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)