The Real Estate Espresso Podcast

On today’s show we are looking at a new security threat that all property owners need to have on their radar.  Ten years ago, a drone was a hobbyist toy. Today, a consumer quadcopter is a stabilized, GPS-enabled camera platform with live video, automated flight modes, and enough payload to carry small objects. That combination has created a new category of criminal capability: low-cost airborne access to your roofline, your yard, your loading dock, and your operational routines.The security mistake I see most often is treating drones like a novelty. They are not. For business owners and security professionals, the right mental shift is simple: treat low altitude airspace around your property as part of your perimeter, just like fences, gates, and door controls.--------------**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: [[email protected]](mailto:[email protected])  **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)  

Recorded live in Tulum Mexico at our Build to Scale Mastermind. This annual retreat is where we bring together great people and focus on the systems and processes to scale your business. Today's show is the second in a two part segment on goal setting for 2026. --------------**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: [[email protected]](mailto:[email protected])  **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 show is the first in a 2-part series on goal setting, recorded at our annual Build To Scale Mastermind retreat in Tulum Mexico. ------------**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: [[email protected]](mailto:[email protected])  **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 something that appears to be news, if you strictly follow the headlines. But if you’re following the industry, you will recognize that the media are reporting news that quite frankly is several years old. The issue is the condo market. The problem is that the condo model is flawed, at least in its current incarnation.Any condo developer needs to achieve somewhere between 60-80% pre-sale of units in order to qualify for their construction financing, the pre-sales process is full of uncertainty. New condos are just not selling. The way developers in the past have got a jump on the sales process is to sell somewhere between 20-30% of the units to investors. That means designing units that are very small and will generate the most rent per square foot. Developers have also frequently relied upon the so-called friends and family contingent of buyers. These are sometimes subcontractors to the project who will commit to buy a few units, knowing that they will likely never take occupancy. These units will be sold after completion, or perhaps some of these contracts will be assigned prior to finalizing the condo registration.Even with that, many of these units are more expensive to purchase than existing units in the market. Even units that were delivered 5 or 10 years ago are experiencing negative cash flow at today’s interest rates. So that eliminates 20-30% of the buyers right off the top. It’s now almost mathematically impossible to achieve the pre-sales targets without the investor component.There are hundreds of incomplete condo projects across the US and Canada that are stalled and in danger of going back to the lender. -------------**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: [[email protected]](mailto:[email protected])  **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)  

Happy New Year and Happy first of the month. On the first day of each month we review the book of the month. In order to be considered for book of the month a book needs to meet a simple criteria. It needs to be impactful enough that it might change your life or your perspective on the world. I would put this month’s book into the category of philosophy.  It is a thought provoking read called “Sapiens: A Brief History of Humankind”, by Yuval Noah Harari. The book has sold more than 25M copies since it was first published in 2011. His works have been translated into 65 different languages.The central thesis of the book is that Homo sapiens dominate the world because we are the only species capable of cooperating flexibly in large numbers, a feat we achieve by believing in "shared myths" —things like money, gods, nations, and human rights that exist only in our collective imagination.-----------**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: [[email protected]](mailto:[email protected])  **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)