Letter From: Hermann Ultsch

I think extremely highly of Mr. Bob Phelps, and therefore it is my great pleasure to write a letter of recommendation on his behalf.

I have known Mr. Phelps for about two and a half years. Mr. Phelps was my Real Estate agent, when I purchased a compound consisting of seven town houses in Tucson, Arizona.

I found Mr. Phelps very knowledgeable in all facets of investment property. Having done numerous real estate deals in the past, I was thoroughly impressed by his competence and attention to detail. He is an individual dedicated to getting his client the best deal possible, and in addition, he is a man of distinction and integrity. To put it simply, his efforts on my behalf were outstanding. I was able to call on him for advice, or questions that came up, at any time and he was there for me at a moment's notice.

Should I decide to acquire additional investment properties in the future, I would be delighted to once again call upon his professional guidance and exceptional expertise.

Sincerely,
- Hermann Ultsch