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Updated over 10 years ago on . Most recent reply

Account Closed
  • Des Plaines, IL
4
Votes |
38
Posts

Legally Soliciting Notes from Family and Friends

Account Closed
  • Des Plaines, IL
Posted

Setting out to approach family and friends for private money for the first time. Have put together a business plan and an LLC. As far as I understand it, real estate-backed notes are not generally considered securities. So as long as I keep my "advertising" to friends and family (pre-existing relationships), can I just give my proposal and presentation to family and friends, and once they agree on something, head to a lawyer to create the note between us? Or should I be going to a lawyer before doing any of this?

I understand this is a legal question, I am just curious as to how other real estate investors have approached doing this.

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