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obtaining private cash vs. securities laws - Posted by David Hayes
Posted by David Hayes on July 23, 2004 at 14:02:02:
Hey folks,
I have two associates that I introduced to each other (both I had existing relationships with, so it was done via word of mouth) who are contemplating a joint venture whereby one acts as a cash investor, and the other as a real estate investor flipping properties out of preforeclosure, sometimes doing fixups, sometimes just cleanups with short sales to junior lienholders to create equity, if applicable.
Foreclosing lienholders are made FULLY AWARE that property is being taken over via subject to method allowing transfer of deed into cash investors name, and they have never called due on sale clause (the real estate investor has done this many times with no problems) because they just want their loan to be made whole.
Having said that, the cash investor was worried about having to comply with SEC and syndication laws, but I told him that there is no pooling of funds, no securities being issued and no syndication issues (one investor per deal) because it does not apply to these two investors, and that there is no need to involve SEC because these kinds of cash/investor partnerships happen all the time in a simple two-party format. I see posts all the time of people looking for private cash to do rehab and other kinds of deals, though I believe you cannot solicit the public via advertising, which I did not do in this case, so as to avoid any legal issues.
I am wondering if you would agree that there is no issue of securities law violation going on here? Here is a link from a guy who has very deep pockets to pick if he was giving out illegal advice to the public:
http://www.richdad.com/news/article_realestatedeals.asp
Am I missing anything?
Let me know what you think, and I am hoping people with direct experience obtaining private cash in this way for their deals (which seems to be the way the major investors do it) will reply, thanks so much , Dave
Re: obtaining private cash vs. securities laws - Posted by Reginald Henson
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Re: obtaining private cash vs. securities laws - Posted by John Ken Dickson
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