Miami, FL · Member since 2018 · 41 posts · 13 votes
Hi, I’m new to the Bigger Pockets Forum so I apologize if I posted this incorrectly.
I was wondering if anyone heard about the Tulsa Real Estate Fund spearheaded by Jay Morrison.
He’s trying to raise $50 million in a syndication deal to develop properties in urban areas. The minimum investment is $500 and you do not have to be an accredited investment.
Professional · Murrieta, CA · Member since 2013 · 405 posts · 458 votes
8y
@Ian Ippolito - I wrote Tulsa Real Estate Fund. Yes, 5.5 is higher than normal, but the fund isn't taking any other fees other than that fee - no acquisition, no disposition, no asset management, no refinance - nothing.
Real Estate Consultant · Evergreen, CO · Member since 2018 · 1k+ posts · 736 votes
7y
@Michelle Powers The SEC doesn’t have arrest powers as they’re not law enforcement. They have their friends at the FBI and IRS handle that with the local US Attorney. States and DA’s may file on their own but not the federal charges.
I was under the impression that a grand jury is used for criminal indictments. The SEC only partners with the local District Attorney if they suspect criminal activity. Their attorney, Jilian,on another thread, stated she wasn't sure why they received the subpoena, that sounds odd to me coming from an attorney. Shouldn't she be Knowledgeable about the role of a grand jury?
I think she was referring to not knowing the reason for the request of documents. Jay said he is not aware of the reason but they've complied.
Real Estate Consultant · Evergreen, CO · Member since 2018 · 1k+ posts · 736 votes
7y
@Michelle Powers Not all securities lawyers stay on after the initial registration, offering and all that. Not sure if she or Gene is involved. There are securities attorneys who handle defense and litigation and some do the front end processes.
Real Estate Consultant · Evergreen, CO · Member since 2018 · 1k+ posts · 736 votes
7y
@Remone R. I see it all the time. It is commonly known and envy, jealousy and the inability of one to do what another is doing and being successful at.
TREF is going to do big things. Jay went through a lot of SEC scrutiny before he was approved as a Reg A fund. He wouldn't have had hardly any by them if he just filed under Reg D but then he could only have sought Accredited Investors for a C.
A lot more goes into starting a fund than people think. It takes a lot of planning, systems and processes and attorneys.
Then when you launch the jealous and envious ones will come out in droves until the day comes where a fund matures and the naysayers are upset they missed out on it.
Investor · Detroit, MI · Member since 2014 · 360 posts · 354 votes
6y
Can anyone explain the recent talk of what is happening here? Lots of conflicting information. FYI not an investor. But I just been watching from the sidelines deciding if its viable.
@Ian Ippolito - I wrote Tulsa Real Estate Fund. Yes, 5.5 is higher than normal, but the fund isn't taking any other fees other than that fee - no acquisition, no disposition, no asset management, no refinance - nothing.
Real Estate Consultant · Evergreen, CO · Member since 2018 · 1k+ posts · 736 votes
6y
There are no issues with TREF or Jay Morrison. He is doing what others have not been able to. He also went through a lot of SEC scrutiny. A Regulation A is far different from a Reg D as Jillian and other securities attorneys will tell you.