May 13, 2005



To the Holders of Limited Partnership Interests in
Maxus Real Property Investors-Four, L.P.

RE:      COMMISSION FREE OFFER to Purchase Limit

Dear Investor:

     We are offering to buy your limited partnership  interests (the "Units") in
Maxus Real Property  Investors-Four,  L.P. (the  "Partnership")  for cash in the
amount  of  $500  per  Unit  (less  any  cash  distributions  made to you by the
Partnership  after  March  31,  2005  and  any  transfer  fees  charged  by  the
Partnership,  which it advises us is $75 per  transfer).  Our offer provides you
with an  opportunity  to sell your Units  now,  without  the costly  commissions
(typically  up to 8% with a minimum of  $150-200)  usually paid by the seller in
secondary market sales.

     Investors should consider the following:

     a)   Our offer  exceeds the highest  prior offer to purchase  your Units of
          which we are aware, after accounting for distributions made since such
          offer.

     b)   The Partnership has recently  suspended  distributions.  Because there
          are no current  distributions,  it will  probably  cost you money each
          year to hold this investment.

     We are  willing  to bear the  significant  risks  of  ownership  until  the
Partnership's  remaining  property  can be  liquidated.  After 23 years  you may
prefer to receive CASH NOW,  rather than waiting  indefinitely  for an uncertain
liquidation.

     You may wish to sell your Units for a number of other reasons, including:

     o    Elimination of troublesome  K-1's, tax filing delays,  and further IRS
          and state tax filing requirements beyond the 2005 tax year.

     o    Liquidity now. The Partnership was formed over 23 years ago.

     o    Elimination  of large annual fees  (usually  $50-$70) for IRA or other
          pension plan investors.

     o    Elimination of significant annual accounting fees (often over $100) to
          include K-1 information in tax returns.

     o    Elimination of illiquid partnership  investments.  If you want to keep
          an  investment  in real estate you can reinvest in public  REIT's that
          offer both regular distributions and liquidity.



     We  are  an   investment   company   which  buys  units  in   hundreds   of
under-performing   limited   partnerships   and  are  not  affiliated  with  the
Partnership  or the general  partner.  To date,  Everest has purchased over $100
million  of  limited   partnership  units  from  over  40,000  limited  partners
nationwide in over 400 limited partnerships. This has made Everest a leading and
reliable choice for limited  partnership  investors seeking a time-efficient and
cost-efficient liquidity option, which generally does not otherwise exist.

     Our offer is limited to only 148 (1.3%) of the 11,240 outstanding Units.

     We will accept for purchase properly documented Units on a "first-received,
first-buy"  basis.  You  will be paid  promptly  following  confirmation  by the
Partnership of a valid transfer. We suggest that you contact your tax advisor to
determine your particular tax consequences from a sale. All tender of Units will
be irrevocable and may not be rescinded or withdrawn.  We are seeking to acquire
Units for investment purposes only and not to control the Partnership.

     An Agreement of Transfer is enclosed which you can use to accept our offer.
Please execute this document and return it in the enclosed envelope. We urge you
to also review the enclosed  Transfer  Instructions  and  Disclosure  Supplement
before  tendering.  We encourage you to act immediately if you are interested in
accepting our offer, since only a limited number of Units will be purchased.

               Our offer will expire at 5:00 pm on June 17, 2005.

     Please call us at (800) 611-4613 if you have any questions.

                                                      Very truly yours,


                                                      Everest Properties II, LLC