Private Lending & Conventional Mortgage Advice
Market News & Data
General Info
Real Estate Strategies
![](http://bpimg.biggerpockets.com/assets/forums/sponsors/hospitable-deef083b895516ce26951b0ca48cf8f170861d742d4a4cb6cf5d19396b5eaac6.png)
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
![](http://bpimg.biggerpockets.com/assets/forums/sponsors/equity_trust-2bcce80d03411a9e99a3cbcf4201c034562e18a3fc6eecd3fd22ecd5350c3aa5.avif)
![](http://bpimg.biggerpockets.com/assets/forums/sponsors/equity_1031_exchange-96bbcda3f8ad2d724c0ac759709c7e295979badd52e428240d6eaad5c8eff385.avif)
Real Estate Classifieds
Reviews & Feedback
Updated over 9 years ago on . Most recent reply
![Donald Williams's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/349912/1621445940-avatar-donaldw6.jpg?twic=v1/output=image/cover=128x128&v=2)
With the new rules can you send out solicitations for private RE Investors?
What can't you say when soliciting for Investors under the new rules. I heard you can't say things like guaranteed returns but you can say fixed returns of 10%. What else can you say?
Thanks
Most Popular Reply
![Bryan Hancock's profile image](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/52911/1668272119-avatar-bryanhancock.jpg?twic=v1/output=image/crop=400x400@0x0/cover=128x128&v=2)
You can say whatever you want as long as it is factual and it won't get in sued later on. Anything you say, write, advertise, etc. becomes PART OF THE OFFERING and would need proper disclosures to go with it. You have to be very careful when citing returns or doing pro formas. Everything needs to be documented and it would be best to have your securities counsel review it.
There is no way to market only to accredited investors if you advertise. That is why there are heightened accreditation processes you have to go through to determine that someone is really an accredited investor. You can no longer rely strictly on "self-certification" like you could with the old 506(b) rules. You should consider hiring a third party accreditation service to do this for you. They are not all created equally and there is a lot to choosing one correctly. If you choose one that is too strict you'll filter out all of your investors because nobody wants to turn over all of the information the gov-mint wants to invest a small amount of money in a crowdfunded offering. If you choose one that is too liberal you risk being the plaintiff in the case law that determines what reasonableness means.
Guarantee and investment should NEVER go in the same sentence. You can't ever guarantee anything. I wouldn't even use "fixed". I would use words like "projected" and other non-committal terms. A good securities attorney will go through your offering and remove any adjectives or superlatives. If things ever go sideways the plantiff's attorney, with the benefit of 20/20 hindsight, will blow those phrases up in 30-point font and display it for the jury while trying to hang you out to dry.
The bottom line is that you need a good securities attorney. Don't try to do anything on your own. There is simply too much risk in screwing it up. You could lose your ability to sells securities in the future or GO TO JAIL if you do it wrong. Pay the money.