Operations progress for Incline has been significant. 

• We have improved and replaced all tenant mailboxes to be in working order.
• New signage has been placed on the property officially renaming the property INCLINE APARTMENTS.

• New machines for our laundry room are being delivered and installed and should be ready for use by May.
• As of March  our team has leased up a total of 21 units.   
• Additionally, our team has applications for the next available units that are renovated.
• A total of 28 units have been or are in the process of being renovated.
  • 17 units are complete and 11 are in the process   

We are still on pace to be cash flow positive from operations by May 1st.

First Quarter Financial Statements will be delivered my mid May via US Mail.

The first distributions are anticipated to be sent out July 2010,  as we are just turning the corner of being cash flow positive. However income will increase month over month as the renovated units come online and are leased.

I will be in Cincinnati next week reviewing the property and meeting with our team and will report back in the next update.

We will continue to provide monthly updates and as always don’t hesitate to contact our office with any questions.

-The National REIS Team

Operations progress for Incline has been significant. 

• We have replaced all exterior lighting and signage.
• We have evicted 2 problematic tenants.
• One laundry room has been updated with new coin op machines being installed for additional revenue.
• 15 Units have been completely renovated.
• 5 more units are currently being renovated with an expected finish date of March 30th.
• As of March 1 our team has leased up a total of 20 units.   
  • 10 are renewals and have signed new leases
  • 10 are new move-ins.
  • Achieved 50% occupancy of paying tenants within 2 months of ownership.
• Additionally, our team has applications for the next available units that are renovated.
• There has been an increase in cash flow from Jan to Feb of 63%.   

We are pace to be cash flow positive from operations by May 1st.

Check out some pictures of one of the completed units.

We will continue to provide monthly updates and as always don’t hesitate to contact our office with any questions.

-The National REIS Team

Today is one month since the purchase of Incline Apartments and I would like to thank our partners for your participation.  I was at the property on Monday and Tuesday of this week, we are currently in the process of renovating 9 units, replacing (upgrading) all exterior lighting and renovating the two laundry rooms. All but one of our existing tenants has paid their rent on time and 10 have signed new 1 year leases. Our leasing team has accepted several applications for the upcoming units and expect to be increasing the occupancy by at least 10% over the next month. 

We currently have 6 shares remaining for investor participation, if you or someone you know is interested please have them contact me directly.

Our accountants have advised us that there is no need to file a 2009 return as the only transaction was the purchase of the property. You will be receiving a letter with the banking information and quarterly financials will be delivered in April 2010. The first round of distributions will take place in July 2010, which will be the close of the second quarter. If you have any questions please contact our office at 516.280.7674.

Check out some progress pics here.

Sincerely,

Chris Urso

January 2010
National REIS recently put together a group of private investors to purchase and renovate a 40 Unit Apartment Complex in Cincinnati OH and closed on December 28th 2009.  This property was bank owned and purchased for only $260,000, you can follow our progress by checking back weekly. Check out some video from my last trip Incline Apartments
If you are interested in learning about this opportunity please email Chris Urso  curso@nationalreis.com.