Share this page!

Enter URL or ID to Unroll

You can paste full URL like: https://x.com/threadreaderapp/status/1644127596119195649
or just the ID like: 1644127596119195649

How to get URL link on X (Twitter) App

  1. On the Twitter thread, click on or icon on the bottom
  2. Click again on or Share Via icon
  3. Click on Copy Link to Tweet
  4. Paste it above and click "Unroll Thread"!
  5. More info at Twitter Help
Raphael Kahan Profile picture
Raphael Kahan
@RaphaelKahan
Special sits real estate and moaty small private businesses.
Cameron Priest Profile picture 1 subscribed
May 27, 2022 • 18 tweets • 4 min read
Thoughts on value add and capex
What’s bad? What’s fine? What’s great?
“All add, no value makes a dumb GP”
- @barryrowland
- me
Your capex increased rent. Fine. What about the risk and durability side of the equation?
In finance bro terms: what’s the moat of your capex?
1/ Example 1:
You pay for and complete a bunch of capex on a commercial property at high cost to your wallet and mental health. Then a recession hits, your tenant goes BK or simply decides to break the lease.
2/
Dec 22, 2021 • 28 tweets • 5 min read
Xmas thread : optionality and capital light real estate

1/many Prologue: before/after pics of a deal from a few years ago
Purchase price: 1€ and assumed seller’s debt repayments (100k€ per year for 5 years)
Sell price: 3M€ (cash)

2/ BeforeAfter