Tulsa Real Estate Fund manager gives tour of recent apartment complex acquisition

[Booker T Garvey]

They haven't even got done rehabbing their 1st purchase the Legacy Center yet. The apartment complex they just copped they haven't done anything to it yet to force appreciation. They haven't broke ground on the student dorms they are building by the AUC. Let the projects take off first.

whatever all of this means...I'm still trying to get you dudes to have an open and honest discussion about that SEC rebuttal and all these emotions just keep flying at me

but let's lighten the mood around here some, here's a SKIT with jay morrison in it promoting his business..let's enjoy his acting skills

 

[Problematic Pat]

whatever all of this means...I'm still trying to get you dudes to have an open and honest discussion about that SEC rebuttal and all these emotions just keep flying at me

but let's lighten the mood around here some, here's a SKIT with jay morrison in it promoting his business..let's enjoy his acting skills

Emotions? Dude you been up in here all the whole time just reaching.

 

[Booker T Garvey]

Emotions? Dude you been up in here all the whole time just reaching.

really? me posting receipts to backup all of my arguments is reaching huh

 

[NeilCartwright]

They haven't even got done rehabbing their 1st purchase the Legacy Center yet. The apartment complex they just copped they haven't done anything to it yet to force appreciation. They haven't broke ground on the student dorms they are building by the AUC. Let the projects take off first.

If they’re building student housing by the AUC that’s dope as hell. There was multi family student housing out there but it was dated and run down.

I’m convinced this Booker guy has to be a troll nothing wrong with that, get it how you live.

In about 20 years we Gon look back likeat what jay has done to push the culture forward. It’s other guys in Cleveland, Philly, etc who are doing similar stuff in real estate but I feel like people won’t give jay his flowers till he’s dead and gone.

Even if you are looking to invest individually, he has free vids on his YouTube channel with so much gameaint no excuse to not get busy with all this free info floating around

 

[Booker T Garvey]

I’m convinced this Booker guy has to be a troll

more "message board shyt", statements that won't fly outside of thecoli like we're back at the lunch table in middle school trading jabs....

when you get a chance, how about you respond with your thoughts on the TREF's response to their SEC investigation?

you know, that "real world" shyt? just whenever you feel ready fam.

 

[theworldismine13]

Why would you even think the SEC would pick up on some random ass house flipper when they have legit white collar crimes going on every single day??

 

[Booker T Garvey]

oh shyt another comment about little ole me!?

 

[Conjiggle]

I haven’t followed this entire thread but I know generally speaking (here and in the real world) there is debate about whether TREF is legit or a scam.

From a real estate professional standpoint I don’t believe it is a scam. However, it is not something I would invest in personally. The concept of pooling money together for real estate investment purposes is great. It isn’t anything unique though and has been around in the business forever.

The challenges that I had with the fund are pretty simple:
1. It came off to me as a sales pitch pulling on black peoples heart strings. The talk of building this thriving black community, the new Tulsa, sounds good in theory, but is not something that the fund could ever legally do. Federal law prohibits anyone from buying/selling/leasing real property to others based on race. So it was always legally implausible for the fund to ever live up to the hype based around their sales pitch.

2. TREF was financed by the public. The fund had no money, and no way to generate money, without public investment. Not only is the fund solely dependent on investors money, but the fund states that said investors do not have any say/control in how those funds are spent/invested. From my standpoint, I would want some sort of say or understanding of what my money was going to. Also, this isn’t an attack, but The head of the fund is also nowhere near as big in the real estate game as he presents himself to be.

3. $500 is a drop in the bucket in the world of real estate. None of the $500 investors will ever make any real money from this fund. In fact, Morrison and a few others on his team at the top will be the only ones to ever make any money from this fund. I believe he gets paid a consulting/management fee from the fund and it is stated that the fund is dependent on his real estate expertise. In other words, he determines what properties are purchased and how they are used. Going deeper, he also has full control of all the players involved in the buyer side of the transaction. In other words, he could hire himself as the realtor to represent the buyer (TREF) in a purchase and get paid a commission. He could request that his attorney handle the transaction and get paid. He could appoint his wife as the property manager and pay her a monthly fee. And so on.

All in all, it’s not a scam per say but it definitely isn’t a fund for the people as it is marketed. I am not a fan of someone feeding off the communities emotion for personal financial profit. It’s very similar to one of these pastors of mega churches getting rich in the name of religion while the majority of the congregation struggles.

My 2 cents.

 

[theworldismine13]

oh shyt another comment about little ole me!?

I don't know why you are so stuck in this, you're a good poster outside of this

But you not understanding that the SEC would never come after you is a strong sign you don't really know enough to give a good criticism of tref

It's been explained that a lot of the wordings are boiler plate words that have to be put in there for legal reasons

It's been explained that tref being profitable is neither here nor there if it's just starting out

It's all been explained but you insist on being a hard head

 

[theworldismine13]

I haven’t followed this entire thread but I know generally speaking (here and in the real world) there is debate about whether TREF is legit or a scam.

From a real estate professional standpoint I don’t believe it is a scam. However, it is not something I would invest in personally. The concept of pooling money together for real estate investment purposes is great. It isn’t anything unique though and has been around in the business forever.

The challenges that I had with the fund are pretty simple:
1. It came off to me as a sales pitch pulling on black peoples heart strings. The talk of building this thriving black community, the new Tulsa, sounds good in theory, but is not something that the fund could ever legally do. Federal law prohibits anyone from buying/selling/leasing real property to others based on race. So it was always legally implausible for the fund to ever live up to the hype based around their sales pitch.

2. TREF was financed by the public. The fund had no money, and no way to generate money, without public investment. Not only is the fund solely dependent on investors money, but the fund states that said investors do not have any say/control in how those funds are spent/invested. From my standpoint, I would want some sort of say or understanding of what my money was going to. Also, this isn’t an attack, but The head of the fund is also nowhere near as big in the real estate game as he presents himself to be.

3. $500 is a drop in the bucket in the world of real estate. None of the $500 investors will ever make any real money from this fund. In fact, Morrison and a few others on his team at the top will be the only ones to ever make any money from this fund. I believe he gets paid a consulting/management fee from the fund and it is stated that the fund is dependent on his real estate expertise. In other words, he determines what properties are purchased and how they are used. Going deeper, he also has full control of all the players involved in the buyer side of the transaction. In other words, he could hire himself as the realtor to represent the buyer (TREF) in a purchase and get paid a commission. He could request that his attorney handle the transaction and get paid. He could appoint his wife as the property manager and pay her a monthly fee. And so on.

All in all, it’s not a scam per say but it definitely isn’t a fund for the people as it is marketed. I am not a fan of someone feeding off the communities emotion for personal financial profit. It’s very similar to one of these pastors of mega churches getting rich in the name of religion while the majority of the congregation struggles.

My 2 cents.

Thanks for confirming it's not a scam, and it's totally legit to say you don't see it as a good investment

1. The marketing of tref was unorthodox and not good and should have been less reliant on emotion and jay himself

2. This is not a legit criticism, tref is a basically a reit, there are thousands of reits, and billions of dollars are put into these reits with the investors having zero say in how the money is invested.

In fact jay suggesting that investors would have a say and telling people to email him deals is not normal, he should probably stop doing that

3. The first part is legit, nobody will get rich from investing 500, even at 10% returns which would be excellent for any reit, 500 amounts to less than 6 bucks a month. To make real money a person would have need to be putting in 500 a month over years and reinvesting the dividends but that's true for investing in general

Putting 500 in tref is not an investment plan, jay does not explain this so he gets a mark for that

The second part is somewhat legit but it's a grey area, by themselves (hiring friends, giving high salaries and bonuses to himself and friends, choosing contractors and agents etc) aren't bad things as long as it doesn't mushroom. It's really about the culture. If his friends and fam that he hires are good people then it will be fine, if they are corrupt then it will go downhill

I totally understand why you or other people think it's a bad investment, just like a lot of people say Uber or amazon are bad investments but that's different than being a scam

I think the discussion about whether tref is a good investment needs to be had but this discussion about it being a scam needs to stop

 

[Conjiggle]

Thanks for confirming it's not a scam, and it's totally legit to say you don't see it as a good investment

1. The marketing of tref was unorthodox and not good and should have been less reliant on emotion and jay himself

2. This is not a legit criticism, tref is a basically a reit, there are thousands of reits, and billions of dollars are put into these reits with the investors having zero say in how the money is invested.

In fact jay suggesting that investors would have a say and telling people to email him deals is not normal, he should probably stop doing that

3. The first part is legit, nobody will get rich from investing 500, even at 10% returns which would be excellent for any reit, 500 amounts to less than 6 bucks a month. To make real money a person would have need to be putting in 500 a month over years and reinvesting the dividends but that's true for investing in general

Putting 500 in tref is not an investment plan, jay does not explain this so he gets a mark for that

The second part is somewhat legit but it's a grey area, by themselves (hiring friends, giving high salaries and bonuses to himself and friends, choosing contractors and agents etc) aren't bad things as long as it doesn't mushroom. It's really about the culture. If his friends and fam that he hires are good people then it will be fine, if they are corrupt then it will go downhill

I totally understand why you or other people think it's a bad investment, just like a lot of people say Uber or amazon are bad investments but that's different than being a scam

I think the discussion about whether tref is a good investment needs to be had but this discussion about it being a scam needs to stop

Some good points. Let me address a couple of things:

2. Let me clarify what I mean I would prefer to have a say. Keep in mind that I am stating why I personally wouldn’t invest in TREF. If I am going to invest in a real estate project, which I have and currently am, I would prefer a structure that allows me to add my expertise and knowledge to the equation. For example, I am currently a part of group of 6 that is in the process of negotiating for a 10 unit multi-family property. Each person in the group brings certain knowledge/expertise to the group. We combine efforts and everyone gets an equal share of the pie (in this particular case).

So my criticism of not having a say is broadly based and not specifically directed at TREF, although it does apply to that fund.

And I agree, if he is openly stating that $500 investors have a say and should bring deals to the table he should cut that out.

3. It’s not just the fact that nobody will get rich off their $500 investment that gives me pause about the fund, it’s that none of those $500 investors will make any money at all (not any real money - a few dollars as you stated).

That reality isn’t how the fund was marketed at all. The general $500 investor in the fund bought into this idea that they would be part owners in all of these fabulous real estate deals and make money. That is a pipe dream to say the least.

In my opinion, the marketing for this fund was centered around pulling on the heart strings of people that have no sense/understanding of investing. The fund generated millions of dollars by selling a dream. And the only person that stands to benefit is the fund manager that started the fund without investing any substantial money of his own. Is that a scam? Technically no. Is it a slick hustle move, in my opinion, absolutely.

In regards to the fund manager hiring himself and friends/family, that is more than a gray area due to the fact that in many ways it creates a conflict of interest. There has to be a system of checks and balances. It isn’t his money. But he is the one that dictates how it is spent and who makes the immediate money from it. That’s shaky to say the least in my opinion.

 

[theworldismine13]

Some good points. Let me address a couple of things:

2. Let me clarify what I mean I would prefer to have a say. Keep in mind that I am stating why I personally wouldn’t invest in TREF. If I am going to invest in a real estate project, which I have and currently am, I would prefer a structure that allows me to add my expertise and knowledge to the equation. For example, I am currently a part of group of 6 that is in the process of negotiating for a 10 unit multi-family property. Each person in the group brings certain knowledge/expertise to the group. We combine efforts and everyone gets an equal share of the pie (in this particular case).

So my criticism of not having a say is broadly based and not specifically directed at TREF, although it does apply to that fund.

And I agree, if he is openly stating that $500 investors have a say and should bring deals to the table he should cut that out.

3. It’s not just the fact that nobody will get rich off their $500 investment that gives me pause about the fund, it’s that none of those $500 investors will make any money at all (not any real money - a few dollars as you stated).

That reality isn’t how the fund was marketed at all. The general $500 investor in the fund bought into this idea that they would be part owners in all of these fabulous real estate deals and make money. That is a pipe dream to say the least.

In my opinion, the marketing for this fund was centered around pulling on the heart strings of people that have no sense/understanding of investing. The fund generated millions of dollars by selling a dream. And the only person that stands to benefit is the fund manager that started the fund without investing any substantial money of his own. Is that a scam? Technically no. Is it a slick hustle move, in my opinion, absolutely.

In regards to the fund manager hiring himself and friends/family, that is more than a gray area due to the fact that in many ways it creates a conflict of interest. There has to be a system of checks and balances. It isn’t his money. But he is the one that dictates how it is spent and who makes the immediate money from it. That’s shaky to say the least in my opinion.

Yeah that's cool but tref is a crowdfunded reit. What you are wary about is exactly how reits work. You give the fund your money and have zero say. People hand over billions of dollars to reits with zero say. And the fund managers can set their salary and their fees.

People have become billionaires taking a profit less company into an ipo, by using a lot of hype. Uber and Snapchat come to mind, and a lot of people say it was a finesse and I would not disagree. But the reality is that that is normal now

So wha tref did is a finesse if you define Wall Street itself as a finesse, which a lot of people do, and a lot of people don't invest in the stock market. But using Wall Street as a reference point, the fund managers getting paid after an ipo, which is essentially what happened, is not a finesse

On The ownership issue you have a point. I would put it partially on Jay for not explaining things well and partially on people being ignorant

If you own a share of a company you technically own a part of the company. So technically Jay is correct that "we" can own real estate if l"we" invest in tref.

But in reality all you own is a piece of paper, you don't actually own any real estate. I think the way jay markets tref some people may think that they will literally own real estate, which needs to clarified. It's like people thinking they can get a free coke cuz they own a share of Coca Cola

I'm not directing this to you per se

But when it comes to passive investing you are never going to make any real money until you have 10-20 thousand invested. So 500 is just a starting point and it has to be part of an investing plan where you are investing a few hundred every month,

TREF is a legit investment if you are using it as a way to diversify your holdings. So for example after putting 500 in tref, the next month you should put a few hundred in Coca Cola, then next month in UBER etc etc

Tref should not be seen as a way to get rich. It should be seen as part of a diversified investment plan . Jay is not going to explain that and that's an issue. But it doesn't make it a scam

 

[Conjiggle]

Yeah that's cool but tref is a crowdfunded reit. What you are wary about is exactly how reits work. You give the fund your money and have zero say. People hand over billions of dollars to reits with zero say. And the fund managers can set their salary and their fees.

People have become billionaires taking a profit less company into an ipo, by using a lot of hype. Uber and Snapchat come to mind, and a lot of people say it was a finesse and I would not disagree. But the reality is that that is normal now

So wha tref did is a finesse if you define Wall Street itself as a finesse, which a lot of people do, and a lot of people don't invest in the stock market. But using Wall Street as a reference point, the fund managers getting paid after an ipo, which is essentially what happened, is not a finesse

On The ownership issue you have a point. I would put it partially on Jay for not explaining things well and partially on people being ignorant

If you own a share of a company you technically own a part of the company. So technically Jay is correct that "we" can own real estate if l"we" invest in tref.

But in reality all you own is a piece of paper, you don't actually own any real estate. I think the way jay markets tref some people may think that they will literally own real estate, which needs to clarified. It's like people thinking they can get a free coke cuz they own a share of Coca Cola

I'm not directing this to you per se

But when it comes to passive investing you are never going to make any real money until you have 10-20 thousand invested. So 500 is just a starting point and it has to be part of an investing plan where you are investing a few hundred every month,

TREF is a legit investment if you are using it as a way to diversify your holdings. So for example after putting 500 in tref, the next month you should put a few hundred in Coca Cola, then next month in UBER etc etc

Tref should not be seen as a way to get rich. It should be seen as part of a diversified investment plan . Jay is not going to explain that and that's an issue. But it doesn't make it a scam

Respect bro. Appreciate the dialogue

 

[invalid]

correct me if am wrong @ab.aspectus but from what i gathered you concluded that it was a mehhh investment with high management fees and it wasnt a scam

Pretty much. His pot is too small right now to see any major gains. And his mgt fee is eating up 2/3rds of the preferred return that he’s promising people. His investors would do just as good putting up that $500 in a high yield CD.

Quintin Primo is your mentor? I wrote that Boule ass nikka a letter when I got out of undergrad and was looking for work he never replied. Guess I didn't have the right pedigree

Breh, tell me you really didn’t write a letter to Primo for a job like this is 1950s Montgomery, Alabama?

Yes, Primo is a mentor of mine. Families attended the same church. And I sit on the board of a foundation that oversees the Primo Center for Women and Children.

Will be seeing him at a gala in a few weeks.

This is not true. The SEC routinely monitors risk management and compliance. Not all cases are generated by tips or complaints.

This is correct. The SEC wears many hats. However, and this is what I was responding to, the SEC is not playing eenie meenie minee moe randomly picking companies to investigate. There has to be a catalyst. Auditors have to report to the PCAOB on fraud and misappropriation for the companies they audit. The suspected fraud is not reported directly to the SEC, however, the SEC is closely monitoring those PCAOB reports. If there is any suspected activity, the SEC is proactive and investigates. The SEC monitors trading and market activity. If there is talk on the street of trading or market irregularities, the SEC investigates. The SEC is pro actively monitoring, but it’s typically something that catches their eyes. Yes, the SEC has a compliance function so investigations can be initiated because of failures in compliance.

In this case of TREF, it may have been “a whistleblower” or that NFL report since the NFL report supposedly preceded its own investigation.

 

[Nicole0416_718_929_646212]

If they’re building student housing by the AUC that’s dope as hell. There was multi family student housing out there but it was dated and run down.

I’m convinced this Booker guy has to be a troll nothing wrong with that, get it how you live.

In about 20 years we Gon look back likeat what jay has done to push the culture forward. It’s other guys in Cleveland, Philly, etc who are doing similar stuff in real estate but I feel like people won’t give jay his flowers till he’s dead and gone.

Even if you are looking to invest individually, he has free vids on his YouTube channel with so much gameaint no excuse to not get busy with all this free info floating around

How much is he paying you in public relations ?? I hope it’s at least 5.5% with all the promotion that you’re doing.