INVESTMENT IN REAL ESTATE

3 Months Ended

Sep. 30, 2018

Real Estate [Abstract]

Investment In Real Estate [Text Block]

NOTE 4 – INVESTMENT IN REAL ESTATE

The Company’s investment in real estate includes sixteen apartment complexes, one commercial real estate property and three single-family houses. The properties are located throughout the United States, but are concentrated in Dallas, Texas and Southern California. The Company also has an investment in unimproved real property. Investment in real estate consisted of the following:

As of	September 30, 2018			June 30, 2018
Land	$	25,033,000		$	25,033,000
Buildings, improvements and equipment		67,749,000			67,536,000
Accumulated depreciation		(39,801,000	)		(39,200,000	)
Investment in real estate, net	$	52,981,000		$	53,369,000