All Forum Posts by: Account Closed

I think I will listen to Judge Duncan Taylor on this issue.

I went to a seminar given by a group of RE attorneys, and since have found a great deal of what they taught is completely wrong. I, for one, am just going to see how it plays-out and follow whatever becomes acceptable.

Welcome, Rich Spaulding.

Christene Jackson, welcome.

Exactly, Jeff. In my opinion, it does not make sense to try and save a little money when so much is at risk.

@Ryan Steele and Jenkins Ramon...thank you for your condolences.

@Account Closed

@Steven H. My attorney told me exactly the same thing Jeff Greenberg told you. Just because you are a small fish in a very big pond does not mean the SEC won't notice you.

I am glad you are going to get legal counsel.

Good luck in your business.

Hi everyone,

I just completed a work-out on my first pool purchase, and it went very well. Prior to this, I only purchased individual notes.

My real problem is that my friend and attorney died. I have interviewed a number of attorneys in this area; however, none are familiar with buying notes. In fact, I had several tell me it was illegal.

I live in the S.W. burbs of Chicago, and prefer someone fairly close as travel is difficult.

Thank you in advance for any help.

Keith

@ Steve H. Jeff Greenberg makes a good point; that being, "Stated interest rate payment" is a loan, not a security.

The key, as to whether or not you are violating SEC rules, is not simple. For example, you are not doing a "general solicitation or advertising to market the securities" if you have developed a relationship with a lender/investor.

There are also some limited exemptions available under Regulation D. Raising capital by issuing any security is a complicated web of securities regulations. To make matters even worse, you must comply with the requirements of the State, in every State where an investor resides.

Most businesses that issue securities file based on federal exemption Regulation D which consists of Rules 504, 505, and 506. I am not an attorney, and am working with an SEC attorney currently, that is the only reason I have this much (limited) knowledge.

The bottom line is, I would recommend that you, at the very least, consult with a qualified, knowledgable attorney before making a costly mistake.

@ Brandon Turner, thank you for the welcome.

@ Bill Gulley. Thank you for pointing that out. That last sentence is not complete, accurate, nor clear.

The Deed of Trust is the instrument used to secure the loan on the property, the Trust Deed would be the conveyance.

@ everyone else. I apologize for being so careless.