HIGHCREST APTS Highcrest Houston, TX 77055

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Marybeth Stevenson
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Surrounded by the Highest Growth areas in Houston: Energy Corridor, Memorial City, City Center, Westchase

Beltway 8 REDUCED to $1,298,000 for a Stable submarket, 2 storage spaces, Certificate of Occupancy with City, &

04 CAP - 15% Cash on Cash with proposed new financing of 25% down and 4.

1 Surrounded by the Highest Growth areas in Houston: Energy Corridor, Memorial City, City Center, Westchase District Superior Spring Branch Sub-Market located within 10 minutes drive to I-10, US-290, West Loop 610 and Beltway 8 REDUCED to $1,298,000 for a Stable submarket, 2 storage spaces, Certificate of Occupancy with City, & Fire Marshall Individually metered, Central HVAC, Pitched Roofs with Three Street ingress/egress 9.04 CAP - 15% Cash on Cash with proposed new financing of 25% down and 4.75% rate for 25 Year Amortization, DCR 1.76 janak@innerloopwest.com TX License Phone: Fax: Astrachan Rd. Richmond, TX

Property Description Central to Houston's Growth - Spring Branch Highcrest Apartments - Individually Metered, Pitched Roofs Highcrest Apartments is consistently full and has curb appeal set on three

2 Property Description Central to Houston's Growth - Spring Branch Highcrest Apartments - Individually Metered, Pitched Roofs Highcrest Apartments is consistently full and has curb appeal set on three streets across from recent townhomes and athletic fields. Easy access to 4 major highways within 10 minutes. The asset is the type of investment property preferred by investors with the pitched roofs and central HVAC, full occupancy, and well run by current owner. Nearby multifamily projects have been renovated on Shavelson, Silber and Amelia streets as recent new Single Family developments change Spring Branch. Current local buyers are taking full advantage of the transitioning Spring Branch sub-market, and competing rental properties have no move-in specials or concessions to offer. With the sheer volume of commercial office deals coming on-line along the I-10 Energy Corridor West, the most desired Memorial area to the South, and the over developed, high density Inner Loop to the East, Spring Branch is joining the ranks of nearby Town & Country and the Westchase District as a significant point of interest. Guided by the Spring Branch Management District and local neighborhood chapters who are determined to boosts presence and prestige by having a residential focus. Please provide proof of funds or bank letter of reference upon request for a tour to listing broker. page 2 of 30

3 Property Photos Athletic field across the street page 3 of 30

4 Unit Mix Report UNIT MIXES Units Type Approx. SqFt Avg. Rents Monthly Mkt Rents Monthly 0 Storage 450 $0 $0 $0 $0 16 1/1 628 $650 $10,400 $675 $10, /1 797 $750 $6,000 $795 $6,360 0 Storage 450 $0 $0 $0 $ ,424 $16,400 $17,160 UNIT MIX UNIT MIX SQUARE FEET Storage 1/1 2/1 Storage Storage 1/1 2/1 Storage UNIT MIX INCOME UNIT MIX MARKET INCOME Storage 1/1 2/1 Storage Storage 1/1 2/1 Storage page 4 of 30

5 Pro Forma Summary UNIT MIX & MONTHLY SCHEDULED INCOME Type Units Actual Total Pro Forma Total Storage 0 $0 $0 $0 $0 1/1 16 $650 $10,400 $675 $10,800 2/1 8 $750 $6,000 $795 $6,360 Storage 0 $0 $0 $0 $0 TOTALS 24 $16,400 $17,160 INVESTMENT SUMMARY Price: $1,298,000 Year Built: 1965 Units: 24 Price/Unit: $54,083 RSF: 17,046 Price/RSF: $76.15 Lot Size: 24,480 sf Floors: 2 ANNUALIZED INCOME Actual Pro Forma Gross Potential Rent $196,800 $205,920 Loss/Lease/Vacancy ($5,396) ($7,207) Misc. Income $9,600 $9,600 Effective Gross Income $201,004 $208,313 Less: Expenses ($83,614) ($96,150) Net Operating Income $117,390 $112,163 Debt Service ($66,601) ($66,601) Net Cash Flow after Debt Service $50,789 $45,562 Principal Reduction $20,809 $20,809 Total Return $71,598 $66,371 APN: Cap Rate: 9.04% Pro Forma Cap Rate: 8.64% GRM: 6.29 Pro Forma GRM: 6.02 Market Rate FINANCING Loan Amount: $973,500 Down Payment: $324,500 Loan Type: Fixed Interest Rate: 4.75% Term: 25 years Monthly Payment: $5,550 DCR: 1.76 ANNUALIZED EXPENSES Actual Pro Forma Property Management Fee $30,960 $10,296 Bad Debt $4,200 $2,000 Building Insurance $5,500 $9,600 Grounds Maintenance $600 $600 Legal $1,000 $1,000 Repairs $0 $8,400 Payroll $0 $12,000 Taxes - Real Estate $15,100 $26,000 Trash Removal $1,494 $1,494 Utility - Electricity $1,560 $1,560 Utility - Gas $4,000 $4,000 Utility - Water $19,200 $19,200 Total Expenses $83,614 $96,150 Expenses Per RSF $4.91 $5.64 Expenses Per Unit $3,484 $4,006 Seller's Actual column has a 15% MGMT fee for repairs, payroll, accounting, labor, admin. page 5 of 30

6 Sales Comparables 16% Cap Rate 8.0 Gross Rent Multiplier 14% 12% Avg % 5.0 8% 6% Avg % 2.0 2% 1.0 Subje Subje $72,800 Price per Unit $112 Price per Sq. Ft. $63,700 $54,600 $45,500 Avg. $58,025 $98 $84 $70 Avg. $73.76 $36,400 $56 $27,300 $42 $18,200 $28 $9,100 $14 Subj Subj page 6 of 30

Sales Comparables S HIGHCREST APTS. Sale Price $1,298,000 Units 24 Price/Unit $54,083 Price/SqFt $76.15 Cap Rate 9.04% Year Built 1965 GRM 6.

Price/Unit $52,404 Price/SqFt $79.61 Cap Rate 6.5% Year Built 1981 GRM 8.

. # Units Unit Type 128 One Bedroom One Bath 40 One Bedroom One Bath 40 Two Bedroom Two Bath 2 Woodvine 7550 Long Point Rd Sale Date 12/8/2014 Sale Price

7 Sales Comparables S HIGHCREST APTS. Sale Price $1,298,000 Units 24 Price/Unit $54,083 Price/SqFt $76.15 Cap Rate 9.04% Year Built 1965 GRM 6.29 # Units Unit Type 0 Storage 16 1/1 8 2/1 0 Storage 1 Spring Lake 8800 Hammerly Houston, TX Sale Date 1/29/2015 Sale Price $10,900,000 Units 208 Price/Unit $52,404 Price/SqFt $79.61 Cap Rate 6.5% Year Built 1981 GRM 8.0 Just Sold to investor who purchased an earlier property across the street from same seller.. # Units Unit Type 128 One Bedroom One Bath 40 One Bedroom One Bath 40 Two Bedroom Two Bath 2 Woodvine 7550 Long Point Rd Sale Date 12/8/2014 Sale Price $5,200,000 Units 102 Price/Unit $50,980 Price/SqFt $68.74 Cap Rate 8.6% Year Built 1965 GRM % Occupied, $1.03/NRSF Rents ABP, under contract with 1031 Exchange buyer from Colorado. # Units Unit Type 34 Studio/Efficiency 28 One Bedroom One Bath 1 One Bedroom One Bath 28 Two Bedroom Two Bath 11 Three Bedroom Two Bath page 7 of 30

Sales Comparables 3 Sale Date 12/1/2014 Best in Class Property, window units, has COO, pool. Mostly 2Bdrms (18), Tenant pays electrical and gas.

62 # Units Unit Type 6 One Bedroom One Bath 18 Two Bedroom One Bath 4 La Mirage Resort 10925 Briar Forest Dr Houston, TX 77042 Sale Date 11/15/2014 Sale Price $17,850,000 Units 296

# Units Unit Type 5 BERMUDA WOODS 1500 Witte Road Houston, TX 77080 Sale Date 10/1/2014 Sale Price $9,400,000 Units 145 Price/Unit $64,828 Price/SqFt $54.52 Cap Rate 7.

8 Sales Comparables 3 Sale Date 12/1/2014 Best in Class Property, window units, has COO, pool. Mostly 2Bdrms (18), Tenant pays electrical and gas. PINE VILLAGE 9733 Neuens Houston, TX Sale Price $1,350,000 Units 24 Price/Unit $56,250 Price/SqFt $76.27 Cap Rate 9.0% Year Built 1961 GRM 6.62 # Units Unit Type 6 One Bedroom One Bath 18 Two Bedroom One Bath 4 La Mirage Resort Briar Forest Dr Houston, TX Sale Date 11/15/2014 Sale Price $17,850,000 Units 296 Price/Unit $60,304 Price/SqFt $73.92 Cap Rate 6.0% Year Built 1980 GRM 5.54 Sold 296 operable units as one building had fire damage impacting 16 units where Seller kept Insurance proceeds. # Units Unit Type 5 BERMUDA WOODS 1500 Witte Road Houston, TX Sale Date 10/1/2014 Sale Price $9,400,000 Units 145 Price/Unit $64,828 Price/SqFt $54.52 Cap Rate 7.2% Year Built 1984 GRM 6.5 North of Long Point Road, Buyer will operate, add-value of $13K per door upgrades. Large Units with rent increases coming # Units Unit Type 28 One Bedroom One Bath 5 Two Bedroom One Bath 24 Two Bedroom One Bath 42 Two Bedroom Two Bath 46 Three Bedroom Two Bath page 8 of 30

Sales Comparables 6 Blalock Woods 1111 Blalock Road Sale Date 10/1/2014 Sale Price $23,000,000 Units 316 Price/Unit $72,785 Price/SqFt $63.

Will develop half into new Apartments, and homes for the northern tracts. 7 Sale Date 9/8/2014 Project is under going current rehab. Crosstimbers Apartments 500 W.

31 # Units Unit Type 62 One Bedroom One Bath 34 Two Bedroom One Bath 2 Two Bedroom One Bath 8 Oakwood Manor 611 W Cavalcade Street Houston, TX 77009 Sale Date 9/8/2014 Sale

9 Sales Comparables 6 Blalock Woods 1111 Blalock Road Sale Date 10/1/2014 Sale Price $23,000,000 Units 316 Price/Unit $72,785 Price/SqFt $63.79 Cap Rate N/A Year Built 1973 GRM N/A # Units Unit Type Close to Subject, Notice to tenants to vacate by June Will develop half into new Apartments, and homes for the northern tracts. 7 Sale Date 9/8/2014 Project is under going current rehab. Crosstimbers Apartments 500 W. Crosstimbers Houston, TX Sale Price $5,000,000 Units 98 Price/Unit $51,020 Price/SqFt $67.54 Cap Rate 9.7% Year Built 1972 GRM 6.31 # Units Unit Type 62 One Bedroom One Bath 34 Two Bedroom One Bath 2 Two Bedroom One Bath 8 Oakwood Manor 611 W Cavalcade Street Houston, TX Sale Date 9/8/2014 Sale Price $6,025,000 Units 97 Price/Unit $62,113 Price/SqFt $95.09 Cap Rate 8.4% Year Built 1972 GRM 6.68 Rehab beginning Nov 2014, sold with ILW Listing 500 W Crosstimbers, both being repositioned by same buyer. # Units Unit Type 34 One Bedroom One Bath 45 One Bedroom One Bath 18 Two Bedroom One Bath page 9 of 30

Sales Comparables 9 Sale Date 4/29/2014 Copper Mill 15910 F M 529 Houston, TX 77095 Sale Price $14,570,000 Units 235 Price/Unit

Houston, TX 77008 Sale Date 4/15/2014 Sale Price $6,325,000 Units 96 Price/Unit $65,885 Price/SqFt $104.37 Cap Rate 6.

10 Sales Comparables 9 Sale Date 4/29/2014 Copper Mill F M 529 Houston, TX Sale Price $14,570,000 Units 235 Price/Unit $62,000 Price/SqFt $81.70 Cap Rate N/A Year Built 1982 GRM N/A # Units Unit Type 10 Timbergrove 1600 West TC Jester Blvd. Houston, TX Sale Date 4/15/2014 Sale Price $6,325,000 Units 96 Price/Unit $65,885 Price/SqFt $ Cap Rate 6.7% Year Built 1970 GRM 6.9 ILW Sale, currently being repositioned, Full Renovation. Purchase price was $52.13 per SF Land, $65,885 a door. # Units Unit Type 68 One Bedroom One Bath 28 Two Bedroom One Bath 11 Sale Date 4/1/2014 Lake, The 5650 Timber Creek Place Houston, TX Sale Price $13,900,000 Units 286 Price/Unit $48,601 Price/SqFt $66.96 Cap Rate N/A Year Built 1982 GRM N/A # Units Unit Type page 10 of 30

5 # Units Unit Type 13 Sale Date 8/27/2013 Recent Sale, Listed at $825,000, 100% full.

11 Sales Comparables 12 Pine Chase 1717 Pine Chase Sale Date 1/10/2014 Sold to SFH developer. Zoned to Memorial High, $38.30 per SF land. Sale Price $5,000,000 Units 92 Price/Unit $54,348 Price/SqFt $63.74 Cap Rate 9.1% Year Built 1971 GRM 5.5 # Units Unit Type 13 Sale Date 8/27/2013 Recent Sale, Listed at $825,000, 100% full. Crownover Apartments 1718 Crownover Sale Price $792,000 Units 15 Price/Unit $52,800 Price/SqFt $62.56 Cap Rate 9.3% Year Built 1960 GRM 7.0 # Units Unit Type page 11 of 30

Sales Comparables 1, ($1,298,000) A 8800 Hammerly, Houston, TX 77080 ($10,900,000) B 7550 Long Point Rd, ($5,200,000) C 9733 Neuens, Houston, TX 77080 ($1,350,000) D 10925 Briar Forest Dr, Houston,

12 Sales Comparables 1, ($1,298,000) A 8800 Hammerly, Houston, TX ($10,900,000) B 7550 Long Point Rd, ($5,200,000) C 9733 Neuens, Houston, TX ($1,350,000) D Briar Forest Dr, Houston, TX ($17,850,000) E 1500 Witte Road, Houston, TX ($9,400,000) F 1111 Blalock Road, ($23,000,000) G 500 W. Crosstimbers, Houston, TX ($5,000,000) H 611 W Cavalcade Street, Houston, TX ($6,025,000) I F M 529, Houston, TX ($14,570,000) J 1600 West TC Jester Blvd., Houston, TX ($6,325,000) K 5650 Timber Creek Place, Houston, TX ($13,900,000) L 1717 Pine Chase, ($5,000,000) M 1718 Crownover, ($792,000) page 12 of 30

13 Rent Comparables Charts Occupancy 100% Avg % 80% 70% 60% 50% 40% 30% 20% 10% Subject $1,200 $1,080 $960 $840 $720 Average Rent per Unit Type $1,150 $914 $725 $997 $600 $622 $480 $360 $240 $120 Studio/Efficiency One Bedroom One Bath Two Bedroom One Bath Three Bedroom Two Bath Two Bedroom Two Bath page 13 of 30

units, additional RUBs need to be added on top of rent. Avg Rent/rsf $1.

14 Rent Comparables S HIGHCREST APTS. Avg Rent/rsf $0.96 RSF 17,046 Occupancy 100% Units 24 Year Built 1965 # Units Unit Type Rent 0 Storage $0 16 1/1 $ /1 $750 0 Storage $0 1 Legends of Memorial Ph II 910 Silber Houston, TX Renovated units, additional RUBs need to be added on top of rent. Avg Rent/rsf $1.30 RSF 115,317 Occupancy 92% Units 160 Year Built 1979 # Units Unit Type Rent Studio/Efficiency $545 Studio/Efficiency $580 One Bedroom One Bath $900 One Bedroom One Bath $940 Two Bedroom One Bath $1,075 2 ABP Woodvine Apts 7550 Long Point Dr Avg Rent/rsf $1.10 RSF N/A Occupancy 98% Units Year Built N/A N/A # Units Unit Type Rent 29 One Bedroom One Bath $ Two Bedroom One Bath $ Three Bedroom Two Bath $1, Studio/Efficiency $625 page 14 of 30

Rent Comparables 3 Shavelson 6800 Shavelson Avg Rent/rsf $1.

new Roofs, new Central HVAC, Granite, stainless appliances, gated, landscaping...good rents at or over $1.30 psf.

02 RSF 174,450 Occupancy 99% Units 208 Year Built 1970 # Units Unit Type Rent 132 One Bedroom One Bath $785 44 Two Bedroom One

15 Rent Comparables 3 Shavelson 6800 Shavelson Avg Rent/rsf $1.30 RSF 19,320 Occupancy 95% Units 26 Year Built 1964 # Units Unit Type Rent 26 One Bedroom One Bath $950 Renovated throughout, new Roofs, new Central HVAC, Granite, stainless appliances, gated, landscaping...good rents at or over $1.30 psf. 4 Aspenwood 2121 Pech Avg Rent/rsf $1.02 RSF 174,450 Occupancy 99% Units 208 Year Built 1970 # Units Unit Type Rent 132 One Bedroom One Bath $ Two Bedroom One Bath $ Two Bedroom Two Bath $1,040 5 Amberwood 1830 Johanna Asking rents include $42 & $52 for Water for 1 & 2 bdrm respectively. Avg Rent/rsf $1.00 RSF 34,979 Occupancy 97% Units 44 Year Built 1962 # Units Unit Type Rent 22 One Bedroom One Bath $ Two Bedroom One Bath $901 page 15 of 30

Rent Comparables 6 Point Moritz North 1751 Moritz Avg Rent/rsf $1.

$560 7 Oaks of Moritz 1541 Moritz Avg Rent/rsf $0.

$610 16 Two Bedroom One Bath $770 8 Two Bedroom Two Bath $825 8 Gated, updated, well maintained Glens,

16 Rent Comparables 6 Point Moritz North 1751 Moritz Avg Rent/rsf $1.07 RSF 33,600 Occupancy 100% Units 64 Year Built 1971 # Units Unit Type Rent 64 One Bedroom One Bath $560 7 Oaks of Moritz 1541 Moritz Avg Rent/rsf $0.96 RSF 40,728 Occupancy 100% Units 56 Year Built 1979 # Units Unit Type Rent 32 One Bedroom One Bath $ Two Bedroom One Bath $770 8 Two Bedroom Two Bath $825 8 Gated, updated, well maintained Glens, The 1502 Pech Avg Rent/rsf $1.10 RSF 54,816 Occupancy 95% Units 68 Year Built 1963 # Units Unit Type Rent 28 One Bedroom One Bath $ Two Bedroom One Bath $935 8 Two Bedroom One Bath $1,000 page 16 of 30

$630 Two Bedroom One Bath $800 10 Updated Unit, posted on MLS for Lease Woodvine Park Rental 1311

17 Rent Comparables 9 Oak Forest 1370 Afton Avg Rent/rsf $0.97 RSF N/A Occupancy 100% Units N/A Year Built 1971 # Units Unit Type Rent One Bedroom One Bath $630 Two Bedroom One Bath $ Updated Unit, posted on MLS for Lease Woodvine Park Rental 1311 Antoine Drive Avg Rent/rsf $1.35 RSF N/A Occupancy 100% Units N/A Year Built 1983 # Units Unit Type Rent One Bedroom One Bath $650 page 17 of 30

Rent Comparables 1 A 910 Silber Houston, TX 77024 B 7550 Long Point Dr C 6800 Shavelson D

18 Rent Comparables 1 A 910 Silber Houston, TX B 7550 Long Point Dr C 6800 Shavelson D 2121 Pech E 1830 Johanna F 1751 Moritz G 1541 Moritz H 1502 Pech I 1370 Afton page 18 of 30

19 Rent Roll Analysis Properties: Results As of 4/30/2015 Customer Unit Unit Type Rent Vacancy Loss Misc Charges Total Charges Balance Security Deposit Move-in Date Lease End Last Rent Increase Increase Amount Sarr, Penda Apt.1 1B/1B /20/2014 4/30/ /1/ Vega, Jaime Apt.2 1B/1B /3/2014 4/30/2015 Ackermann, Thomas Apt.3 1B/1B /5/ /4/2014 9/1/ White, Charles Apt.4 1B/1B /29/2014 5/31/2014 8/1/ Hernandez, Maria Apt.5 1B/1B /12/ /31/ /1/ Meza, Tony Apt.6 1B/1B /1/2014 4/30/2015 2/1/ Ramon, Jose Angel Apt.7 1B/1B /20/2014 5/31/ /1/ Taylor, Devonte Apt.8 1B/1B /23/2015 2/28/2015 1/24/ Workman, Joshua Apt.9 2B/1B /7/2014 5/7/2014 8/1/ Vargas, Jacqueline Apt.10 2B/1B /1/2014 2/28/2015 7/1/ Hernandez, Martin Apt.11 2B/1B /12/ /31/ /1/ Eaves, Sarah Apt.12 2B/1B /10/2014 6/30/2015 7/1/ Toste, Julio Apt.14 1B/1B /15/ /30/ /1/ Meza, Juventino Apt.15 1B/1B /17/2014 3/30/ /1/ Cox, Molie Apt.16 1B/1B /12/ /31/ /1/ Aguirre, Jose Alberto Apt.17 1B/1B /1/2015 9/30/2015 4/1/ Canela, Victoria Apt.18 1B/1B /12/2013 2/17/ /1/ Meza, Faustina Apt.19 1B/1B /12/ /31/ /1/ Garcia, Agustin Apt.20 1B/1B /27/2015 3/31/ /1/ Stefanski, Devin Ross Apt.21 1B/1B /16/2014 8/31/2015 9/1/ Garcia, Jose Apt.22 2B/1B /12/ /31/ /1/ Cantu, Mary Isabel Apt.23 2B/1B /15/2014 4/30/2015 Verdejo, Joaquin Apt.24 2B/1B /12/2013 2/24/ /1/ Cruz, Merly Apt.25 2B/1B /12/ /31/ /1/ Laundry Laundry Laundry /9/2013 Total for Property 16, , , Report Totals 16, , , Report Summary Total Possible Rent: 16, Vacancy Rent: 0.00 Occupied Unit Rent: 16, # of Units: 25 Vacant Units: 0 Occupancy %: % Rent Roll Analysis 4/21/15 2:40pm Page 1 of 1 rentmanager.com - property management systems rev.3524

20 Profit & Loss 12 Month Recap Properties: Monthly recap 5/1/2014-4/21/2015 MAY 14 JUN 14 JUL 14 AUG 14 SEP 14 OCT 14 NOV 14 DEC 14 JAN 15 FEB 15 MAR 15 APR 15 TOTAL INCOME 4100 Rental Income (non-posting) 4101 Rental Income 14, , , , , , , , , , , , , Eviction Fee Application Fees Late Fees , Locks/Key Income Total Rental Income (non-posting) 14, , , , , , , , , , , , , Maintenance Income (non-posting) 4302 Cleaning Damages Total Maintenance Income (non-posting) Bad Debts (non-posting) 6121 Bad Debt Expense , , , , Total Bad Debts (non-posting) , , , , Other Property Income (non-posting) 4901 Security Deposit Forfeitures Laundry Facilities , Administrative Charges Total Other Property Income (non-postin , TOTAL INCOME 13, , , , , , , , , , , , , EXPENSE 5000 Management Fees Expense 2, , , , , , , , , , , , , Travel & Entertainment Expense (non-posting) 5023 Transportation Total Travel & Entertainment Expense (n Cleaning & Maintenance Expense (non-posting) 5031 Pest Control

21 5033 Landscaping Total Cleaning & Maintenance Expense Insurance Expense (non-posting) 5052 Building Insurance Expense , Liability Insurance Expense Ins. Exp. - Umbrella Total Insurance Expense (non-posting) , Legal and Other Professional Fees (non-posting) 5061 Professional Fees Legal Fees Licenses/Fees/Permits Other Fees - Habitability , , Total Legal and Other Professional Fees , , Maintenance & Supplies Expense (non-posting) 5102 Windows Tiling , Plumbing Maintenance - Habitability , , Painting Supplies Electrical Supplies Hardware Supplies , Total Maintenance & Supplies Expense , , Taxes Expense (non-posting) 5301 Property Taxes 1, , , , , , , , , , , , , Total Taxes Expense (non-posting) 1, , , , , , , , , , , , , Utilities Expense (non-posting) 5401 Gas & Propane , Water & Sewer 1, , , , , , , , , , , , , Electric , Garbage , Total Utilities Expense (non-posting) 2, , , , , , , , , , , , , Office Expense (non-posting) 5601 Supplies Total Office Expense (non-posting) TOTAL EXPENSE 6, , , , , , , , , , , , ,654.34

22 53 AERIAL MAP

30 Approved by the Texas Real Estate Commission for Voluntary Use 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 efore working with a real estate broker, you should Bknow that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly. IF THE BROKER REPRESENTS THE OWNER: The broker becomes the owner s agent by entering into an agreement with the owner, usually through a written - listing agreement, or by agreeing to act as a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner s agent anything the buyer would not want the owner to know because an owner s agent must disclose to the owner any material information known to the agent. IF THE BROKER REPRESENTS THE BUYER: The broker becomes the buyer s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer s agent anything the owner would not want the buyer to know because a buyer s agent must disclose to the buyer any material information known to the agent. IF THE BROKER ACTS AS AN INTERMEDIARY: A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction: (1) shall treat all parties honestly; (2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; (3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and (4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property. With the parties consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party. If you choose to have a broker represent you, you should enter into a written agreement with the broker that clearly establishes the broker s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding. 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 Texas Real Estate Brokers and Salespersons are licensed and regulated by the Texas Real Estate Commission (TREC). If you have a question or complaint regarding a real estate licensee, you should contact TREC at P.O. Box 12188, Austin, Texas or EQUAL HOUSING OPPORTUNITY 01A TREC No. OP-K

A DISCOUNT MINI STORAGE

A DISCOUNT MINI STORAGE 3735 Mangum Rd, Houston, TX 77092 High Density Mini Storage in Near NW Houston and close to newly proposed renovated US290 Highway Renovated Living Quarters, Gated Customer Access,