The downfall of Tulsa Real Estate Fund: Jay Morrison’s funding struggles

This article is a summary of the YouTube video ‘The FALL of the Tulsa Real Estate Fund. Jay Morrison needs more money to keep open.’ by Blk News Network

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Written by: Recapz Bot

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The Tulsa Real Estate Fund failed to capitalize on the real estate market crash, raising concerns with sketchy filings, unknown funds, and a mortgage on the purchased Legacy Center, causing disappointment in its leadership and lack of community representation.

Key Insights

  • The video discusses the fall of the Tulsa Real Estate Fund and its current situation.
  • The fund raised $11.5 million initially but now has less than $500,000 in the bank.
  • The pandemic caused a crash in the real estate market, presenting opportunities for investment.
  • The fund failed to capitalize on the market crash and did not buy properties or make profitable investments.
  • The fund's late filings to the SEC are considered sketchy and raise concerns for investors.
  • The Legacy Center, purchased with the fund's money, now has a mortgage on it.
  • The whereabouts of the majority of the raised funds are unknown due to lack of transparency.
  • The video emphasizes the importance of researching and knowing who you are investing with.
  • Some investors were warned about the fund's credibility but chose to invest anyway.
  • The video draws a parallel to the movie Goodfellas, suggesting that the money might have been misused by those in charge.
  • The Tulsa Real Estate Fund's failure is highlighted, despite the potential for growth during the pandemic.
  • The video criticizes the fund's choice of name, as it did not invest in Tulsa, which is seen as a slap in the face to the community.
  • The acronym for the Tulsa Real Estate Fund, TREF, means "unfit to be eaten" according to the dictionary.
  • The video concludes by expressing disappointment in the fund's leadership and lack of consideration for the community it purports to represent.

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Transcript

Full

Uncomfortable Conversation Video

This video is gonna be on the fall of the Tulsa Real Estate Fund. I’m gonna give you a snapshot of where the fund is today, what I thought about the fund from the onset, and where do the investors go from here. It’s uncomfortable because I’m gonna be talking to the investors that believed into this person, who is Jay Morrison. It’s gonna be uncomfortable because some people may have wanted him to do well, even though they didn’t invest with the fund. I can understand that, but three, everybody has to take accountability and responsibility.

Jay Morrison was talking on his Tulsa Real Estate Fund investor meeting the other day. So many people tie his name to scams, and that was before he organized this, alright? So you’ve got to understand the type of people you’re gonna give your money to going forward. I mean, to me, that’s the life lesson.

But okay, let me give you a snapshot of where it is. The Tulsa Real Estate Fund got established. They raised up to $11.5 million. All invested cash, completely in the bank. As of a few days ago, Jay Morrison said they have less than $500,000 in the bank. Wow.

And what’s sad about it is they were in a position to tell all the naysayers, go F themselves. You know how? Because they had that $11.5 million before the pandemic. What did the pandemic do? A lot of different things, a lot of sad things. But one of the things it did was it made the real estate market crash. How do I know? Because when I saw that, I invested in a lot of real estate funds because they were on pennies on the dollar, knowing they would come back up. And that’s exactly what they did. I tripled my money. Even with my own home, my home price appreciated in such a way of a multiple. So you could have thrown darts at a board, especially in Georgia, in a place where people actually want to move to and be at. Those type of regional places really saw home values soar and property soar.

So what did they do? Did they capitalize off of that? No. They wanted to buy the block. They didn’t buy the block. They bled the block dry, in my opinion, because they have less than $500,000 in the bank. They could have bought properties, pennies on a dollar. They could have invested in real estate, other funds, which is perfectly fine, and made multiples on their money, and then gave that money back to investors. You paid $500. Guess what? We’re gonna give you back some more of that in the form of multiple dividends, not just one little measly dividend.

So from the onset, I knew going into it, this person has a scam related to his name. Every time you Google his name, there are a lot of hits if you put scam behind it. And you can send a cease and desist letter if you want. These are all facts, bro. So I don’t know what you want me to do because I’m just reporting what exactly has been reported already. And not that many, you can’t tell me 100% of the people are lying. It’s just hard for anybody to conceptualize that.

But I will say he did it. He got $11.5 million. He raised it, went out, made this fund public, super late on their filings to the SEC, which is super sketchy, but still you’re in a position to do so. You went there and told investors what you knew to be true, which is you have no money left in the fund. And you’re gonna have to do another capital call. And if the capital call does not come back, and what that means is the fund needs more money. He’s gonna ask investors or a new batch of investors to donate more money to the fund, or the fund will cease to exist. So that $11.5 million, gone.

The one good thing they did was buy the Legacy Center, cash. They refinanced it. Okay, so there’s a mortgage on that place. So the $11.5 million, whatever they paid for the Legacy Center, is now gone, because they got that money back, and then that still went down almost to zero. So now you have a mortgage on the Legacy Center, the place that you want to point to. And nobody can have a serious accounting on where all the money went because they’re super late on their SEC filings. Super sketchy. I mean, as an investor, I would think about that as that’s super sketchy.

So I really feel bad for the people that did invest in the Tulsa Real Estate Fund. I get it, you wanted to believe, but I want to tell you, you need to take a lesson from this and think, I need to at least Google the people that I’m giving my money to a little bit. And this money, maybe $500, whatever, maybe you got it to lose, maybe you don’t. But in that same breath, maybe do a little bit of research beforehand and don’t give your money to people that have a lot of Google hits with scam behind their name.

Now, recently, they’ve had other investors come out and say, you know, this person is lying, and this person squandered the funds and stuff like that. I don’t feel really sorry for those types because they were up there on their platforms, vouching for this man a few years ago. And you knew the knowledge I had before you got into bed with this person. So I really don’t feel bad on that aspect. I feel bad for the person who may have just seen Jay Morrison based on the marketing they do, they spent a lot of money on marketing from my understanding and said, you know what, I’m gonna believe in this person. And now your money’s gone, hopefully it comes back. And I promise you, this reminds me of Goodfellas, stay with me.

In Goodfellas, a restaurant person got in basically a little argument with Tommy and the rest of his outfit. And in order for him to get Tommy off of his back, Tommy, played by Joe Pesci, he needs to go to the person in charge and make him a silent partner in his restaurant. And he says, fine, fine, I’ll be a silent partner in your restaurant. But what that really meant was, I’m gonna take all the money out of this place. Everything they tried to do, whether it’s get credit for the food, whatever, it came in, they took it, and all the money got sucked out of that place. And when he couldn’t borrow another dime, they turned the place on fire, they set it on fire.

And I kid you not, I don’t know what’s gonna happen, but if something went up in flames, it would not surprise me, is all I’m saying. So I’m not accusing anybody of what they’re doing, but it really is reminiscent of Goodfellas. You bleed all the money out of this machine you built. And there’s nothing more we can say about it. The fund has been a failure, an utter failure. We can say that right now. There can be a capital call, the fund can resurrect to all he wants to, but the fund has been an utter failure from the start.

The pandemic allowed real estate plays at a multiple and could have really grown the fund from 11.5 to whatever. And in the long run, it could have been fine. But no, no, the money went away.

And the last personal thing I want to say about this is what really bothered me from the start, especially people who know their history a little bit, the Tulsa Real Estate Fund was really named after what happened in that Greenwood district and what really was a show of what we could do economically that people unfortunately had a lot of feelings for, were upset and decided to burn and tear down and destroy and eventually put highways through because they couldn’t stand that people could prosper on their own.

Now you take that spirit and you start it in Atlanta. Okay, you want to buy back the block in Atlanta. We’re going to name it after this in the spirit of this, but you don’t buy in Tulsa. That really, really pissed me off. There was never a promise of buying in Tulsa. You named it the Tulsa Real Estate Fund. There are a lot of black people that stay in Tulsa. And yet you said, you know what? I’m not gonna go help build up Tulsa. To me, it’s a slap in the face, but that’s just a personal thing. I’m not saying they had to do that. You want to buy back the block and turn Atlanta blacker, which, okay, whatever. That’s fine. I understand. I love Atlanta too. I love my people. But if you’re gonna name it after the Tulsa Real Estate Fund, at least help out the community and be a beacon or a reminder of what happened there and not take them for granted, not making a monetizable gain just because you can. If you really wanted a legacy center, it could have been built in Tulsa. It could have been bought in Tulsa and transformed into that. But you’re too much of a narcissist, to me, in my opinion, to realize that. And that’s just sad.

Alright, last thing. TREF, if you look it up, the meaning, TREF, Tulsa Real Estate Fund is the acronym for it. The short name for it is TREF, T-R-E-F. You look it up in the dictionary, it

This article is a summary of the YouTube video ‘The FALL of the Tulsa Real Estate Fund. Jay Morrison needs more money to keep open.’ by Blk News Network