Do I need a brokers license to sell fractions

[Stuart Grazier]

Hi BP,

I've been given an opportunity to buy multiple rounds of single family performing notes in Texas (1st & 2nd positions). Most are around the $100k-$125k range (9-10% yield). Unfortunately I am out of cash to buy more. I don't want to lose out on the opportunity, so I'm wondering if I would be able to get other investors to buy fractions with me so I can purchase with the smaller amount of cash I have.

Example: I have an opportunity to buy the packaged 1st and 2nd position lien for a total of $100k ($75k - 1st position, $25k - 2nd position). I find investors to buy fractions of the 1st position at $75k. I am then able to buy the 2nd position (at a discount from my seller) for $10k-$15k.

Do I need to have a broker's license to create this transaction?