Exhibit (a)(3)






January 12, 2006



TO:          UNIT HOLDERS OF SECURED INCOME, LP

SUBJECT:     OFFER TO PURCHASE UNITS

Dear Unit Holder:

As described in the enclosed Offer to Purchase and related Letters of
Transmittal (the "Offer") the Purchasers named in the attached Offer
(collectively the "Purchasers") are offering to purchase up to 492,185 Units of
limited partnership interest (the "Units") in SECURED INCOME, LP (the
"Partnership") at a purchase price equal to:

                                   $5 per Unit
                                   -----------

The Offer will provide you with an opportunity to liquidate all, or a portion
of, your investment in SECURED INCOME, LP without the usual transaction costs
associated with market sales or partnership transfer fees. Reasons you may wish
to sell your Units include:

     o    POTENTIAL SALE OF PROPERTY FELL THROUGH.  In the most recent quarterly
          report,  the general partner stated that the current  negotiations for
          the sale of the Fieldpointe  Apartments have terminated  (AGAIN),  and
          the general partner is currently trying to remarket the property.

     o    NO FURTHER WITHHOLDING TAXES FOR NON-RESIDENTS. If you sell your Units
          to us, you will receive the entire $5 per Unit, less any distributions
          (and none is expected). Limited partners who were not residents of New
          York had approximately $4 per Unit of the recent distribution withheld
          for New York state taxes.  If and when the Fieldpoint  property sells,
          the Partnership will be required to withhold taxes from  non-residents
          of Maryland, reducing the net amount of any potential distribution.

     o    ILLIQUIDITY OF UNITS. The relative  illiquidity of the Units resulting
          from the absence of a formal trading market makes the Units  difficult
          to sell.

     o    NO FUTURE IRS FILING  REQUIREMENTS / ELIMINATION OF RETIREMENT ACCOUNT
          FEES.  If you sell your Units to us this year,  the 2007 tax year will
          be the final  year for which you will be  obligated  to file a K-1 for
          the Partnership  with your tax return and for which you incur fees for
          having this  investment  in your IRA or retirement  account.  This may
          represent a reduction in costs associated with filing  complicated tax
          returns and fees charged by some  custodians  for holding this type of
          asset.  Your decision to sell may have other  favorable or unfavorable
          tax consequences and potential sellers should consult their individual
          tax advisers.

After carefully reading the enclosed Offer, if you elect to tender your Units,
mail (using the enclosed pre-addressed, postage paid envelope) or fax (then
mail) a duly completed and executed copy of the Letter of Transmittal (printed
on pink paper) and change of address forms, your certificate (this is REQUIRED
FOR TRANSFER), and any other documents required by the Letter of Transmittal, to
the Depositary for the Offer at:

                         MacKenzie Patterson Fuller, LP
                               1640 School Street
                            Moraga, California 94556
                            Facsimile: (925) 631-9119

If you have any questions or need assistance, please call the Depository at
800-854-8357.

This Offer expires (unless extended) February 15, 2007.