The Real Estate 'Mogul' Only Making $2,000 a Month

Jay Morrison manages the Tulsa Real Estate Fund, but may not be the mogul he claims to be.

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TIMESTAMPS
0:00 - Intro
0:37 - Jay's Claim to Making Millions and Losing it All
2:22 - Jay's $100k House
3:01 - The 2007 Lawsuit from Fraud
3:50 - The Settlement Details
4:22 - How Jay Morrison Became a Millionaire
6:02 - His Personal Bankruptcy
7:26 - Jay's Potential Side Hustle
9:01 - The Celebrity Realtor in New Jersey
9:24 - He Couldn't Pay a $120 Sewer Bill
11:21 - He Decides to Raise Money for a Fund
12:04 - The Fund Loses a Lot of Money
13:49 - His Feud with Tony the Closer
14:39 - Fund Facts & Why It's a Bad Decision
15:58 - Jay & Tony Feud Pt. 2
17:17 - Will Roundtree Sues Jay Morrison
17:42 - What to Look For

[WaxPackMike]

Anybody who claims they made millions and “lost it all” multiple times is only showing me they don’t learn from mistakes.

[reddtrem]

OMG!! I know and met him in person. I heard about him before I met him tho. I was working for a large financial institution in the wealth management department for over 12 years, 6 of those were in Atlanta. He was a prospect for the banker I was supporting so, I was in the meeting. He brought like 3 assistants with him and couldn’t really give us real asset numbers but had extensive “demands” or desires is probably a better word. When we finally got his financials we realized he didn’t qualify to be in Wealth Management because at the time you needed $1M in liquidity. He didn’t qualify with personal assets or business assets. That’s when I realized it was all B.S. I was shocked!!!

[paul]

Spencer you a real one from this. As a black man, I'm disappointed that people like Jay target blacks and our impatience with the concept of delayed gratification.

[JeromeKyng]

He's been a fraud in the black community for a long time. Many have called him out and he is in a number of lawsuits at the moment. Major scam artist for sure.

[Kishagirl]

I found this video and I’m embarrassed to admit that during the pandemic, I chose to learn about real estate and I purchased an online real estate course from Jay Morrison’s legacy center. It was for a few weeks and I paid close to $400. I learned the absolute basics of real estate and looking back I could have learned the same or more from watching YouTube for free or purchasing a book like he suggested in the video. While enrolled in the course, I received countless emails about other courses and calls from his workers at the legacy center about other deals. Thankfully, I only took that course but it’s really crazy to learn he’s a scammer.

[EnterTainment-vvqs]

FINALLY!! Much needed and well done

Jay is one of the most prolific urban real estate scammers!

[rainbowbrite]

I am so sick of these so called “influencers, real estate moguls, entrepreneurs, financial advisors” scammers. All they do is just sell “courses” and tell you they will show you how to make/ earn money and invest.

[floridadad]

You're doing God's work here Spencer. During the subprime crisis about 2006-2008, I got heavy into the guru scene. I ran real estate clubs in Chicago and even produced a real estate conference with a friend (small scale). I even had my own training program where I taught Chicago investors how to buy houses in Indiana for 8-12k a piece (which was totally true at the time) and start in the rental game. Producing the conference is what soured me on the whole thing. I got a peak behind the curtain on these gurus and figured out how little money they were actually worth. Believe it or not I did this while I had a dad who actually is a successful real estate investor and quietly goes about his business managing apartments, strip malls and a few houses. It's so easy for people to get sucked into this crap. Real estate is REAL WORK. It is not an armchair investment by any stretch of the imagination. If you want armchair real estate, buy into a REIT. I started raising the alarm about a year or so ago that the same guru crap that was sold 2006/2008 was raising its head up again. I'm glad I'm not the only one to see it.

[FAMILYOVEREVERYTHING]

spencer exposing these fake gurus is great for society

[drewmcintyre]

It's mind boggling how folks are willing to give hundreds of thousands of dollars to known scammers that have served time in prison and then get upset when they get scammed lol

[jay_ay_why]

The NFL Players Association (Union) issued a warning to its players a few years ago saying not to invest with this guy.

[Steamyhoodie]

I don’t comment much at all. But this hits home. Been following Jay for a few years, genuinely interested in what he’s speaking about and storing the little gems he’d drop in his videos on IG.

I was actually interested and decided to reach out via DM. Within the hour I got a response, basically asking me to make $100 deposit to get in on his course/class. Something felt disingenuous so I decided to ask a bit more questions which he responded too but at the EOD I just didn’t feel comfortable forking $100 over to him for a course I didn’t have full details on.

To summarize, thank you for the video Spencer. Not only does this reassure my decision but I hope this helps those who come across this video, especially young black Americans. As I feel his content is really geared towards and he actually is relatable with many things he says.

[characterlimitexceeded]

I've been a fan of the channel for a while but this was a REALLY well put together video. Definitely a ton of digging done here and I can see the experience paying off (batch leads, bankruptcy proceedings, video archives etc.). As a young black guy who's been investing for 7 years I really want other black people to see this. The black grifters realized they have an unsophisticated supportive audience that's often desperate for cash and looking for representation. Really disgusting what they're doing. Thank you for exposing these guys tastefully Spencer!

[inmyopinion]

With Jays ability to raise funds I don't know why it never occurred to him to hire someone to actually manage the fund for him. He could came out looking like the hero.

[vjoneofficial]

This is golden. Makes sense now. I followed him on IG and quickly saw through the hype. He would regurgitate entry level tips and tricks on his feed to sound experienced. Nothing that sounded like it came from a sophisticated mogul. Most of the stuff was from bigger pockets. Thank you for this

[CoachForsyth]

So many scammers in every aspect of our lives...Great Job Spencer.

[FTZPLTC]

Pretty shameful that he's trying to use the black community to shield himself from criticism, because it's them that he's going to burn. And while I'm always to see someone with a criminal past reform themselves, I feel like he's leveraging that too, trying to present himself as unique and unusual in a way that might encourage people to take a risk on him.

[joewd]

So glad you’re doing a video on this dude 😂😂 He’s been running scams for years lol.

[rodjilius]

Jay Morrison had me fooled for awhile during my entry into real estate. He was one of the first people I was watching and in a sense have to thank for inspiring me to get into real estate by watching his videos... But after awhile I noticed he wasn't really dropping gems in his videos he was just talking the whole time. And I noticed some people who interviewed him removed their videos. Then a lot of people were calling him a fraud. After awhile you look into it a bit and notice some truth from it. It was pretty disappointing knowing that the guy who inspired you to get into real estate was a fraud....

[kawzx]

You can find guys like him at car dealership all across America. Ex-cons make the best salespeople 🤣