Jay Morrison shows off 30k sqft building purchased by #TulsaRealEstateFund

[BitchI'llKillYa]

Yes my friend. Realtors and barber shops ARE two different things. Congratulations.

Again, group economics was brought up, in the context that we say we want it, but when it comes we don't do it. I brought up several examples that DO exist, and DO work already, that we DO support, DONT cry about.

That argument that people should just settle for anything is ridiculous.

As far as your buytheblock thing , I don't know what that is, and I didn't say anything negative about it. You can have that debate with whoever you were having it with before.

Be as condescending as you feel you need to be.

Doesn't change a thing as it relates to this post and the bullshit you're spewing.

If you have researched this fund and found it to be fraudulent, PLEASE share your findings.

Lobbing out shit examples of black small businesses doenst discredit or devaule THIS type of group economic venture.

BTW
I've created posts on Banking Black too... can you guess what happend?

I'll spoil it for you. All the super smart black folks came in doing exactly as you are doin mg here............ hope that shit works well for you

 

[Hey Julian!]

No I saw it. The barbershop shit was just funny

Realtors and BarberShops are 2 very different things.

You know what's funny though? The same bitch made arguments were made in the post I created for 'BuyTheBlock.com' where group economics are pushed in an effort to open small businesses like beauty shops, nail shops and the like...

That wasn't it either.

I don't know what you're going back and forth with him. Somebody called out his m.o. in another thread which is basically arguing for the sake and arguing and getting off and being a contrarian. That's it.

 

[BitchI'llKillYa]

I don't know what you're going back and forth with him. Somebody called out his m.o. in another thread which is basically arguing for the sake and arguing and getting off and being a contrarian. That's it.

I know.

That's why I'm asking for facts of proof of his claims.

He cant and wont provide any

 

[exiledking]

Be as condescending as you feel you need to be.

Doesn't change a thing as it relates to this post and the bullshit you're spewing.

If you have researched this fund and found it to be fraudulent, PLEASE share your findings.

Lobbing out shit examples of black small businesses doenst discredit or decaule THIS type of group economic venture.

BTW
I've created posts on Banking Black to... can you guess what happend?

I'll spoil it for you. All the super smart black folks came in doing exactly as you are doin mg here............ hope that shit works well form you

If you created a post about banking black then cool. I don't know what you want me to do about it. We agree. Black banks are good.


My point is this ain't.


And yes, this thing has already been discussed on end on why it isn't any good. If you're new to this discussion, just go and review it. I'm not gonna explain it all over again. The very SIMPLEST break down that keeps getting brought up is lack of transparency. You can go from there if you want.


OR you can just give him your money. Doesn't make me no never mind.

 

[BitchI'llKillYa]

If you created a post about banking black then cool. I don't know what you want me to do about it. We agree. Black banks are good.


My point is this ain't.


And yes, this thing has already been discussed on end on why it isn't any good. If you're new to this discussion, just go and review it. I'm not gonna explain it all over again. The very SIMPLEST break down that keeps getting brought up is lack of transparency. You can go from there if you want.


OR you can just give him your money. Doesn't make me no never mind.

So you've done no research. Done nothing to gain clarity, you just know this ain't it.

Glad I finally understand your point

 

[biggboye5000]

Love the concept and the idea. Dude has my full support and he has a great track record in the RE industry for those unfamiliar with Jay Morrison.

 

[exiledking]

So you've done no research. Done nothing to gain clarity, you just know this ain't it.

Glad I finally understand your point

Now you're just being lazy.

Again, this thread has a whole piece posted on it. Several other posts have ready discussed it. I just told you the major point about NO TRANSPARENCY

So if you wanna go point by point let's start right there.

Are you ok with that? Did you give him your money? Looking at just the lack of transparency, would you recommend this to someone else?

 

[BitchI'llKillYa]

Now you're just being lazy.

Again, this thread has a whole piece posted on it. Several other posts have ready discussed it. I just told you the major point about NO TRANSPARENCY

So if you wanna go point by point let's start right there.

Are you ok with that? Did you give him your money? Looking at just the lack of transparency, would you recommend this to someone else?

What have you done to gain clarity?

What research have you conducted into this fund?

Like the 10th time I've asked. Seems to really be a rough question for you

 

[exiledking]

What have you done to gain clarity?

What research have you conducted into this fund?

Like the 10th time I've asked. Seems to really be a rough question for you

I've told you a ton of times.

Read his FAQS

Researched REITS and the difference between that and what he has

Watched Tone talks , who I normally don't even agree with break it down. All of what I said is in this thread and the other one when he started the shit.

But again, I actually hope you give him every dime you have.

 

[ViCiouS]

What have you done to gain clarity?

What research have you conducted into this fund?

Like the 10th time I've asked. Seems to really be a rough question for you

this isn't the first thread on BGOL about this....
When this was new, in previous threads, a few members on here including myself looked at Tulsa and broke down the issues we found to be questionable. Including explaining that Tulsa's SEC registration doesn't mean what many would assume

I haven't seen Jay address his lack of a business continuity plan (what happens if the sole investment officer- Jay - is incapacitated?)
or
the lack of any investor oversight of the board nor recourse to oust board members
or
lack of transparency of company operations and specific investment strategy
or
the provisions in the offering and operating agreement that allows Tulsa the option to separate assets from the REIT at will


I get it you are not defending Tulsa - you cheering the initiative and hoping for the best
but weren't you ever curious enough to learn about what Tulsa wants to do?

Did you read the initial offering?
Did you read Tulsa's operating agreement?
Did you read the SEC disclosure?

 

[BitchI'llKillYa]

 

[YoungSinister]

Any updates on this?

 

[jagu]

Any updates on this?

Not much. He keeps dodging questions on twitter, but he will criticize Black folks for "hating" him.

 

[Africanama]

All he is doing is syndicating commercial real estate. Since some of you want to go at Jay Morrison, I want to ask the people on here try to do what he is doing. How many you are even capable of doing a capital raise or have the ability to acquire a Freddie Mac fixed rate loan if they want hold a property long term?

 

[jagu]

All he is doing is syndicating commercial real estate. Since some of you want to go at Jay Morrison, I want to ask the people on here try to do what he is doing. How many you are even capable of doing a capital raise or have the ability to acquire a Freddie Mac fixed rate loan if they want hold a property long term?

It's not a big deal, don't make it more than what it is. I close about 10-15 of them a year. The criticism is about how he values the properties that he buys and how he forecasts the growth and appreciation of the properties. In many cases he is buying empty properties and renovating them, hoping he can rent them out or sell them high in an unpredictable market.

 

[jagu]

from SEC.GOV



Supplement No. 2

to the

OFFERING CIRCULAR FOR

TULSA REAL ESTATE FUND, LLC (the “Company”)



On August 8, 2018, the Company entered into a purchase and sale agreement for the property located at 3015 R. N Martin Street, East Point, Georgia. The Company is intending to purchase the property for $2,100,000, cash offer. The Company made an earnest money deposit of $25,000. The Company previously filed a 1-U/A on September 4, 2018 announcing the intent to purchase the property.



The property includes a 20,949 square foot warehouse building and was built in 1969. It includes 2.6 acres. It was independently appraised for $2,500,000.



On Monday, October 15, 2018, the Company took possession of the acquisition through a special purpose entity named “TREF Legacy Center, LLC” of which the Company is the sole member. The Manager of the Company, Tulsa Founders, LLC, provided the due diligence funds required. The Manager will be reimbursed for these advanced funds at a later date and will provide an accounting of the due diligence costs that were required.



The property is tentatively named “Legacy Center.” The Manager expects the renovation of the property to be approximately $500,000 in order for it to operate as a small business incubator and community training center. The Company believes the property will generate revenue through rental income from local businesses and as a shared workspace for local entrepreneurs.



The Company hopes to also lease out the space as a film and television production studio, event center and training facility.

So your investment is hanging on a hope.

Successful syndications buy high performing properties for as low as possible and then make minor renovations to sell high within 3-5 years.

 

[The Plutonian]

Dunno but I’m probably the only guy in the room who’ll ask straight up questions. You can only gloat and bs so long. I’d ask how’d you do it? I mean are you flashing and bragging or are you really trying to put other people on? Is it eight? I’m the same way with everything and everybody. You ain’t that special son. The used car salesman analogy never leaves my mind and money talks, bullshit runs a marathon. I mean if shit was so easy everybody would be doing it. Huh?

 

[Africanama]

It's not a big deal, don't make it more than what it is. I close about 10-15 of them a year. The criticism is about how he values the properties that he buys and how he forecasts the growth and appreciation of the properties. In many cases he is buying empty properties and renovating them, hoping he can rent them out or sell them high in an unpredictable market.

The problem in this market is that there’s more capital than there are deals. It is a problem when institutional investors are entering investor arenas they have not gone into in the past like “workforce housing” in the commercial level. You are right that people have to do their due diligence on him and what he is selling but I still like the fact he is trying educate own people on Real Estate and us as a people need to enter that fray.

 

[Africanama]

@jagu do you trust Grant Cardone’s Real Estate Fund he’s planning to launch in the near future?

 

[jagu]

@jagu do you trust Grant Cardone’s Real Estate Fund he’s planning to launch in the near future?

No. I don't know him and I have not read about him or his plans. So, I don't trust him yet. Please understand that I believe in these funds when it's well done. I have $80k invested in one and doing well.

 

[Louis Koo]

that this is like any other RE fund and needs to be vetted. there's nothing amazing about it.

they stepping into a regulated world. once someone looks at the metrics/financials, it would give a clearer picture.

called it

 

[doggish_098]

Any updates on this?

Yeah your money is gone and it ain’t never coming back to you

 

[YoungSinister]

Yeah your money is gone and it ain’t never coming back to you

I never “invested” with him
Another idiotic post by you

 

[Hey Julian!]

called it

You called that he was going to get subpoenaed by the SEC?

 

[Africanama]

No. I don't know him and I have not read about him or his plans. So, I don't trust him yet. Please understand that I believe in these funds when it's well done. I have $80k invested in one and doing well.

Grant Cardone is a sales guy but also uses a lot of the proceeds makes selling sales and marketing programs to fund his real estate business. He has a popular podcast and YouTube channel. He likes to preach like Robert Kiyosaki that a House is not an asset and even goes further that going small in buying small properties is also a waste of time.

 

[Louis Koo]

You called that he was going to get subpoenaed by the SEC?

of course. SEC governs this shit. he playing an away game

 

[darth frosty]

Grant Cardone is a sales guy but also uses a lot of the proceeds makes selling sales and marketing programs to fund his real estate business. He has a popular podcast and YouTube channel. He likes to preach like Robert Kiyosaki that a House is not an asset and even goes further that going small in buying small properties is also a waste of time.

Posted this in the other thread but good breakdown on how Cardone capital works

Those management fees seem to be the way these real-estate investment guru's get over on their followers

Number's breakdown starts at 8:10 mark

 

[SPECTRE1]

I detailed in my reparation thread about how we need to think of our self as another country with an exchange rate that gives us very little buying power in purchasing white goods and services.

One of the ways to remedy this is to produce your own to make it affordable for you. This creates jobs that can be located away from expensive areas near White.

 

[BitchI'llKillYa]

 

[SpiritualPorn]

of course. SEC governs this shit. he playing an away game

I love this scene from "The Wire"

Slim Charles is the Truth

 

[Diomedes3000]

Reading the responses in this thread are amazing. We really think the worst of our people. I don't know much about Jay Morrison. I applaud his efforts. Based on what I've read in the thread that could be a cause for concern is him purchasing building that people see no clear way to get money out of them? Meaning what are they going to put in them to get paid back. I don't think he is trying to scam people. He could just need more help or be ignorant to certain aspects. I don't like the feeling that most in this thread hope he fails so they can say I told you so

 

[xxxbishopxxx]

Reading the responses in this thread are amazing. We really think the worst of our people. I don't know much about Jay Morrison. I applaud his efforts. Based on what I've read in the thread that could be a cause for concern is him purchasing building that people see no clear way to get money out of them? Meaning what are they going to put in them to get paid back. I don't think he is trying to scam people. He could just need more help. I don't like the feeling that most in this thread hope he fails so they can say I told you so

I don't' think people want him to fail. The problem is he is selling himself as a real estate expert selling a hope and dream project that may take an extremely long time (if ever) to turn a profit. His primary investor base are the very people that probably should avoid a project like this. If they end up losing a good chunk of money, they are the ones that will suffer the consequences more so than him.

BTW, saying he may need more help is not a good look for him. He's supposedly is an expert at this and should have been aware of all the potential pitfalls.

 

[ViCiouS]

Reading the responses in this thread are amazing. We really think the worst of our people. I don't know much about Jay Morrison. I applaud his efforts. Based on what I've read in the thread that could be a cause for concern is him purchasing building that people see no clear way to get money out of them? Meaning what are they going to put in them to get paid back. I don't think he is trying to scam people. He could just need more help or be ignorant to certain aspects. I don't like the feeling that most in this thread hope he fails so they can say I told you so

yeah.... you really didn't read this thread... no one is hoping he fails

the warnings in this thread are from those with real world experience in investing and or real estate

 

[ViCiouS]

I don't' think people want him to fail. The problem is he is selling himself as a real estate expert selling a hope and dream project that may take an extremely long time (if ever) to turn a profit. His primary investor base are the very people that probably should avoid a project like this. If they end up losing a good chunk of money, they are the ones that will suffer the consequences more so than him.

BTW, saying he may need more help is not a good look for him. He's supposedly is an expert at this and should have been aware of all the potential pitfalls.

the way he chose to structure Tulsa - means he can lower the value of investor shares to compensate anyone new he brings in
- because anyone with expertise that he finds is going to want equity or a large amount of cash

 

[xxxbishopxxx]

the way he chose to structure Tulsa - means he can lower the value of investor shares to compensate anyone new he brings in
- because anyone with expertise that he finds is going to want equity or a large amount of cash

I guess that is my question. Will real investors invest in this?