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

[Isaiah Bradley]

The mission of TREF is to invest in our communities. Long term goals include establishing a town. They are currently in the process of acquiring the old YMCA here in Atlanta Dr. King and other leaders worked out of in the hood. Have you even looked into it..?

cmon breh. I did my research, and among the things that stood out for me is the use of generic language in both the website and in the financial report

I'm asking for explicit language so that target, purpose, goals, and accountability is easily applicable and identifiable


Which description is explicit enough so that the target, purpose, goals and accountability is easily applicable and identifiable?

Tulsa Real Estate Fund is the first African American
owned crowdfunding platform revitalizing the urban community.

-vs-

Dr.Umar is currently working on building his new school, The Frederick Douglass & Marcus Garvey RBG International Leadership Academy for boys, America’s first residential academy for Black boys founded upon the principles of Pan-Afrikanism and International Economics

Tone literally said "what is yo history" several times in addition to shytting on their marketing strategy. FIRST TWO MINUTES HE SAID THEY SELLING AN ALBUM. WHAT DOES THAT HAVE TO DO WITH THE FUND?

ok. Did he stop the video and based his entire skepticism on "what is yo history," or album sales? obviously not. So why are you just repeating that portion and not the other portion of the videos?

Jay owning a successful real estate company that employees and teaches black folks means a lot considering this is a real estate fund. If he was able to do that from the ground up, he knows what he is doing more than Tone and anyone else on this forum.

Since he's successful in both business and real estate, then why weren't these basic questions and concerns addressed on both his website and financial report?

How many self serving people you know teach real estate for free in the hood in 20+ cities? Can you show us your resume in comparison to that?
Now, why is it that Mr. Research hasn't addressed his concerns with Jay? Don't you think that would help us?

Funny, you sarcastically calling him "Mr. Research" but your lack of research can't answer the questions that he asked because the guy you're defending hasn't provided the information for you to do so. But that's not stopping you from capping

Let me be clear, pay that man his money for the services he provides. But what's the quality of the "free" lessons when he has high priced learning material that he's selling to those hood folks too


I know a few self serving Black folks that not only offer free services in order to then sell them premium services, they are quick to promote and then exploit Black folks' desire for "Black empowerment" by mentioning the importance of supporting Black business, then revealing the few businesses they own. But won't reveal how much of that money is going to their pockets and how much of it is being reinvested back to Black folks that support them

I'm not finna try to impress an anonymous person. So it's silly to try to use that to deflect

 

[Arithmetic]

if they are taking the 10% taxable incomes and using all of it to dish out profits, the fund cant grow
which means no black wall street lol

What you talking about breh?

 

[Conjiggle]

Why ? They are the ones who have to locate/negotiate the property deals, deal with the zoning commissions,
fix up the properties, market the properties, screen tenants, arrange financing from lenders

This is one of the primary issues right here. The vast majority of these tasks are what real estate agents are hired to do. And they sure do not get paid 50% or the sales price to do it. This is why people are skeptical.

A listing agent would typically charge a 6% commission and split that 50/50 if the buyer has an agent assisting them (so 3% each).

But let’s break it down a bit further based on the questions you asked:

Locate properties and negotiate terms - Jay likely won’t be the buyers agent for each transaction. In GA, real estate commissions are paid by the seller. So any property acquired by this fund will also see the realtor representing the fund get paid a 3% commission. It costs the company nothing. Doesn’t justify the 50% take of profits.

Deal with zoning - Jay mentioned in the Vlad interview that they are targeting an old YMCA in Atlanta to convert into a Blues Lounge. The property would already be zoned for commercial use. So there is no need to worry about zoning issues here for example. No extra work needed. 50% of profit not justified.

Fix up (renovate) properties - The fund will hire contractors to do this work. The contractors will be paid with investor money.... Doesn’t justify 50% of the profit

Market properties - Again, a licensed realtor will likely be brought in to do this (and I assume there is at least one involved on Jay’s team). But guess where the money for marketing will come from.... investor money. Also, guess who will be paying the agents commission... investors. Doesn’t justify 50% of the profit.

Screen tenants - Licensed Realtor will facilitate this. It is a standard part of the industry. Not worth 50% of profits.

Arrange financing - this section could be a post on its own. I won’t go into too much depth since my post is already super long (as usual. Sorry).

Jay will use the investor cash to make purchases. Cash deals do not require financing. The financing will come in to play on the back end when Jay takes out a mortgage on the property after acquiring it. Where that money will go once it has been paid out by the bank is anyone’s guess. This type of thing is done a million times a day in the real estate business and does not justify 50% of the profit.

Scam or not, this is about to be the finesse of the century. Jay has made himself the plug despite not having any work to sell.

 

[Dirien]

cmon breh. I did my research, and among the things that stood out for me is the use of generic language in both the website and in the financial report

I'm asking for explicit language so that target, purpose, goals, and accountability is easily applicable and identifiable


Which description is explicit enough so that the target, purpose, goals and accountability is easily applicable and identifiable?





ok. Did he stop the video and based his entire skepticism on "what is yo history," or album sales? obviously not. So why are you just repeating that portion and not the other portion of the videos?


Since he's successful in both business and real estate, then why weren't these basic questions and concerns addressed on both his website and financial report?




Funny, you sarcastically calling him "Mr. Research" but your lack of research can't answer the questions that he asked because the guy you're defending hasn't provided the information for you to do so. But that's not stopping you from capping

Let me be clear, pay that man his money for the services he provides. But what's the quality of the "free" lessons when he has high priced learning material that he's selling to those hood folks too


I know a few self serving Black folks that not only offer free services in order to then sell them premium services, they are quick to promote and then exploit Black folks' desire for "Black empowerment" by mentioning the importance of supporting Black business, then revealing the few businesses they own. But won't reveal how much of that money is going to their pockets and how much of it is being reinvested back to Black folks that support them

I'm not finna try to impress an anonymous person. So it's silly to try to use that to deflect

The generic operating agreement literally says they are purchasing distressed properties. In addition to those statements, I've already given you an example of a property they've been vetting which, to this day, is distressed. They have videos of them vetting 60 acres of land with nothing but distressed properties there. I think they are doing what they said in the operating agreement and in the video where they break down for the Sesame Street crowd like yourself the purpose of the fund. You going to tell me the video that talks about gentrification and the mission of TREF within that same video is generic?

In addition to that, Jay say they will also diversify when needed in order to help ensure they can meet the ROI goals. All of these questions have already been answered and outlined in the agreement. The Tulsa Talks, which again have been occurring for a year, exist to clear up any additional confusion people may have reading the generic operating agreement. You can go check YouTube for the archive and call in if you have questions that can't be answered.

You say that I'm deflecting by asking you for your credentials, but you can't explain why Tone hasn't had a one on one conversation with the brother in over a year. You don't have any credentials to impress anyone with. Dude is feeding 50+ black families while you're on Coli caping for Tone who has done what for our people exactly? Anyways, you don't have to invest in the fund. We've amassed 10 million. Sit back and watch how it's done.

 

[Donald J Trump]

What you talking about breh?

fund can only keep 10% of taxable income 101 shyt

IF they are using that whole 10% to divide up the 50/50 profits, the fund cant grow

 

[Donald J Trump]

This is one of the primary issues right here. The vast majority of these tasks are what real estate agents are hired to do. And they sure do not get paid 50% or the sales price to do it. This is why people are skeptical.

A listing agent would typically charge a 6% commission and split that 50/50 if the buyer has an agent assisting them (so 3% each).

But let’s break it down a bit further based on the questions you asked:

Locate properties and negotiate terms - Jay likely won’t be the buyers agent for each transaction. In GA, real estate commissions are paid by the seller. So any property acquired by this fund will also see the realtor representing the fund get paid a 3% commission. It costs the company nothing. Doesn’t justify the 50% take of profits.

Deal with zoning - Jay mentioned in the Vlad interview that they are targeting an old YMCA in Atlanta to convert into a Blues Lounge. The property would already be zoned for commercial use. So there is no need to worry about zoning issues here for example. No extra work needed. 50% of profit not justified.

Fix up (renovate) properties - The fund will hire contractors to do this work. The contractors will be paid with investor money.... Doesn’t justify 50% of the profit

Market properties - Again, a licensed realtor will likely be brought in to do this (and I assume there is at least one involved on Jay’s team). But guess where the money for marketing will come from.... investor money. Also, guess who will be paying the agents commission... investors. Doesn’t justify 50% of the profit.

Screen tenants - Licensed Realtor will facilitate this. It is a standard part of the industry. Not worth 50% of profits.

Arrange financing - this section could be a post on its own. I won’t go into too much depth since my post is already super long (as usual. Sorry).

Jay will use the investor cash to make purchases. Cash deals do not require financing. The financing will come in to play on the back end when Jay takes out a mortgage on the property after acquiring it. Where that money will go once it has been paid out by the bank is anyone’s guess. This type of thing is done a million times a day in the real estate business and does not justify 50% of the profit.

Scam or not, this is about to be the finesse of the century. Jay has made himself the plug despite not having any work to sell.

nikka literally said in the vlad interview he wants to be the plug

 

[Dirien]

This is one of the primary issues right here. The vast majority of these tasks are what real estate agents are hired to do. And they sure do not get paid 50% or the sales price to do it. This is why people are skeptical.

A listing agent would typically charge a 6% commission and split that 50/50 if the buyer has an agent assisting them (so 3% each).

But let’s break it down a bit further based on the questions you asked:

Locate properties and negotiate terms - Jay likely won’t be the buyers agent for each transaction. In GA, real estate commissions are paid by the seller. So any property acquired by this fund will also see the realtor representing the fund get paid a 3% commission. It costs the company nothing. Doesn’t justify the 50% take of profits.

Deal with zoning - Jay mentioned in the Vlad interview that they are targeting an old YMCA in Atlanta to convert into a Blues Lounge. The property would already be zoned for commercial use. So there is no need to worry about zoning issues here for example. No extra work needed. 50% of profit not justified.

Fix up (renovate) properties - The fund will hire contractors to do this work. The contractors will be paid with investor money.... Doesn’t justify 50% of the profit

Market properties - Again, a licensed realtor will likely be brought in to do this (and I assume there is at least one involved on Jay’s team). But guess where the money for marketing will come from.... investor money. Also, guess who will be paying the agents commission... investors. Doesn’t justify 50% of the profit.

Screen tenants - Licensed Realtor will facilitate this. It is a standard part of the industry. Not worth 50% of profits.

Arrange financing - this section could be a post on its own. I won’t go into too much depth since my post is already super long (as usual. Sorry).

Jay will use the investor cash to make purchases. Cash deals do not require financing. The financing will come in to play on the back end when Jay takes out a mortgage on the property after acquiring it. Where that money will go once it has been paid out by the bank is anyone’s guess. This type of thing is done a million times a day in the real estate business and does not justify 50% of the profit.

Scam or not, this is about to be the finesse of the century. Jay has made himself the plug despite not having any work to sell.

Jay stated a bunch of times that the 50/50 is for the company and it's employees as a "job well done" thing for making the fund profitable. The fund management fee is what covers most, if not all of what you listed.

 

[Arithmetic]

fund can only keep 10% of taxable income 101 shyt

IF they are using that whole 10% to divide up the 50/50 profits, the fund cant grow

I'm not familiar. Can you link me to some writing that explains this in more detail?

 

[Donald J Trump]

I'm not familiar. Can you link me to some writing that explains this in more detail?

 

[Conjiggle]

Jay stated a bunch of times that the 50/50 is for the company and it's employees as a "job well done" thing for making the fund profitable. The fund management fee is what covers most, if not all of what you listed.

I highly doubt that is the case. If you are referring to the upfront 5.5% as the fund management fee,
That wouldn’t cover renovations on an old YMCA let alone other costs associated with running a business (paying employees, overhead, etc). It’s not feasible.

Also, half of the things listed in my initial post are being paid for by an outside source. So there would be no need to factor that into a budget.

Again, 50/50 for a “job well done” is highway robbery. Simple as. Jay and his team didn’t put up 50% of the risk so how are they entitled to 50% of the profit?

 

[Bunchy Carter]

What about him and this fund makes you call him a sc*m artist?

Because he's black

 

[Dirien]

I highly doubt that is the case. If you are referring to the upfront 5.5% as the fund management fee,
That wouldn’t cover renovations on an old YMCA let alone other costs associated with running a business (paying employees, overhead, etc). It’s not feasible.

Also, half of the things listed in my initial post are being paid for by an outside source. So there would be no need to factor that into a budget.

Again, 50/50 for a “job well done” is highway robbery. Simple as. Jay and his team didn’t put up 50% of the risk so how are they entitled to 50% of the profit?

He stated the fee does in fact include things like locating properties and other work the fund managers and advisors are doing. They've been using money from his company to do most of that stuff because the fund hadn't gone live yet. He claimed to have invested well over 100k of his company's money to do it. The money from the fund is what will handle things like the purchases, rehabs, etc.

You aren't the first person to question the 50/50 split. He's talked about it before when questioned on the live and either you agree or you don't. At the end of the day it's like he said, if people don't like his business model, then compete. No one says his fund or his way has to be the only way. Create something with more transparency and a better business model. Run him out of the game. He saw how Umar mishandled the "school" fund and tried to create something different. So let's learn from whatever mistakes they make with this fund and move forward.

 

[Goat poster]

Tone needs to have Jay on the show. Tone has a strong skeptic position so Jay speaking on it would be awesome. I personally think Tone is terrified of Jay.

Jay would son the shyt out of that fakkit Tone.

I don’t know if im all the way in on this Tulsa project but I have respect for Jay real estate.

He gave me info on getting into real estate a couple years ago and it’s the best decision I ever made.

Tone don’t do nothing but cry.

 

[AlainLocke]

Some of yall about get to get finessed...

 

[Cynic]

This is one of the primary issues right here. The vast majority of these tasks are what real estate agents are hired to do. And they sure do not get paid 50% or the sales price to do it. This is why people are skeptical.

You are comparing a commercial REIT to a residential real estate agent ?

People will always be sceptical... It's a part of business. Here's what Western Union said about the telephone in 1876


This 'telephone' has too many shortcomings to be seriously considered as a means of communication.
The device is inherently of no value to us

if they are taking the 10% taxable incomes and using all of it to dish out profits, the fund cant grow
which means no black wall street lol

You don't always need profit to borrow/leverage but we shall see

Because it's a lot higher than industry standards.

What exactly is higher ? The management fee ? The dividend ? The profit split ?

The problem is this.. He claims he wants to help black people achieve wealth. Black people will NOT achieve wealth with you taking 50% of the profits. The only person making real money in this will be him with little to no risk... fukk his fund

I mean he does employ black people so technically he is helping black people achieve wealth.

I'd like to see more personal capital pledged but who knows perhaps they will put up
their own assets as collateral for loans.

Eitherway he's not forcing anyone to invest