Why Real Estate is a Security If You Raise Money

Still to this day, it doesn’t really make sense to me that securities and like real estate, like we’re just buying an apartment. That’s not a security. So how did, how did the government or how did the world make that a security? Like, what are we, what are, like, where’s that line? The definition of a security under the SEC is ridiculously broad. The structure itself does not matter. People try and get creative and they structure it in such a way. So, well, if I do it this way, it’s not going to be a security. If I make a sort of a promise, every note, maybe it’s not a security or a joint venture or something. And the reality is every time you are taking money from passive investors, where the returns are being generated by your efforts, you’re doing all the work and the investor is simply running with checking going home, you are dealing with a security.