Hey everyone I just wanted to drop a quick note and provide some updates on the progress of the partnership. We have been very cautious and conservative in planning our upcomig acquisitions as we are closely monitoring the effect of the first time homebuyer tax credit expiring. However our relationships have never been better and we are seeing consistent deal from which we are selecting only the best positioned properties to add to our portfolio. In regards to upcoming distributions we anticipate making distributions is Septmember of this year. Please see below for an update on current properties.

1916 Emerson Cincinnati OH-This was a single family home that was sold in October of 2009 via seller financing for $50,000 in which the partnership held a short term mortage at an interest rate of 10%. We are currently collecting interest on the mortgage and the owner is in the process of refinancing to liquidate our position in which we realize a total return on investment of approximately 19%.

1197 S. Lynnebrook Cincinnati OH-This is a single family home that was sold in October of 2009 via seller financing for $50,000 in which the partnership held a short term mortage at an interest rate of 10%. We are currently collecting interest on the mortgage and the owner is in the process of refinancing to liquidate our position in which we realize a total return on investment of approximately 21%.

1004 Overlook Covedale OH-This is a two family home that we renovated, leased and we have been collecting rental income on if for the last 7 months. This property is also under contract to be sold to another investor for $84,500 and will provide the partnership with a total return of 14%.

179 Mclean Wilkes Barre PA- This is a four unit building that was purchased as a foreclosure with the intent to wholesale to another investor in its current condition without performing any renovations. The initial buyer of the property was unable to execute and it is currently available for purchase at $45,900, the property needs approximately $70,000 of renovation and will generate a rent roll of $2,100 per month upon completion. We have several interested parties looking at this property but if it is not sold by July 15th we will begin renovations.

  
6431 Sugartree Independence KY-This is a single family home that was purchased in April of 2010, we have completed renovations and listed the property for sale as of June 1, 2010 for $129,900. This property is being marketed to owner occupants and we anticipate a 15-18% ROI in less than six months.

Sincerely,
Christopher Urso
Principal

Dear Investors,

I hope you enjoyed the holiday and are taking advantage of the beautiful weather. As for real estate we are still working diligently to identify opportunities that will be prosperous for the partnership in 2010. With the expiration of the First Time Buyer Tax Credit coming to a close the first time buyers have been extremely active in the new year and we are currently down to only 2 properties available for sale in our portfolio.

As of today we are awaiting the closing of 4748 Dale Rd Cincinnati OH and 1004 Overlook Cincinnati OH, these two projects will yield the partnership over a 12% return on investment in less than one year.

Our most recent acquisition is 6432 Sugartree Independence KY, this project was acquired for $60,000 with an anticipated after repair value of approximately $130,000.
    

Your quarterly financial statements will be sent out by month end and as always please feel free to contact me with any questions.

The overall feel of the market has been somewhat positive however it is cautious optimism and we believe the buying opportunities will continue throughout 2010, 2011, 2012 with
over 2 million foreclosures expected to hit the market by year end. Below is an excellent article from RealtyTrac that sheds some light on the current situation.

Sincerely,
Christopher Urso
Principal

Activity Up 6 Percent From February 2009, Smallest Annual Increase in Four Years
More Than 300,000 Properties Receive Foreclosure Filings for 12th Straight Month

IRVINE, Calif. – March 11, 2010 – RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its February 2010 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 308,524 U.S. properties during the month, a decrease of 2 percent from the previous month but still 6 percent above the level reported in February 2009. The report also shows one in every 418 U.S. housing units received a foreclosure filing in February.

“The 6 percent year-over-year increase we saw in February was the smallest annual increase we’ve seen since January 2006, when we began calculating year-over-year increases, but it still marked the 50th consecutive month of year-over-year increases in foreclosure activity,” said James J. Saccacio, chief executive officer of RealtyTrac. “This leveling of the foreclosure trend is not necessarily evidence that fewer homeowners are in distress and at risk for foreclosure, but rather that foreclosure prevention programs, legislation and other processing delays are in effect capping monthly foreclosure activity — albeit at a historically high level that will likely continue for an extended period.

“In addition, severe winter weather appears to have temporarily slowed the processing of foreclosure records in some Northeastern and Mid-Atlantic states.”

Foreclosure activity by type
Default notices (Notices of Default and Lis Pendens) were reported on a total of 106,208 U.S. properties during the month, an increase of 3 percent from the previous month but down 3 percent from February 2009. Default notices were down 25 percent from their peak of more than 142,000 in April 2009 but were still more than three times the number they were four years ago in February 2006.

Foreclosure auctions (Notices of Trustee’s Sale and Notices of Sheriff’s Sales) were scheduled for the first time on a total of 123,633 U.S. properties, a decrease of 1 percent from the previous month but still 16 percent higher than the level reported in February 2009. Scheduled auctions were down 14 percent from their peak of more than 144,000 in August 2009 but were also about three times higher than the number reported in February 2006.

Bank repossessions (REOs) were reported on a total of 78,683 U.S. properties during the month, a 10 percent decrease from the previous month but an increase of 6 percent from February 2009. Bank repossessions were down nearly 15 percent from their peak of more than 92,000 in December 2009 but were at nearly twice the level reported in February 2006.

Dear Investors, everything is going well in National REIS Equity Partners I LLC. You will be receiving your annual K-1 by March 1st 2010 along with another distribution. We are set to close on the sale of two properties within the next week:

5 Valleyview Court Cincinnati was sold in less than 2 weeks on the market and will generate a nice profit for the partnership. Check out the pictures to this beautiful property here.

We are still holding 1004 Overlook for rental income which is providing the partnership with a net monthly income of over $700 and 1334 Beacon is coming to market next week. You can see can see completed pics of  1334 Beacon Street Cincinnati here.

5149 Sumter is currently on the market for $99,900 and we are expecting an offer any day now, it is by far the nicest home on the street for its price point, this property is projected to yield a 22% return on investment. Check out the staged pics and you wont believe what you get for $99,000 in Cincinnati.

As always our acquisition teams are working hard to secure more deals for us and we anticipate a large amount of REO (bank owned) inventory to be hitting the market in the coming months. We are also working diligently in researching several potential markets to expand our operations in 2010.

Have a great weekend and please contact our office with any questions.

Best regards,
Chris

This property is nearing completion and will be on the market within 10 days for a list price of approximately $112,000. We look forward to updating you with a contract soon.

Check out my walk through

It looks like market activity is picking up coming out of the holidays, we received and executed two contracts for properties that were renovated and marketed in this partnership. These two deals will yield a $30k profit for the partnership.