Every now and then, I have students ask me if my home study system is compatible with SEC regulations…

Yes, it is compatible.

I realized, for the benefit of my students, I needed to address these folks concerns.

While speaking all over the nation, meeting thousands of real estate investors the past couple of years and getting ask these same SEC questions, I realized that there is a lot of confusion concerning SEC regulations vs private lending.

The confusion seems to arise because of the following:

1) Each state establishes its own regulations and exemptions. Therefore there are different guidelines depending on where you live.

2) If you cross state lines with your private lending, i.e. houses in one state and lenders in another, the Federal SEC regulations come into play.

3) There are a lot of half truths floating around and when people hear these, they get confused and possibly fearful.

To be better equipped to answer everyone’s questions, I decided to hire and attorney to do some research. Since each state is able to establish their own regulations, I decided to have the attorney start his research with the state of Ohio.

Some highlights while working with my attorney:

1) In Ohio I can acquire up to 9 private lenders without having to file any paperwork with the state. Once I file the proper paperwork my number of lenders is unlimited.
Different States have different numbers and most are higher than Ohio.

2) As long as my properties and lenders are in Ohio. Just the state regulations apply. If I have lenders and or houses in different states then the federal SEC regulations apply.

3) If I go over 9 lenders, the paperwork I need to file with the state is very very simple.

4) I need to give a disclosure statement to potential lenders.

5) I can only pool lender money if I file the proper paperwork.

6) Can’t use the word ‘guarantee’ in my advertising.

As a side note, some of you are under the impression, that the
SEC is out to cause you problems. The SEC is not the bad guy; they are looking for the bad guys. They want legitimate business owners to prosper. They are very willing to help you if you just ask. They just want you to comply with their regulations.

The following is some information from my attorney Ralph M. Sherman on SEC compliance.

Topic: What is a security?

The term ‘security’ is broadly defined to mean ‘any certificate or instrument, or any oral, written, or electronic agreement, understanding, or opportunity, that represents title to or interest in, or is secured by any lien or charge upon the capital, assets, profits, property or credit of any person or of any public or governmental body, subdivision or agency.’

That’s the language used on the website of the Ohio Division of Securities.
This definition includes such common items as shares of stock, warrants and options, promissory notes, membership interests in limited liability companies, bonds and debentures. Limited partnership interests are considered to be securities, while general partnership interests are generally not considered to be securities. The statutory definition additionally includes the term ‘investment contract,’ which has been construed by court decisions to include numerous investment opportunities and business opportunities, which at first glance may not appear to fit within the definition of ‘security.’

Topic: Does that mean private lending may be considered securities?

When you are borrowing money from private lenders, you are offering them a security. You’re making an IOU to them, by borrowing their money and promising to pay them a fixed interest rate over a certain time period or when the sale of a property is concluded.

When a company sells shares or stock, it’s giving the purchaser of the securities an ownership interest. Shareholders make their money when they get dividends on their investment or when they sell their stock. Private lenders are lending you funds and they make their money by receiving the interest rate you’ve promised them.

Ohio and most other states allow securities to be offered to investors when they are either registered or offered under a proper exemption from registration. Securities laws do define debt as a type of security. This means that your business has the same kind of opportunities as businesses that sell shares of their company to the public. It also means that securities laws and regulations apply to the business.

Topic: Who regulates securities?

Each state regulates investments offered to its citizens. The federal government, through the Securities & Exchange Commission (SEC), regulates offerings across state lines. This means that you’ll have to look at the laws and regulations in your state when you’re only working with private lenders in your state. If you’re working with folks across state lines, you’ll need to comply with the laws in each state you’re working in and comply with the SEC’s rules too.

Topic: What about advertising?

It’s important to understand that each state sets its rules for advertising investment opportunities, which includes private lending. Every state has opportunities for you to advertise to bring in private lenders. You will need to file some paperwork.

By doing this, most states will allow you to advertise to private lenders and grow your business.

Topic: What about advertising across state lines?

As you’ll see in the course materials, this kind of approach is referred to as a
Reg. D offering and we suggest you use the approach under Rule 504 of
Reg. D. If you’re looking at using this approach to reach out to private lenders outside of your home state, it is possible to advertise to private lenders.

You would use a state exemption that allows you to advertise and only advertise to accredited investors. Accredited investors are defined elsewhere in this package of information. As a reminder, the Securities Act of 1933 has several definitions of accredited investors. The most important for your business are likely to be these two:

1.a natural person who has individual net worth, or joint net worth with the person’s spouse, that exceeds million at the time of the purchase;

2.a natural person with income exceeding 0,000 in each of the two most recent years or joint income with a spouse exceeding 0,000 for those years and a reasonable expectation of the same income level in the current year.

Topic: What sort of disclosure should I give my private lenders?

When you are reaching out to private lenders, whether it’s just a handful or a large group, it’s very important that you disclose the risks and benefits of the private lending opportunity you’re offering them. There are several reasons you should do this. Some are for the benefit of your private lenders, who will want to know what your business is and how they can make money lending to you.

Securities laws also work to protect private lenders, so you must disclose to them what the potential downsides are. These might include how long it will take to sell a property; mortgage rate changes, housing market pricing fluctuations, or the cost of rehabbing a property. There are others you’ll want to mention.

Disclosure documents will also help you protect yourself and business against possible claims that you didn’t describe the business properly. A strong disclosure document will help you protect your reputation and protect you against frivolous litigation. It will also help you comply with securities laws and regulations and, should you get a question from a regulator, help you demonstrate to them you are working to be in compliance.

Topic: Commissions

The bottom line on paying commissions is: don’t. Unless you are using a proper registration or exemption and using a licensed or registered broker/dealer, almost every state prohibits paying commissions for the sale of securities.

Now, in Ohio, it is possible to pay someone to help you get potential private lenders to a luncheon, but only if you pay him or her whether or not these folks end up lending you money. That means that you can’t pay them based on their success rate or anything that connects their compensation to getting private lenders. Other states won’t even let you do that unless the people you’re compensating are registered or licensed broker/dealers.

Topic: Public Offerings

It’s easiest to explain what it means by explaining what a public offering isn’t.

Generally, any offering that is not exempt under the private offering exemption of the securities act of 1933 (Regulation D) is a public offering.
This means that if you aren’t using an exempt offering, as we talk about extensively in the interview and in the course materials, then you are getting involved in a public offering. Each and every state has its own definition of exempt offerings and these aren’t considered to be public offerings. We talk about some of these exempt offerings in Ohio and other states in the interview and in the course materials you’ve received.

Exempt offerings are what open the door for you to run your real estate investing business successfully and in compliance.

Topic: Doing Business

Remember, securities laws and regulations offer you many opportunities to do your real estate investing business and stay in compliance. Yes, there’s going to be some paperwork that goes with these laws and regulations. It’s just part of doing business, and that’s what Alan’s course is all about, helping you get into business and do it the right way and successfully.

Ralph M. Sherman, Esq., is an attorney who has been in practice for over sixteen years, working with small-business owners and entrepreneurs to raise funds and run their businesses in compliance with the laws, helping them to take advantage of the opportunities they find to build their businesses. Alan Cowgill has asked him to help his students understand how securities laws affect their business.

Special Notes from Alan Cowgill
The above is probably more information than most of you ever wanted to know about SEC requirements but I have found that the best way to eliminate the confusion is with knowledge.

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Student Loan Consolidation – Getting Out of Debt!

Getting Out of Debt : When we talk about college graduation, several promising life changes occur in our minds – potential careers, independence as well as new beginnings. However, although it means beginning of something, it still signifies something less enjoyable too – the repayment of student loans.

As you all know, the repayment of ample student loans can be off-putting for both students and their parents. It was found out by the Public Interest Research Group in the US that the average debt among student borrowers is currently in excess of ,500. That large! The Associated Press also noted that graduates of public colleges and universities usually emerge owing more than ,000 for their undergraduate years alone. Those who are in private institutions typically owe ,000, while the graduate-level students often owe more than ,000. What’s more for those studying medicine or law? For sure, they accumulate even more debt. And, the bad thing is, repaying these deb

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College Aid Click here for extra details …

If you have went to college, there are numerous blunders you could help to make if you are very first trying to receive College aid to visit university. During this really demanding period, whether you are a fresh student students to your first time, or perhaps a solitary mother starting a new college whilst still being caring for your loved ones, the stress you might be beneath can make you get some things wrong. Here are a few points you can do to ensure your own educational funding for university undergoes efficiently.

The actual most detrimental problem that any university student could make when they are starting out there, or even when they have not really been to varsity for decades, is actually to hang about until the past moment. Ahead of graduating from high school inside the month regarding February, here is the last feasible minute which you need to wait to get school funding. Perform this prior to February, at the latest Jan, and also accomplish it. This place an individual together with their email list for the particular College aid that you will need to get your courses and pay for your tuition.

Subsequent, when you are filling out your Fafsa, a person must make sure it is all totally done properly. And if you are filling it on the web, make sure that you tend to be conserving your information. You can find no less than ten to fifteen areas for this report. If the computer goes out, or even your internet link isn’t able, you might shed your entire information.

Take into account just about all work deadlines. Which means obtaining school funding is not the just deadline you should be concerned with. Unless you satisfy deadlines associated with paperwork that needs to be changed into the university, you may not obtain any kind of courses or at least the particular classes that you want. Needless to say the first yr of college is definitely the most challenging regarding competitors with regard to courses. But when you wait until the final minute, you may must spend a supplementary yr attending college just to catch up getting the courses that you might want.

All sorts of things that anyone who wants to visit university has to be ready. You need to have a goal emerge thoughts in which says what you would like to attain, and just how you are going to attain that. This implies you need a schedule, and a truth linen that shows you precisely what you should achieve on the daily as well as each week schedule.

Single mothers have more reasons as compared to individual pupils that will school. They’ve a complete family to take care of. The solitary university student does not have any a single yet by themselves. Take the time to make sure you have got visualized as well as written out what it’s you want to attain to prevent producing heartbreaking mistakes which could stop you from getting the lessons that you might want within the college aid that may pay for your level.

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So you want to get a personal loan but you have poor credit?  Do not worry too much that you cannot get that loan because there are personal loans poor credit options for you and they just might make all the difference in your financial lifestyle.  A lot of people tend to forget that when they use credit cards, they are getting into debt.  What’s worse is that they forget the fact that if they don’t pay their credit card bills on time and completely, and then they will rack up more bad credit points in their credit history.  This poor history stops them from getting loans for paying back the debts.

Secured Loans

Personal loans poor credit options are always available for those who need them.  If you have assets that you can put up as collateral, one of these personal loans is available to you.  It is called the secured personal loan and is easy to get if you have assets that you can put up as collateral.  Now, the beauty about this loan is that the payments are longer and cheaper to pay.  This means that you can pay lower monthlies with lower interest rates and you can pay them off at a longer amount of time which makes it easier for you to make the payments on time.  Of course, not everybody agrees that the longer payments are the best way to go about with these loans.  It really depends on the discipline with payments.

Unsecured Loans

One other personal loans poor credit option is the unsecured personal loan.  This is for the people who want to get a loan but pay it back quickly without putting up any kind of collateral.  However, by not putting up any collateral, this can be risky for the lender and therefore this kind of loan is much harder to get.  Your credit history will be investigated thoroughly just so you can get this loan.  In addition, these loans mean higher payments per month with higher interest rates to boot.

Improve Your Credit History

Now, you really need to consider getting one of these personal loans poor credit options for the simple fact that you can get rid of your credit card debt and then start to improve your credit history.  You can improve your credit history because of the fact that you are concentrating only on paying back the loan and you can therefore make the payments back on time.  This means that you will have better credit history and better chances at getting loans.

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Student Loans 101

Have you been wondering how you are going to be able to afford to send your kids to college? You are not alone. Or perhaps you want to return to college or enter college but do not think it is possible because you don’t have the money. Think again.

A college education is necessary today if you are going to get a decent job. But not everyone has the money to shell out for an expensive education. But that doesn’t mean that you have to give up on your dream of sending your kids to college or going to college yourself. You can make it happen! And in some cases, you can get your kids to college without it even costing you a dime!

Wouldn’t it be nice to have all the information you need about where to get financial aid for college in one place? Well, now you can have it in this book “Student Loans 101.”

This book answers all of your questions about student loans, how to get them and everything else that you ever wanted to know about getting financial aid for college.

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When you’re looking for a school loan consolidation to combine your many student loans into one payment, there are a lot of rules that you must follow, especially if your loans are federal loans. Here, we outline some of these rules to help you navigate the school loan consolidation maze.

There are two different school loan consolidation programs; namely, the Federal Family Education Loan (FFEL) and the Direct Consolidation Loan programs. It’s important to know the difference between the two. First, any school loan consolidation that you want combined have to be accepted by the Direct Consolidation Loan Program. Federal Family Education Loan lenders might accept all eligible loans for the FFEL consolidation, but some lenders might not include non-FFEL loans in the school loan consolidation. However, if a loan isn’t accepted in the Federal Family Education Loan consolidation program, lenders might offer alternative school loan consolidation programs for these debts.

School loan consolidation lenders under the Federal Family Education Loan program must offer several repayment programs. These include the standard repayment plan, the graduated repayment plan, an extended repayment plan, and an income-sensitive repayment plan. Keep in mind that although these four repayment plans are offered by all FFEL lenders, the actual details of the repayment can vary. For example, the income-sensitive repayment plan takes the borrower’s income and total debt load into account.

With the Direct Loan Program, you are offered the standard repayment plan, the graduated repayment plan, the extended repayment plan, and the income-contingent repayment plan. With this particular income-contingent repayment plan, the payment is based on a formula that takes the borrower’s income, family size, and total loan amounts into account.

If you default on an FFEL consolidation loan, some lenders might allow you to include the defaulted loan into a new consolidation loan. However, not all lenders will offer this option. The Direct Loan Program also has stipulations for consolidating defaulted loans into new loans. If you are eligible to consolidate your defaulted loans into a new loan, you will regain eligibility for federal student aid.

Under the Direct Consolidation Program, you may consolidate your loans while you are enrolled in school. If you are eligible for an in-school consolidation, you can get a six month grace period before repayment begins. You might also qualify for a lower interest. If you have only FFEL loans, you might still be eligible for a consolidation and grace period while still in school through the Direct Consolidation Loan program. With the FFEL consolidation program, you can only consolidate your loans after leaving school, and all your loans have to be in the grace period or repayment period.

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How Student Loan Forgiveness Programs May Help Reduce Your College Loan Debts

Key Facts On Private novice Loans

Many students prefer federal loans over private student loans simply because these government-backed loans have lower interest rates and are easier to repay.Visit here now http://grantsorg-information.blogspot.com

 Private student loans are again readily available, but exclusive a few consider applying for of the widespread notion that individualizing beginner loans are more expensive than federal loans.Private learner loans conceive bigger funds as compared to governmental loans. If you are studying in a representative university location you legal tender higher fees, private loans may just address your needs.

Private students loan are also named whereas alternate loans, which is offered by the private lenders. The private student loan can equate availed whereas schools, undergraduate and graduate studies. highly of the lenders offer specialized loan schemes seeing each odyssey such whereas under graduate loans, MBA loans, and school loans.Once the student acquires the funds, the money contract hold office used for multiple purposes such because tuition and books. Federal student loans create side on how disbursed money is used. However, a individual student loan obligatoriness pay for a idiosyncrasy of education-related expenses such as a laptop, rent, transportation, etc.

Private loans are ofttimes unsecured loans, which charge high influence rates. However it has certain advantages in comparison salt away the Federal loans, such as no specific eligibility requirement, conduct certificate or opposed formalities. The easiness in application submission is the foremost advantage of the private initiate loan. The governmental loans had the limitation that the neophyte loan has to be favorable before the last date. But the private student loans have no particular dead line and charge buy for applied on any stretch. The private student loan incumbency be applied through online. The private student loans can enjoy the privileges of the repayment options of all student loans. The decrease of the loan amount has to be started only coming the completion of the course and prone the grace period.Visit here now http://grantsorg-information.blogspot.com

The way to determine qualifications for student loan forgiveness is by going to the Web site for the Department of Education. Find out how people who work for the federal government can qualify for student loan forgiveness with help from a financial aid officer in this free video on student loans and financial aid. Expert: Brooke Kramer Contact: www.argosy.edu Bio: Brooke Kramer is the financial aid officer at Argosy University in Salt Lake City, Utah. Filmmaker: Michael Burton

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Instant of Decision

When the sharp snap of a pistol shot came from the half-finished building, Karnes wasn’t anywhere near the sandpile that received the slug. He was fifteen feet away, behind the much more reliable protection of a neat stack of cement bags that provided cover all the way to a window in the empty shell of brick and steel before him.

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Who Says You Can’t Buy a Home!: How to Put Credit Problems, Down Payment Challenges, and Income Issues Behind You — And Get a Mortgage Now

For every prospective homebuyer there is a unique financial situation. Some may have past or current credit issues, others lack cash-on-hand for a down payment, and many have unpredictable incomes. But this doesn’t mean these folks are any less entitled to own a home. Who Says You Can’t Buy a Home! gives readers plenty of proven, powerful ways to overcome perceived obstacles to home ownership. Real estate and home-buying authority David Reed tells hopeful buyers everything they need to know about establishing credit, using government mortgage and zero money down programs, buying foreclosures, getting subprime loans, buying without a mortgage, and much more. And for those with shaky credit, Who Says You Can’t Buy a Home! offers priceless advice on managing credit scores and reports, repairing bad credit, and other crucial steps that can make the difference between owning a home and being turned down. The book also shows how to avoid predatory lenders and common mistakes, while g

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All About Low Rate Student Loans

The rising costs of college tuition have make-believe substantive almost a stint to apply whereas a student loan today.Visit Here Now  http://fafsa-studentaid-ed-gov.blogspot.com

 Students not only lap up tuition costs, but the cost of books, meals, gas, cell phones, recreation, etc. The variety of student loans enables students to carry care of their varying college expenses. A student loan however, is a loan that extremity copy repaid under specified circumstances.

A Direct Student Loan is a loan with a plan of repayment six to nine months after the student has completed cram. The oversee Student Loan is distributed through the show the student is attending, which enables the interest rates to be much lower than a Guaranteed learner Loan.The contrasting outfit you need to consider before applying as a initiate loan is your ability to hard cash back the loan. Consider the kind of career you would possibly have after you graduate. activate an estimate of what your starting salary would be when you see through a job. The cardinal edict in borrowing is that you should only borrow an amount that you are certain you will be able to pay back. Before turning sway your student loan application, you further need to know how much you leave have to greenback every month if your loan gets approved.

Federal organize Loans or hope loans due to they are known is a learner loan not contingent on your income, but lenders complete posit personal credit history. Parents or guardians who have a dependent child enrolled in college at least part-time are eligible over the PLUS loan. The modify rate is 9% or less.

Virtually any school or program will play ball you to utilize the Direct neophyte loan, Guaranteed learner loan or PLUS loan. corporeal is very money to thoroughly research all available options for funding long-term education. Your future is bonded to your funding, which is your recruit loanVisit Here Now  http://fafsa-studentaid-ed-gov.blogspot.com

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