NRPI, great things to come in the immediate future and I am hearing that they are making some kind of an alliance with another publicly traded company (PRWT). This is just rumor as of today but we should be hearing something in the near future.
nrpi.com
I spoke to Richard Astrom, CEO of NRPI today and I must say he is one of the most cordial CEO's I have
spoken to in a long time.
Everything that is on the Web site is correct and updated. You can find all the info on the Web site.
NRPI also has an office in New Orleans:
918 St. Pete Street
New Orleans, LA, 70116
Tel.# 504-525-2777
The float is extremely small 2.2 million shares and the majority of that is held in very tight hands.
Very little buying moves NRPI quickly. I watched it the other day go from .59 to .72 with only 30,000 shares.
Once news does hit on NRPI, I really don't think you will be able to pick it up for less than $1.00
The company that will provide the financing for NRPI visited New Orleans
approximately 3 weeks ago and Mr. Astrom gave them a tour of the before and
after project that NRPI had already completed. They
loved what they saw. I believe what they did see was a tremendous demand for
rehabilitation of housing which is basically ignored by the city because it
takes money and the city of New Orleans only has HUD money. They are doing
fifteen or twenty homes at a time, where NRPI is doing 25 at a time. There
are 39,000 abandoned and blighted homes so there is room for plenty of
competition. Mr. Astrom considered the houses available to be the supply side.
On the demand side he see's the homeownership ratio is only 20-25%.
That is the ratio of homeowners in a neighborhood. The US department of HUD
is trying to push that ratio to 75% nationwide. The ratio nationwide is now
in the low 70's%.
The mortgage commitment, as I understand it from , will be for $2,500,000
for NRPI to draw down on to rehab the houses. For an example, lets use the
number $55,000. $15,000 to purchase and $40,000 to Rehab the house. The
house will sell for $80,000. The best part is that they will provide the
financing for the buyers to buy the house. The funds at closing will then go
$55,000 plus points and interest to the mortgage company and the balance to
NRPI as gross profit. . The mortgage is not a wrap around mortgage. It is a
builder's construction mortgage with a mortgage take out for the buyer.
NRPI is currently surveying other cities through out the U.S. to
incorporate this plan nationwide.
NRPI anticipate's this type of financing to allow them to do 100-150 home
per year.
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