On today’s show we are looking at the residential homes for sale inventory across several markets in Florida. We have been experiencing the so-called lock in effect with many owners holding onto very favourable loans at historically low interest rates. 

Even if someone needs to move, they will often rent out their primary residence and then rent a home instead of buying rather than sell and be forced to pay a much higher interest rate when buying a new home. 

There are signs that the lock-in effect is now starting to wane somewhat and the number of homes for sale is rising rapidly in several markets across the US. 

The reason we want to look at this is because the residential market does contribute to rental stock. In the condo market in particular, we see a large proportion of condos being offered for rent by owners of single units or small portfolios. The conventional wisdom is that somewhere between 20-25% of the condo market will contribute to rental market inventory. 

Markets that used to be hotspots like in Florida have seen a near meltdown in demand. The condo townhouse market in Florida is experiencing 9.7 months of supply. We often hear about the challenges in the coastal markets. But Orlando’s inventory in April 2025 is about 30–40% higher than April 2024, reflecting a substantial increase in available homes. The market has shifted to a buyer’s market, with a 7.73-month supply in January 2025, driven by high new listings and slower sales

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

**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)  

Cris Zimmerman is currently based in Spain, but his family is from Frankfurt where he own hundreds of assets including apartments, hotels, and various other commercial properties.

On today's show we are talking about the unique elements of investing in Germany.

Cris also hosts events for high net worth families across Europe and North America. To connect with Cris, visit medicilegacy.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: [[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)  

Layla Kunimoto is based in Seattle Washington where she invests on a full-time basis. She also is the publisher of the weekly newsletter AccreditedInsight.com. On Monday, April 28 at noon CDT, Layla will be on LinkedIn Live with Robby Butler from the Y Street Capital team talking about the use of AI for underwriting and due diligence. To attend that live event, here is the link for the live stream - https://lnkd.in/eitNBS7n

---------

**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 taking a look at whether it makes sense to copying a proven formula or blaze a trail and deliver a new product type in a geographic area.

But first, if you’ve been wondering where to place your capital that will be safe in today’s turbulent environment, you may want to consider participating in a high quality project managed by industry experts. At Y Street Capital, we have several projects underway in our pipeline and we have a limited number of investment opportunities. These opportunities are only available to accredited investors residing in the US and are in compliance with US SEC regulations. If you’d like to learn more about what we have going on at Y Street Capital, visit YStreetCapital.com and register for our investor portal https://ystreetcapital.invportal.com/login.

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

**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 talking about how to model a project. I often hear people advocating for a simple spreadsheet to perform quick calculations. There was a time when I used these simple tools to make fast decisions. 

There is a trade-off in any project where speed is a component of a quality outcome. 

However, as time has progressed, I’m less inclined to rely on quick math for anything. The reason is that when bank leverage is involved, which it often is, the analysis becomes increasingly sensitive to small changes. A small change can cause a project to flip from attractive to upside down. 

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

**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 talking about the movement of goods entering our country and how this might affect industrial real estate and jobs.

The mainstream media have been widely reporting that shipping imports to the US are down by 64% in the first weeks of April. This is an example of how statistics can be used to sensationalize a narrative. Compared with the last week of March, it is true, shipments are down 64% from the week earlier. It’s also true, but not widely reported that shippers were rushing to complete imports to the US ahead of the April 2 tariff deadline. When you look at the long term averages, the number of ships leaving port for the US in early April is down about 10%. This is pretty consistent across the major carriers including MSC, Ocean Alliance, Gemini Cooperation and Premier Alliance. Gemini had the fewest cancellations at about 2% of their sailings cancelled and Premier Alliance had 18% of their sailings cancelled. So the thing to remember is that the pull back is based on a massive inventory build in the US ahead of the tariff implementation. Even if the tariffs had not been as dramatic as the April 2 announcement, the inventory build had already been done preemptively and we would have seen a drop in sailings anyway in the second quarter. 

Last week the US unveiled its new Maritime policy which is intended to remove China’s dominance of the global merchant marine fleet. The US produces less than 1% of the new ships each year and China about half of the world’s ships. China is manufacturing 50x more ships than the US. The thinking is that the US and indeed all countries will be dependent on China for delivery of essential goods into the country and therefore such dependence could be a major national security risk for the country. The US is struggling to manufacture new ships for its navy. Part of the struggle is based on the fact that you’re not going to be great at building navy ships if you’re not making any commercial ships and lack the skills to build commercial vessels. 

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

**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)  

I’m sharing what I’ve learned about managing change and how it might explain what we are seeing and experiencing in our daily lives. Early on in my career as a leader in the tech industry I took a bunch of courses on leadership. 

One of the course in my management training was on change management. The idea was that leaders need to become skilled at leading people through change and that change doesn’t just magically happen. There is a psychology to managing change and if you ignore it you are likely to fail at implementing change. 

You can divide people into four waves when it comes to embracing change.

There are the Mavericks. These are the first to make a change, or to adopt a new technology. They represent maybe 5-10% of the population, depending on the nature of the change. Next are the early adopters. Then come the “show me” who represent the silent majority and finally the laggards who will only embrace the change kicking and screaming when there is no alternative. 

Any change will require engaging each of these audiences in that order. The early adopters won’t jump until the Mavericks have proven the feasibility, and the show me types will only jump in after the early adopters are sufficient in number to create the social proof. Finally, there are people who will resist the change kicking and screaming. 

The fact is, there tend to be people from all four of these groups at all levels in our society. Some are business owners. Some are factory floor workers. There are people from all four of these groups at all levels. Not surprisingly, leaders tend to be more represented in the Maverick and early adopter group, but that is not a hard and fast rule. 

The second thing to know about change is that change can reach a saturation point.

I went through an experiential exercise in a class where each person in the class was asked to perform an exercise. 

We were asked to change one thing about our appearance. So some people would remove their jacket or take off their glasses. Then we were asked to change one more thing about our appearance, and then one more, and one more, and one more.....

Many people reached a point where the change was emotionally too much for them to carry on changing more and more. They surmised that the changes would keep coming and they would be pushed beyond their comfort zone. Many people stopped participating long before hitting that threshold. 

This exercise taught me some powerful lessons about change management.

1. The first few changes could be made easily with very little resistance. These first few changes are almost free and will be met with almost no opposition. 
2. Changes become more expensive emotionally.
3. People will grumble before they hit the brakes. 
4. Saturation happens suddenly and the early warning signs should be paid attention to

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

**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 back in history for the lessons of failed conquests. 

Napoleon attempted to economically cripple Great Britain by closing European ports to British goods. He believed this would destroy Britain's trade and force its surrender.

Britain's powerful navy and widespread smuggling operations undermined the blockade. The system hurt the economies of France and its allies, leading to resentment and a desire to trade with Britain. 

Napoleon sometimes underestimated the resolve and capabilities of his opponents, particularly the Spanish resistance and the Russian winter.

When a nation takes aim at a single adversary, it can trigger a cascade of alliances which the aggressor didn’t foresee.

The current trade actions by the White House are accelerating the drive to form new alliances. If doing business with the US is more difficult, then countries that are dependent on exports will aim to find new customers and business elsewhere. It’s not as if the US is the only customer in the world for products. 

The liberation day announcement which called out more than 180 countries as enemies of the United States likely has the unintended consequence of stimulating countries that have been staunch supporters of the United States into forging new alliances. Whether these new alliances will merely augment their relationship with the US and act as a plan B contingency, or whether they will outright replace the US as an ally remains to be seen. 

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

**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)  

Hubert Johnson is a tax lawyer based in Tucson Arizona. His company Guardian Tax Law specializes in all aspects of tax compliance. On today's show we are talking about how to handle property that has an IRS lien attached to it. This could be a residential property, a commercial property, and includes properties with multiple ownership. To connect with Hubert visit https://guardiantaxlaw.com/ or call 520-526-9850

----------

**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)  

Tim Edwards is based in Chico California from where he owns a large multi-state portfolio of apartments. On today's show we are talking about the lessons of prior real estate cycles and how those lessons apply to today's environment. To connect and to learn more, visit https://multifamilyassetadvisors.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: [[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)