I'm not a lawyer. Having said that, I think the answer is that you would almost surely get away with it. I'm not suggesting that you do lie, just sayin' that it is extremely unlikely that there would ever be anyone who would care later, although I can imagine scenarios where it could matter. Suppose you ended up suing the company over something -- exactly what doesn't matter. I bet their lawyers would check and bring up the fact in court that you lied. (Lawyers routinely look for anything that will discredit you to get their clients off the hook.)
As to RealtyMogul, the thing that has slowed me down at this point is their fees. There are three separate kinds of fees that RealtyMoguls scrapes off for themselves, and another layer of fees that the syndicator scrapes off. Between them seems like they take 1/3 to 1/2 of the profits for themselves.
RM is a very young company. The literature they share with you to describe the deals, including things like the numbers, including fees, etc, is not very professional. A lot of it is not even in a document that you can easily archive. Its largely just on their web site. I told them this information should be in a legal document we both sign. We can't have a legal agreement between us with the terms on some web site somewhere that can change.
I don't know whether the deals they present are good or not. They have no track record. They say they choose them well, as everybody tryin' to sell you something always says, but there is no evidence. I haven't taken the time to research the track records of any of the syndicators whose deals they are presenting.
On the positive side, they have a great idea, and are pursuing it and trying to get better at what they do. As they gain a little maturity, they might become something significant.
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