Acquiring Discounted Properties for Long Term Investment
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operations summary
The Problem
National mortgage delinquency rates fell by 5% in July to 4.14% — half the level they were in May — but about 1.45 million homeowners were still seriously delinquent on their mortgage payments, new data from Black Knight shows, as moratoriums come to an end. The housing boom coupled with historically low mortgage rates that fueled an unprecedented surge in home prices during the pandemic has come to an end. Sales of newly built homes in June fell 6.6% below the revised May rate. This represents a fall to an annualized rate of 676,000 below May’s rate of 724,000 and a whopping 19.4% below the June 2020 estimate of 839,000 according to the U.S. Census Bureau. Todd Teta, ATTOM Data Solutions chief product and technology officer, expects a 70% increase in foreclosures over the next two years. ATTOM expects foreclosures to soar in Colorado, Massachusetts and California. About 1.45 million borrowers remained at least 90 days delinquent at the end of July. These borrowers are in late-stage delinquencies but not yet in foreclosure and represent 1 million more than at the beginning of the pandemic, the data showed.
The Solution
One of the ways King & Corbin acquire properties is through auctions, in which properties are purchased at a discount. King & Corbin reclaims equity, rehabilitates, and then rents or sells the properties to normalize steady profits and provide forecastable growth projections based on acquisition activities in each quarter. This minimizes the Company’s tax burden and is projected to provide consistent cash flow. Approximately 6.5 million homes sold in the U.S. in 2020, and resulted in 60% year over year revenue growth for the Company’s largest competitors in the iBuyer competitive landscape. Given this addressable market, King & Corbin only needs a 4% share of home sales in the U.S. to reach our long-term revenue goal of $50 billion. The Company’s proprietary pricing capabilities allow optimization of acquisition and resale strategies and allows the Company to be a market-maker across all market conditions.
Market
King & Corbin expects to aggressively expand to fight for market share. The Company believes the current real estate market is favorable to its operations, as the COVID-19 pandemic moratoriums are ending. 1.45 million homeowners are seriously delinquent as foreclosure moratoriums expire; the Company, through its ‘BRRRR’ (Buy, Rehab, Rent, Refinance, Repeat) approach, views this as an opportunity for business growth. This is a long-term holding strategy that generates cash flow and leverage to fund further rental property investment by the Company.
As home-buying cools, home prices decline, and, coupled with the influx of foreclosures that have been held back because of moratoriums, an opportunity for expansion is created. To keep up with Zillow and Opendoor, who are now in over 41 markets, King & Corbin will expand city-by-city to keep pace.
terms of the offering
$20,000,000
Minimum Offering: $2,000,000
Minimum Investment: $10,000 (10 Units)
The Company is offering a minimum of 2,000 and a maximum of 20,000 Limited Partnership Units at a price of $1,000 per Unit. Upon completion of the Offering between 2,000 and 20,000 Limited Partnership Units will be issued.
The Limited Partnership Units sold through this Offering shall participate in distributions of net profit from operations on the following schedule and terms; (A) First, to the Limited Partners, pro rata, in accordance with their Unpaid Preferred Return, until such Unpaid Preferred Return is reduced to zero, whereby the Preferred Return shall mean an Internal Rate of Return of 8% for the first year, 10% for the second year, and 12% for the third year, from the date that such Limited Partner’s first contribution of Invested Capital is made; provided however, on the fourth year, the Distributable Operating Income shall be distributed to the Limited Partners until such time as they have received 100% of their Invested Capital; (B) Second, to the extent there remains any additional Distributable Operating Income, then it shall be distributed as follows:
- All profits in excess of an 8% IRR up to a 12% IRR will be shared pro rata among the Limited Partners;
- All profits in excess of a 12% IRR up to a 20% IRR will be split 50% to the Limited Partners, pro rata and 50% to the General Partners, pro rata; and
- All profits in excess of a 20% IRR will be split 10% to the Limited Partners, pro rata and 90% to the General Partners, pro rata.
Management Team
The Company is currently managed by seasoned business and sector professionals dedicated to the success of the Company and efficient execution of its planned operations.
Bartley
Corbin MA, MBA
Bartley Corbin MA, MBA
General Partner & Chief Acquisition Officer
Bartley has over 21 years of industry experience in the field of Real Estate Sales and overall Acquisition leadership. He served in the U.S. Army as well as the U.S. Air Force and holds certifications in ITIL, Logistics, is a Proven Professional who began his real estate career at CB Richard Ellis, then shifted focus to distressed single and multi-family properties, and most recently completed a Risk Management Certification from Harvard University. He is an avid public speaker and holds two master’s degrees. Shortly after becoming licensed as a real estate professional and later becoming a Principal Consultant, he served at Space Command Headquarters for the National Security Space Institute as the Communications Computer Systems Operations Specialist. He has delivered hundreds of customer engagements and uses that experience to help solution and deliver large complex engagements across several verticals. His Real Estate expertise is geographically focused in Texas and California, and has portfolio holdings in Texas, Florida, California, Arkansas, and Internationally.
Bartley now lives in the San Diego area with his wife and two daughters. He is actively involved in his community, is the President of a Non-Profit which promotes advanced financial learning centers for disadvantaged families, and recently named as the V.P. for the CSA San Diego Chapter. Bartley loves the adventure of life and is a global traveler, builder, and expert at real estate acquisition and divestiture.
Kimm C.
King Jr.
Kimm C. King Jr.
General Partner & Chief Marketing Officer
Kimm C. King Jr. is a seasoned expert with 18 years of SaaS, Online Marketing, and Search Engine Optimization experience. Kimm has a proven track record helping multiple companies excel from the start-up phase to generating millions in revenue per year. He founded The Walter Grace Agency, a company that developed a turnkey web marketing platform for leading California attorneys that offer SaaS, IT and Server solutions for small and medium sized businesses. Utilizing white-hat SEO technologies that he learned early in his career where he maintained and managed over 500 companies online presence, as the internet and search engines evolved into a marketing powerhouse. Mr. King currently generates over 9 million views on Google Streetview and Google Maps for companies in Southern California via GoogLafy, a company he helped launch in 2019. Kimm is not just the King of King & Corbin, he is a rising star and marketing mogul.
Kimm also founded, Insurafy, A Real-Time Auto Insurance Verification software that gives law enforcement the ability to determine accurate auto insurance in real-time within minutes during a traffic stop. Insurafy provides data to decrease the amount of uninsured drivers on the road and help law enforcement and state agencies increase revenue, while respectively reducing the amount of uninsured motorists on the roads. His data-lake knowledge and expert target analytical ability are instrumental to marketing assets to be held in the real estate portfolio of the fund in greater California. This edge gives us an unfair digital advantage over competitors in the markets we choose to serve.
Mr. King has spent his entire career working successfully to help companies go from startup to stardom, and currently consults several powerhouse companies on how to become a leader in their respected industries with an online presence. He was once called by a colleague, “The Ryan Seacrest of the Internet”. He has more than 1 Million likes on TikTok.
Beyond having over 1600 Professional followers on LinkedIn, and a Facebook profile that he is able to leverage for his business social media campaigns, he has a knack for communicating extraordinary challenges in a way that help change people’s lives. His personal motto is “If you find a job that you love... you will never work a day in your life.” His marketing tenacity, hard work, dedication, and commitment are a few of the many things that he brings to the King & Corbin namesake that will skyrocket the company into becoming the nation’s leading iBuying real estate companies.
CONTACT US
Please complete the contact form and we will get back to you about any questions you have about our offering.
King & Corbin Associates, LP - 5800 South Eastern Avenue Suite 500 - Commerce, CA 90040 — invest@kingandcorbin.com — (866) 440-7828
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