Jay Morrison shows off 30k sqft building purchased by #TulsaRealEstateFund
- Thread starter BitchI'llKillYa
- Start date
happy for them ! strength to strength
I hope this is not MTV Show Cribs and we found out later he rented this thing out.
Black owned real estate investment firm, looking to reestablish Black Wallstreet and its prevailing mentality of self sufficiency through group economics
Well he IS a Blackman... we know they cant be trusted
Get out of here with your corny sarcasm.
Say what you mean and mean what you say.
Stop being snarky.
I'm not knocking him or anyone who has purchased what he's selling....I'm not sold,never was because if he could do what he claims he's done over the years he would of partnered up and that used that jew credit line and he would of had to do it again,again,again,again and again.
Good luck
Good luck
This is an interesting breakdown:
Can all of em get the KEYS to THEIR property? Lol
He created the Tulsa Real Estate Fund as an investment vehicle for and by Blacks to get into major land and property. It is a play on Black Wall Street. He solicited and encouraged Blacks to pool together the money to invest in something like this.
This is the first I've heard of any Film and Production interests. Clearly, there will be the need for further funds to kick off said endeavors. He's acquired the property, but it takes revenue to maintain and keep it. I hope that they had some solid leads and interests in going in this direction.
Best of luck! I hope this is a success.
“I’ll take BGOL Investment Fund for $200 Alex”
Obviously
some things have changed since this was written, but overall a good read.
FIVE THINGS YOU NEED TO KNOW BEFORE INVESTING IN TULSA REAL ESTATE FUND
Posted by Courtney | May 25, 2018 | Commentary, Stocks, Tax Strategies | 33 |
On February 2, 2018, the Tulsa Real Estate Fund (“Tulsa”) received its Notice of Qualification as a Regulation A+ Tier 2 crowdfund becoming the first African American owned crowdfunding platform focused on “buying the block.”
SEC qualification does not mean approval in the ordinary sense. The SEC has not, and will not, assess the merits, accuracy, or completeness of the Company’s information in its Offering Circular. Qualification means Tulsa met the legal disclosure and regulatory requirements under Regulation A+ to begin selling its units to the public. Under the law, SEC is only required to ensure that the Company tells investors everything. Admittedly, an investor interpreting “everything” to determine if an investment is a good fit, can be hard. Here’s a link to the Offering Circular. But here’s five things I think you need to know before investing.
THIS IS NOT THE IPO THAT YOU ARE USED TO
In 2012, President Obama infused new life into the investment world by signing the Jumpstart Our Business Start-Ups Act (the JOBS Act). The Act created a less cumbersome path for small and large businesses under $1 billion to obtain funding. It increased the amount of money that small businesses could raise from $5 million to $50 million. It also provided provisions for non-accredited investors, who are normally excluded from this process, to get involved through crowdfunding. The act’s rule, Regulation A+, essentially created a “mini IPO” process for small businesses.
Many investors are familiar with JOBS Act facilitated IPOs such as Snapchat, Dropbox, and Blue Apron. However, potential Tulsa investors need to understand they may not be able to sell their units because “no public market exists” and that their ability to transfer the units are limited. To withdraw, a member who has been in the investment for at least 12 months, must contact Tulsa directly.
THE SPECIFICS OF THE INVESTMENTS ARE UNKNOWN
As of the date of the Offering Circular, Tulsa had not identified the assets it intended to acquire. Members will not have the opportunity to evaluate Tulsa’s investments before they are made which, as Tulsa disclosed, makes the investment more speculative. Although Tulsa’s name pays homage to the infamous Black Wall Street which was located just outside of Tulsa, Oklahoma, Tulsa will be investing in single family, multi-family and commercial properties throughout the United States in urban neighborhoods.
TULSA REAL ESTATE FUND IS NOT A $50 MILLION REAL ESTATE FUND
As of the date of its Offering Circular, the Company had $0 in cash and total liabilities of $15,350. The fund is authorized to raise up to $50 million over a twelve-month period as a Tier 2 Real Estate crowdfund. Generally, the average fund raises $18.2 million.
The independent auditors noted substantial doubts that Tulsa will be able to continue operations for the foreseeable future without needing to liquidate to fulfill its financial obligations. Management’s plans to reduce or minimize the auditors’ doubts report were insufficient to modify their opinion. Therefore, it seems unlikely that the fund will be able to meet its strategy of paying a preferred annualized return of 8% or realize a profit to distribute to its members.
THE OFFERING PRICE IS ARBITRARY
The company’s offering price of $50 per unit is “arbitrary and does not reflect book value of [the] Class A interests.” Currently, the Tulsa does not own any assets; it has not “conducted any revenue-generating activities” nor has it “generated any revenue since inception.” As a result, the per unit offering price is solely a function of raising capital, 1,000,000 units at $50 per unit, not a true reflection of the company’s value.
ONCE YOU’RE IN, YOU’RE LOCKED IN FOR AT LEAST A YEAR.
Tulsa is a long-term investment. The minimum investment is $500. However, subscribers may start to fund their investment account with $50; they have 180 days to become a member.
However, once an investor becomes a member of Tulsa, they are locked in for 12 months. After twelve months have passed and a member wishes to withdraw, Tulsa will use its best efforts to return the member’s money. In the event Tulsa does not have sufficient cash available, it will not liquidate assets and will distribute the cash available on a pro rata basis.
FINAL THOUGHTS
The Tulsa Real Estate Fund is an excellent concept to help combat gentrification in African American communities. If I were not solicited on multiple occasions about the merits of the investment, I would have reserved comment.
This company has been in existence since July of 2016 but has yet to purchase any real estate. It is impossible to determine the company’s ability, regardless of the manager’s experience, to sustain itself let alone provide its stated annualized return. There is a strong possibility, as noted in the Tulsa’s Offering Circular, that investors could lose “their entire investment.” I have an additional concern regarding the ability of novice investors to manage their expectations regarding the company’s performance and return.
At this point, Tulsa is a purely speculative investment. It should only be considered as an option for a sophisticated investor who can withstand the loss of their entire investment and fully appreciate and withstand the risks that accompany investing in this type of offering.
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some things have changed since this was written, but overall a good read.
FIVE THINGS YOU NEED TO KNOW BEFORE INVESTING IN TULSA REAL ESTATE FUND
Posted by Courtney | May 25, 2018 | Commentary, Stocks, Tax Strategies | 33 |
On February 2, 2018, the Tulsa Real Estate Fund (“Tulsa”) received its Notice of Qualification as a Regulation A+ Tier 2 crowdfund becoming the first African American owned crowdfunding platform focused on “buying the block.”
SEC qualification does not mean approval in the ordinary sense. The SEC has not, and will not, assess the merits, accuracy, or completeness of the Company’s information in its Offering Circular. Qualification means Tulsa met the legal disclosure and regulatory requirements under Regulation A+ to begin selling its units to the public. Under the law, SEC is only required to ensure that the Company tells investors everything. Admittedly, an investor interpreting “everything” to determine if an investment is a good fit, can be hard. Here’s a link to the Offering Circular. But here’s five things I think you need to know before investing.
THIS IS NOT THE IPO THAT YOU ARE USED TO
In 2012, President Obama infused new life into the investment world by signing the Jumpstart Our Business Start-Ups Act (the JOBS Act). The Act created a less cumbersome path for small and large businesses under $1 billion to obtain funding. It increased the amount of money that small businesses could raise from $5 million to $50 million. It also provided provisions for non-accredited investors, who are normally excluded from this process, to get involved through crowdfunding. The act’s rule, Regulation A+, essentially created a “mini IPO” process for small businesses.
Many investors are familiar with JOBS Act facilitated IPOs such as Snapchat, Dropbox, and Blue Apron. However, potential Tulsa investors need to understand they may not be able to sell their units because “no public market exists” and that their ability to transfer the units are limited. To withdraw, a member who has been in the investment for at least 12 months, must contact Tulsa directly.
THE SPECIFICS OF THE INVESTMENTS ARE UNKNOWN
As of the date of the Offering Circular, Tulsa had not identified the assets it intended to acquire. Members will not have the opportunity to evaluate Tulsa’s investments before they are made which, as Tulsa disclosed, makes the investment more speculative. Although Tulsa’s name pays homage to the infamous Black Wall Street which was located just outside of Tulsa, Oklahoma, Tulsa will be investing in single family, multi-family and commercial properties throughout the United States in urban neighborhoods.
TULSA REAL ESTATE FUND IS NOT A $50 MILLION REAL ESTATE FUND
As of the date of its Offering Circular, the Company had $0 in cash and total liabilities of $15,350. The fund is authorized to raise up to $50 million over a twelve-month period as a Tier 2 Real Estate crowdfund. Generally, the average fund raises $18.2 million.
The independent auditors noted substantial doubts that Tulsa will be able to continue operations for the foreseeable future without needing to liquidate to fulfill its financial obligations. Management’s plans to reduce or minimize the auditors’ doubts report were insufficient to modify their opinion. Therefore, it seems unlikely that the fund will be able to meet its strategy of paying a preferred annualized return of 8% or realize a profit to distribute to its members.
THE OFFERING PRICE IS ARBITRARY
The company’s offering price of $50 per unit is “arbitrary and does not reflect book value of [the] Class A interests.” Currently, the Tulsa does not own any assets; it has not “conducted any revenue-generating activities” nor has it “generated any revenue since inception.” As a result, the per unit offering price is solely a function of raising capital, 1,000,000 units at $50 per unit, not a true reflection of the company’s value.
ONCE YOU’RE IN, YOU’RE LOCKED IN FOR AT LEAST A YEAR.
Tulsa is a long-term investment. The minimum investment is $500. However, subscribers may start to fund their investment account with $50; they have 180 days to become a member.
However, once an investor becomes a member of Tulsa, they are locked in for 12 months. After twelve months have passed and a member wishes to withdraw, Tulsa will use its best efforts to return the member’s money. In the event Tulsa does not have sufficient cash available, it will not liquidate assets and will distribute the cash available on a pro rata basis.
FINAL THOUGHTS
The Tulsa Real Estate Fund is an excellent concept to help combat gentrification in African American communities. If I were not solicited on multiple occasions about the merits of the investment, I would have reserved comment.
This company has been in existence since July of 2016 but has yet to purchase any real estate. It is impossible to determine the company’s ability, regardless of the manager’s experience, to sustain itself let alone provide its stated annualized return. There is a strong possibility, as noted in the Tulsa’s Offering Circular, that investors could lose “their entire investment.” I have an additional concern regarding the ability of novice investors to manage their expectations regarding the company’s performance and return.
At this point, Tulsa is a purely speculative investment. It should only be considered as an option for a sophisticated investor who can withstand the loss of their entire investment and fully appreciate and withstand the risks that accompany investing in this type of offering.
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https://www.forbes.com/sites/meimei...al-estate-crowdfunding-platform/#10cfd93d372a
MeiMei FoxContributori
Women@ForbesThe goal of the Tulsa Real Estate Fund, which I cofounded with my husband, is to spread a message of financial empowerment and financial literacy in underserved and working-class communities
The Tulsa Real Estate Fund (TREF) was created to help individuals in low-income neighborhoods combat gentrification through making real estate investments at as low as $500.Ernestine JohnsonandJohnetta G. Paye, Esq. both play an instrumental role at TREF, which is the first African American-owned real estate crowdfunding platform. Johnson is the co-founder and chief communications officer, and Paye acts as lead counsel and VP of business affairs.
Johnetta Paye and Ernestine Johnson run TREF, a fund designed to helped low-income people invest in real estate.PATTON PICTURES
“ The goal of the Tulsa Real Estate Fund, which I cofounded with my husband, is to spread a message of financial empowerment and financial literacy in underserved and working-class communities ,” says Johnson. In addition to working for TREF, she has been an actress since she was 10 years old and recently starred in 24 Legacy on FOX.
She initially became interested in real estate, Johnson explains, when she was studying for an audition one day and read that the median net worth for black women in her age range was $500. “This did not sit right with me. I was standing on $1000 shoes. I said to myself, ‘I have to use my art and my voice to financially empower low income, underserved, and urban communities.’”
And so, Johnson decided to learn about real estate. She realized that through gentrification, low-income families frequently are pushed out of their neighborhoods. Often, they are not equipped with the proper resources or education to buy properties in their communities. “Knowing this birthed an even deeper passion to help people buy real estate,” Johnson says.
To get her start in real estate, Johnson began by investing in dilapidated homes in Atlanta. One of the greatest challenges she faced early on was people telling her that she couldn’t do what she wanted to. However, she says, “I have learned to create my own doors and create doors for others. I find the gaps and find ways to fill them.”
YOU MAY ALSO LIKE
Ernestine Johnson believes in empowering people through financial literacy.CARLOS STEPHENSON
Johnson feels blessed to have aligned her career with her life purpose. “Everything I do for a living is part of my life purpose. Serving, giving, speaking and empowering are all purposeful aspects of my life that also happen to earn me a great living. I’ve always defined success around not how much money you make, but how happy and fulfilled you are. If you can find a way to be happy and fulfilled while making money, that is the true definition of success to me.”
To other aspiring entrepreneurs and changemakers Johnson offers these words of advice:
As an attorney, Johnetta Paye has seen how owning real estate can change people's lives.BRYAN WHITELY
As the VP of business affairs for TREF, Johnetta Paye assists in developing business strategies and goals for the fund, while also overseeing day-to-day operations, developing marketing campaigns, and managing the team. Additionally, she is an attorney who owns and operates J. Paye & Associates Attorneys at Law, a boutique law practice with offices in Chicago and Atlanta focused on business, entertainment and real estate law.
Paye says she became interested in real estate as a young girl, watching her parents work hard and take numerous overtime shifts in order to save enough money to move out of their low-income, high-rise housing complex and buy their own home. “My parents struggled and sacrificed to become homeowners. Now I see the pride they have in their home,” says Paye. “Also, as an attorney, I have facilitated numerous real estate transactions for first-time homebuyers. I have seen the power of real estate to transform people’s lives.”
Paye also feels grateful to have a career that enables her to live out her life’s purpose of helping others and being a leader. “One thing that has value and meaning to me is how I am able to inspire others,” she says. “Many of the low-income individuals I work with are surprised to see an African-American female lawyer. I take pride in being an example to young minorities and showing them that with hard work, it is possible for anyone to become a lawyer or business professional.”
Like Johnson, Paye also finds her greatest professional challenge to be overcoming rejection and naysayers. “When I first decided to attend college in Chicago, some members of my community did not think that I would make it. I was the first person in my family to graduate from a four-year college, and then I went on to become a lawyer. The journey wasn’t easy. I did not have anyone in my family to guide me. But I preserved.”
Being a member of the Tulsa Real Estate Fund executive team has proved to be an exercise in overcoming naysayers, as well. Paye says, “When we first explained our business model of offering shares to investors for $50 a unit, the collective consensus was that we would not be successful. However, TREF opened for investment on June 1, 2018 and raised over $10 million in one week! We proved the naysayers wrong .”
Paye offers these tips for overcoming obstacles and achieving success.
MORE
MeiMei Fox is a New York Times bestselling author specializing in health, wellness and positive psychology. As a writer and life coach, she helps people align careers with their life purpose.
MeiMei FoxContributori
Women@ForbesThe goal of the Tulsa Real Estate Fund, which I cofounded with my husband, is to spread a message of financial empowerment and financial literacy in underserved and working-class communities
The Tulsa Real Estate Fund (TREF) was created to help individuals in low-income neighborhoods combat gentrification through making real estate investments at as low as $500.Ernestine JohnsonandJohnetta G. Paye, Esq. both play an instrumental role at TREF, which is the first African American-owned real estate crowdfunding platform. Johnson is the co-founder and chief communications officer, and Paye acts as lead counsel and VP of business affairs.
Johnetta Paye and Ernestine Johnson run TREF, a fund designed to helped low-income people invest in real estate.PATTON PICTURES
“ The goal of the Tulsa Real Estate Fund, which I cofounded with my husband, is to spread a message of financial empowerment and financial literacy in underserved and working-class communities ,” says Johnson. In addition to working for TREF, she has been an actress since she was 10 years old and recently starred in 24 Legacy on FOX.
She initially became interested in real estate, Johnson explains, when she was studying for an audition one day and read that the median net worth for black women in her age range was $500. “This did not sit right with me. I was standing on $1000 shoes. I said to myself, ‘I have to use my art and my voice to financially empower low income, underserved, and urban communities.’”
And so, Johnson decided to learn about real estate. She realized that through gentrification, low-income families frequently are pushed out of their neighborhoods. Often, they are not equipped with the proper resources or education to buy properties in their communities. “Knowing this birthed an even deeper passion to help people buy real estate,” Johnson says.
To get her start in real estate, Johnson began by investing in dilapidated homes in Atlanta. One of the greatest challenges she faced early on was people telling her that she couldn’t do what she wanted to. However, she says, “I have learned to create my own doors and create doors for others. I find the gaps and find ways to fill them.”
YOU MAY ALSO LIKE
Ernestine Johnson believes in empowering people through financial literacy.CARLOS STEPHENSON
Johnson feels blessed to have aligned her career with her life purpose. “Everything I do for a living is part of my life purpose. Serving, giving, speaking and empowering are all purposeful aspects of my life that also happen to earn me a great living. I’ve always defined success around not how much money you make, but how happy and fulfilled you are. If you can find a way to be happy and fulfilled while making money, that is the true definition of success to me.”
To other aspiring entrepreneurs and changemakers Johnson offers these words of advice:
- Don’t ever let “no” be an option! Sometimes it’s "no, not right now," but there’s always a way eventually. Never give up.
- Be unapologetically true to yourself and your ideas. No one is going to believe in you like you believe in yourself. Stay firm and strong.
- Create, don’t wait. Don’t wait around for opportunities you may never get. Create them.
- Always have something to offer. Learn how to be of service.
As an attorney, Johnetta Paye has seen how owning real estate can change people's lives.BRYAN WHITELY
As the VP of business affairs for TREF, Johnetta Paye assists in developing business strategies and goals for the fund, while also overseeing day-to-day operations, developing marketing campaigns, and managing the team. Additionally, she is an attorney who owns and operates J. Paye & Associates Attorneys at Law, a boutique law practice with offices in Chicago and Atlanta focused on business, entertainment and real estate law.
Paye says she became interested in real estate as a young girl, watching her parents work hard and take numerous overtime shifts in order to save enough money to move out of their low-income, high-rise housing complex and buy their own home. “My parents struggled and sacrificed to become homeowners. Now I see the pride they have in their home,” says Paye. “Also, as an attorney, I have facilitated numerous real estate transactions for first-time homebuyers. I have seen the power of real estate to transform people’s lives.”
Paye also feels grateful to have a career that enables her to live out her life’s purpose of helping others and being a leader. “One thing that has value and meaning to me is how I am able to inspire others,” she says. “Many of the low-income individuals I work with are surprised to see an African-American female lawyer. I take pride in being an example to young minorities and showing them that with hard work, it is possible for anyone to become a lawyer or business professional.”
Like Johnson, Paye also finds her greatest professional challenge to be overcoming rejection and naysayers. “When I first decided to attend college in Chicago, some members of my community did not think that I would make it. I was the first person in my family to graduate from a four-year college, and then I went on to become a lawyer. The journey wasn’t easy. I did not have anyone in my family to guide me. But I preserved.”
Being a member of the Tulsa Real Estate Fund executive team has proved to be an exercise in overcoming naysayers, as well. Paye says, “When we first explained our business model of offering shares to investors for $50 a unit, the collective consensus was that we would not be successful. However, TREF opened for investment on June 1, 2018 and raised over $10 million in one week! We proved the naysayers wrong .”
Paye offers these tips for overcoming obstacles and achieving success.
- Take Risks. Individuals who are regarded as highly successful took risks: Steve Jobs, Elon Musk, Oprah Winfrey, etc. I, too, have taken a lot of calculated risks to achieve my professional goals.
- Believe in yourself. Breaking into a difficult field requires a strong sense of self-belief. There will be moments where you want to quit, but when you believe in yourself it gives you the willpower to push forward.
- Volunteer. Volunteer your time when trying to break into a difficult field. It shows your skills and knowledge, and often you can leverage it into a paid position.
- Be a lifelong learner. As a minority in a difficult field, I constantly have to prove myself. When you are constantly learning, you can establish yourself as an expert in your field. This will open more doors for you.
- Get a mentor. There are going to be things you do not know about your chosen field. Having a mentor shortens the learning curve. Mentors also enable you to gain access to opportunities that would not normally be within your reach.
MORE
MeiMei Fox is a New York Times bestselling author specializing in health, wellness and positive psychology. As a writer and life coach, she helps people align careers with their life purpose.
anybody with a solid finance career knows what a real estate fund is. all they doing is hyping black ownership, which adds no value in terms of the cash flow generated by the REIT/REMIC/whateverstructure.
They have a lot of smoke and mirrors.....hmmmmm
What's your point?
He is not transparent enough, so I can't call it yet. But I know that everything he does is based on what he thinks and wants. You simply put your money in a pool and hope he makes a good purchase of property. In this case, he seems to have bought a building with no obvious commitment to rent by real tenants.
Last year, I put $50k into a fund run by some Indians and it's looking very good so far. I was very cautious and did my homework by actually visiting the property and reading a detailed prospectus. To be clear, I was the attorney who handled a $25M transaction for him and I saw how he did business. I could not invest in the project that I worked on but I invested in another out of State project.
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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.
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.
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.
Dr Truth. Listen to this guy. He makes a lot of sense.
Ok, I see what you're saying. Yeah, that's why I want to get beyond their smoke and mirror P.R. & really get to the heart of the matter.
You're a compound idiot but I agree with you here. Kill your self, Chun Lee.
nope...
you can buy good press from Forbes through the same channels and methods that will get you a spot on the Forbes List
Lol yeah people think these Forbes things are legit. All they do is send a press release that says exactly what they want said. Forbes needstk get a grip on that. Even Umar was on there at one point and we know how that went
That's the part. They wrote it in such awa that it's NOT regulated like standard REITs. So they ain't obligated to shit lol
Stung, didn't it.
Was that not the point you were trying to make?
When you stop shitting on black people, I'll consider letting sarcasm go.
So, hes not credible enough because he is not attatched to whites and jews?
Or am I missing your point