Posted by John Merchant on July 09, 2003 at 07:47:36:
If you could locate, near you, some long-time RE syndicator, of which there are a lot around the USA, and buy the person lunch, you could learn a tremendous amount about RE Syn, how they work, its costs, licensing requirements in your state, its profitability, etc.
I’ve found over the years that there’s always somebody, usually within a short drive, who is a real expert on most anything, and that has saved me lots of time.
Do I need a securities license/Syndication? - Posted by DW
Posted by DW on July 08, 2003 at 05:04:54:
I would love to help set up others in multi-unit purchases of RE in my home state and in other states. I would either stay in the transaction or get out for a fee. Yep, I think I want to be a part time syndicator. Question is , do I need a securities license to do this?
Re: Do I need a securities license/Syndication? - Posted by John Merchant
Posted by John Merchant on July 08, 2003 at 08:35:52:
Have you read all the posts here on whether a sec. license is required? Lots of them, and I’d recommend reading before going any further.
As has been said, also lots of times, as long as you act as a principal in every deal, with YOU being one of the buyers & sellers, probably not. This way, you’re acting NOT as an agent (which would probably require state RE license, and makes you possibly liable to your principles under law of agency)
but just for yourself, for which no license is required.
Re: Do I need a securities license/Syndication? - Posted by DW
Posted by DW on July 08, 2003 at 12:25:53:
Thanks for the comments. No, I have not read every post.
However, I do not intend to stay in as a principal in every transaction, nor do I intend to do transactions solely in my home state. I do not envision running ads for investors , although that could come to pass.
I guess in short I am answering my own question.
Time to move on to a securities attorney. Does anyone know what is involved in obtaining a NASD license for RE syndication? I believe it is a series 57 license required but I’m not positive.
Thanks a bunch…feed back is always welcome.
Re: Do I need a securities license/Syndication? - Posted by Tom-FL
Posted by Tom-FL on July 08, 2003 at 13:01:31:
There might be cheaper, I didn’t surf them:
http://www.google.com/search?hl=en&lr=&ie=UTF-8&oe=UTF-8&q=“How+to+Play+the+New+Real+Estate+Syndication+Game”
Re: Do I need a securities license/Syndication? - Posted by Tom-FL
Posted by Tom-FL on July 08, 2003 at 12:54:02:
Here’s a book I have. I know I didn’t pay that much for it tough.
http://www.amazon.com/exec/obidos/search-handle-url/index=books&field-titleid=518578&ve-field=none/qid=/002-9522218-4093663
Re: Do I need a securities license/Syndication? - Posted by DW
Posted by DW on July 09, 2003 at 04:49:03:
Thanks…it’s funny, about 8 hours before your e-mail/answer arrrived I purchased that book from Amazon, used for $54.
FYI for any interested parties: The NASD exam is a series 39 exam, details of the exam are found at the NASD web site.
Re: Do I need a securities license/Syndication? - Posted by Tom-FL
Posted by Tom-FL on July 09, 2003 at 16:03:27:
That’s me, a day late and a dollar short. 