Raphael Kahan @RaphaelKahan Twitter profile

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Raphael Kahan

@RaphaelKahan

6 years

Real estate meta thread

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Raphael Kahan

@RaphaelKahan

6 years

Me at 10yo: I want to be the best at everything Me at 25yo: I want to be the best at one thing Me at 35yo: I just want to be not shit at something, just anything please

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Raphael Kahan

@RaphaelKahan

5 years

PSA. Gyms are extremely prone to contamination. Everyone should stay away, particularly, of the squat rack at République Fitness today between 2pm and 4pm. Thank you

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Raphael Kahan

@RaphaelKahan

3 years

How I managed to save 80%+ of my income while maintaining a comfortable lifestyle A 🧵 Step 1: no wife or kids 1/1

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Raphael Kahan

@RaphaelKahan

3 years

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Raphael Kahan

@RaphaelKahan

2 years

I can't believe Europe is discussing power cuts this winter. What are we, a 3rd world country like California or Texas?

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Raphael Kahan

@RaphaelKahan

4 years

All these broken windows will have to be replaced. Who profits from Windows? Bill Gates. Coincidence?

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Raphael Kahan

@RaphaelKahan

5 years

Just in: curling in the squat rack almost GUARANTEES you will catch covid19. Stay safe

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Raphael Kahan

@RaphaelKahan

3 years

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Raphael Kahan

@RaphaelKahan

3 years

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Raphael Kahan

@RaphaelKahan

3 years

Your semi periodic reminder that if you buy land, obtain the permits, presale/prelease the building (or not), Then sell the project to a developer, You will get 70% of the profits and 0.1% of the headaches than if you developed the thing yourself

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Raphael Kahan

@RaphaelKahan

5 years

Public equity investors when they post a +16% year

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Raphael Kahan

@RaphaelKahan

6 years

1. Thread: valuation of vacant real estate. This is what I've been doing for the past 5 years. It takes literally two minutes to learn my trade. So I won't charge you for it.

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Raphael Kahan

@RaphaelKahan

4 years

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Raphael Kahan

@RaphaelKahan

2 years

Dear US friends: it's just a joke. Please don't go on a mass shooting or OD on fentanyl on my account

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Raphael Kahan

@RaphaelKahan

3 years

Wanna get rich easily? 1. Find a new business that has been working well in the US or Korea. 2. You have easily 5 years to do in France before anyone else 3. Bro down

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Raphael Kahan

@RaphaelKahan

4 months

Pro tip: buy 5 properties at a 2cap each, in total you get a 10cap portfolio

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Raphael Kahan

@RaphaelKahan

5 years

There has been 107 billion human beings in history. If you can read this on your smartphone you're in the luckiest 1% of them Sorry can't sleep

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Raphael Kahan

@RaphaelKahan

3 years

Real estate brokerage is the only business in which you can be in charge of a 12M€ deal despite having written language capabilities of an 8 year old.

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Raphael Kahan

@RaphaelKahan

4 years

Please note. Real estate isn't a kid playground. People are out to get you. Experienced people get fewcked every day. 100% sure it happened to me several times and I didn't even notice.

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Raphael Kahan

@RaphaelKahan

2 years

Still borrowing at 1.35% fixed for 15 years Sup US friends

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Raphael Kahan

@RaphaelKahan

3 years

Did you know that Amazon's cardboard use is responsible for the killing of 23 million trees🌳 per year 😱😱😱 I just made that number up. But the point stands. Maybe walk down to the store instead of ordering 8 packages a day. The exercise will do you good you fat piece of sh

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Raphael Kahan

@RaphaelKahan

1 year

When the sun's out... best city in the world

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Raphael Kahan

@RaphaelKahan

5 years

Reading 500 pages/day is great when you're trying to be the best in a crowded field (eg large cap stocks) If you're in a niche field, there's probably not much written about it you don't already know Your time is better spent hustling Also doing stuff not work related is good

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Raphael Kahan

@RaphaelKahan

2 years

Just received a memo for a fund with a projected IRR of 5.30% Points for honesty?

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Raphael Kahan

@RaphaelKahan

8 months

Jake is taking it too damn far

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Raphael Kahan

@RaphaelKahan

1 year

Rob Fraser

@robbfraser

1 year

My flight to Vancouver was cancelled and it cost me $10,000 to take the ferry instead. Hold up… $10k for a 90 min ferry?! 🤯 Well, sort of. To ferry from Victoria to Vancouver costs $160 and 3 hours 15 minutes of my time. ⛴️ To take a sea plane costs me $220 and 1 hour 15

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Raphael Kahan

@RaphaelKahan

4 years

30 likes for this tweet and I will write a thread on the process of buying a property out of liquidation in france

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Raphael Kahan

@RaphaelKahan

3 years

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Raphael Kahan

@RaphaelKahan

2 years

@BarryRoland19

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Raphael Kahan

@RaphaelKahan

2 years

Boss owns a handful appartments in Miami that he kind of forgot about. I told him he should google "Miami rent increases" You won't believe what happened next

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Raphael Kahan

@RaphaelKahan

3 years

@mike_costanzo24 Ngmi

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Raphael Kahan

@RaphaelKahan

4 years

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Raphael Kahan

@RaphaelKahan

1 year

@nickfloats Neck and collarbone look very plastic-y

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Raphael Kahan

@RaphaelKahan

3 years

We accepted an offer to exit the deal in which I have most of my nw, and spent huge amount of time and energy last two years. It's an ok offer, and great roi. Me: Too early to sell, my masterpiece isn't finished, value left to add Boss: I made my fortune selling too early

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Raphael Kahan

@RaphaelKahan

3 years

Boss is mad at me because seller didn't agree to our very generous offer of less than 1/3 the asking price

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Raphael Kahan

@RaphaelKahan

1 year

Should prolly load up on Paris resi. The new zoning laws are out of this world batshit crazy. Here goes:

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Raphael Kahan

@RaphaelKahan

2 years

Everyone seems surprised the new top gun is good? I've said for 10 years Tom was one of the most underrated guys in hollywood, and he keeps being underrated. Name one bad film he made in 40 years? You can't. Banger after banger after banger

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Raphael Kahan

@RaphaelKahan

6 years

Thread: 0 to 1 in real estate investing. Today I will try to teach you how to do your first deal starting with no capital (and no outside capital either). 1/

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Raphael Kahan

@RaphaelKahan

3 years

I urge everyone to watch Don't Look Up. An important film that debunks the decades-old conspiracy theory that DiCaprio is a great actor

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Raphael Kahan

@RaphaelKahan

3 years

Finally, a car for 70s pimps who care about the environment

slate

@slate_akita

3 years

HYUNDAI KNOCKED THIS OUT OF THE PARK. i give you the Hyundai Grandeur Heritage EV Concept. and i’m not mincing words, i love everything about it.

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Raphael Kahan

@RaphaelKahan

3 years

Last year I worked my ass off several months on a big fat juicy deal. Very complicated and stressful. In the end we couldn't make it work - because of required capex, boss said it was a great deal, but not fantastic at that price. Today I learned amzn is renting it. Fmfl

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Raphael Kahan

@RaphaelKahan

4 years

Apparently 3 out of 4 restaurants are going to close When this is over we'll have to book McD two months in advance like it's the fucking Dorsia

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Raphael Kahan

@RaphaelKahan

3 years

For every guy that you're jealous of because they paid the high price on an asset or asset class some years ago and killed it, there's 9 other guys you don't hear about who are out of business now

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Raphael Kahan

@RaphaelKahan

8 months

Land deals are the only true and pure form of real estate deals Everything else is a land deal with an operating business on top

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Raphael Kahan

@RaphaelKahan

6 years

My 2019 resolution: read fewer books than anyone on fintwit Targetting 5 but I know I have the potential to do just 4/year eventually

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Raphael Kahan

@RaphaelKahan

4 years

Me at 25: In the first 90 days we'll get rid of struggling tenant and sign a long term AAA company at double the rent Me at 37: I hope the striking employees will let us access the building and not put it on fire

Brent Beshore

@BrentBeshore

4 years

Me at 25: "In the first 90 days we're going to revamp compensation, restructure our processes, and build an adjacent line of business." At 37: "In the first 6 months, I hope we can produce timely monthly financials and tweak the website without tearing the space-time continuum."

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Raphael Kahan

@RaphaelKahan

1 year

POV: you're about to way overpay for a teeth cleaning

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Raphael Kahan

@RaphaelKahan

2 years

@benrgallant Probably because of temporary disruptions in the supply chains of commodities used to manufacture insurance policies

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Raphael Kahan

@RaphaelKahan

1 year

@girdley I think people rich or poor should start exercising early and never quit. Last weekend I played football with my 78 year old uncle who's been doing sports all his life and he out ran his 9 yo grandson. Fell and went straight back up. No secrets, no magic pills

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Raphael Kahan

@RaphaelKahan

3 years

Tinder chick: so what do you do? Me: I'm in real estate (3 days later) Me: yeah I don't find that so cool either

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Raphael Kahan

@RaphaelKahan

2 years

Reminder: it is required by law that if you twitted your 2021 stock portfolio returns, you post your 2022 returns as well

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Raphael Kahan

@RaphaelKahan

6 years

The secret Wall Street doesn't want you to know: if 30 years ago you had invested $0 in low fee index funds, you would still have $0 today

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Raphael Kahan

@RaphaelKahan

2 years

Me: there's another buyer, they offered 2.7M eur Boss: how much did we offer? Me: 1.2M. Boss: let's make another offer at 1.3m.

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Raphael Kahan

@RaphaelKahan

5 years

There's two incredibly dumb-easy cheat codes in selling real estate. Allow you to get several % more all-in. Read on. 1/

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Raphael Kahan

@RaphaelKahan

4 years

Email just received from a broker: "Thank you for your offer but I believe there is a typo in the price offered or maybe a calculation mistake"

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Raphael Kahan

@RaphaelKahan

3 years

Every.single.time

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Raphael Kahan

@RaphaelKahan

1 year

My bud J is a lurker here, former bond trader, invests in weird housing schemes, listed trusts and REITs at huge discounts to NAV and other fun sh*t like AT1 bonds. Also enjoys a good whisky and sh'tpost. Like and RT this so J starts tweeting for our collective good. Go!

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Raphael Kahan

@RaphaelKahan

3 years

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Raphael Kahan

@RaphaelKahan

5 years

We don't have 1031s but we manage to survive

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Raphael Kahan

@RaphaelKahan

6 years

1. Real estate is relatively unpopular on fintwit and more generally in the investment community. I get it. It's not as cool and sexy as stocks.

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Raphael Kahan

@RaphaelKahan

2 years

Broker: I can't provide more info on the deal unless you sign a letter of interest Me: Without basic info I have no interest, but I can sign a letter or curiosity if that helps

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Raphael Kahan

@RaphaelKahan

1 year

Real estate GPs: 2015: We did great, we're really that good 2016: We did great, we're really that good ... 2021: We did great, we're really that good 2023: IT'S THE GOD DAMN FED

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Raphael Kahan

@RaphaelKahan

4 years

A company that made several billions € profits last year, and which stock price is down a cataclysmic 20% from its highs, Just asked us to gift (not postpone) rent for 2Q Absolutely shameless I'm this close to outing them in public

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Raphael Kahan

@RaphaelKahan

3 years

@moseskagan We have a saying in France: "noone celebrates a train arriving on time"

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Raphael Kahan

@RaphaelKahan

2 years

@iononrecourse @WilsonCompanies 102.99% (you forgot the 3% property management fee for printing out and mailing 4 invoices a year)

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Raphael Kahan

@RaphaelKahan

4 years

Be careful. Have good lawyers/advisors, only partner with people you absolutely trust, never depend on the kindness of strangers, and most of all have a margin of safety.

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Raphael Kahan

@RaphaelKahan

3 years

FUCKING MORON

Raphael Kahan

@RaphaelKahan

4 years

I'm happy to miss this bottom if those were the best valuations we could get on the broad stock indices. Far more interesting opportunities in private markets imo (maybe not *today* but soon enough) Good stock pickers might have a party here but it's not my job.

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Raphael Kahan

@RaphaelKahan

5 years

Thread Some RE strategies I believe won't be arbitraged away, will continue to provide outsized returns forever:

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Raphael Kahan

@RaphaelKahan

4 years

Broker: my client offers 2.6m for your building, it's a top price, noone will match it Me: our price is 4m Broker: U don't know you're talking about! The market price blahblahblah Me: 4m Broker: I'm off this deal, you're not serious 1 week later Broker: my client can go to 3.8m

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Raphael Kahan

@RaphaelKahan

4 years

There are two kinds of RE investors Those who want a complete data room with every technical and legal detail of a property documented and verified And those who want to make money

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Raphael Kahan

@RaphaelKahan

3 years

My family on vacation: oh this is such a pretty place! Me: that house over there has an asbestos roof

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Raphael Kahan

@RaphaelKahan

2 years

😬

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Raphael Kahan

@RaphaelKahan

1 year

CRE crash update: LVMH is buying their flagship store in Paris for 82k€ psm, an implied 2% cap rate.

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Raphael Kahan

@RaphaelKahan

2 years

Here's a life advice I wish I could tell my 18 year old self: if you think about doing something with low chance of success but trying is free and riskless, just fucking do it. What do you have to lose? Looking like a fool never killed anyone.

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Raphael Kahan

@RaphaelKahan

3 years

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Raphael Kahan

@RaphaelKahan

9 months

Equity guys: best investments are low captial, low capex Hedge fund guys: best investments are low capital, low capex PE guys: best investments are low capital, low capex RE guy: high capital and hugh capex YOLOO000ooOOO

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Raphael Kahan

@RaphaelKahan

3 years

Munger Hall entrance A. On quiet Tuesday evening.

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Raphael Kahan

@RaphaelKahan

6 years

Just ordered @jposhaughnessy new book, can't wait

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Raphael Kahan

@RaphaelKahan

3 years

The most 2021 thing happened to me today as I was hanging out in a park with a friend. A bum came up to us and asked if we had any change. We didn't have any but we offered him some cake. He said he didn't eat carbs.

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Raphael Kahan

@RaphaelKahan

4 months

This last friday we welcomed our new Head of Macro Jokes aside, thrilled to have a REtwit royalty with us!

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Raphael Kahan

@RaphaelKahan

6 years

17. This is why when I have to describe what I do in one sentence I simply say "I buy buildings at half the price".

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Raphael Kahan

@RaphaelKahan

4 years

Just got a call from the police commander in a city where we have a property currently under squat. He told me the occupiers said they'd move next week. And also that another rival gipsy group is rumored to take over as soon as they leave. How's your day?

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Raphael Kahan

@RaphaelKahan

3 years

New Morningstar category: large cap US tech Indian CEO

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Raphael Kahan

@RaphaelKahan

3 years

A good deal is a good deal. THEN, you put debt on it and make it better. It comes afterwards. It isn't part of the decision making process. A bad deal is a bad deal. You put debt on it and it may be a bit less bad, or even worse.

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Raphael Kahan

@RaphaelKahan

5 years

Here's a quick tweetstorm about the BEST money management business I've ever encountered. This guy and his team raise small ticket size funds from 100's or 1000's of high-ish net worth french savers and invest them in developments (mainly residential) 1/

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Raphael Kahan

@RaphaelKahan

5 years

The First Rule of Deal Making: thread (and note to self)

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Raphael Kahan

@RaphaelKahan

3 years

Closing the largest acquisition I ever did on Tuesday (all jinks aside) Had lunch with Boss today: "you should be doing one like this every month" Okkkkk

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Raphael Kahan

@RaphaelKahan

3 years

I may not be the smartest on REtwit, or the most knowledgeable, or the funniest. But who else do you know here who would be looking at a freaking ASBESTOS PRODUCTION PLANT

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Raphael Kahan

@RaphaelKahan

3 years

Earlier today closed a deal (exit) that was 6 months in the making. Long, painful, and a disagreeable counterparty. Deal died 100 times including several times in the very minutes before closing. Glad it's over. Largest deal I've conducted. Postmorterm to follow

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Raphael Kahan

@RaphaelKahan

8 months

The american mind cannot comprehend