I understand your concern about getting an attorney and you’ll definitely need to get one at some point. I would not call a govt agency, you’re likely to get someone who gives either misinformation or their interpretation.
As for raising funding, I too am a fan of Matt Scott’s Private Money Boot camp. He brings his SEC attorney with him, you can ask all your questions, including get a referral for an attorney in your area so you are assured they are familiar with what you’re trying to accomplish.
The event Matt puts together is outstanding! He shows how to raise multi-million dollars as well as covers all the SEC issues in efforts to do commercial real estate. There were numerous heavy hitters in the room, examples of their upcoming deals; one for $80 million, another for $30 million, a third for over $20 million. There were also attendees from before who had already acquired over $25 million and were back to fine tune things further.
It was an event that included top talent, outstanding caliber of select investors and the material and content exceeded my expectations and received resouding reviews from all attendees.
SEC attorney vs private money bootcamp - Posted by edward
Posted by edward on September 26, 2008 at 11:19:41:
I would like to know if its best to consult with a SEC attorney to obtain the legal do’s and don’ts of obtaining private money or to go to a Matt Scott or Dave Lindahl bootcamp? I would appreciate any insight. Thank you
Call your state sec. commission - Posted by John Merchant
Posted by John Merchant on September 28, 2008 at 18:15:19:
A cheap call to your state’s sec. commission might get you the answer in minutes as to what’s required of you if you were to borrow from a number of people or solicit such loans.
You’ll find yourself talking to one of the lawyers who works in the Sec. Comm. and he/she’ll know their feelings on the issue.
SEC is Federal and for BIG interstate deals and that’s not whom you want to talk to unless you’re doing a gigantic sec. offering in several states.
Re: SEC attorney vs private money bootcamp - Posted by edward
Posted by edward on September 27, 2008 at 06:32:44:
Jimmy,
Thank you for the response. If anyone else has another opinion on this question, I will take all the advice I can get on this topic. I would also like to express that I am not promoting Lindahl or Scott, I was just using them as examples. I just want to be smart, when it comes to spending my money.
Re: SEC attorney vs private money bootcamp - Posted by Garrett Sutton
Posted by Garrett Sutton on October 01, 2008 at 13:34:09:
When it comes to securities laws you will definitely want to use an attorney. There are too many negative consequences from doing it the wrong way. Use an attorney and be protected. Good luck.
I just came back from Matt’s PM bootcamp this weekend and it was awesome. Terry Vaughan from CREOnline was in the audience and gave a rave review immediately afterward.
My suggestion is to attend a bootcamp and still get the attorney. There are lots of filings necessary and lots of intricacies involved. If you want to pay your lawyer to explain them all to you, it will certainly cost more than a bootcamp.
Matt also had his securities attorney there to answer questions for several hours, and there was no additional charge. They even did a case study section where you could say “I want to borrow this much money from this many people” and they would tell you exactly what you needed to file. If nothing else, that will save you a few thousand in attorney fees because you will know exactly what you need and can speak their lingo.
John’s suggestion is a great one, in an ideal world. I have never called any government agency and got a lawyer to answer questions… You’re lucky if you get a human to answer the phone, much less an intelligent one.
And yes, I am a fan of Matt’s bootcamp… But only because it really is THAT good.