Jay Morrison & The Tulsa Real Estate Fund (Official Thread)

[hashmander]

Y’all nikkas act like a 40k job is wealth lmao

i was obviously being sarcastic. and even so, i said management team; the select crew that will be sharing those management fees, potentially millions.

 

[Pimp]

Before 2012 people making under 250k yearly couldnt even get in on something like this. The fund is giving its investors an 8% return quarterly plus 50% of the profits. That is pretty much unheard of.

This man explains everything in simple terms

 

[hashmander]

oh and capitalism doesn't have a mechanism to stop gentrification. you can't be about getting this money and combating gentrification at the same time. if it's one black owned company buying up real estate and it's a capitalistic enterprise and not a charity then they'll sell or rent to the highest bidder. that's how gentrification happens, a neighborhood becomes desirable and existing non-owner residents are priced out because people with more money want to live there. will they sell to black people for much lower prices and harm themselves and their investors? yes it was hilarious typing it. just nice sounding words to finesse people ... oh we're going to combat gentrification and own our neighborhoods again. black people will own our neighborhoods again when individual black people can buy and hold their homes in a neighborhood. a black landlord is a still a landlord.

 

[Conjiggle]

The initial point compared a REIT with a residential real estate agent. Like I said, there's nothing to discuss
since you are out of your depth.

Do you understand how IPOs work ? These investors collectively hold less than 50% of the shares and will probably receive a dividend.

As I said before,if you have a problem with the splits then so be it.

Nobody is forcing you to invest in the fund

Lol you got it bro. I see this debate is going nowhere. Yet again you have failed to address any of the points I have made.

I am out of my depth but you are struggling to realize that

- I didn’t compare a residential realtor to a REIT

- I only brought up Realtors because of what was stated in an earlier post outlining the expenses of the fund trying to justify the fee. This was done to show that Realtor commission on the buying end is not an expense to the fund because commissions are paid by the seller in GA.

- Tulsa has stated they are going to target residential properties as well as commercial properties. Therefore, common sense would lead us to believe that residential Realtors will play a part in all of this at some point.

I can only assume that you have taken a large portion of your savings and thrown it into this fund. So need for the back and forth. Just up this thread in a year when your $500 has magically turned into a small fortune and prove the doubters like me wrong.

 

[Conjiggle]

oh and capitalism doesn't have a mechanism to stop gentrification. you can't be about getting this money and combating gentrification at the same time. if it's one black owned company buying up real estate and it's a capitalistic enterprise and not a charity then they'll sell or rent to the highest bidder. that's how gentrification happens, a neighborhood becomes desirable and existing non-owner residents are priced out because people with more money want to live there. will they sell to black people for much lower prices and harm themselves and their investors? yes it was hilarious typing it. just nice sounding words to finesse people ... oh we're going to combat gentrification and own our neighborhoods again. black people will own our neighborhoods again when individual black people can buy and hold their homes in a neighborhood. a black landlord is a still a landlord.

Good post. This is an area that we haven’t really touched on in the two main threads on this topic.

The Federal Housing Act (Federal Law) prohibits discrimination. You can’t selectively decide who you lease/sell real property to based on certain factors including race.

 

[Dirien]

This brehette right here

Alright, since we only believe what white people say...Here's a skeptical white person who actually runs a real estate crowdfund review website featured on several major white publications.

Here is one of the security filings lawyers for TREF chiming in on the subject.

Here's the white guy's response....

Source: https://www.biggerpockets.com/forums/92/topics/572086-tulsa-real-estate-fund?page=1

So what does this all mean....

The so called "fee schedule" she posted is from Madison Trust company which is a custodian for Self Directed IRAs. Let me repeat, self directed IRAs. Here is the ACTUAL company that your money is sent to once you invest. http://primetrust.com/crowdfunding.php.

If you read the comments, several people questioned the authenticity of this document. She later stated that she received this document from them in regards to rolling over her IRA. So it sounds like to me she may have an IRA with this particular or another company and they sent her the document for what her potential fees would be taking money out of her IRA. Her posts indicated that these would be the fees everyone would have to pay! Not once did she think to mention IRA in that comment until she was called out. Isn't this thread supposed to be where all the high level investors are?

As we saw with the back and forth between the filings attorney and CF Review guy, the management fee looks bad upfront, but compared to many other companies, 5.5% is fair. The dude himself said most that aren't even making a profit charge 5-8% annually just for property management. The 50% split again, is how the company will actually pay their employees as I stated earlier. Fundrise is consistently touted as having some of the lowest fees in this industry at 1% annually, yet anyone who has used or researched the platform can tell you there are several more fees you must dig deeper to find associated with having an account. Just do a quick Google search.

But hey, yall go ahead and run with the Instagram girl who posted up an IRA company's fee schedule . We'll revisit this in a year.

 

[GoldCoastSaint]

its not guaranteedits not gonna happen.. yall need to ask someone who really knows their shyt before yall end up with punchtv shares again


theres a reason why before 2012 folks who didnt make
250k a month couldnt “get in on something like this”.

its to protect the average joe from shyt like this

Boy my husband and I are AVID redevelopment investors. We did not invest in this fund as we have our own shyt going on but nothing about it raises flags. Their transparency is unreal and all their documentation is legit. Stop being scared to make passive income. My husband had to teach me this.

 

[Donald J Trump]

Boy my husband and I are AVID redevelopment investors. We did not invest in this fund as we have our own shyt going on but nothing about it raises flags. Their transparency is unreal and all their documentation is legit. Stop being scared to make passive income. My husband had to teach me this.

Scared to make passive income? Nothing raises flags? I been investing for many years and family been involved in real estate since before JFK got hit.

The second nikkas that never invest in something real start using terms like
Passive income
Not a risk
Residuals
Affiliate

I already know it’s a bunch of smart dumb nikkas gettin scammed

 

[GoldCoastSaint]

Did he conduct any research into the viability of those distressed areas over the next 10-15 years?

You guys are spending money you don't have on a promise, not on anything real. Let's stop acting like children. Black banks have more capability than Jay Morrison in creating a Black Wallstreet but they cannot right now for obvious reasons.





That 8% is preferred shares which he doesn't have to issue out, and I doubt he can for some time if that is what he wants to do. But 8% quarterly with 50% of profits.... I hope people ain't falling for that bullshyt.

OMG people please read the documentation before making comments like the above. This is simply not true. This is not a standard fund. If you are really interested I encourage you to do your research.

 

[GoldCoastSaint]

This man explains everything in simple terms

The fund's processes and procedures are well documented and available for review.

 

[GoldCoastSaint]

Scared to make passive income? Nothing raises flags? I been investing for many years and family been involved in real estate since before JFK got hit.

The second nikkas that never invest in something real start using terms like
Passive income
Not a risk
Residuals
Affiliate

I already know it’s a bunch of smart dumb nikkas gettin scammed

Bye.

 

[Donald J Trump]

Bye.

Exactly. You legit look like the typical invest in an mlm and be an affiliate ass nikka

Hypothetically, if the fund attained a 30% return, you, the investor would receive a preferred return* of 8%. The remaining 22% would then be split 50/50 between the fund Manager's and the crowd.

No talk of reinvesting to grow the fund and actually build a black Wall Street (which they aren’t going to do)

Didn’t mention that 5.5% fee threshold that had to be hit first either

 

[PikaDaDon]

You guys are going ham on this topic about this questionable fundraising.

I wonder if you would go ham about the film being developed by your own in this very community that had two previously successful kickstarters, won multiple awards, and a proven track record with thousands of customers..

4 days left on this crowdfunding campaign and no one can refute it's viability. In fact, listen to this random white dude that stumbled on my campaign and viciously scrutinizes kickstarters.

"Oh wow a white guy endorsed it! I'm gonna throw money at this shyt" - the average c00n

 

[Black Bolt]

I have no skin in the game either way but if it'd be nice if this same energy/diligence was applied to all our purchasing decisions....

 

[Drones]

The biggest red flag to me is that every time someone asks questions on basic stuff that any investment sponsor should be able to answer they get immediately asked back "do you ask (X non-black business) this? THEY don't get all these questions so why are you asking them from your own brother?? get off the plantation!" Jay Morrison himself goes to this all over his Youtube page and IG:



here he is going off on a dude who brings up good points and then telling the dude to 'get out of (his) feelings' at 2:03:00



I fully support black folks getting our bread up as a collective but we have some serious studying to do as far as financial literacy. The fact that this got to millions of dollars in days is both encouraging (we are clearly willing to financially back projects that are for our benefit) and staggering (this project has flimsy at-best fundamentals obscured by pro-black emotionalism.)