National Residential Properties (fka NRES)

[Joemoney]

DD on NRES (Updated 4/9/01)

National Residential Properties Inc., Miami
2921 NW 6th Ave, Miami, FL 33127
Richard Astrom, 305/573-8882, Fax: [phone]
WEB Page: http://www.nres.tv

OVERVIEW

Founded in 1993, NRPI specialized in investing and revitalizing established older residential neighborhoods of Miami, Florida. The company historically bought a deteriorated older house, remodeled it, and then sold it at a sizeable profit. Recently the company has bought vacant lots in similar neighborhoods and built one or two family homes on the lots and sold the completed home to a first time homebuyer.

Over the past thirty years, founder and company president Richard Astrom has rehabilitated more than 500 houses in South Florida. He and the company have a long successful record of identifying and buying distressed or foreclosed properties, completing renovations on those properties rapidly and inexpensively, and marketing the properties to first-time buyers. Mortgage financing provided by federal government programs administered thru Housing and Urban Development (HUD) was always used to make it possible for the buyer to purchase a house with a very low downpayment.

NRPI’s executive management has expertise in this particular real estate niche. By concentrating on older established neighborhoods, NRPI takes advantage of bargain prices of vacant land and abandoned homes. These opportunities are not normally sought after by builders.

It’s knowledge of the market has allowed NRPI to minimize costs and maximize profits. Currently, NRPI has lots in inventory in these established neighborhoods and will build new houses that will be sold to first time homebuyers for $90,000 and produce $15,000 profit for the company.

In 1999 the Company bought land to build a 60 unit apartment building in a prestigious area of Miami, at the northern border of Coral Gables.

In 1999 the Company contracted to buy land to build a 60 unit apartment building in a very good neighborhood of Miami.

In 2000 the Company contracted to buy land in Miami on which the company will build 100 condominium units and sell them individually to homebuyers.

In 1999 the Company bought a citrus grove in Vero Beach, Florida. The twenty acres was rezoned and the Company closed on the land in 2000. Lots will be sold to homebuyer "retirees" from the northern states. The Company will either sell the lot and the buyer will employ their own architect and contractor, or the Company will build the home for the homebuyer.

In 2000 the Company acquired a building contractor, Encore Services, Inc. Encore will build the apartments, condominiums, build the roads and sewers as well as houses in Vero Beach and other projects the Company develops. Encore Services Inc is a licensed building contractor and can pull building permits throughout the State of Florida. The acquisition of Encore gives NRPI control of building costs, building schedules, and cost control.

NRpi is based in Miami and shares offices with Encore Services, Inc.

MARKET

National Rehab Properties, Inc. has worked in several communities of the Southeast United States and management has decided that it’s business can be best implemented in South Florida as there is a tremendous demand for housing in Miami and there is also a large older residential area in which to work and develop into new housing. Miami, and South Florida is a large enough area for NRPI to do multiple projects simultaneously.

MANAGEMENT

The company's key personnel have been active in all phases of real estate operations for over 30 years -- buying, selling, construction, developing, mortgaging and brokerage. They have long-established roots in Florida and have completed thousands of individual real estate sales, developments, and mortgages from which to gather experience. Philosophically management believes that "the money is made when you buy the land". They have employed the team concept, taking full advantage of each individual's expertise in acquiring, rehabilitating, building, marketing, and selling property and are dedicated to creating the "cookie cutter model" for duplication in other markets while continuing to do the above described 4 phase model in South Florida.

OBJECTIVES

National Rehab Properties, Inc. expects its sales volume to be its two apartment complexes and Vero beach Subdivision, $15,500,000 in the year 2001, generating $7,000,000 pretax net income. The Company plans to increase its sales volume to $30,000,000 in the year 2002, generating $15,000,000 pretax net income. Sales in the year 2002 will be from additional apartment complexes and condominiums to be developed on which the company is doing due diligence in year 2000.

Stock Quote: http://quote.yahoo.com/q?s=NRES.OB
Press Releases: http://biz.yahoo.com/n/n/nres.ob.html
Current Projects: http://www.nres.tv/projects.htm
Executive Summary: http://www.nres.tv/exec/overview.htm
Plan of Operation: http://www.nres.tv/plan.htm
Management: http://www.nres.tv/management.htm
CEO Interviews: http://www.wallstreetnewscast.com/profile/nres/main.html
SEC Filings: http://ragingbull.edgar-online.com/brand/ragingbull/search/?sym=NRES
Homepage: http://www.nres.tv/main.htm

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