Well known amongst real estate investors, Marshall Reddick and the Marshall Reddick Real Estate Network is under a bit of scrutiny today after being sued for fraud. According to a press release today from the Wyatt Law Firm (courtesy of Business Wire):
Marshall Reddick Real Estate Network, Inc. (MRREN), a prominent California-based real-estate-investment club, and 11 other individuals and businesses in the real-estate and lending industries based in Florida and Ohio were named as defendants in a lawsuit filed today in Los Angeles Superior Court relating to an alleged fraudulent real-estate-investment program involving the sales of homes in Florida.
In the lawsuit, filed by the Law Offices of Andrew M. Wyatt, a Los Angeles-based law firm, the Irvine, CA-based MRREN and its founder, Marshall Reddick, along with the other defendants were charged with 11 counts of illegal actions, including: Fraud; Racketeer Influenced and Corrupt Organizations (RICO) Act; Untrue or Misleading Advertising; Negligent and Intentional Misrepresentation; and Unlawful, Unfair and Fraudulent Business Acts and Practices.
According to the lawsuit, Reddick, a retired economics professor, has built his reputation through seminars held at community colleges and universities. MRREN has 80,000 members, of which half have purchased property through its system of “armchair investing.” MRREN purports to have a network of high quality developers, builders and lenders who are professional and reliable, assuring investors of “worry free investing.”
In 2005 and 2006, Mosner and Hidalgo invested in the development of three single-family homes in Port Charlotte and Englewood, FL. The lawsuit alleges that the bulk of the loan money went to the defendants for commissions and “overhead” costs. Little of the money was used for construction of the homes.
As a result of the builder’s failure to start construction, the plaintiffs were declared in default by the lenders. Besides adverse credit reports, Mosner and Hidalgo are potentially liable for hundreds of thousands of dollars.
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It seems every day more and more both real estate companies and mortgage bankers keep getting caught with there hand in the cookie jar from Ameriquest to a local lender here at home Doral Bank. It seems they just do not learn or think that will not happen to us.
People and companies related to the real estate industry getting caught with their hands in the cookie jar is something that’s not just confined to the US, here in Europe there are plenty of similiar scandals being unveiled. None of them however of the scale of this MRREN (80,000 members, half of which have invested WOW). Just shows you what can appear to be whiter than white is often a darkish cream on close inspection!
I found your website that captures my interest while searching the internet for particular keywords related to real estates. This is a very informative blog of yours. Keep up the good work. You may also check Real Estate Investments and TIC Investments if it interest you for additional information’s. Thank You…
This real estate transaction can too easily happen when someone does not follow a plan when they invest in real estate by being a private lender. Private lenders should not give very much if any cash out before the selling is completed. And every dollar that must be spent on building materials and labor should be disbursed only with receipts and evidence that the work has been done. Just reading our newsletter would have given them a better understanding of how to lower their risks.
well, I found your website that captures my interest while searching the internet for particular keywords related to real estates. This is a very informative blog of yours. Keep up the good work. i can only hope that my business forums become as popular as yours. http://www.businessforums.co.nz
Does anyone have this document? I.E. the Reddick Complaint?
I had some colleagues attend a Marshal Riddick seminar a few months ago. They came away from it ready to plop money down that day on any property that came along. Fortunately, they did not pull the trigger.
-4MySales
A RICO charge is an interesting tactic. The act usually applies to extortion, blackmail, witness intimidation, retaliation against whistleblowers, and other MO’s of organized crime. It’s very rarely used in fraud cases. If it sticks, though, it’ll mean a MUCH stiffer penalty.
Marshall Reddick finally was sued. He should have been investigated and criminal charges filed as he has been SCREWING people with his lies and misrepresentations for YEARS. Google his name and read about it. It’s about bleeping time this bottom feeder is revealed for the scam artist he is. He’s very slick he uses his Jesus Love Me schstick to make people believe he must be ok if he’s religious. Yeah right. He pay in hell for what he’s done to some many people.
hehe… I had #2 ranking on Google for “marshall reddick” for my real estate discussion website that contained the word “marshall reddick” in the domain name. I had this domain registered before he trademarked his name. Guess what happened? Yep, he shut me down.
Marshall Reddick is by no means alone in his abuse of real estate investors. The one that suckered me in was the Robert Allen – Enlightened Wealth Institute, aka “The Gang of Thieves”.
I, unfortunately, got suckered in my Marshall Reddick and lost $30,000 of my hard-earned money. Marshall Reddick is allowed to present his seminars at the community college where I taught; based on the fact that they let him in, I trusted him. After a year of attending seminars, I bought a home in Pasco, Washington. EVERYTHING about it was a scam — from the real estate broker to the lender to the property manager, all referred by Marshall Reddick as part of his “team.” I got the State of Washington involved and the found so many problems with the property manager that the license was revoked. Without notifying me, they put a Section 8 person with a reputation for destroying property and not paying her rent in my BRAND NEW HOME. She and her FOUR CHILDREN and her live-in boyfriend and his daughter TRASHED the house — $5,000 in damages!! And Section 8 took NO RESPONSIBILITY for the damages to the property, the unpaid rent, and the unpaid utilities (which the City of Pasco required ME to pay). I finally sold the property at a loss.
Marshall Reddick misleads people, hides behind some bogus spirituality, and has led countless lambs to the slaughter. He would sell anything to anybody to make a buck, and pretend that he is looking out for his clients. He was my PERSONAL mentor, I did everything he said to do, and now I am bankrupt, and he is rich. It takes a while to see his true colors, so BEWARE!!! I am glad someone is going after him. I would, but I don’t have any money left!!!!
All I want to say is that Marshall is not rich. He followed his own advice, and ownss 400+ leverage properties, and his own company has suffered from his idiocy. You members are not alone — he’s going down with you.
LET NOT YEE CAST THE FIRST STONE WITHOUT LOOKING AT YOUR OWN
SELVES…
I STARTED WITH MARSHALL IN 1999…CURRENTLY I OWN OVER $3.5M IN REAL ESTATE.
I’VE DONE SEVERAL RE-FIANCES…FOLLOWING HIS ADVICE…I’M NOT HAVING ANY PROBLEMS…
THOSE ABOVE TALK LIKE FEAR ADDICTS…EVERYTHING IN LIFE IS A RISK…DIDN’T YOUR MOTHER TELL YOU…CRY BABIES…
MARSHALL IS A GREAT PERSON…HE HELPED ME TO ATTAIN FINANCIAL FREEDOM…FOR FREE..I HAD TO WORK HARD TO ACHIEVE THIS…
Excellent comment. I think Marshall is an upright person. He created a great system that has unfortunately been infiltrated by scam artists.
I made mistakes and lost but it was not Marshall’s fault.
The developer and appraiser were in cahoots to defraud investors. (You’d think you were doing your due diligence by getting a thorough appraisal but even that is not enough in this shark infested arena!)
I am also guilty of zealously buying 3 properties in the red. It’s created an awful situation for me and my family but it will pass. Great things are ahead due to these valuable lessons.
I have read through these emails. I myself have purchased several properties through Marshall’s Network. You need to do your diligence and watch out for yourself. I have done well with most of my MRREN investments, but have had a problem or two. It is not a perfect system. Remember that it is your money and you are in charge of it. Marshall and his seiminars have helped me acquire more than 4 million in properties. I have others that I work with as well. No one system is foolproof. Look into any investment carefully!! I wish you all success!!!
I worked directly with this organization. The senior leadership is weak, and everyone is cutting side deals to separate you from your money. You overpay for all your purchases, and the management companies have not been checked out. This organization has perpetuated a long-standing scam….and much of it in the name of God. Marshall should be arrested, and soon, will be shut down by the Board of Realtors, and by the Calif attorney general’s office.
Looking for Resi. Real Estate investors who would like to reduce taxes,create cash flow and document their assets on their R.E. properties by using an un-utilized tax strategy. As a resi. real estate investor-I understand that my financial destiny is my choice thru my diligence with education-education-education. Empower yourself as to blame no-one ,but yourself for our choices in Family, Business and Life in general. If we choose to listen to some one without our own diligence then that was your choice and you have gone from investor- surpassing speculator and straight to” GAMBLER ” May you all have a blessed and
” Merry Christmas “
I ALSO MADE BIG MONEY INVESTING IN THE PROGRAM. SOME PEOPLE JUST THINK THEY ARE GOING TO BE RICH IF THEY BUY ONE PROPERTY.
MOST LIKELY IF YOU DID NOT SUCEED IT WAS YOUR FAULT NOT MARSHALL REDDICKS.
YOU NEED TO BE SMART AND INVEST WISELY, NOT JUST BUY THE FIRST PROPERTY THAT COMES ALONG.
NEXT TIME DO THE MATH, IF IT DOESNT CASH FLOW OR IF YOU CANT COVER THE NEGATIVE, THEN DONT BUY IT.
NOBODY HELD YOUR ARM BEHIND YOUR BACK AND TOLD YOU TO BUY SOMETHING.
QUIT SNIVELING A BE A MAN ABOUT IT!
DON’T believe the positive Reddick posts. The people who work with Reddick post positive comments all the time on other websites. Notice the same poor grammer and all capital letters! Same person, different name.
Just be careful and diligent when investing anything. There is no such thing as “arm chair” investing. You can surely lose an arm and chair without proper channels of investigation.
Google Marshall Reddick for other comments about him. Mostly negative.
I think people are jealous of the rich real estate investors.
Dont believe the negative Reddick posts, think for yourself and dont subscribe to this negative name bashing. These are people who did not listen and invest wisely.
They are blaming someone else for their own poor judgement.
8/10 millionaires surveyed found their wealth in Real Estate.
You can part of the 80% and use Real Estate to earn your millions or listen to the people above and be poor the rest of your life.
Its up to you…dont listen to negativity.
Go out and think for yourself!!!
Marshall and Jesus want you to reach financial freedom with armchair investing in real estate deals in states far away. You can learn from the master himself at his “prayer” seminar.
Sorry, but I smelled a rat immediately. Like Harold says above, it’s about your own due dilegence, hard work, research, and some risk too.
I agree with Thomas. There are thousands of posts just like this for Etrade, Jpmorgan, Merill Lynch, etc.
Companies will rarely return the service that they hope or the returns that they hope because everything is variable. Nothing is under complete control, especially the markets.
You’ve got to use investment companies as tools in your financial portfolio
Let me ask you this… If the markets went up in value.. .would you still be complaining?
When the markets go down– everyone complains.. you should search youtube and watch the video from kings of queens when he invests in the stock market. It’s hilarious
Educate yourself in every aspect of an investment. Never take someone’s word as Gold, even if they are an expert. If they were making bags of money why would they be telling you…..or selling the information….they’d be out there doing it at that very time. The reason may be cause the profits have decreased due to all the competition, they are tired of chasing the money, or because they’re trying to make $$$$ selling the loaded information.
Always take the middlemen out of the equation to get the most return. Stockbrokers, mortgage folks, and other middlemen eat away at the return in every industry, even if its only a nibble. So when there’s a loss…. the nibbles make it that much worse.
The closer you get to 0% of something’s cost, the more profit. But be realistic about it. My best returns were when I sold/rent properties just under market. Why sit on something for 2,3, 6,12, or 18 months, when you can sell it for 90-95% of its deemed value in 1-4 wks. The more the discount the better the demand and the better the pickens(if renting you get to choose the golden egg “best” of the crowd).
Everyone should decide their sell or lose limit on every investment….whether that be the stockmarket, real estate market, or whatever.
Right now with a recession looming…… the real estate market is a good place to sniff for bargains. Stocks are down compared to last year, so there are bargains there too. Buy low sell high. But be aware of your investments, high and low sell points, and remember to decide if taking the next jump is worth the cost (esp if you use some hard earned savings or if you’re going into debt to get a profit).
Remember in gambling, the house always wins ……… the house being the mortgage companies, stock brokers, and other legally allowed middlemen. The rest of us have to decide what we can “gamble with” for entertainment until we hit the “big one”.
We are looking for people from the Marshall Reddick tour that purchased condo units at the Playa Del Paraiso condominium project in San Felipe, Mexico. The project has been shut down since November of 2007 with only about 15%+/- completed. It is our understanding that more than 40 or 50 Marshall Reddick investors purchased units here from the 208 unit project being built by Inversiones Soblar S. A. DE C. V. and Laura Ballegeer. We are starting a Class Action suit against the sellers. From reading through the posts herein the Playa Del Paraiso project is a typical Marshall Reddick project with using an inexperienced contractor/developer Inversiones Soblar which had never built a project, then most of the money apparently going to administrative and realtor cost to get the money out of the project, but leave the project floundering and unit buyers without any recourse.
I invested in 2 units through the Reddick group. I’m interested in any information you have. Thank you.
Danny Briere 805-563-4008
I also bought at this project…have you persued class action suit?
I don’t know about Marshall Reddick, but I DO know about Atlantic Contractors and Development Corp. and Tralongo and his son and son-in-law. They are listed as the other defendants in the case. This man claims to be a Christian, but he’s not exhibiting Christian traits. Around town and our church I’ve heard he’s taken advantage of and money from others as well. It’s a shame that people who you think are your friends will promise you something and then screw you over for money later when you’re not looking.
Marshall Reddick is a scam artist. It was quite obvious that once the market turned, his “academically credentialled” bad advice to people would come to light. He was advising people to buy in certain areas that were peaking to anyone familiar with economics. He was a lawsuit waiting to happen. As one of the other posters mentioned, when he started to use religion to sway people, all the red flags should have gone up. He would liberally flash his professorship in peoples faces in order to persuade them that whatever he recommended was gospel. Why else do you think that so many people would drop their guards, and buy property sight unseen by the dozen. BTW, to any pro Reddick posters out there, I have never bought any property from Marshall Reddick. These are my observations from attending his meetings a few times.
I am one of the unlucky ones that got sucker into the Playa Del Paraiso project in San Felipe involving Marshall Reddick.
Please contact me how I can get involved in this lawsuit. I was using a Mexicali Lawyer but got no where. karen_mcdnl@yahoo.com
Hello to ALL,
If you are like so many others and got screwed by Marshall Reddick and his scams then please let me know. I am already suing Reddick along with several other people for our problems in Florida. We also are looking to start a lwasuit against Reddick, Tom Casault and Brewer Caldwell in Arizona. So if anyone has had problems or felt they were taken advantage of then please contact me ASAP!!
Thanks,
George Kredel
818-294-0160
I saw the two earlier comments about Playa Del Paraiso in San Felipe involving Marshall Reddick and was wondering if this is the same or related project to another in San Felipe that was being offered through Marshall Reddick — but in this case the developer is CIMA. I am trying to locate any other innocent investors who put money down on Baja Golden Beach resort or the San Felipe development — the developer is CIMA in both cases and I believe they partnered with Marshall Reddick exclusively. Most investors have had ~$70K+ tied up in deposits on these Baja condos since 2006, there’s no signs that they’ll ever break ground on the project, and the developer and Marshall Reddick have been giving concerned investors the runaround or have simply been refusing to return calls.
We have already done an initial investigation with a lawyer and are now looking to bring as many people together to bring a case against them, stop this scam, and recover our investments. Please spread the word to anyone you know who may have invested in these projects, and call me if you want to join this effort (858-442-0299).
Thanks!
Hey George K. I also feel I got burned, but who’s to say it’s not b-cuz I’m a nitwit. I did just hand the responsibility off to others.
I AM floundering now due to my Florida property, but I do feel it is my responsibility because I’m the one who went through with it. I think if a court or a judge heard my story they would think I’m a dummy! For now I’m gonna roll with the punches, but I WAS very displeased with the whole experience with the Marshall Reddick Network and all the affiliates involved.
Good fortune to you and the folks posting and investing!!!!
I saw your post….please call me.
George Kredel
818-294-0160
I have purchased 11 properties from Marshall since 2004. Some good, some OK and some that are bad investments. I’m on the fence as far as blame goes. Yes, I have to take responsibilities for my own actions but there is an element of misleading and non-disclosure by Marshall and his affiliates. For novice investors there is little talk about having appropriate back-up monies and large increase in taxes on new homes within a year’s time. The buying frenzy that the Reddick gang pushes on new investors to either pull equity from their home and do whatever they can to purchase more by doing 5% down ARMS or Option ARMS is uncalled for.
There are a lot of his investors in hot water now, but just try to get some real help from this organization. There interest is obviously focused on creating more and more sales.
I also lost money with my Reddick investments, and I lost on other investments with other groups like Green Light out of Arizona.
I notice a common theme here, investment groups like Reddick and Green Light cater to lower income, working and middle class people. None of the people attending their buying events come from money or old money backgrounds.
I see no postings from the Vanderbilts, Gettys, Huningtons, DuPonts, Rockefellers, etc, complaining about being ripped off. People growing up in those families learn how to make their money work for them from an early age.
So Reddick and groups like him cater to the common person’s desire to become a millionaire, and they hold Millionaire Summits for those people (There is another one coming up June 21 with Adam Sachs speaking. Beware he is a simple minded scam artist!)
To get rich you either need to be very bright like Bill Gates and others who made it in high tech or like most of us average folks you need to work hard and be smart. No one will hand you financial success you have to earn it as did the others mentioned above.
Reddick, Sachs and the other gurus make it sound easy. But talk to real millionaires and billionaires and you get a different story.
Money can be made in a lot of different ways, one venue is real estate, but don’t let these low life types like Reddick, Sachs, James Smith etc, fool you. Most of their money is made through seminar fees, commissions, referral fees etc, off of people like us.
Why would they need to run seminars and get commissions if their investments were doing well? The Gettys and Vanderbilts aren’t holding any seminars on how to get rich.
You will get rich when you use your God given talents, work hard, add value to society and do something you enjoy and are good at.
Real estate is a good avenue to wealth and there are others. Just don’t let these scoundrels get in your way. Tell your friends to avoid them, and don’t make the same mistake twice.
Having been on the inside I can tell you that Reddick and his team are scam artists. Needless to say I am no longer with them. They are desperate for money as the resdiential transactions have withered and they will sell anything to anyone who will buy.
I cannot say too much about me as they have threatened to sue me if I tell my story but suffice it to say that I am highly educated with advanced degrees in real estate, financing, commercial real estate and more. Take my advice RUN! Please spread the word aso nobody else gets burned.
If you doubt my story Google him and read the thousands (not a few but thousands) of complaints from people who got screwed. Read about the many dozens of lawsuits from companies, not just individuals. Do yourself a favor and just find someone else from which to become educated and from which to buy property.
FROM MY PRESCTIVE, STAY AWAY FROM MR, YOU DO NOT NEED HYPE, MISREPRESNTATIONS TO LOOSE YOUR HARD EARNED MONEY TO FILL HIS POCKET WITH HEAVILY COMMIISSIONED ORGANIZATION. IT IS AN INVESTMENT SLAUGHTER NETWORK. FROM HIS FORMER STAFF, I LEARNED HE IS LOOSING CLOSE TO 100 OF HIS OWN PROPERTIES, HOW CAN HE HELP YOU MAKE MONEY.
As you may know that MR and his organization is under lawsuits and Internet search gives you more proof of this Network activities from hurt investors.
I have bought 3 properties from MR within 3 years, and have dealt with many of his staff and few investors. In my opinion, stay away from this Fraudulent organization. In fact it in not a business and not structured to help you after they have made hefty commissions on troubled properties, troubled contractors with perhaps Bonuses in addition to hefty commission after the sale. High prices and worst managements.
I have bought in Memphis on misrepresentation in the highest crime area in the Nation per census records when I checked in January 2008. Vandalism, drug dealers on the same street, you name it. The agents Ryan Tucker at Enterprise Realty not once mentioned that it is the highest crime area in Nation and loosing population. I visited the property and manager came with a gun strapped. I had vandalism, repairs vacancies, and at the time of this writing on 25th of the month, tenant has not paid rent and no “3 DAYS NOTICE” to tenant yet. So you know what kind of mess I am into. Marshall Reddick got several emails and calls from me on this and other two misrepresented properties, but no return calls.
Savannah brand new property was sold $9000 over the market through Misrepresentation by Chris Bowes of Seashore Real Estate in Bluffton, SC, brining in even Cash Flow and having tenants lined up to rent at the inflated rent, so I closed the escrow on those misrepresentations. The property could not be rented for 4 months. I had to intervene and advertise myself and it rented at market rent $-300 below the cash flow numbers.
Atlanta property sold through Premiere South Realty (Todd Mulkey) not even in MLS belonging to an attorney was sold with 4 bedrooms – well, the 4th bedroom is above garage and slanted roof. 2nd Loan of $34000 was changed at the nick of time to 11.25% with a promise of refinance at the mortgage broker’s absorbing closing costs for the mistake – well that was a promise which did not last, I was asked who I was? Lease ended in two months and I learned the market rent was “-$100” and property could not be rented for over 4 months just after 2 months of my purchase.
MR, in way past, may have good intentions of teaching Real Estate, but, in my opinion, his organization is corrupt and do not care about prices and deal with troubled contractors and homes no local investors want to buy. Right in their class rooms they entice for you to buy, from the first day you attend. In this Internet age, why any one needs MR, I saved thousands, got good management on 6 other properties myself. I am doing well on these except the 3 I purchased from the network. Make sure you visit the property, area, before making offer – AN ABSOLUTE MUST.
I went to his seminar about 10 years ago at OC. I smelled trouble even then as he was teaching the class how he improved the look of his first few investments. The improvement he made are all cosmetic about buying secound hand junks and hanging them on walls.
I attended a recent “Millionaire Summit” sponsored by Marshall Reddick Seminars. It was mostly a lot of hype and not much information about the actual investment opportunities.
I left the Summit with a bad taste in my mouth. Some of the speakers, Ryan Harris and Adam Sachs did not seem to have much depth and seem to appeal more to uneducated and inexperienced investors.
I didn’t purchase any of the properties offered, but did an internet search when I returned home. I am amazed to see the hundreds of complaints about Marshall Reddick Seminars, Green Light Real Estate and the other developers and brokers Marshall works with.
Trust your hunch like I did. If it doesn’t feel right, it probably isn’t. There are a lot of good groups out there, so there is no need to get involve with the bad ones.
It is interesting that these “Millionaire Seminars” are springing up right now with the down economy. But few millionaires attend these events, mostly broke people hoping to get rich quick.
I lost money on my investments with Reddick seminars, Greenlight Real Estate and North American Land Development Company. Then I changed my strategy.
I started conducting more due diligence and joined up with experienced investors, brokers, developers and investment groups (not easy to find) Now I am on more solid ground and know what I am doing. Now I am positioned to create wealth.
Unfortunately, I think the majority of investors following groups like Reddick, Greenlight, etc, don’t really think for themselves but just go along with what they hear.
Investment groups like Green Light, Reddick etc, are almost like cults attracting people who blindly following the leader be it Marshall Reddick, Adam Sachs or whoever.
Scam artists like Marshall and the others will always have a following, because so many new investors want to follow someone and be handheld along.
I once posed the MR organization a question on whether a bubble would ever materialize. His answer was “No” because he had a Phd in economics. He also mentioned that real estate was a safer investment than the stock market.
Little did he know that the source of money all originated from Wall Street and that money is now becoming scarcer. In case you haven’t noticed, the banks have tightened lending practices tremendously. For every $1 loaned out, the bank used to keep $.10 in reserve. That amount just got raised to $.18 or an increase of 80%.
What does this all mean? Banks are not going to lend out as much.
I purchased 2 properties from the seminar and they have a slight negative but after deprecation they are not bad
They have appreciated enough as well and holding now.
In the seminars during the boom there was a lot promise, but the decision to purchase was one’s one decision
I find Marshall very honest and straight froward.
I do think the seminar did infact encourage people to purchase a lot of properties thinking the market will always go up. I did NOT like the FAST TRACK or other newer seminars. The old 2004 list of properties were what was the good investments.
I did my own homework (and yes did buy 2 properties site un seen) but I carefully researched the areas, prices and did all statistics.
The real issue us when you purchased.
My properties were $110k each. And in this bad market they are still worth more (one $155k and another $130k)
If you purchase at the midpoint or high end you then unfortunately did get burned when the market turned.
I think Marshall is honest, and sincere but that the people in his network took advantage of him.
And possibly he felt like a celebrity and maybe honestly thought things were going higher
But from talking to many of his network associates I found many to not on the same standards and pretended to be honest just to get his business.
I do agree many of his property managers in the network were not good. But in his defense most property managers are not good. Good property management is very hard to find. So the fact that he tried to find resources was a good enough for me as it helped/
One of homes first took 4 month to rent. I now advertise it myself and pay for ads.
You can not depend on anyone to give you a promising investment. Look at Wall street Now. I beleive Marshall’s properties purchase low are far ahead of wall street.
To his defense I did see many people go wild and purchase more that they could handle. When the market was high those same people loved Marshall and brought their friends in.
Now the market is low and they are some of them are ones suing him and crying foul.
The bottom line is Marshall is honest (at least was in 2004-2006), probably did not expect the market to bomb, yes he did encourage large properties purchases but this was from his economics.
You can talk to many students who will tell you about his Lake Arrowhead Home he purchased and would mentor people free for nothing for 15 plus years.
It was not until the last 5 years did he get commissions which he used to fund his expansion.
I also beleive most people are happy with him and this bashing is maybe 10% at most of the people who ended up in the unfortunate decline.
For one I learned about real estate, I learned about deprecation, renting.
I do hope all the bad experiences people have are improved.
I do wish you all good luck and will pray tonight all the bad experiences get some positive outlooks!
Thanks
Eric
To Jimbo
YOu got the nerve to talk about people’s poor writing, you can’t even spell the word “grammar.”
Stay away from Marshall Reddick! I purchased 4 homes from the network. 1 is breaking even the other 3 are killing me. When I call MR for help they give you the run around. Marshall is going to get his in the end.
I went to his seminar at the college where I work. A friend had gone, not used the network, but owned a home. I wanted to buy a house for me to live in. It all sounded exhilarating and possible till someone asked him, what if something went wrong and rent didn’t flow in time to cover the mortgage? Marshall said “You’re creative, you’ll figure something out…You’ve got credit cards”. That was the end of it for me.
I’m sorry to say that I purchased a condo throught the Marshall Reddick Network, and it has proven to be the worst decision of my life. The condo was in Austin, Tx, and it was a money pit. At closing they get you to sign a waiver to pass on the inspection, and if you say no they keep your $2,500 deposit. They of course don’t tell you this up front.
The air conditioner leaked water all over the wood floor and damaged it. The water heater was sitting on the ground, and not installed to code. It looked about 30 years old. When it rains hard, the water leaks into the living room because there aren’t any barriers to keep the water out. The sidewalk outsid has low spots where the water collects and than drains into my condo. The patio has to be replaced due to dry rot, but the management company won’t fix it. They say; “Rain is an act of God, and it’s not our responsibility”. The only reason why it happens is because the building isn’t to code and all repairs needed are ignored.
The tenant they found for me was dealing drugs and who knows what else. He was late with the rent every month, and skiped out on the last month’s rent. He had two dogs when I said “no pets”
and he allowed them to go to the bathroom on the wood floors. The drywall was stained with urine, and some of it had to be replaced. there was a slow lead in a valve, so the water dripped slowing into the wall, and that had to be torn out.
I could go on and on, but I think you get the idea. Marshall Reddick says that if you have a complaint, they have a whole division that will take vare of it. That’s a bunch of bull because all of them are in cahoots together. The person that you go to complain has a vested interest in the project himeself, and his purpose is to convince you that you don’t have a casse.
THIS IS A HUGE SCAM! I’m out about $60,000. If anyone purchased a condo in Austin, Tx (about 2006 or so), please contact me for a possible class action lawsuit.
Heads up to those suing Marshall Riddick he is trying to hide his assets in a trust called ocean Pacific group it is controlled bye an attorney Daniel E Carpenter of Simsbury CT
has anyone ever heard of James Smith? He is out of Utah and Florida. He does similar real estate investments as Marshall Ridddick. Classes seminars etc. I would like to hear your opinion. Thanks!
I began studying real estate in 1991. I began including monthly Marshall Reddick Real Estate meetings in my education in 1992. I purchased 12 properties through Marshall’s group and 8 outside his group in the 1995 to 2004 timeframe. I also invested in commercial real estate via the Landwin Group with Marshall and his team.
My individual RE experience with MRREN has been positive the commercial venture was negative, although was it 100% Marshall’s fault? I don’t think so. Did Marshall cause the subprime meltdown? No. Did Marshall cause RE values to decline nationwide by 20-50%? No.
I bought and I sold my properties using an educated persons perspective. BUYER BEWARE.
When I read the comments in this blog. I can’t help but think that the people that invested with Marshall were dopes. They did not think that they could experience any downside. As in life, with investment there is risk.
I don’t hear any individual responsibility being taken for individual actions in most of the posts here.
Am I upset with the performance of the business decisions that “I” made that went bad. Yes.
Am I happy about the with the performance of the business decisions that “I” made that went good. Yes.
Although Marshall was the vehice that I used for many of my out of state acquisitions, he was not responsible for my acquisitions. Only I am responsible for my decisions.
Only YOU are responsible for YOUR decisions.
BUYER BEWARE. If you or I do something stupid, that person is responsible for the outcome, no one else.
My advise is for each of us to continue to become better educated in investing (RE or other), that is how we make better decisions.
Best of luck to all.
Avoid his scam at all cost!!
We are slave to the houses he sold us…
Really, it’s all a big lie…
To JS,
I would like to know more about this Ocean Pacific Group that Marshall Reddick is using to hide his assets. Please contact me.
at victortoombs7@hotmail.com
Thanks