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                                   REAL ESTATE
                                   ASSOCIATES
                                    LIMITED V

9090 Wilshire Boulevard, Suite 201               Beverly Hills, California 90211
                                 (310)278-2191




RE: Real Estate Associates Limited V


Dear Investor:


     Several limited partners have called or written us to tell us that they
have received an unsolicited tender offer to buy their interests in Real Estate
Associates Limited V ("REAL V"). The buyers state that they are purchasing the
Units with a view towards holding them until REAL V is liquidated.

     While the General Partners are unable to value the interests because of a
lack of market for them, limited partners should be aware of the tax
consequences of a sale of their interests.

     In addition, the General Partners of REAL V expect to solicit the consent
of the Limited Partners to a proposed transaction pursuant to which several of
the properties in which REAL V has invested will be sold to a real estate
investment trust (the "REIT") to be organized by affiliates of the General
Partners of REAL V. Proxy materials have not yet been filed with the Securities
and Exchange Commission and solicitation of consents is not expected to commence
until the first quarter of 1998. If this transaction is consummated, Limited
Partners would receive distributions of net sales proceeds according to their
proportionate interests. It should be noted that the sales will be subject to a
number of conditions in addition to approval by Limited Partners of REAL V;
including completion of a proposed private placement of shares of the REIT.
Accordingly, there can be no assurance that the proposed purchases will be
consummated or that, if consummated, will be on the currently proposed terms.

     Most of the Limited Partners have negative capital account balances with
respect to their interests in REAL V. Our accountants tell us that on average,
the negative capital account balance for a $5,000 investor at the end of
December 1997 will be approximately $7,900. This means that an investor would
recognize gain from the sale of his REAL V interest in an amount equal to
approximately $8,000 (the $7,900 negative capital account balance plus the $100
cash sales price). This gain would be "passive" and would be offset by passive
losses which such investor may have from REAL V (suspended from prior years) or
other sources. Unless a limited partner has suspended or current losses from
other sources, a substantial portion of the gain would still be subject to tax
liability.


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        CORPORATE GENERAL PARTNER: National Partnership Investments Corp.