is based in NY and Tel Aviv. He started in the NY area and continued to acquire up and down the eastern seaboard and then into the midwest. His most recent projects are located in Porto Portugal, and a new hospitality project in NYC. To connect with Jonah, visit aulder.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 looking at what we can expect during President Trump’s presidency. We will start with cabinet appointments. Many of these positions will require Senate confirmation. But there is one appointment that is actually the most interesting to me that is not getting any airplay in the mainstream media. We can also predict what might happen to the price of oil in the short term. --------------- **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 are coming to you live from the 2025 Y Street Capital Goals Retreat on board the Norwegian Cruise Line. We’re on shore in Bermuda after spending two days at sea, holed up in one of the night clubs with pen in hand, working hard on getting clear on our values. ---------------- **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 a new housing initiative that was just launched in Mexico by the newly elected President of Mexico. A key component of the initiative is a zero-interest mortgage scheme, offering low-income households a path to homeownership with favorable terms. Some reports put Mexico’s housing shortage of 8.5 million units. Not all of these families need a new home. It’s not within the Mexican culture to renovate homes the way you do in the US and Canada. The program includes a substantial financial commitment, with the Mexican government allocating approximately MX$600 billion ($30.8 billion USD) to support housing development. --------------- **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 looking at a story of a property that was the site of aboriginal significance and what it might mean to a property owner. ------------------ **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 going to look at what might be a rush for the exits. When someone is deported from the US, they are barred from entering the US, even as a visitor for 10 years. So getting deported could be a big deterrent, something to be avoided. Some people who enter the US are true refugees under the Geneva Convention’s definition of conventional refugees. These are people who are fleeing persecution on the basis of race, religion, sexual orientation, freedom of speech, and so on. There are also many people migrating around the world for economic reasons. These do not meet the definition of refugee and they need to enter the country through the proper immigration channels. As we know and has been widely reported in the news, the new White House administration aims to reverse the past four years of open borders by imposing a mass deportation of up to a million people. I’m not here to comment on the merits of the proposed action. This is not a political show. It’s a real estate show. I’m here to predict at least one of the consequences of this proposed action.

Andy McMullen is based in San Diego California, but he is building rental communities through-out the sunbelt in secondary and tertiary markets. On today's show we are talking about meeting market demand and how the election is influencing investment decisions. To connect with Andy, visit legacyacquisitions.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)

Celia Cortes is a partner in Atlanta based Drago Group providing security training and services to worldwide clients. Their clients include military & Law Enforcement, high profile individuals, corporate entities, and community organizations. To connect with Celia, you can email her directly at celia@thedracogroup.com or visit thedracogroup.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)

Th City of Philadelphia just passed a new ordinance with a vote of 17-0 banning the use of algorithmic pricing for properties in the city. San Francisco was the first city to enact such a ban. Philadelphia is the second and it is expected that others across the nation will follow suit. The city bill references an anti-trust motion brought by the department of justice. The Justice Department alleges that RealPage's pricing software has features that are anticompetitive and therefore violate the Sherman Antitrust Act, a law passed more than a century ago. --------------- **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 looking at a new multi-family research report published two weeks ago by the folks at Fannie Mae. Dr. Doug Duncan is the chief economist at Fannie Mae where he leads a team of economists. This group has consistently achieved accolades for having some of the best research in the business. This particular report was authored by Nathaniel Decker who is a Lead associate in the research department. ------------ **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 taking a look at the state of affairs, the morning after the election. Thankfully, the election result is clear. The last thing the US needs is months of conflict over the validity of the election. Let me be clear, I don’t think either candidate is the best choice for the US. But then, I don’t really get to have a voice. I’m not even able to vote in the US election. Some of Donald’s policies are effective, others not. Donald’s personal character is a deal breaker for too many people. That’s the number one reason, I believe, why he has been so divisive. This morning we have a bunch of people rejoicing and breathing a sigh of relief. There are an equal number of people fearful and apprehensive about the next four years. -------------- **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 getting a project through the approval process in city council. Every city’s municipal government is tasked with managing the city’s resources along with planning the city’s land use. Getting a project approved doesn’t happen by accident. It requires a lot of hard work. In every community there are people who will come out of the woodwork to oppose your project. These are people who you have never met, who are not negatively affected by the existence of your project, but merely have an agenda to oppose development. They have a narrative in their mind that all developers are rich people who are exploiting the poor for the sole purpose of enriching themselves further. Developers have no sense of environmental responsibility and that building new structures is simply pushing poor people out of the community. Unless the developer creates a strong case for their project, the only voice in the wilderness will be the voice of opposition. ----------------- **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 taking a look at what the US might look like post election. The race is probably too close to call. The left leaning media are predicting a Harris victory and the right leaning media are predicting a Trump victory. Anyone who says they know definitively can’t possibly know. Voter turnout will have a major impact in the swing states. In those ridings where the vote is close, a larger turnout for one group versus another could be enough to make the difference, regardless of what the polls say. We are currently living in two economies. Those who have assets, and those who have a job. Those who have assets are not feeling the pain of inflation, whereas the hidden tax of inflation is really hurting those whose incomes are not keeping pace with rising prices. In both cases, we will see government debt balloon. At the current rate, we can expect the national debt to reach 50T by 2030, and that’s if we don’t have any wars or any recession between now and then. At some point, someone in the world is going to purchase all those bonds. If the supply of that debt exceeds the demand, you can expect the cost of that debt to go up. That means higher long term interest rates. The only way that the US will maintain low interest rates is if it retains its global reserve currency status. Otherwise they will be relegated to the same demand as bonds from Italy, or maybe worse like Argentina or Ecuador. I keep hearing from investors that they’re waiting to see who is going to win the election before making any new investments. I ask them to imagine that the election is over and you now know who is going to be sitting in the oval office, what would they do differently in terms of investments based on that knowledge? All too often, they have no answer. ------------- **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)

Jim Manning runs a volume flipping and lease option business in St. Louis. On today's show we are talking about finding fulfillment in growing a business. To connect with Jim and to learn more visit passivewealthshow.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)

Michelle Jeong is based in San Francisco where she runs FIRE Capital (Financial Independence Through Real Estate). On today's show we are talking about acquisition strategy in the current market conditions. To connect with Michelle visit investingwithfire.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)

Ou book this month is “Profit First” by Michael Michalowicz. You’ve no doubt heard the advice from financial advisors called “Pay yourself first”. This book sounds like the same advice, only it’s quite different. It breaks down the human behaviours that result in a money management cycles that ultimately can become a trap. Most businesses focus on growing revenue to generate cash and stay ahead of expenses. The problem with this approach is that the additional revenue attracts hidden expenses which erode the benefit of the added revenue. Some businesses can grow themselves into the ground. As a minimum, the relentless focus on adding revenue removes the focus on the primary motive which is profit for the owners. Profitability is a decision that happens first. But most businesses treat profitability as a consequence of all the other decisions. Profit is the left-over. Many business owners end up “reinvesting” their income to grow the business and in so doing, end up working for free, or at least for far less than they’re worth. What Michael Michalowicz teaches is how to establish new money management governance within your business that becomes a new set of habits. These habits eventually become muscle memory and they become normal. -------------- **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)