Slide2: 1. 미국 부동산 시장의 분석과 전망


Slide3: 12/31/2005 미주 한국일보 2006년 캘리포니아 경제는 부동산 시장이 호황을 이어가고... 단독주택 가격이 10% 오르는 등 여전히 활기를 띨 것... 12/30/2005 미주 중앙일보 가주의 단독주택 중간가격은 올해말까지 52만3150달러를 기록한 후 2006년에는 10% 증가해 57만3500달러에 이를 것... 전국부동산중개인협회(NAR)는 전국 주택 가격이 내년 평균 7% 오를 것으로 전망... 12/31/2005 CNN 거의 모든 부동산 경제학자들이 2006년에 주택 시장이 둔화돼 경제 성장을 약화시킬 것으로... 건설업체 직원, 부동산 에이전트, 모기지 융자 회사 등의 고용이 줄고 집값 상승이 멈춘 상태에서 모기지 금리만 오르면 실질 소득이 줄어드는 악영향도 예상 ... 12/31/2005 LA Times 새로 발간된 소비자 보고서가 전체 주택 소유주의 61%가 주택차압을 피할 수 없는 상태에 놓여있다는 충격적인 사실을 폭로해…


Slide4: HPI (House Price Index)


Slide5: Early ’90s From 2000 to Present Low Interest Rate New Mortgage Products High Demand VS. Less Supply Foreign Fund Flows to US (Europe and Asia)


Slide6: Median Price source: HUD (US Department of Housing and Urban Development) USHMC 06Q1, US Housing Market Conditions Spring, 2006


Slide7: source: Freddie Mac


Slide8: sources: www.economy.com; Freddie Mac


Slide9: sources: FRB (Federal Reserve Board)


Slide10: sources: US Bureau of Economic Analysis


Slide11: sources: CNN Money; Fortune Research, Dec 2005


Slide12: sources: CNN Money; Fortune Research, Dec 2005


Slide13: 2. 시장전망에 맞춘 유형별 투자 전략


Slide14: Short Term Long Term Residential (School District) Residential Income Property Retail Property Hospitality Short Sale Foreclosure Hard Money Market Tax Sale


Slide16: sources: National Association of Realtor


Slide17: sources: US Census Bureau


Slide18: sources: Marcus & Millichap Research Services


Slide19: Vacancy Annual Asking Rent Growth sources: Torto-Wheaton


Slide20: sources: Co-Star Group, Inc.


Slide21: GDP Growth Percentage Change In Occupancy sources: Smith Travel Research, economy.com


Slide22: 2004 2005 2006 * sources: Property & Portfolio Research


Slide23: 3. 현지 매물 분석


Slide24: 3 BD + 2 BA, 2 Car Fullerton, CA 92831 Listing Price: $674,876 5 BD + 3 BA, 2 Car Fullerton, CA 92833 Listing Price: $979,000 Stories One Level ASqFt 1,488 Builders ALotSize 7,490 Assessor YrBlt 2001 School Dist. Placentia-Yorba Linda Unified HOA Due $0 Central Heat/Cool Concrete Slab Wall-to-Wall Carpet List Date 04/21/2006 Begin Escrow 05/01/2006 Closed Date 06/15/2005 Sold Price $680,000 Stories Two Level ASqFt 2,650 Estimated ALotSize 6,500 Estimated YrBlt 2002 School Dist. Fullerton Joint Union High HOA Due $183+ Central Heat/Cool Hard wood / Wood Wall-to-Wall Carpet List Date 06/22/2006 Begin Escrow Closed Date Sold Price


Slide25: 3 BD + 2.5 BA, 2 Car Valencia, CA 91354 Listing Price: $710,000 3 BD + 2.5 BA, 2 Car Corona, CA 92881 Listing Price: $525,000 Stories Two Level ASqFt 1,995 Assessor ALotSize 4,756 Assessor YrBlt 2000 School Dist. Other (Call) HOA Due $50+ Central Heat/Cool Wall-to-Wall Carpet Assoc Pool, Gunite List Date 03/23/2006 Tran Date 05/08/2006 (to $679,900) Closed Date Sold Price Stories Two Level ASqFt 1,559 Assessor ALotSize 3,484 Assessor YrBlt 2001 School Dist. Corona-Norco Unified HOA Due $52+ Central Heat/Cool Wall-to-Wall Carpet Gas Dryer Hook Up List Date 03/05/2006 Tran Date 05/30/2006 (to $499,000) Closed Date Sold Price


Slide26: 11 Units, Highland/Mansfield Los Angeles, CA 90028 Listing Price: $1,650,000 Gross Sched Income $98,232 Operating Exp $39,787 Net Oper Income $56,552 Loan Payment $40,915 Cap Rate 3.65% Gross Multiplier 15.78 X Gross Lt SF 7,318 Assessor # of Bldg(s) 1 Yr Blt 1957 List Date 10/03/2005 Begin Escrow 06/14/2006 Closed Date 06/14/2006 Sold Price $1,550,000 20 Units, Slauson/Central Los Angeles, CA 90011 Listing Price: $1,590,000 Gross Sched Income $132,900 Operating Exp $13,290 Net Oper Income $119,610 Loan Payment Cap Rate 7.52% Gross Multiplier 11.96 X Gross Lt SF 17,424 Assessor # of Bldg(s) 1 Yr Blt 1930 List Date 06/19/2006 Begin Escrow Closed Date Sold Price


Slide27: Printer Business / Warehouse Anaheim, CA 92807 Listing Price: $1,950,000 Gardena, CA 90247 Listing Price: $1,400,000 Gross Sched Income $650,000 Operating Exp $200,000 Net Oper Income $450,000 Loan Payment Cap Rate 23.08% Gross Muliplier 3 Total Bldg SF 11,568 Land SF 24,960 Pkg Spc 28 List Date 02/24/2006 Begin Escrow 04/11/2006 Closed Date 06/13/2006 Sold Price $1,950,000 Gross Sched Income $75,072 Operating Exp $19,000 Net Oper Income $75,072 Loan Payment Cap Rate 5.36% Gross Multiplier 18.65 Total Bldg SF 6,256 Land SF 14,374 Pkg Spc 24 List Date 05/15/2006 Tran Date 05/30/2006 Closed Date Sold Price


Slide28: 4. 투자이민과 E-2 VISA


Slide29: 투자 이민 (EB-5) 투자 비자 (E2-VISA) 미국 내 사업 투자를 통해 영주권을 취득하는 방법 영주권 취득 – 신청 6개월 후 2년 기한 조건부 영주권 발급. 2년 후 사업체 실적 바탕 으로 정식 영주권 발급. 사업체의 운영이 지속되는 기간 동안의 체류 및 거주 보장 배우자의 취업 허가(I-765) 21세 미만 자녀의 공립학교 진학 허가 영주권 취득과는 무관 21세가 넘는 자녀는 신분 유지를 위한 별도의 체류비자 요구 경영 악화 등의 경우 비자 연장 거부 투자 액수 투자 방법 (New Commercial Enterprise) 고용 의무 구비 서류 – 적극적인 투자, 충분한 투자 (Substantiality of Investment) 투자자의 능력, 자금출처 수익창출, 고용창출 귀국의사 구비 서류 – 개 요 요 건


Slide30: 필수 점검 사항 리스 내용 – 기간 및 연장 옵션 Base Rent & CAM Gross Lease Triple Net Lease 매상 점검 – 매상 기록 세금 보고 서류 물품 인보이스 영업 관련 라이센스 Zoning 입지 조건 (위치, 고객층) 업종 선택 (운영에 필요한 지식, 기술) SBA Loan 사업체 세금 관련 사항 기 초 자 료 추 가 조 건 주 의 점 임대권과 운영권의 차이 임대계약 옵션 기간과 임대료 사업체 감정 – 매출 기준 배수 렌트비에 따른 가격 마진, 순수익에 따른 가격 ABC License and CUP 부동산을 함께 구입하는 경우 ※ 참고 – 한인선호 비즈니스 세탁소; 운영 간단, 한인 종사자 많음 코인 라운드리; 순이익 비교적 낮음 리커스토어; 어느 업종보다 위치 중요 프렌차이즈; 운영 도움, 낮은 실패율 패스트푸드; 주차장, 대형 샤핑몰 유리 주유소; 편의점, 세차장, 정비소 결합


Slide31: $4,200,000 38 Apartment Units Hawthorne, CA 90250 Offering Summary Down Payment Loan Amount Loan Type Interest Rate Amortization Term Units Price per Unit Rentable SF Price Per SF Year Built Lot Size Current Cap Rate Pro Forma Cap Rate Current GRM Pro Forma GRM Current Net Cash Flow After Debt Service Pro Forma Net Cash Flow After Debt Service Current Total Return Pro Forma Total Return (30%) $1,260,000 $2,940,000 New 5.000% 30 Years 5% Variable 38 $110,526 22,992 $182.67 1971 19,197 SF 5.27% 6.16% 11.72 10.58 2.54% 5.51% 5.98% 8.95% Investment Highlights Pride of Ownership New Paint Nice Hawthorne Location Bordering Lawndale Underground Parking, Gated Entry, and Pool New Landscaping Location Highlights Close to 405, 105, and 110 Frwy Two Buildings from Rosecrans Ave Less than ½ Mile from Bodger Park & Thorpe Park Less than ½ Mile from Lawndale High School


Slide32: $13,300,000 115 Apartment Units Hawthorne, CA 90250 Offering Summary Down Payment Loan Amount Loan Type Interest Rate Amortization Units Price per Unit Rentable SF Price Per SF Year Built Lot Size Current Cap Rate Current GRM Current Net Cash Flow After Debt Service Current Total Return (35%) $4,655,000 $12,550,000 New 5.750% 30 Years 115 $115,652 69,875 $190.34 1973 62,400 SF 5.41% 9.38 2.46% 4.85% Investment Highlights High Demand Rental Market Close Proximity W LA, LAX, Downtown LA Ample Gated Parking Recreation Room Available to Tenants Newly Renovated Location Highlights Adjacent to the Expanding Prairie Vista Middle School and Less than 1 Block from New Condo Development Best Value Pricing in Metro Los Angeles Excellent Access to LAX Employers and Beach Only Blocks Away from the San Diego Frwy and Century 105 Frwy


Slide33: $3,800,000 Shopping Strip Monrovia, CA 91016 (70%) $20,704,871 10,760 SF $353.16 1929/1936 23,740 SF 6.20% 6.20% 6.20% Investment Highlights Prime Monrovia Location Located on Foothill Blvd Excellent Street Visibility Corner Lot Location Highlights Most Attractive Residential Communities Access to All Frwys Variety of Income Levels Major Tenants Better Barter Blockbuster Video Java Go Go California Wine & Cheese Offering Summary Down Payment Gross Leasable Area (GLA) Price Per Square Foot Year Built Lot Size Current Cap Rate Current Cash Flow After Debt Service Current Total Return


Slide34: $29,500,000 Shopping Factory Outlet Pigeon Forge, TN 37863 Investment Highlights Easy Access to the Pkwy in Pigeon Forge Destination Retail Development with Multiple Buildings Area Attracts 11 Million Visitors Annually Pigeon Forge is Home to Dollywood Location Highlights Located near the Great Smoky Mountains. National Park A Year-Round Resort Atmosphere with Indoor and Outdoor Attractions Significant Concentration of Shopping and Retail Outlets Belz Outlet is Ideally Located off Primary Intersection in Town Major Tenants Big Dog USA Dress Barn, Inc. The Uniform Outlet Rack Room Shoes rue21, Inc. Game Distributors Nike Retail Services Fragrance Outlet, Inc. Offering Summary Down Payment Loan Amount Loan Type Interest Rate Amortization Term Gross Leasable Area (GLA) Price per Square Foot Rentable SF Price Per SF Year Built Lot Size 2004 Actual Cap Rate 11 Months 2005 Cap Rate 2004 Actual Net Cash Flow After Debt Service 11 Months 2005 Net Cash Flow After Debt Service 2004 Actual Total Return 11 Months Actual Total Return (70%) $20,704,871 $8,795,129 Assumption 7.690% 16 Years 16 Years 381,838 SF $77.26 22,992 $182.67 1988 8.85 Acres 9.53% 9.03% 7.64% 6.94% 9.45% 8.74%


Slide35: (20%) $500,000 $2,000,000 Proposed New 7.500% 30 Years 30 Years 50 $50,000 37.00% $56.64 $20.96 1994 1.39 Acres 0.13% 11.30% 6.54 4.53 -33.85% 21.99% -27.99% 27.86% Offering Summary Down Payment Loan Amount Loan Type Interest Rate Amortization Term Number of Rooms Price per Room Occupancy ADR RevPar Year Built Lot Size Current Cap Rate Pro Forma Cap Rate Current RRM Pro Forma RRM Current Net Cash Flow After Debt Service Pro Forma Net Cash Flow After Debt Service Current Total Return Pro Forma Total Return $2,500,000 Days Inn, 50 Rooms Willows, CA 95988 Investment Highlights 1.39 Acre Parcel 2 Story 50 Room Motel 3 Room Managers Apartment 2 Diamond Rating by AAA Outdoor Pool Location Highlights Freeway Visibility From I-5 Near Restaurants Near Revenue Generators 24 Miles to Williams 16 Miles to Orland


Slide36: (30%) $4,170,000 $9,730,000 Proposed New 6.750% 25 Years 10 Years 316 $43,987 84.00% $41.13 $34.55 1971 6 Acres 12.56% 4.20 22.51% Offering Summary Down Payment Loan Amount Loan Type Interest Rate Amortization Term Number of Rooms Price per Room Occupancy ADR RevPar Year Built Lot Size Current Cap Rate Current RRM Current Total Return $13,900,000 Chicago Park Hotel, 316 Rooms Harvey, IL 60426 Investment Highlights Excellent Returns, High Occupancy, Fantastic Location, No Franchise Fees! Profitable Independent Hotel with Leased Food & Beverage, Banquet, and Vending Operations Providing Additional Income On busy I-94 through Chicago, Indiana and Detroit. Adjacent to on-off Ramps Offered at a CAP Rate of 12 Percent Location Highlights Very busy I-94 Highway Location through Northwest Indiana, Chicago, and the east coast/west coast. On-off Ramps for easy ingress/egress 20 Miles from Downtown Chicago and Major Chicago Attractions. Midway Airport is 15 Miles Away Near Indiana Casinos, Business Centers and Rail Lines