What "accredited investor" means — and why it matters
Accredited investor in the US: $1M+ net worth excluding primary residence, OR $200K+ income (single) / $300K+ (joint) for the past two years with a reasonable expectation of the same this year. Or hold Series 7/65/82 licenses. Accreditation unlocks Regulation D 506(c) private placements — most syndications, most QOFs, most non-listed private real estate funds.
Most direct deal access — syndications, private REITs above the retail tier, most opportunity funds — requires accreditation. The SEC's rationale is that accredited investors can absorb the risk of less-regulated offerings and have access to the professional help to evaluate them.
Verification matters: 506(c) offerings (most non-traded, advertised privately) require the issuer to verify your accreditation — typically via CPA letter, attorney letter, or third-party services (VerifyInvestor). 506(b) offerings (existing relationships only) can rely on your self-certification.
Paths to accreditation if you're not there yet: build the income (two consecutive years above the threshold); build the net worth (excluding primary residence — investment property and brokerage assets count); or earn a qualifying license (Series 65 is the most accessible — a self-study exam, no employer sponsor needed in many states).