Friday, December 12, 2008
WISDOM 창업취지
고객의 재산 (Wealth) 이 부동산투자를 통하여 현명하고 (Intelligently) 안전 (Secured by Real Estate) 할수있게 조언 (Directed)하며 운영 (Operation) 과 관리 (Management) 등 부동산 투자에 대한 전반적인 컨설팅과 서비스를 제공하는 창업 취지 약자.
Tuesday, December 9, 2008
부동산 도매업으로 수익을 남기는 방법 - Business Model
WISDOM 은 좋은 부동산을 도매 가격에 구입해서 개인 투자가들에게 TIC 와 LLC 형태로 소매 가격에 지분을 판매한다.
Assumptions:
1. Initial Capitalization (창업자본금): $ 5 Million
2. Acquire property A1 at actual CAP 7.5 or better and sell 90% of ownership via TIC &/or LLC at CAP between 6 to 6.5.
3. Acquiring property’s actual CAP should be 1% or better than the interest rate on the Loan.
4. Offer investors (TICs & LLCs) 5 to 7 % cash-on-cash return (pro-forma).
5. Retain 10% ownership in each property for control purpose.
6. Acquisition and disposition of each property may take up to 12 months.
Property A1:
(이 건물은 12-2008 현재 Anaheim, CA 에 실제로 아래와 같이 살수 있는 물건이며 6-2009 정도면 CAP 8 에 살수도 있을것으로 가정됨)
$ 8 Million property with 7.5 CAP
NOI $ $ 600,000 (8 mil @ 7.5%)
Equity investment $ 4 Million (50%)
Financing $ 4 Million (50%), 6.5% interest, fixed 7 years.
Debt service $260,000 (6.5% interest of $4,000,000)
Cash flow $ 340,000 (600,000 – 260,000 = 340,000)
Cash-on-Cash return 8.5% (340,000 / 4,000,000 equity)
Sell 90% equity of A1 at 6.5 CAP via TIC & LLC
Selling price $ 9,230,000 (NOI $ 600,000/ 6.5%)
Equity $ 5,230,000 (9,230,000 – 4,000,000)
Capital gain : $ 1,230,000 (5,230,000 – 4,000,000)
Profit margin: 31% (1,230,000 / 4,000,000)
Retain 10% of $5,230,000 as company investment in the property
A1Equity regenerated via TIC & LLC: $ 4,707,000 (5,230,000 @90%)
Fund available to acquire A2: $ 5,707,000 (4,707,000 + $1,000,000 unused fund)
It may take 3 – 12 months to sell 90% of interest to TICs & LLC members.
Cash flow generated during this time should be sufficient for operation.
투자가 (TIC & LLC) 수익 예상:
TIC invest 90% of $ 5,230,000 = 4,707,000
2nd year cash flow $ 340,000 (NOI $600,000– Debt service 260,000)
TIC cash yield 6.51% (340,000 @ 90% = 306,000/ 4,707,000 = 6.51%)
Cash flow to WISDOM on 10% holding of A1 (340,000 @ 10% = 34,000)
결과:
1. Now WISDOM has $5.707,000 in cash and 10% ownership in A1 (약 500,000 가치)
2. Total value estimated to be $ 6,207,000 (5,707,000 + 500,000)
Property A2:
$12,500,000 Property with CAP 7.5
Invest $5,000,000 (40%)
Finance $ 7,500,000 (60%), 6.5% interest only, fixed for 7 years
7.5 CAP, NOI $ 937,500Interest $487,500 (7500,000 @6.5%)
Cash flow: $450,000 (937,500 – 487,500)
Sell via TIC & LLC at 6.5% CAP
Price becomes $ 14,400,000 (937,500 / 6.5% = 14,400,000)
Equity $ 6,900,000 (14,400,000 – 7500,000 = 6,900,000)
Capital Gain $ 1,900,000 (6900,000 – 5000,000)
Capital Gain: 38% (1,900,000 / 5,000,000)
Sell 90% of equity $6,900,000
Equity generated by A2: $ 6,210,000 (6900,000 @ 90%)
결과:
1. Now WISDOM has $ 6,910,000 (6210,000 = 700,000) in cash and 10 % ownership in both A1 & A2.
2. Total value estimated to be $ 8,100,000 (6,910,000 + 500,000 A1 + 690,000 A2)
Property A3:
가격 : $ 15,000,000, 7.5% CAP, NOI $1,125,000
투자액: $ 6,000,000 (40%)
은행 Loan : $ 9,000,000 (60%), 6.5% interest, fixed for 7 years
7.5% CAP, NOI $1,125,000은행이자: $585,000 (9,000,000 @ 6.5%)
Cash flow : $540,000 (1,125,000 – 585,000 = 540,000
Cash flow: 9% (540,000 / 6,000,000 = 9%)
Sell 90% of A3 via TIC at 6.5% CAP.
Price becomes $ 17,300,000 (1125,000 / .065)
Equity $ 8,300,000 (17,300,000 – 9,000,000 = $8,300,000)
Capital Gain: $ 2,300,000 (8,300,000 – 6,000,000 = 2,300,000)
Capital Gain: 38% (2,300,000 / 6,000,000 = 38%)
Sell 90% of A3 generates: $7,470,000 (8,300,000 @ 90%)
결과:
1. Now WISDOM has cash of $ 10,380,000 (7,470,000 + 910,000) & 10 % of A1, A2 & A3
2. Total value estimated to be $12,400,000 (10,380,000 + 500,000 + 690,000 + 830,000)
3. Estimated number of TIC investors = 46 명 (7470,000 + 6210,000 + 4707,000 = 18,387,000 total equity sold at 50% to TICs @ $200,000 per unit, $9,194,000 / $200,000 = 46)
4. Estimated number of LLC investors 184 명 ($9,194,000 / $50,000 = 184)
5. Total number of property in portfolio : 4 (A1, A2, A3, A4)
6. Total value of property in portfolio:
A1: $ 9,230,000
A2: 14,400,000
A3: 17,300,000
A4: 22,500,000-
Total: $ 63,430,000Property
A4:
Price: $ 22,500,000,
Equity: $ 9,000,000 (40%)
Loan : $ 13,500,000 (60%), 6.5% fixed for 7 years.7.5% CAP,
NOI $1,687,000은행 payment : $ 877,500 (13,500,000 @ 6.5% = 877,500)
Cash flow : $ 810,000 (1,687,000 – 877,500 = 810,000
)Cash flow: 9% (810,000 / 9,000,000)
Sell A4 via TIC at 6.5% CAP.
Price becomes $ 25,953,000 (1,687,000 / .065 = 25,953,000)
Equity $ 12,453,000 (25,953,000 – 13,500,000 = 12,453,000)
Capital Gain: $ 3,453,000 (12,453,000 – 9,000,000 = 3,453,000)
Capital Gain: 38% (3,453,000 / 9,000,000)
Cash regenerate: $ 11,207,000 (12,453,000 @ 90% = 11,207,000)
Cash available for A5: $ 12,587,000 (11,207,000 + 1,380,000 = $ 12587,000)
Assumptions:
1. Initial Capitalization (창업자본금): $ 5 Million
2. Acquire property A1 at actual CAP 7.5 or better and sell 90% of ownership via TIC &/or LLC at CAP between 6 to 6.5.
3. Acquiring property’s actual CAP should be 1% or better than the interest rate on the Loan.
4. Offer investors (TICs & LLCs) 5 to 7 % cash-on-cash return (pro-forma).
5. Retain 10% ownership in each property for control purpose.
6. Acquisition and disposition of each property may take up to 12 months.
Property A1:
(이 건물은 12-2008 현재 Anaheim, CA 에 실제로 아래와 같이 살수 있는 물건이며 6-2009 정도면 CAP 8 에 살수도 있을것으로 가정됨)
$ 8 Million property with 7.5 CAP
NOI $ $ 600,000 (8 mil @ 7.5%)
Equity investment $ 4 Million (50%)
Financing $ 4 Million (50%), 6.5% interest, fixed 7 years.
Debt service $260,000 (6.5% interest of $4,000,000)
Cash flow $ 340,000 (600,000 – 260,000 = 340,000)
Cash-on-Cash return 8.5% (340,000 / 4,000,000 equity)
Sell 90% equity of A1 at 6.5 CAP via TIC & LLC
Selling price $ 9,230,000 (NOI $ 600,000/ 6.5%)
Equity $ 5,230,000 (9,230,000 – 4,000,000)
Capital gain : $ 1,230,000 (5,230,000 – 4,000,000)
Profit margin: 31% (1,230,000 / 4,000,000)
Retain 10% of $5,230,000 as company investment in the property
A1Equity regenerated via TIC & LLC: $ 4,707,000 (5,230,000 @90%)
Fund available to acquire A2: $ 5,707,000 (4,707,000 + $1,000,000 unused fund)
It may take 3 – 12 months to sell 90% of interest to TICs & LLC members.
Cash flow generated during this time should be sufficient for operation.
투자가 (TIC & LLC) 수익 예상:
TIC invest 90% of $ 5,230,000 = 4,707,000
2nd year cash flow $ 340,000 (NOI $600,000– Debt service 260,000)
TIC cash yield 6.51% (340,000 @ 90% = 306,000/ 4,707,000 = 6.51%)
Cash flow to WISDOM on 10% holding of A1 (340,000 @ 10% = 34,000)
결과:
1. Now WISDOM has $5.707,000 in cash and 10% ownership in A1 (약 500,000 가치)
2. Total value estimated to be $ 6,207,000 (5,707,000 + 500,000)
Property A2:
$12,500,000 Property with CAP 7.5
Invest $5,000,000 (40%)
Finance $ 7,500,000 (60%), 6.5% interest only, fixed for 7 years
7.5 CAP, NOI $ 937,500Interest $487,500 (7500,000 @6.5%)
Cash flow: $450,000 (937,500 – 487,500)
Sell via TIC & LLC at 6.5% CAP
Price becomes $ 14,400,000 (937,500 / 6.5% = 14,400,000)
Equity $ 6,900,000 (14,400,000 – 7500,000 = 6,900,000)
Capital Gain $ 1,900,000 (6900,000 – 5000,000)
Capital Gain: 38% (1,900,000 / 5,000,000)
Sell 90% of equity $6,900,000
Equity generated by A2: $ 6,210,000 (6900,000 @ 90%)
결과:
1. Now WISDOM has $ 6,910,000 (6210,000 = 700,000) in cash and 10 % ownership in both A1 & A2.
2. Total value estimated to be $ 8,100,000 (6,910,000 + 500,000 A1 + 690,000 A2)
Property A3:
가격 : $ 15,000,000, 7.5% CAP, NOI $1,125,000
투자액: $ 6,000,000 (40%)
은행 Loan : $ 9,000,000 (60%), 6.5% interest, fixed for 7 years
7.5% CAP, NOI $1,125,000은행이자: $585,000 (9,000,000 @ 6.5%)
Cash flow : $540,000 (1,125,000 – 585,000 = 540,000
Cash flow: 9% (540,000 / 6,000,000 = 9%)
Sell 90% of A3 via TIC at 6.5% CAP.
Price becomes $ 17,300,000 (1125,000 / .065)
Equity $ 8,300,000 (17,300,000 – 9,000,000 = $8,300,000)
Capital Gain: $ 2,300,000 (8,300,000 – 6,000,000 = 2,300,000)
Capital Gain: 38% (2,300,000 / 6,000,000 = 38%)
Sell 90% of A3 generates: $7,470,000 (8,300,000 @ 90%)
결과:
1. Now WISDOM has cash of $ 10,380,000 (7,470,000 + 910,000) & 10 % of A1, A2 & A3
2. Total value estimated to be $12,400,000 (10,380,000 + 500,000 + 690,000 + 830,000)
3. Estimated number of TIC investors = 46 명 (7470,000 + 6210,000 + 4707,000 = 18,387,000 total equity sold at 50% to TICs @ $200,000 per unit, $9,194,000 / $200,000 = 46)
4. Estimated number of LLC investors 184 명 ($9,194,000 / $50,000 = 184)
5. Total number of property in portfolio : 4 (A1, A2, A3, A4)
6. Total value of property in portfolio:
A1: $ 9,230,000
A2: 14,400,000
A3: 17,300,000
A4: 22,500,000-
Total: $ 63,430,000Property
A4:
Price: $ 22,500,000,
Equity: $ 9,000,000 (40%)
Loan : $ 13,500,000 (60%), 6.5% fixed for 7 years.7.5% CAP,
NOI $1,687,000은행 payment : $ 877,500 (13,500,000 @ 6.5% = 877,500)
Cash flow : $ 810,000 (1,687,000 – 877,500 = 810,000
)Cash flow: 9% (810,000 / 9,000,000)
Sell A4 via TIC at 6.5% CAP.
Price becomes $ 25,953,000 (1,687,000 / .065 = 25,953,000)
Equity $ 12,453,000 (25,953,000 – 13,500,000 = 12,453,000)
Capital Gain: $ 3,453,000 (12,453,000 – 9,000,000 = 3,453,000)
Capital Gain: 38% (3,453,000 / 9,000,000)
Cash regenerate: $ 11,207,000 (12,453,000 @ 90% = 11,207,000)
Cash available for A5: $ 12,587,000 (11,207,000 + 1,380,000 = $ 12587,000)
Monday, December 8, 2008
LLC & TIC 투자가들 수익율
부동산 투자 설명회 (12-2008)
1. Anaheim, CA 에 있는 상가
2. 가격 $9.2 Million, CAP 6.5 , NOI (실제 순수익) $600,000
3. 23 Tenants, 96% Occupancy with NNN Lease, 36,500 Sq. ft.
4. Remodeled 2004, 근처 가구수입 $96,000 넘는 부유한 동네에 위치
5. 은행융자 $4.0 Million (약 43%), 이자 6.5%, 7 년 고정.
6. 투자액에 년 5-7% 수익율과 시가상승 예상
7. 평균 5년 소유 후 팔아서 시가상승 배분
8. 2만달러부터 투자가능 (LLC member)
9. 1031 교환 가능 (TIC)
LLC 투자 선택:
1. LLC 소유권 공동투자 - 최소 투자액 2만달러 부터 1만달러 increment.
2. 기대 수익율은 매년 약 5 - 7 % 분기별 지분. 예, 5만달러 투자, 년 6% 수입 $3,000
3. 4-7 년간 소유 예정이며 (평균 5년) 처분시 약 투자액의 30% 시가상승 (기대치). 예, 5만달러
투자, 5년후 30% 상승, $15,000, 합계 65, 000
5년간 총수입: 15,000 (3,000 @ 5년) + 15,000 (시사상승) = 30,000
4. 일반 LLC 멤버는 건물 운영권이 없으며 은행융자를
assume 하지 않음으로 건물 차압시 책임이 없슴.
TIC 투자선택:
1. 최소투자 20만달러이상
2. Grant Deed 와 Title Insurance 발급
3. 1031 교환 가능
4. 매년 5-7 % 기대 수익율
5. 평균 5년 소유 후 시가상승 은 투자액에 약 30% 기대
6. 운영권에 참여 가능
7. Loan Assumption
1. Anaheim, CA 에 있는 상가
2. 가격 $9.2 Million, CAP 6.5 , NOI (실제 순수익) $600,000
3. 23 Tenants, 96% Occupancy with NNN Lease, 36,500 Sq. ft.
4. Remodeled 2004, 근처 가구수입 $96,000 넘는 부유한 동네에 위치
5. 은행융자 $4.0 Million (약 43%), 이자 6.5%, 7 년 고정.
6. 투자액에 년 5-7% 수익율과 시가상승 예상
7. 평균 5년 소유 후 팔아서 시가상승 배분
8. 2만달러부터 투자가능 (LLC member)
9. 1031 교환 가능 (TIC)
LLC 투자 선택:
1. LLC 소유권 공동투자 - 최소 투자액 2만달러 부터 1만달러 increment.
2. 기대 수익율은 매년 약 5 - 7 % 분기별 지분. 예, 5만달러 투자, 년 6% 수입 $3,000
3. 4-7 년간 소유 예정이며 (평균 5년) 처분시 약 투자액의 30% 시가상승 (기대치). 예, 5만달러
투자, 5년후 30% 상승, $15,000, 합계 65, 000
5년간 총수입: 15,000 (3,000 @ 5년) + 15,000 (시사상승) = 30,000
4. 일반 LLC 멤버는 건물 운영권이 없으며 은행융자를
assume 하지 않음으로 건물 차압시 책임이 없슴.
TIC 투자선택:
1. 최소투자 20만달러이상
2. Grant Deed 와 Title Insurance 발급
3. 1031 교환 가능
4. 매년 5-7 % 기대 수익율
5. 평균 5년 소유 후 시가상승 은 투자액에 약 30% 기대
6. 운영권에 참여 가능
7. Loan Assumption
Sunday, December 7, 2008
중요한 이슈들
1. Property Acquisiton Criterias:
WISDOM acquires properties meeting the following conditions:
a. Located in Orange or Los Angeles County.
b. Retail property generating 7.5 or better actual CAP.
c. Well maintained and well managed property.
d. Price range from $8 - $15 Million.
2. Financing :
a. Finance 50 - 60 % of the acquisition price.
b. Interest should be at least 1% less than the CAP of the property.
c. Preferrably 7 years fixed interest only.
d. Assumable to TICs.
3. Marketing
4. Investor Relations
5. Property Management
6. Portfolio Management
7. Manpower Management
8. Buniness Plan and What-if senarios
9. Outside Attorny & CPA Selections.
WISDOM acquires properties meeting the following conditions:
a. Located in Orange or Los Angeles County.
b. Retail property generating 7.5 or better actual CAP.
c. Well maintained and well managed property.
d. Price range from $8 - $15 Million.
2. Financing :
a. Finance 50 - 60 % of the acquisition price.
b. Interest should be at least 1% less than the CAP of the property.
c. Preferrably 7 years fixed interest only.
d. Assumable to TICs.
3. Marketing
4. Investor Relations
5. Property Management
6. Portfolio Management
7. Manpower Management
8. Buniness Plan and What-if senarios
9. Outside Attorny & CPA Selections.
Saturday, December 6, 2008
WISDOM Pro-forma - 6th year
WISDOM Pro-forma - 6th year
1. 5백만달러 투자액: $10 - 12 Million
2. 전체 건물 숫자: 4
3. 전체 건물 시가: $63,000,000
3. WISDOM 소유지분 : $10 - 12 Million
4. TIC 고객 숫자 : 40 - 50
5. LLC 고객 숫자: 약 200
1. 5백만달러 투자액: $10 - 12 Million
2. 전체 건물 숫자: 4
3. 전체 건물 시가: $63,000,000
3. WISDOM 소유지분 : $10 - 12 Million
4. TIC 고객 숫자 : 40 - 50
5. LLC 고객 숫자: 약 200
부동산 도매업회사 창업멤버 모집 (Shareholder)
부동산 도매업회사 WISDOM 창업멤버 모집 (Shareholder)
자본금: $5,000,000
투자단위: $250,000 per unit (5% ownership) , total 20 units
수익배당: 3% per annum after 2 years
자본금 가치 목표 by 5th year: $5,000,000 to $10,000,000 or more
자본금 가치 목표 by 10th year: $5,000,000 to $20,000,000 or more
Consider IPO in KOSDAQ by the 10th year.
자본금: $5,000,000
투자단위: $250,000 per unit (5% ownership) , total 20 units
수익배당: 3% per annum after 2 years
자본금 가치 목표 by 5th year: $5,000,000 to $10,000,000 or more
자본금 가치 목표 by 10th year: $5,000,000 to $20,000,000 or more
Consider IPO in KOSDAQ by the 10th year.
Friday, December 5, 2008
WISDOM - (Functional) Organizational Chart
WISDOM Real Estate Investments, Inc.
Real Estate Wholesale Business (Functional) Organizational Chart
Shareholders
(Vision & Business Plan )
CEO
(Outside CPA & Attorney )
Management (CFO)
1. Business Plan
2. Budget
3. Financial Statements
4. Tax Filings
5. Human Resources
6. Legal Status
7. Portfolio Managements
Marketing & Sales (CMO)
Marketing:
1. Target Markets
2. Ad & Promotions
Seminars
Mail-outs
Advertising
Professional Articles
Marketing materials
3. Investor Relations
Sales:
1. Prospecting
2. Presentations
3. Closing
Products (COO)
1. Acquisitions
2. Financing
3. TIC documents
LLC documents
4. TIC closing
Real Estate Wholesale Business (Functional) Organizational Chart
Shareholders
(Vision & Business Plan )
CEO
(Outside CPA & Attorney )
Management (CFO)
1. Business Plan
2. Budget
3. Financial Statements
4. Tax Filings
5. Human Resources
6. Legal Status
7. Portfolio Managements
Marketing & Sales (CMO)
Marketing:
1. Target Markets
2. Ad & Promotions
Seminars
Mail-outs
Advertising
Professional Articles
Marketing materials
3. Investor Relations
Sales:
1. Prospecting
2. Presentations
3. Closing
Products (COO)
1. Acquisitions
2. Financing
3. TIC documents
LLC documents
4. TIC closing
Wednesday, December 3, 2008
WISDOM - Cash flow and operations
1. All operational expenses including closing costs, wages, office expenses, ad, dividend payments will be generated by rental income, interest income and cash reserves.
a. Rental income: Until property is sold via TIC and LLCs, it generates 8% of cash return on invested fund.
b. Interest income: All cash in the firm will seek highest yield.
c. Cash reserve: At any time WISDOM will have $500,000 or more as cash reserve.
2009:
1. $5 Million capital ready by 7-1-2009
2. Acquire A1 by 10-1-2009
3. Interest income on 3 months at 4%, 5000,000 @ 4% = 200,000 / 4 = $50,000
4. Rental income on 3 months at 8%, 4,000,000 @ 8% = 320,000 / 4 = $80,000
5. Interest income on $1,000,000 for 6 months, $1,000,000 @4% = $40,000/2= $20,000
6. Total income: $150,000
7. Expenses: Wage & payroll tax, 보험 = $60,000 + 10,000 = 70,000
Office rent, phone, parking, ect. = 3,000 @ 6 = 18,000
Ad & promotions = 2000 @ 6 = 12,000
Legal & Accounting = 20,000
Miscelleneous: 30,000
Total: $150,000
8. Net cash flow in 2009: -0-
a. Rental income: Until property is sold via TIC and LLCs, it generates 8% of cash return on invested fund.
b. Interest income: All cash in the firm will seek highest yield.
c. Cash reserve: At any time WISDOM will have $500,000 or more as cash reserve.
2009:
1. $5 Million capital ready by 7-1-2009
2. Acquire A1 by 10-1-2009
3. Interest income on 3 months at 4%, 5000,000 @ 4% = 200,000 / 4 = $50,000
4. Rental income on 3 months at 8%, 4,000,000 @ 8% = 320,000 / 4 = $80,000
5. Interest income on $1,000,000 for 6 months, $1,000,000 @4% = $40,000/2= $20,000
6. Total income: $150,000
7. Expenses: Wage & payroll tax, 보험 = $60,000 + 10,000 = 70,000
Office rent, phone, parking, ect. = 3,000 @ 6 = 18,000
Ad & promotions = 2000 @ 6 = 12,000
Legal & Accounting = 20,000
Miscelleneous: 30,000
Total: $150,000
8. Net cash flow in 2009: -0-
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