Sending Letters to Try to Get Private Lenders- Is this a Security?
I'm looking to send letters to people who I've found through public records who I know have loaned money on real estate in the past. I've researched this on BP, but can't seem to find a good, definitive answer.
The letters would basically say: I'm an experienced investor, I'm looking for private lenders, if you're interested, give me a call.
The thing I'm worried about is that this could be considered a security. I would NOT be pooling money- I would give individual notes and deeds of trust on each property so that the lender has security. I was told by a securities lawyer today that this would make it NOT a security, but he wanted $5,000 for an opinion letter to officially state this, which I'd rather not have to pay for a couple hundred letters.
Does anyone have any real world experience with this? Has anyone actually paid a lawyer to really review this and provide definitive answer? I'm hoping we can leverage the $2500-$10,000 someone else may have paid to have this formally reviewed.
Thanks for any information. Jon