I am the leading investor in the Tulsa Real Estate Fund, a fellow developer, and a friend of Jay Morrison and I am extremely disappointed in the performance of Jay and the fund. As of December 31, 2021, the fund only had $772,372 in cash from the original $11,500,000. The $11.5M is only worth $4,343,928 now. That’s a 64% loss or $7.4M.
After reaching out to help the struggling fund and meet in person or on Zoom since July 31st, I decided that I needed to share what I see from TREF's recent June 2023 SEC filing publicly in hopes to inform the other 15,000 investors from an unbiased (non-TREF team) perspective of the fund's imminent bankruptcy.
I have a 12-page written fact-based speech that I'm going share on Thursday, August 24th at 8pm est on YouTube. This is primarily for the 15,000 fellow investors so that they can understand the state of the fund beyond the monthly TREF Talks.
PLEASE SHARE THIS VIDEO WITH ANY TREF INVESTOR YOU KNOW. THIS IS PRIMARILY FOR THEM.
This is a public fund and therefore it is open to public scrutiny, especially from a peer who understands the real estate game in a way that an unsophisticated $500 investor or non-accredited investor may not.
This is NOT A BEEF. There is no hate. This is loving accountability regarding the fund's performance. Private accountability does not allow me to reach the 15,000 investors who may be in the dark and not understand what's happening.
I can lose my $40,000 investment and I'll be alright, but I know that many investors gave their last dollar in the name of group economics. I stand for those who don't feel they have a voice or a platform like me since TREF does not appear to have a legitimate board of directors.
My recommendation is that the fund cease operations and liquidate all assets to return the remaining 36% of investors' money back to them before all is lost.
For TREF investors, I encourage you to:
1. Send an email to [email protected] expressing your concerns in support of this video and my recommendations above. Be sure to CC [email protected] so I can keep track of how many emails are sent in. If you have questions, TREF uses a customer support platform called Zen Desk and the URL is https://tulsarealestatefund.zendesk.com.
2. Initiate your redemption request by completing this form at https://form.jotform.com/200264722404040. Redemptions are unlikely to be fulfilled given the financial state of the fund, but it is another way for our voice to be heard with regard to how our hard-earned money is being invested.
