It's a new investing idea that promises a big payout. A new black owned and operated real estate crowd fund just launched in Atlanta.
The idea is to re-invest in urban communities.
It’s named after a cluster of black owned businesses in Tulsa, Oklahoma known as Black Wall Street which was burned down in the 1920's.
Jay Morrision and his partner Ernestine Johnson want to use the spirit of that history to give people control in their communities. Their solution is the Tulsa Real Estate Fund.
"The importance of a real estate crowd fund is that It allows the everyday person, working class people to finally be able to invest in a lot of commercial buildings and major projects that we see that we would never be able to touch in our lifetime," said Morrision.
He says people will invest at least $500 to become a shareholder. Then the money will be put back into their communities through various real estate deals .
"So you can drive by a hotel, or farm land that we acquire and say we own a piece of that," said Morrision.
If a deal works out, investors will first get their money back, plus 8 percent. Then whatever other profits are made will be split 50-50, between fund managers and investors.
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