Flairboard Realty and Investment Properties, Inc.

May - June Acquisitions

Flairboard is pleased to announce that we have acquired properties totaling nearly $3 million during the past two months. The property at Smith Street is in excellent condition and was acquired at a price that was significantly below market value despite the residence being in mint condition. The sellers were highly motivated, as they were forced to relocate to another part of the country in order to capitalize on a very lucrative investment opportunity of their own.

The Granville property is in very good condition, and we believe it will need only modest repairs. We expect to put that house on the market shortly. The only concern about that property is the possibility of some development further down the block that might compete with the resale of this home. Otherwise, this appears to be a rather sound investment for us.

The Peachtree Avenue property, we believe, will turn out to be a very good investment. The property was acquired at very low cost, this time as a result of a death in the family. The home is in excellent condition and should require minimal, if any, renovation in order to prepare the property for resale. The homeowner was very motivated and seemed eager to sell the property well below market value. We foresee this property as a major money maker for us, with the potential for at least a 50% return on investment.

The Bernard Blvd property was our most expensive acquisition this term. The home is in fair condition, but that is the result more of owner neglect than there being any structural defects in the property. The property is located in a prime area, and we believe that although this home will require some substantial capital for renovation, we feel this is a sound venture that will yield us a 100% return on investment. The neighborhood is stable, and the surrounding homes generally are valued at $1 million or more. The renovation of this property will be in keeping with the competing homes in the neighborhood.

The Meyers Street property, albeit in poor condition, was purchased far below its potential market value. The home will be razed and a new home will be constructed on the site. Neighboring homes sell in the average of $750,000 or more, so we feel that if we can keep the construction costs to $300,000 or less, we should have a sizable return on investment in this property. The neighborhood is stable, and the home is near an elementary school.

The Priscilla Way property is in good condition. There is some structural damage as a result of the recent storms the area has been having, but other than that concern, the property is in good shape. The home is situated near a river, and it is possible to build a bulkhead or a dock that would lead to a private boat slip or landing. The construction of a boat slip or landing would be a substantial cost, but we feel that it would make the home more competitive with the surrounding homes and allow us to increase the asking price for the home. We feel that we can recoup any investment costs in this home.