Recent content by bkim13

what geography are u looking at? 4x net with land is a home run

You can do analysis paralysis but what pple have told me is that u really don’t know how a new tunnel will do until it’s up and running. The express I’m looking to buy is in a beach town w 4K population but surrounded by towns w 30k population. When I first saw the listing i just assumed it was...

april 2022 presentation from mister car wash...amazing they average over 4k monthly memberships per site.... https://d1io3yog0oux5.cloudfront.net/_ed5a2fcff897373a6cc0471083983ad7/mistercarwash/db/1912/17725/pdf/April+2022+Investor+Relations+Deck+-+Posted+to+Site.pdf

yeah ss/ibas doing 500k-1mm of cash flow - that's fantastic...any express losing money on $1mm on revenue is hard to believe...full service washes in the northeast doing $1mm of revenues have payrolls of 400k and are still making money so a good express with $1mm of revenues shld have a payroll...

my guess is scale. mister car wash is publicly traded with 400+ units as the largest express operator in the nation. big operators and PE funds care about absolute dollars and a well run express can do $2-3mm revenues and $1mm cash flow with the right equipment and mgmt team so once u get a...

Thx for this!

thx so much for this - this is helpful. i agree with u generally but a little surprised that's how you feel about the nyc/ny/nj area as i haven't seen that many large scale express washes from the big players in these states...real estate is expensive and relative to the cheaper real estate...

thx. in a perverse way that makes me somewhat more attracted to the market as harder to get into so if one has capital and can secure low cost funding, you prob feel a little bit more insulated from new entrants but agree...at first glance multiples are rich and it's not a geography for the...

what multiples are you seeing in this area. thx for the thots!

if anyone knows of express washes with real estate being offered at 5x, let me know lol! being in ny where the average residential rent is over 5k i think is skewing some of the perceptions of prices/multiples up in the northeast

Thx for the feedback. It won’t be a huge note coz I’m paying mostly cash. And in ny most of the leases start over 100k so this actually is a below market rent.

Yup very hot. As someone who wants to own several over time, my preference is to buy an express to learn the model inside and out so Im fine paying a premium to learn the model I want to replicate over time but fully appreciate it cld be toppy from a valuation perspective but I really believe in...

prob means i need to maybe move/look at other geographies coz all the express with property in the new york area going for 10x and 90% of deals in the 4-5x range don't have real estate (most sellers here won't sell their real estate unless buyer offering 10x total)...maybe it's time to move to...

looking an express wash that does 70-80k cars a year around $8-9 effective price given monthly members (over 1k and growing) that does 750kish revs and 300-350k cash flow with the owner asking for around 5x cash flow the biz..equipment is in good shape but the owner is unwilling to sell the real...