A DISCOUNT MINI STORAGE

3735 Mangum Rd, Houston, TX 77092

Brian Janak, TX Broker / MBA

Investment Real Estate Broker

832-247-6333

janak@innerloopwest.com

TX License 9000402

17419 Astrachan Rd.Richmond, TX 77407832-247-6333 (p)888-424-2075 (f)www.innerloopwest.com

High Density Mini Storage inNear NW Houston and close tonewly proposed renovatedUS290 Highway

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Renovated Living Quarters,Gated Customer Access, 40Climate Controlled Units

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High Upside in Operations withCurrent Capitalization Rate at9.73%

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Proposed with New MarketRate Financing buyer mustsecure for double digit Cash onCash of 17.89% at ReducedList Price

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Storage Units with 30 differentUnit Mixes, subject to changeas owner may combine smallerunits

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Property DescriptionA DISCOUNT MINI STORAGE

3735 Mangum RdHouston, TX 77092

Brian Janak, TX Broker / MBA832-247-6333

Operational Upside Mini Storage

A DISCOUNT MINI STORAGE is a real estateinvestment opportunity brought to market with abelow market occupancy with upside in operations.This high density, well located income producinginvestment property currently has a 86% occupancyand growing. Recent change in manager nowaccounts for payroll expense and aligning subjectproperty with competing properties with higher ratesand occupancy.

Located in the Near Northwest corridor of Houston,the property is only blocks away from US290 that isbeing expanded just outside Loop 610. Thesurrounding area is a mix of residential and lite-commercial. Located with Mangum frontage, the facility consists of a two-story building with climatecontrolled and interior units on the second floor with an elevator lift for 2nd floor loading. Ground level drive-up units line the property. Built in 1978 and situated on a single acre with concrete block construction,lighting, controlled access gate and a residence with an on-site office allows the right investor to improveoperations immediately.

Please provide Listing Broker with proof of funds prior to a tour request, or when providing a written offer.Buyer must arrange their own financing or pay all cash. Buyer will need to write their agent's fee on top oftheir offer, as listing broker has flat fee with Seller.

page 2 of 14

Pro Forma SummaryA DISCOUNT MINI STORAGE

3735 Mangum RdHouston, TX 77092

Brian Janak, TX Broker / MBA832-247-6333

UNIT MIX & MONTHLY SCHEDULED INCOME

Type Units Actual Total Market Total

TOTALS 341 $19,895 $21,595

ANNUALIZED INCOMEActual Market

Gross Potential Rent $238,740 $259,140

Less: Vacancy ($44,269) ($25,914)

Misc. Income $13,224 $13,464

Effective Gross Income $207,695 $246,690

Less: Expenses ($61,671) ($77,259)

Net Operating Income $146,024 $169,431

Debt Service ($78,920) ($78,920)

Net Cash Flow after Debt Service $67,105 $90,512

Principal Reduction $23,196 $23,196

Total Return $90,301 $113,708

ANNUALIZED EXPENSES

Actual MarketProperty Management Fee $0 $10,366

Admin/Advertising $2,113 $2,113

Advertising/Resv $1,429 $1,429

Building Insurance $1,993 $3,200

Legal $1,314 $1,314

Maintenance $1,319 $1,319

Repairs/Locks $254 $300

Payroll $21,912 $21,912

Taxes - Real Estate $21,041 $25,000

Trash Removal $1,331 $1,331

Utility - Electricity $7,165 $7,165

Utility - Water $1,800 $1,810

Total Expenses $61,671 $77,259

Expenses Per RSF $2.07 $2.59

Expenses Per Unit $181 $227

INVESTMENT SUMMARY

Price: $1,500,000

Year Built: 1978

Units: 341

Price/Unit: $4,399

RSF: 29,856

Price/RSF: $50.24

Lot Size: 43,560 sf

Floors: 2

Cap Rate: 9.73%

Market Cap Rate: 11.3%

GRM: 5.95

Market GRM: 5.5

FINANCING SUMMARY

Loan Amount: $1,125,000

Down Payment: $375,000

Loan Type: Fixed

Interest Rate: 5%

Term: 25 years

Monthly Payment: $6,577

DCR: 1.85

page 3 of 14

Unit Mix ReportA DISCOUNT MINI STORAGE

3735 Mangum RdHouston, TX 77092

Brian Janak, TX Broker / MBA832-247-6333

UNIT MIXES

Units Type Approx. SqFt Avg. Rents Monthly Mkt Rents Monthly19 5X7 Drive Up 35 $35 $665 $40 $76021 5X7 2nd Floor 35 $25 $525 $30 $63057 5X10 Drive Up 50 $45 $2,565 $50 $2,8506 5X10 Interior 50 $40 $240 $45 $2708 5X10 2nd Floor 50 $30 $240 $35 $28010 7.5X7.5 Drive Up 56 $35 $350 $40 $4009 7.5X7.5 2nd Floor 56 $35 $315 $40 $3605 10X7 Drive up 70 $70 $350 $75 $3752 10X7 2nd Floor 70 $45 $90 $50 $10030 5X15 Drive up 75 $45 $1,350 $50 $1,5004 5X15 Interior 75 $45 $180 $50 $2001 10X7.5 Drive Up 75 $100 $100 $105 $10559 10X10 Drive up 100 $65 $3,835 $70 $4,1308 10X10 Interior 100 $70 $560 $75 $6003 10X10 2nd Floor 100 $50 $150 $55 $1653 15X7 Drive up 105 $105 $315 $110 $33028 10X15 Drive up 150 $85 $2,380 $90 $2,5201 10X15 Interior 150 $95 $95 $100 $1001 22X7.5 Drive up 165 $115 $115 $120 $1204 10X10 Climate 100 $90 $360 $95 $3803 10X15 Climate 150 $125 $375 $130 $39013 10X20 Drive up 200 $110 $1,430 $115 $1,4958 10X35 Drive up 350 $135 $1,080 $140 $1,1201 15X7.5 Drive up 112 $100 $100 $105 $1053 15X7 Climate 105 $95 $285 $100 $3001 20X35 Drive up 700 $255 $255 $255 $25510 5X10 Climate 50 $50 $500 $55 $5503 5X10 Parking 50 $30 $90 $35 $10510 5X7 Climate 35 $40 $400 $45 $45010 7X7.5 Climate 52 $60 $600 $65 $650341 29,856 $19,895 $21,595

UNIT MIX UNIT MIX SQUARE FEET

● 5X7 Drive Up

● 5X7 2nd Floor

● 5X10 Drive Up

● 5X10 Interior

● 5X10 2nd Floor

● 7.5X7.5 Drive Up

● 7.5X7.5 2nd Floor

● 10X7 Drive up

● 10X7 2nd Floor

● 5X15 Drive up

● 5X15 Interior

● 10X7.5 Drive Up

● 10X10 Drive up

● 10X10 Interior

● 10X10 2nd Floor

● 15X7 Drive up

● 10X15 Drive up

● 10X15 Interior

● 22X7.5 Drive up

● 10X10 Climate

● 10X15 Climate

● 10X20 Drive up

● 10X35 Drive up

● 15X7.5 Drive up

● 15X7 Climate

● 20X35 Drive up

● 5X10 Climate

● 5X10 Parking

● 5X7 Climate

● 7X7.5 Climate

● 5X7 Drive Up

● 5X7 2nd Floor

● 5X10 Drive Up

● 5X10 Interior

● 5X10 2nd Floor

● 7.5X7.5 Drive Up

● 7.5X7.5 2nd Floor

● 10X7 Drive up

● 10X7 2nd Floor

● 5X15 Drive up

● 5X15 Interior

● 10X7.5 Drive Up

● 10X10 Drive up

● 10X10 Interior

● 10X10 2nd Floor

● 15X7 Drive up

● 10X15 Drive up

● 10X15 Interior

● 22X7.5 Drive up

● 10X10 Climate

● 10X15 Climate

● 10X20 Drive up

● 10X35 Drive up

● 15X7.5 Drive up

● 15X7 Climate

● 20X35 Drive up

● 5X10 Climate

● 5X10 Parking

● 5X7 Climate

● 7X7.5 Climate

UNIT MIX INCOME UNIT MIX MARKET INCOME

● 5X7 Drive Up

● 5X7 2nd Floor

● 5X10 Drive Up

● 5X10 Interior

● 5X10 2nd Floor

● 7.5X7.5 Drive Up

● 7.5X7.5 2nd Floor

● 10X7 Drive up

● 10X7 2nd Floor

● 5X15 Drive up

● 5X15 Interior

● 10X7.5 Drive Up

● 10X10 Drive up

● 10X10 Interior

● 10X10 2nd Floor

● 15X7 Drive up

● 10X15 Drive up

● 10X15 Interior

● 22X7.5 Drive up

● 10X10 Climate

● 10X15 Climate

● 10X20 Drive up

● 10X35 Drive up

● 15X7.5 Drive up

● 15X7 Climate

● 20X35 Drive up

● 5X10 Climate

● 5X10 Parking

● 5X7 Climate

● 7X7.5 Climate

● 5X7 Drive Up

● 5X7 2nd Floor

● 5X10 Drive Up

● 5X10 Interior

● 5X10 2nd Floor

● 7.5X7.5 Drive Up

● 7.5X7.5 2nd Floor

● 10X7 Drive up

● 10X7 2nd Floor

● 5X15 Drive up

● 5X15 Interior

● 10X7.5 Drive Up

● 10X10 Drive up

● 10X10 Interior

● 10X10 2nd Floor

● 15X7 Drive up

● 10X15 Drive up

● 10X15 Interior

● 22X7.5 Drive up

● 10X10 Climate

● 10X15 Climate

● 10X20 Drive up

● 10X35 Drive up

● 15X7.5 Drive up

● 15X7 Climate

● 20X35 Drive up

● 5X10 Climate

● 5X10 Parking

● 5X7 Climate

● 7X7.5 Climate

page 4 of 14

Profit & Loss 12 Month RecapProperties: 3735 Mangum

Monthly recap 1/1/2015-12/31/2015 (accrual basis)JAN 15 FEB 15 MAR 15 APR 15 MAY 15 JUN 15 JUL 15 AUG 15 SEP 15 OCT 15 NOV 15 DEC 15 TOTAL

INCOME4100 Rental Income (non-posting)4101 Rental Income 14,087.08 13,649.97 14,204.16 14,713.71 14,060.31 15,361.31 16,385.17 15,821.35 15,612.81 16,161.64 16,206.52 15,989.99 182,254.024110 Late Fees 900.00 1,355.00 1,440.00 650.00 708.00 645.00 1,584.55 1,050.65 1,030.00 1,783.00 706.15 842.00 12,694.354100 Total Rental Income (non-posting) 14,987.08 15,004.97 15,644.16 15,363.71 14,768.31 16,006.31 17,969.72 16,872.00 16,642.81 17,944.64 16,912.67 16,831.99 194,948.374900 Other Property Income (non-posting)4910 Insurance commissions 16.48 9.40 18.15 18.23 26.35 18.43 22.41 26.60 24.49 23.31 25.93 28.09 257.874900 Total Other Property Income (non-postin 16.48 9.40 18.15 18.23 26.35 18.43 22.41 26.60 24.49 23.31 25.93 28.09 257.87

TOTAL INCOME 15,003.56 15,014.37 15,662.31 15,381.94 14,794.66 16,024.74 17,992.13 16,898.60 16,667.30 17,967.95 16,938.60 16,860.08 195,206.24EXPENSE

5002 Reservation fee 20.00 20.00 40.00 120.00 40.00 260.00 320.00 -40.00 20.00 20.00 20.00 20.00 860.005050 Insurance Expense (non-posting)5053 Liability Insurance Expense 50.16 50.16 50.16 50.16 50.16 50.16 50.16 50.16 50.16 50.16 50.13 166.11 717.845056 Ins. Exp. - Umbrella 74.00 74.00 74.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 222.005050 Total Insurance Expense (non-posting) 124.16 124.16 124.16 50.16 50.16 50.16 50.16 50.16 50.16 50.16 50.13 166.11 939.845060 Legal and Other Professional Fees (non-posting)5061 Professional Fees 0.00 0.00 0.00 0.00 0.00 0.00 0.00 360.33 0.00 0.00 0.00 165.00 525.335063 Licenses/Fees/Permits 0.00 137.61 0.00 245.17 0.00 273.37 160.56 0.00 0.00 0.00 137.61 0.00 954.325060 Total Legal and Other Professional Fees 0.00 137.61 0.00 245.17 0.00 273.37 160.56 360.33 0.00 0.00 137.61 165.00 1,479.655070 Make Ready/Redecorating5074 Tiling 0.00 0.00 0.00 0.00 0.00 0.00 0.00 208.00 0.00 382.00 0.00 0.00 590.005070 Total Make Ready/Redecorating 0.00 0.00 0.00 0.00 0.00 0.00 0.00 208.00 0.00 382.00 0.00 0.00 590.005100 Maintenance & Supplies Expense (non-posting)5102 Windows 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 11.58 59.93 0.00 71.515114 Miscellaneous Repairs Expense 44.64 0.00 13.88 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 58.525204 Locks & Keys 0.00 0.00 48.71 0.00 0.00 0.00 0.00 0.00 0.00 74.83 0.00 0.00 123.545100 Total Maintenance & Supplies Expense ( 44.64 0.00 62.59 0.00 0.00 0.00 0.00 0.00 0.00 86.41 59.93 0.00 253.575300 Taxes Expense (non-posting)5301 Property Taxes 1,820.88 1,820.88 1,820.88 1,820.88 1,820.88 1,820.88 1,820.88 1,820.88 1,820.88 1,820.88 1,820.88 1,519.23 21,548.915300 Total Taxes Expense (non-posting) 1,820.88 1,820.88 1,820.88 1,820.88 1,820.88 1,820.88 1,820.88 1,820.88 1,820.88 1,820.88 1,820.88 1,519.23 21,548.915400 Utilities Expense (non-posting)5402 Water & Sewer 347.72 271.88 233.96 215.00 229.78 219.88 209.98 279.28 219.88 447.58 150.58 120.88 2,946.405404 Electric 392.22 383.01 391.74 370.43 564.35 977.17 796.09 833.29 805.44 783.78 475.50 284.31 7,057.335405 Garbage 101.81 101.81 101.81 101.81 117.53 117.53 117.53 117.53 117.53 117.53 117.53 117.53 1,347.485400 Total Utilities Expense (non-posting) 841.75 756.70 727.51 687.24 911.66 1,314.58 1,123.60 1,230.10 1,142.85 1,348.89 743.61 522.72 11,351.215600 Office Expense (non-posting)5601 Supplies 75.02 117.12 0.00 34.03 28.15 135.80 22.99 0.00 0.00 171.66 0.00 93.30 678.075603 Telephone Services 54.23 54.22 54.10 54.14 54.13 54.13 54.14 54.26 54.22 54.20 54.18 54.18 650.135604 Software 44.95 44.95 44.95 44.95 44.95 44.95 44.95 44.95 44.95 44.95 44.95 44.95 539.405605 Postage 18.13 21.56 33.81 28.91 21.56 19.60 40.67 27.44 27.93 35.77 26.95 0.49 302.825600 Total Office Expense (non-posting) 192.33 237.85 132.86 162.03 148.79 254.48 162.75 126.65 127.10 306.58 126.08 192.92 2,170.425700 General Expenses (non-posting)5703 Wages, Property Management 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 960.00 1,680.00 1,840.00 4,480.005710 Payroll taxes (er) FICA 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 59.52 104.16 114.08 277.765712 Payroll taxes (er) Medicare 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 13.92 24.36 26.68 64.965714 Payroll taxes (er) FUTA 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.76 10.08 11.52 27.365716 Payroll taxes (er) SUTA 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 4.51 7.90 9.02 21.435700 Total General Expenses (non-posting) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,043.71 1,826.50 2,001.30 4,871.51

TOTAL EXPENSE 3,043.76 3,097.20 2,908.00 3,085.48 2,971.49 3,973.47 3,637.95 3,756.12 3,160.99 5,058.63 4,784.74 4,587.28 44,065.11NOI 11,959.80 11,917.17 12,754.31 12,296.46 11,823.17 12,051.27 14,354.18 13,142.48 13,506.31 12,909.32 12,153.86 12,272.80 151,141.13N/O INCOME

8400 Other income 0.00 0.00 0.00 99.25 0.00 0.00 109.25 0.00 0.00 0.00 0.00 0.00 208.50TOTAL N/O INCOME 0.00 0.00 0.00 99.25 0.00 0.00 109.25 0.00 0.00 0.00 0.00 0.00 208.50N/O EXPENSE

6200 Depreciation Expense 1,954.00 1,954.00 1,815.00 1,815.00 1,815.00 1,815.00 1,815.00 1,815.00 1,815.00 1,815.00 1,815.00 3,206.00 23,449.006260 Interest Expense - Subordinated Debt 194.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 194.03

TOTAL N/O EXPENSE 2,148.03 1,954.00 1,815.00 1,815.00 1,815.00 1,815.00 1,815.00 1,815.00 1,815.00 1,815.00 1,815.00 3,206.00 23,643.03NET INCOME 9,811.77 9,963.17 10,939.31 10,580.71 10,008.17 10,236.27 12,648.43 11,327.48 11,691.31 11,094.32 10,338.86 9,066.80 127,706.60

Profit & Loss 12 Month RecapProperties: 3735 Mangum

Monthly recap 8/1/2015-7/31/2016 (accrual basis)AUG 15 SEP 15 OCT 15 NOV 15 DEC 15 JAN 16 FEB 16 MAR 16 APR 16 MAY 16 JUN 16 JUL 16 TOTAL

INCOME4100 Rental Income (non-posting)4101 Rental Income 15,821.35 15,612.81 16,161.64 16,206.52 15,989.99 14,136.98 16,513.94 16,201.23 16,878.39 15,023.04 16,052.08 16,077.42 190,675.394110 Late Fees 1,050.65 1,030.00 1,783.00 706.15 842.00 1,360.00 693.00 1,470.00 985.00 1,295.00 1,470.00 1,110.00 13,794.804100 Total Rental Income (non-posting) 16,872.00 16,642.81 17,944.64 16,912.67 16,831.99 15,496.98 17,206.94 17,671.23 17,863.39 16,318.04 17,522.08 17,187.42 204,470.194900 Other Property Income (non-posting)4910 Insurance commissions 26.60 24.49 23.31 25.93 28.09 23.30 60.54 34.74 39.80 25.21 46.98 42.33 401.324900 Total Other Property Income (non 26.60 24.49 23.31 25.93 28.09 23.30 60.54 34.74 39.80 25.21 46.98 42.33 401.32TOTINCOME 16,898.60 16,667.30 17,967.95 16,938.60 16,860.08 15,520.28 17,267.48 17,705.97 17,903.19 16,343.25 17,569.06 17,229.75 204,871.51EXPENSE5002 Reservation fee -40.00 20.00 20.00 20.00 20.00 20.00 40.00 0.00 20.00 40.00 60.00 0.00 220.005050 Insurance Expense (non-posting)5053 Liability Insurance Expense 50.16 50.16 50.16 50.13 166.11 166.11 166.11 166.11 166.11 166.11 166.11 166.11 1,529.495050 Total Insurance Expense (non-pos 50.16 50.16 50.16 50.13 166.11 166.11 166.11 166.11 166.11 166.11 166.11 166.11 1,529.495060 Legal and Other Professional Fees (non-posting)5061 Professional Fees 360.33 0.00 0.00 0.00 165.00 195.00 0.00 442.50 829.00 0.00 0.00 0.00 1,991.835063 Licenses/Fees/Permits 0.00 0.00 0.00 137.61 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 137.615060 Total Legal and Other Professiona 360.33 0.00 0.00 137.61 165.00 195.00 0.00 442.50 829.00 0.00 0.00 0.00 2,129.445070 Make Ready/Redecorating5074 Tiling 208.00 0.00 382.00 0.00 603.64 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,193.645070 Total Make Ready/Redecorating 208.00 0.00 382.00 0.00 603.64 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,193.645100 Maintenance & Supplies Expense (non-posting)5102 Windows 0.00 0.00 11.58 59.93 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 71.515204 Locks & Keys 0.00 0.00 74.83 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 74.835100 Total Maintenance & Supplies Exp 0.00 0.00 86.41 59.93 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 146.345300 Taxes Expense (non-posting)5301 Property Taxes 1,820.88 1,820.88 1,820.88 1,820.88 1,519.23 1,820.88 1,820.88 1,820.88 1,820.88 1,820.88 1,820.88 1,820.88 21,548.915300 Total Taxes Expense (non-posting 1,820.88 1,820.88 1,820.88 1,820.88 1,519.23 1,820.88 1,820.88 1,820.88 1,820.88 1,820.88 1,820.88 1,820.88 21,548.915400 Utilities Expense (non-posting)5402 Water & Sewer 279.28 219.88 447.58 150.58 120.88 120.88 130.78 130.78 120.88 0.00 121.11 131.14 1,973.775404 Electric 833.29 805.44 783.78 475.50 284.31 285.04 321.58 243.43 230.70 267.02 355.84 437.19 5,323.125405 Garbage 117.53 117.53 117.53 117.53 117.53 117.53 117.53 117.53 133.87 133.87 133.87 133.87 1,475.725400 Total Utilities Expense (non-postin 1,230.10 1,142.85 1,348.89 743.61 522.72 523.45 569.89 491.74 485.45 400.89 610.82 702.20 8,772.615600 Office Expense (non-posting)5601 Supplies 0.00 0.00 171.66 0.00 93.30 0.00 0.00 0.00 0.00 0.00 0.00 0.00 264.965603 Telephone Services 54.26 54.22 54.20 54.18 54.18 54.30 54.27 54.29 54.25 54.26 54.26 54.31 650.985604 Software 44.95 44.95 44.95 44.95 44.95 44.95 44.95 44.95 44.95 44.95 44.95 44.95 539.405605 Postage 27.44 27.93 35.77 26.95 0.49 53.90 19.11 23.03 43.61 48.41 23.50 36.66 366.805600 Total Office Expense (non-posting 126.65 127.10 306.58 126.08 192.92 153.15 118.33 122.27 142.81 147.62 122.71 135.92 1,822.145700 General Expenses (non-posting)5703 Wages, Property Management 0.00 0.00 960.00 1,680.00 1,840.00 1,680.00 1,680.00 1,840.00 1,280.00 0.00 1,520.00 1,680.00 14,160.005710 Payroll taxes (er) FICA 0.00 0.00 59.52 104.16 114.08 104.16 104.16 114.08 79.36 0.00 94.24 104.16 877.925712 Payroll taxes (er) Medicare 0.00 0.00 13.92 24.36 26.68 24.36 24.36 26.68 18.56 0.00 22.04 24.36 205.325714 Payroll taxes (er) FUTA 0.00 0.00 5.76 10.08 11.52 14.40 9.60 11.04 6.48 0.00 0.00 0.00 68.885716 Payroll taxes (er) SUTA 0.00 0.00 4.51 7.90 9.02 10.08 7.20 8.28 5.76 0.00 6.84 1.26 60.85

5700 Total General Expenses (non-pos 0.00 0.00 1,043.71 1,826.50 2,001.30 1,833.00 1,825.32 2,000.08 1,390.16 0.00 1,643.12 1,809.78 15,372.97TOTEXPENSE 3,756.12 3,160.99 5,058.63 4,784.74 5,190.92 4,711.59 4,540.53 5,043.58 4,854.41 2,575.50 4,423.64 4,634.89 52,735.54NOI 13,142.48 13,506.31 12,909.32 12,153.86 11,669.16 10,808.69 12,726.95 12,662.39 13,048.78 13,767.75 13,145.42 12,594.86 152,135.97N/O EXPENSE6200 Depreciation Expense 1,815.00 1,815.00 1,815.00 1,815.00 3,206.00 1,954.00 1,954.00 1,954.00 1,954.00 1,954.00 1,954.00 1,954.00 24,144.00TOTN/O EXPENSE 1,815.00 1,815.00 1,815.00 1,815.00 3,206.00 1,954.00 1,954.00 1,954.00 1,954.00 1,954.00 1,954.00 1,954.00 24,144.00NET INCOME 11,327.48 11,691.31 11,094.32 10,338.86 8,463.16 8,854.69 10,772.95 10,708.39 11,094.78 11,813.75 11,191.42 10,640.86 127,991.97

Property PhotosA DISCOUNT MINI STORAGE

3735 Mangum RdHouston, TX 77092

Brian Janak, TX Broker / MBA832-247-6333

page 10 of 14

Inner Loop West17419 Astrachan Rd.Richmond, TX 77407

832-247-6333www.innerloopwest.com

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EQUAL HOUSINGOPPO RTU N ITY

Approved by the Texas Real Estate Commission for Voluntary Use

efore working with a real estate broker, you shouldBknow that the duties of a broker depend on whomthe broker represents. If you are a prospectiveseller or landlord (owner) or a prospective buyer or

tenant (buyer), you should know that the broker who liststhe property for sale or lease is the owner’s agent. Abroker who acts as a subagent represents the owner incooperation with the listing broker. A broker who acts asa buyer’s agent represents the buyer. A broker may act asan intermediary between the parties if the partiesconsent in writing. A broker can assist you in locating aproperty, preparing a contract or lease, or obtainingfinancing without representing you. A broker is obligatedby law to treat you honestly.

IF THE BROKER REPRESENTS THE OWNER:The broker becomes the owner’s agent by entering into anagreement with the owner, usually through a written -listing agreement, or by agreeing to act as a subagent byaccepting an offer of subagency from the listing broker. Asubagent may work in a different real estate office. Alisting broker or subagent can assist the buyer but doesnot represent the buyer and must place the interests ofthe owner first. The buyer should not tell the owner’sagent anything the buyer would not want the owner toknow because an owner’s agent must disclose to theowner any material information known to the agent.

IF THE BROKER REPRESENTS THE BUYER:The broker becomes the buyer’s agent by entering into anagreement to represent the buyer, usually through awritten buyer representation agreement. A buyer’s agentcan assist the owner but does not represent the ownerand must place the interests of the buyer first. The ownershould not tell a buyer’s agent anything the owner wouldnot want the buyer to know because a buyer’s agent mustdisclose to the buyer any material information known to theagent.

IF THE BROKER ACTS AS AN INTERMEDIARY:A broker may act as an intermediary between the partiesif the broker complies with The Texas Real Estate License

Act. The broker must obtain the written consent of eachparty to the transaction to act as an intermediary. Thewritten consent must state who will pay the broker and, inconspicuous bold or underlined print, set forth the broker’sobligations as an intermediary. The broker is required totreat each party honestly and fairly and to comply withThe Texas Real Estate License Act. A broker who actsas an intermediary in a transaction:

(1) shall treat all parties honestly; (2) may not disclose that the owner will accept aprice less than the asking price unless authorized inwriting to do so by the owner; (3) may not disclose that the buyer will pay a pricegreater than the price submitted in a written offerunless authorized in writing to do so by the buyer; and(4) may not disclose any confidential information orany information that a party specifically instructs thebroker in writing not to disclose unless authorized inwriting to disclose the information or required to do soby The Texas Real Estate License Act or a courtorder or if the information materially relates to thecondition of the property.

With the parties’ consent, a broker acting as anintermediary between the parties may appoint a person whois licensed under The Texas Real Estate License Actand associated with the broker to communicate with andcarry out instructions of one party and another person whois licensed under that Act and associated with the brokerto communicate with and carry out instructions of theother party.

If you choose to have a broker represent you, you should enter into a written agreement with the brokerthat clearly establishes the broker’s obligations and yourobligations. The agreement should state how and bywhom the broker will be paid. You have the right tochoose the type of representation, if any, you wish toreceive. Your payment of a fee to a broker does notnecessarily establish that the broker represents you. If youhave any questions regarding the duties andresponsibilities of the broker, you should resolve thosequestions before proceeding.

Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a questionor complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas 78711-2188 or 512-465-3960.

Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.

Information About Brokerage Services

Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records.

Buyer, Seller, Landlord or Tenant Date

01A TREC No. OP-K