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#1: UNCHANGED: Actually consists of two groups of members. Most
members rolled over their investment into REICM #3 (see below). A few
members stayed with the land near the Rialto Municipal Airport. The
area near the Rialto Miro Airport is interesting for two reasons.
First, a company named Industrial Developers, Inc., is trying to put
together a group of properties, presumably to put up an industrial park.
Another possibility is a race track. It seems Rialto and
Banning, CA, are dueling over who will build a better track and win the
hearts of the local auto racing associations. You can read about it on
the web (see LINK below). I have received letters or calls from four
realtors in this area, which is a very good sign. I understand that
land llke ours, zoned M-1R, is selling for $25k-$50k per acre. My
thought is that, if we can get a good offer at the high end of this
range, we should sell. We purchased this property a long time ago, at a
little less than $10k per acre.
The second interesting fact is
that Highland Avenue, which runs very near the Rialto Airport, is slated
for upgrade to a major freeway--an extension of I-210, which will
connect this area to Los Angeles in a few years.
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REICM
#2: UNCHANGED: This property, 500+ acres, is one mile north of I-15,
which is the major route from Los Angeles to Las Vegas. It is in
Newberry Springs, CA, a small town 30 miles east of Barstow, CA. This
is still a very sparsely populated area. It looks awfully dry when you
drive through, but by digging wells, the locals have created duck ponds,
and raise alfafa and other water-intensive crops. Unfortunately, there
is some controversy now over water rights. I believe that we own both
water and mineral rights to our property. Watch for the next update of
RealNews for info on current land values in this area.
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REICM
#3: A Kingman resident, a local carpenter and developer, has recently
made a series of offer/counteroffers for our Sunny Highlands Estates
property. As of press time, a satisfactory agreement could not be
reached, and is doubtful because: (1) He is unable to draft a legally
correct agreement himself and unwilling to use an attorney; (2) REICM
has no one in Kingman willing and able to research costs and monitor his
actions; (3) In a joint venture, the developer can so easily hire an
expensive contractor or cause a lawsuit that could cancel out the total
value of the land!
We hope to present actual images very soon
here of documents and letters exchanged so you can see firsthand some of
the issues involved. STAY TUNED!
(REICM #3 is still open to new or current members. Minimum initial investment: $700)
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REICM
#MAX4: New members are invited to join now! Our money is currently
invested in the Kingman and Hawaii properties owned by REICM #3. When
the time is right, we will sell our interest in those properties and
look for even greater opportunities! We are presently looking at the
following: Sea-front properties in Washington State and in Hawaii; One
thousand acre tracts in the "10,000 lakes" area of Minnesota; and short
term investments in "ready to build" residential lots in Palmdale, CA,
held for 2 months to 2 years awaiting construction companies' approvals
and financing before selling for a fairly quick profit! Contact me if
you would like more details! (Minimum initial investment: $7,000)
Yours for success,
Bob Goldstein
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"Every
person who invests in well-selected real estate in a growing section of
a prosperous community adopts the surest and safest method of becoming
independent, for real estate is the basis of wealth."
Theodore Roosevelt (1858 - 1919)
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