isoman, <OT>, but still related!!!! Looks like the partnership is ready to start building houses.
Company Press Release
National Rehab Properties Inc. Announces Move to Miami
MIAMI--(BUSINESS WIRE)--Nov. 11, 1998--National Rehab Properties Inc. (OTC BB:NRPI) Wednesday announced that it has moved its offices to 2921 NW 6 Avenue, Miami, Florida 33127.
In Miami NRPI has contracted with Encore Builders Inc. of Miami to build 15 units for immediate construction. The company estimates profits on these units to be in excess of $300,000 for the 15 units for an average profit of $20,000 per house. This profit is more than twice the profit of rehabilitating homes as NRPI has done in the past. The company's new focus is on providing the more lucrative new construction for the ''first time homebuyers.''
The company expects to build and sell a minimum of 100 houses in the Miami Market in the next 12 months.
As previously announced, the company has a loan commitment of $2,500,000 from Realty Mortgage Center Inc. for its real estate ventures.
NRPI has contracted with Realty Mortgage Corp. of Las Vegas to function as a loan production branch office of RMC. RMC is a full service national mortgage lender.
NRPI's business is building and rehabilitating homes to be sold to ''first time homebuyers'' in various markets of the United States.
The company expects to be a reporting company by the end of 1998.
Certain of the above statements may be forward looking statements that involve risks and uncertainties. In such instances, actual results could differ materially as a result of a variety of factors, including competitive developments and risk factors listed from time to time in the company's SEC reports.
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Contact:
National Rehab Properties Inc., Miami
Richard Astrom, President and CEO
305/573-8882<<
JOE |
