Filed Pursuant to Rule 424(b) (3)
                                                under the Securities Act of 1933
                                            Registration Statement No. 333-98651

                         SUPPLEMENT NO. 1 TO PROSPECTUS
                                DATED MAY 4, 2004
                                       OF
                             AMERIFIRST FUND I, LLC

This Supplement No. 1 (this "Supplement") to the Prospectus dated May 4, 2004 of
AmeriFirst Fund I, LLC (the "Fund") is being filed to extend the date the
minimum offering of $2,500,000 is to be raised by the Fund from October 17, 2004
to April 17, 2005. Accordingly, all proceeds of the offering will be held in
escrow until the $2,500,000 minimum amount is received, and promptly returned to
investors, with interest, if the minimum amount is not received by April 17,
2005, unless extended up until October 17, 2005. The date the Fund will end this
offering is also being extended from April 17, 2005 to October 17, 2005.
Therefore, if the minimum offering is completed by April 17, 2005, the offering
will continue to October 17, 2005, unless extended until October 17, 2006, or at
such earlier time that all $100 million of Units are sold. As of the date of
this Supplement, the Fund has not received and accepted any subscriptions.

In addition, all references in the Prospectus to Snow Becker Krauss P.C. are
hereby deleted and replaced with Robinson & Cole LLP, counsel to the Fund.

Dated: October 14, 2004