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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Skimmer, a friend of mine got nailed... Posted by CC in OC on June 24, 2009 at 6:36 AM In Reply to: what about looking for a lender, not an investor posted by Skimmer on June 23, 2009 at 9:37 PM ...by the SEC for advertising just as you described. He spent thousands getting himself out of that mess. However, you need not be "licensed" to advertise for private investors to lend on your F/C property. You must be "registered" with your state's department of corporations. You need permission to advertise for private lenders and you must disclose to those lenders in a manner approved by your state's department of corporations. I've never done it, so I don't know how expensive it is, but this past weekend, Alan Cowgill explained the "California loophole" whereby if you register in CA to advertise in your state (wherever that is), you enjoy CA's dollar limits ($5 million) and a couple of other benefits of registering in CA. The cost to file is $600. Cowgill's 4-day bootcamp was one day too long because he had cross-gurus there to upsell, but the basic information was well presented. I recommend you attend his next bootcamp where you could probably network with someone there to lend to you. If you'd rather just pay an SEC attorney to walk you through the process, I located an SEC/real estate attorney in CA. Here is her website, but I don't know her personally. http://www.jilliansidoti.com/home.html Follow Ups: Free info at this site... CC in OC 8:38 AM, 06/24/09 (0) Post a Followup: Name : E-Mail : Subject : Comments: : ...by the SEC for advertising just as you described. He spent thousands getting himself out of that mess. : However, you need not be "licensed" to advertise for private investors to lend on your F/C property. You must be "registered" with your state's department of corporations. You need permission to advertise for private lenders and you must disclose to those lenders in a manner approved by your state's department of corporations. I've never done it, so I don't know how expensive it is, but this past weekend, Alan Cowgill explained the "California loophole" whereby if you register in CA to advertise in your state (wherever that is), you enjoy CA's dollar limits ($5 million) and a couple of other benefits of registering in CA. The cost to file is $600. Cowgill's 4-day bootcamp was one day too long because he had cross-gurus there to upsell, but the basic information was well presented. I recommend you attend his next bootcamp where you could probably network with someone there to lend to you. If you'd rather just pay an SEC attorney to walk you through the process, I located an SEC/real estate attorney in CA. Here is her website, but I don't know her personally. : http://www.jilliansidoti.com/home.html [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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