BiggerPockets

If the economy did not turn, or you became an investor when properties values were going up, not down. Or, if you did not lie on your loan application and you really can afford the two houses you bought. Or, if you were a stand up guy, and you accept this terrible world collapse as what it is and not try to blame the person that tried to educate you, and give you a vision of someday having a net worth you could live off of. Maybe there would be an answer for you. It looks like you are spending a lot of time researching what others are doing and getting all worked up. Why don't you do what is best for you. List the two houses you should not have bought, probably with next to nothing out of your pocket, and sell them for current value. Put them in the hands of a good Realtor, and move on with your life. Hundreds of thousands of people are being effected because of the loans they placed on their house. Blame the banks, if you want someone to blame. They cried and got Hundreds of Billions of dollars because speculative and honest home buyers can not pay their mortgage. You probably bought into investing because people around you were making money and you wanted your share. You just happened to start 4 years to late.

I agree with John. A lot of people are complaining about Reddick, but if the market kept going up, rents kept going up, etc. everyone would be making money and everyone would be happy. They are blaming an educator for the current market conditions, and/or their own lack of due diligence.

Too bad about Marshall

Always thought he was a nice guy,,,,

I remember when he used to teach at Cal State L.A.

Dave Doyle

I am interested to hear what misleading information was provided. It's sad when newbies jump into real estate without the proper training and end up in a bad deal. With investing there will be risks. Sorry to hear that. I don't think you can blame Marshall. I don't know the guy, but it is up to the investor to do the research. However real estate professionals should provide accurate information.

Marshall Reddick is a Scam artist. I attended his seminars. I got introduced by taking a class about Real Estate Investing one saturday at the local comunity college and I paid for this so called class. It was a big giant sales pitch. Started on the basics then it was all his properties and exclusive agents and property managing companies. Then the class ended with everyone going to a nearby condo for sale. He had the right to make his cut off every person his company refered BUT his employees and so called coaches told you to lie to the lenders. I had a coach tell me do 20-30 loans all stated income across the country 100% financing and call them second homes not rental or income properties. I was told this by countless members of his staff and associates. I did buy 4 homes at one time but I called them investment properties and did everything by the book, no lies to the lenders and I only got 4 because thats all I could afford to pay if they sat empty. I also looked at each property and met with the agent and management companies. I bought 2 homes in AZ. that real estate/management company strait up ripped me off. They also owned the warranty company for the homes I bought and when the A/C went out. Which in black and white was covered in the policy the owner strait up played games at first. Would not get a technitian out there. So I had to. Then when it was diagnosed the compressor broke which was covered. The owner went there and said there was weeds near it so no coverage.He was also the property manager and being paid to do the landscaping. My father inlaw lived 20 minutes from the home so he went and there was no weeds, he took pictures. The A/C company said it broke for no reason but weeds did not and could not cause it. He still denied the claim. I had to pay 5,000 to repair it. 1200 in hotel bills to house my tenants because it was 130 degrees and my management/warranty company did nothing. Those bastards made thousands in comission off me, sold me 2 home warranties that were worthless and when I threatened to sue him. He had his lawyers all over me and in Az if I lost I would be liable to pay his legal fees. Worse I would need a lawyer and have to make trips to Az hundreds of miles away while working. It was cheaper to just bend over and pay the A/C bill and other costs and those bastards knew it. I personally went to Marshall Reddicks office and they could care less. They continued to refer everyone to this company who bought in that area. Also rewind I met with his accountant and attended a class about how I needed to Start a LLC right away. He had lawyers from Seattle signing people up for starting price of $5,000 and I think everyone did but me. It smelled fishy to me. I was hounded by one of the lawyers from the class for days to sign me up. I was going to have a corporation in Nevada and told I could write everything off and offset all my income and go on lavish vacations etc... with my money. Strait up fraud he was telling me I could legally do. It was kinda good timing with the A/c and all the fishy things I knew were illegal and fraudulent I was encouraged to do from his employees because I got ill thinking of his network. I sold all my homes but one and I made out with $250,000 before taxes. It sounds like and is a lot but I was also risking a lot. I stupidly kept one home in Florida to long. It is a lot of work selling homes in other states and this last one I still have. Im upside down and the rent barely covers the mortgage but expenses I have to cover. Been lucky with tenants but next month it goes empty again. Hope they find me a tenant soon. I used the money I made to pay down my primary residences mortgage which now I would maybe break even after paying an agent if I sell. My wife and I both got laid off.We burned through our savings paying bills.I just started working again at half my salary I used to make. My wife got her degree and starts work soon. A new career in mid 40's. We are better off then the hundreds of victims of Marshal Reddick.He represents why our economy collapsed. He surounded himself with scam artists and had his employees tell you, no encourage you to lie and go into hock. I feel sorry for them but they too need to take responsability if they lied and took out more then they could afford. I didnt listen. I did not lie. I paid more in fees,interest,taxes but I was legit. I also at the time did not buy more then I could afford to pay if they all sat empty at the same time for 6 months or more. I saw the risk. I did not take out a heloc when my primary residence was worth 900k 400k more then I owed and go buy a new car, vacation, no remodel. I home is just as it was when I bought it in 2004 and Its dated and needs some work. I have a 780 credit score and dont owe anyone but my 2 mortgages and basic bills. I hope Mr. Reddick gets life in prison.