Jay Morrison bought a $850,000 house through Tulsa Real Estate fund, then sold it to himself for $80
- Thread starter Brolic
- Start date
You are going out in a limb using speculative statements about whether he will build multifamily. Is there a code that says he can't build multifamily in that area?
Mike Nasty
Superstar
These aren't the questions I'd want my fund manager asking at this point in the game.
I am not speculating at all. Jay said it himself in the meeting that was held yesterday. The plan he is selling to his believers is that the 32 acres will be developed for commercial and multi-family use. I live and sell property in the area (top producing Realtor). I don’t have to speculate.
Everything I stated in my previous post that you quoted are facts and not something I am speculating on. Development in that community is 99% single family homes and a couple of townhome communities. The city is not going to all of a sudden allow for 32 acres of multi family residences in the middle of single family developments.
In that zip code there is currently one multi family listing active on the market…. 1. In contrast, there are currently 136 active single family properties on the market in the same zip code.
That 1 multi family listing is a single family ranch style home that was converted into a multi family (duplex).
There are a total of 5 multi - family properties in the zip code that are pending (1) or sold (4) over the last 6 months. In contrast, there are 361 pending/sold single family properties in that zip code over the same period of time.
Again, that area is NOT a market for multi-family properties. That is not what buyers shopping in that area are looking for. There also isn’t a large rental market in the area.
Jay’s nonsensical plan would be like trying to build a trailer park community downtown Atlanta. That would make no sense considering the primary type of residential property in that area is high rise condominiums.
One additional thing I will add - D.R. Horton (largest residential builder in North America) has a large market share in that neighborhood. I can guarantee that they would not allow a multi-family development to get approved down the street from neighborhoods that they are developing (Oakhurst Glen). Money, power, politics. All things D.R. Horton has that Jay lacks in the real world. The city isn’t going to risk the property tax revenue that they generate from D.R. Horton’s developments over some scammers joke fund.
So as stated before, Jay can fast talk his followers who are blinded by this perceived notion that he is some sort of real estate guru. But those of us that know how real estate works could see from a mile away that this fund was always destined to fail. He doesn’t have the knowledge, experience or wherewithal to navigate the real estate market from even the most basic of levels.
Like most scammers, Jay is now at a point where he actually believes his own lies and feels he is too big to get caught up in his scheme. That is why he blatantly used investor money to purchase a home and land that will ultimately only benefit him and his family. The fund won’t be around in a year or two.
Kornball The Conqueror
Superstar
if he files for bankruptcy he going to jail
staticshock
Veteran
I just looked up Oakhurst Glen it looks amazing. I used to teach in that Langston Hughes area of Fairburn & I’d just drive around sometimes looking at the neighborhoods & mansions. I don’t know anything about real estate but knowing that area, there’s no way in hell a multi family property will be built there. Maybe in the Creekside portion of Fairburn, but not the other side we’re talking about.
Unrelated, but what do you think of that LeJardin neighborhood in that area? That’s me and wifey dream neighborhood
That’s what’s up. I have a few clients that have kids that go to Langston Hughes. Nothing but respect to you as a teacher bro.
That part of Fairburn (Oakhurst Glen) borders Camp Creek (Atlanta/South Fulton). And like you said, no multi-family is getting approved on either side of Demooney Rd.
LeJardin was a great concept and I always say it is a shame that the original developers weren’t able to complete their vision before going under when the market crashed. I think it is a great neighborhood though. Beautiful homes and community landscaping. A developer has recently started building on the estate side (lake lots). It is a little too far from the highway for me personally, but outside of that I think it is definitely worthy of being a dream community to live in.
All I asked was a simple question, is there a code that forbids multifamily housing, guessing from a post full of nothing im guessing there isn't
Too much to comprehend at once? Jay didn’t teach you this in whatever course you bought from him? My fault bro. Let me dumb it down.
You asked a question that technically makes no sense. There is no “code”. What you are actually trying to ask is - do zoning laws prohibit multi-family development in the area where Jaw owns the property.
Here is the simple answer - yes it does. The property in question is currently zoned for a single family property.
The zoning laws also would also not permit commercial development on that property.
I can’t figure out if you’re a fukking dumbass or a troll God
Either way you’re a genius at being one of those, no cap
So all I have to...... I mean all Jay has to do is apply for a rezoning.
Thanks for clearing that up, my team....I mean tref will get right on it. Stay blessed King
Yeah it is definitely pointless expecting a rational discussion with you. You are struggling to comprehend. You really are holding on to hope that Jay will make TREF into a viable investment. But it’s too late. Your money is gone. You donated it. It was never an investment. You got scammed.
I will respond to this last post and then you got it after this. You win. Stay blessed King.
1. You posted a link to the city of Fairburn’s website planning & zoning application. Your leader’s property is located in the city of South Fulton. So he would want to start there.
2. Sure, an application for rezoning can be submitted. Your leader Jay can submit as many applications as he would like. Does not mean the rezoning request will be approved. Which it won’t (I detailed why in previous posts). An application does not = approval/acceptance. Thought that was obvious.
Based on the area, he would have a better chance of getting zoning approval to build a warehouse on the land than he would some type of multi-family/commercial complex.
The smart investment in that area would have been to acquire the land and develop a single family home community with properties valued at a minimum of $600k.
With 32 acres he could have probably built anywhere between 25-30 homes on .5 acre lots. Sold them for an average of $600-650k. Total revenue for 30 homes at $650k each would be in the ballpark of $19-20 million. After subtracting development costs that could yield a profit of anywhere from $5-7 million.
