But the wild part is what was the point of that if you’re just going to transfer it directly under your name? not even a trust or some other obfuscatory entity. Like dude I don’t know if he’s stupid or bold?This dude deeded the property to an LLC in New Mexico...and not Georgia... because you can have anonymous ownership?!
THATS WILD!!!!!
Jay Morrison bought a $850,000 house through Tulsa Real Estate fund, then sold it to himself for $80
- Thread starter Brolic
- Start date
xxxBDSMxxx
fidelio
Brolic
High Value Poster
He doesn’t care because he can’t get sued.
Jay put a clause in the terms of agreement that made prohibited investors from filing lawsuits against him.
Ol’Otis
The Picasso of the Ghetto
Hey breh I’m learning @ArithmeticThis dude deeded the property to an LLC in New Mexico...and not Georgia... because you can have anonymous ownership?!
THATS WILD!!!!!
J Morrison cracced the financial engineering code
Some people called this shyt four years ago.
That’s not how the legal system works though.
1. That clause can’t stop a criminal case
2. “You can’t sue” clauses are never held up in court. It’s like the “we both leave with what we came with” clauses of pre-nups and non-compete clauses of work contracts. They aren’t looked upon favorably by judges. Now you can make it difficult to sue by putting mandatory arbitration or some kind of indemnification in the contract but those things could be worked around as well.
And let’s say say such a “can’t sue” clause was enforceable it would still have to come to the decision of a judge that suing is in breach of the contract. But then that same judge gets presented possible breaches that Morrison has done. They raised over $11 million for a real estate fund and in 5 years only 30% of that was invested in real estate most of which is “the black house” and a home that’s now in Jay’s name. 25 total properties in 5 years.
You’re burning through millions of dollars annually most of which in “management and service fees” yet you’re only investing in 1 property every 2.5 months on average. Think about it the average, run of the mill, part-time, side hustle real estate agent is SELLING (which is much more difficult to do than buying) 5-10+ houses annually and an 8 figure REIT is only able to BUY 5 properties annually?? So what are you spending all that management fee money on?
You’ve got co-mingling of funds where employees of the Jay Morrison academy who had nothing to do with Tref stated they were getting paid by Tref funds. And then a house purchased by Tref funds end up being quitclaim deeded to Jay via overt means of obfuscation. Yeah I doubt a judge is going to gloss over all that because of a clause that says you can’t sue. Literally every company would include that in the language of all their contracts and nobody would ever be able to sue anyone. Ambulance chasers wouldn’t exist.
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beenz
Rap Guerilla
I saw this on pocketwatching the other day. this scammer literally used the TREF funds to buy a house in the name of a trust he controls. then transfers it to another trust, and then another trust which ultimately sells him the house and land for $80 in his name
Nigerianwonder
Superstar
I saw this on pocketwatching the other day. this scammer literally used the TREF funds to buy a house in the name of a trust he controls. then transfers it to another trust, and then another trust which ultimately sells him the house and land for $80 in his name
Tariq is doing the same thing with the "museum". Fools donated money and gave him a free million dollar property.
?
Brolic
High Value Poster
Tariq finessed his fans into buying a lounge/bar. But the difference is it was through donations, no one expected a return their money, and his fans are still happy with the museum.
Piff Perkins
Veteran
Brehs so dedicated to being smart dumb and doing everything except the right/smart thing. 401k? Index fund? CDs? Nah, brehs don't got none of that but will tell you about some bullshyt scam when investing comes up. It's weird as fukk.
ilovejesus
Pro
This dude deeded the property to an LLC in New Mexico...and not Georgia... because you can have anonymous ownership?!
THATS WILD!!!!!
Warren Buffett explains people like him perfectly.