Tulsa Real Estate Fund is being mismanaged and underperforming
This fund is being mismanaged based on recent SEC government documentation and the constant deletion or changes to information about the fund and its operations on social media. Deletion of investor comments on their social media pages. Ignoring or blocking investors via phone, email or social media makes the fund activity more suspicious.
Outside of the $1 million loss in 2019 in SEC docs. The fund manager has according to docs he filed, decided to co-mingle investment dollars with his personal LLCs so he can charge the fund for random services. He has even found a way to transform his online real estate course business into a fedex kinkos that supposedly crafted brochures and marketing material for the fund. Marketing and admin services totaled $766k in 2019 and his side businesses were the main entities to profit from those charges.
Of all the properties acquired by this fund, they have managed to only collect $3000 in rent for 2019. Yet the movie ‘hip hop holiday’ used the space for filming in 2019 and numerous on property events and activities were publicized on social media that year.
Investor calls are recorded so as not to allow investor live questioning regarding fund progress. No items list of expenditure is being provided. There are misleading publications and statements made by the fund manager regarding how much money was raised, how many properties are owned 100% by the fund, the total number of active properties in the company’s portfolio, why they are promoting giving away millions for wholesale deals when the fund does not have that balance. This fund and its manager is treating this as a mattress store trying to garner new customers with misleading sale tactics. Huge red flag.
You’ll note in SEC documentation, Jay Morrison is listed as the sole management team member. The fund has deleted the initial list of team members used in its initial offering for funding and so investors are no longer aware of who is CFO, COO or even legal counsel on their public website or in SEC docs.
Until this fund becomes transparent, its wise to find other avenues for investment.