Jay Morrison was a troubled youth, who found himself hustling on the corner before being locked up at a young age. While on parole, he found real estate and decided to leave his corner. Jay went from being a three-time felon to a three-time author and creator of a $50 million real estate fund. As the CEO and Founder of the Jay Morrison Academy, Jay has become known as “Mr. Real Estate,” sharing his knowledge with his students, troubled youth, ex-offenders and real estate pros. Jay’s focus now is helping others leave their personal corner of complacency. On today’s episode, Jay shares how being involved in community meetings afforded him the inside track on his early deals and why he focuses on social causes and projects that deliver more than just a monetary return.
Key Market Insights
- Grew up in Central New Jersey in an adverse life environment with abuse at home and on the welfare program
- Landed in jail at 18, spent 2 and a 1/2 years in prison
- Introduced to real estate through a parole work program as a loan originator
- Was on parole at 22 and worked at a mortgage company in Plainfield, NJ
- Learned the financing basics of FHA financing and hard money
- Made $100K in profit from saving his mother’s home from foreclosure
- Actively a loan originator and a licensed agent
- Niche was understanding the entire aspect of the deal from being a realtor and being a loan originator and being the maestro
- Identified new developments through city council meetings
- Realized Omni Environmental Corp was building a dam to reverse the flood zones in the wetlands; bought nearby land anticipating re-zoning
- Seeks highest rental income for residential homes in “good” school zones
- It’s important to meet your councilman and local government officials and have them meet you
- Created the Tulsa Real Estate Fund, which provides developers with creative financing for urban real estate developers
- Goal is to provide a billion in capital over the next 5 years
- Fund is focused on Atlanta, Chicago, North New Jersey, Baltimore, Maryland Oakland, Detroit, New Orleans and Indianapolis
- All of Jay’s ventures have to have some social impact
- You can be the “Cool Jay” or you can build a legacy with your last name and seek to have your name on museums and streets
- Conducted a “corner class” tour in 25 of the roughest neighborhoods with 300 people in the Bronx and 190 people in Chicago
- Controls 60,000 sq/ft in land in downtown Atlanta based on community relationships
- Current Project: Reviving a major civil rights landmark in Atlanta
Bull’s Eye Tips:
Winning Your Market: Add value to that market, and get in with the community
Tracking Market Changes: Boots on the Grounds – identify superstars that you come across to keep tabs of changes
Daily Habit: Check financials daily both personal and business
Resources:
Lord of My Land by Jay Morrison
Best Business Books:
Think and Grow Rich by Napoleon Hill
Digital Resources
Tweet This:
“My spiritual alignment helped to open up doors by living a life of service”
“We all have the opportunity to leave the corner….the corner of complacency”
“Stop hustling for your first name, hustle for your last name”
“Show up and look the part”
Places to Grab a Bite:
New Jersey: Chart House
Connect with Jay:
Instagram: @MrJayMorrison
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