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Raphael Kahan Profile picture
Raphael Kahan
@RaphaelKahan
Dumpster diver
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