What’s your experience with Wagner Nolasco B2RDirect

Real Estate Agent · Boise, ID · Member since 2022 · 46 posts · 16 votes

Hello, My fiancé and I are about to wire down payment to invest for 3/2 SFR in Ocala, FL. It's a new construction building which will be finished building in Sep/Oct 2022. However, B2RDirect hasn't been provide any of pictures of real buildings yet. They only shared a master plan and pro foma with us. We were skeptical at first but then it is backed and recommended by senior counselor at NORADA company ( if anyone knows about Marco Santarelli). After I have read a bad review about this company on BiggerPockets forum, we are hesitant to move forward. We would like to hear from REI experts who have any experience with this company. Help, please~ We'd appreciate it. thanks.

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Marelyn Valdes

Investor · Ocala, FL · Member since 2016 · 299 posts · 110 votes

Can you send the money to escrow instead of to the builder? Stories abound of people under contract (with numerous companies) to build homes and when they are about to close, the builder hits them with a huge price increase and it's take it or they sell to someone else for a lot more money. I live in Ocala and have never heard of this company, but that doesn't mean anything since I prefer to buy already built properties and rehab them. I like a known amount up front, not a constantly changing price tag.

According to Marion County Clerk of Court's site - they have 4 NOC's all with Elite Building, Inc. dated 6/22 or 6/23/2021 (and with what I assume are the buyers) and Elite is listed as the building contractor on all the NOC's. You may want to contact Elite directly and cut out the middleman.

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Drew Ramasco
Rental Property Investor · Ocala, FL · Member since 2018 · 48 posts · 35 votes
4y
Never heard of them but trust your gut!
1 Reply
Kay Kim
OP
Real Estate Agent · Boise, ID · Member since 2022 · 46 posts · 16 votes
4y
Quote from @Drew Ramasco:

Never heard of them but trust your gut!

Thanks for your reply. Yes, I will trust my gut. Also,I did little bit more research about them and we are moving forward with this first investment!
1 Reply
Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
4y
Marco and company are a legit brokerage for sure.
on the build side this depends on how much money your sending and if your sending to escrow or direct to the builder.
also I am building in Ocala currently and time lines are no where near what we expected . and its almost impossible to control cost up front.
so as long as your OK with flexible time lines ( and believe me no builder wants to go long) and price of material fluctuation then you wont be frustrated .
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Marelyn Valdes
Investor · Ocala, FL · Member since 2016 · 299 posts · 110 votes
4y
Can you send the money to escrow instead of to the builder? Stories abound of people under contract (with numerous companies) to build homes and when they are about to close, the builder hits them with a huge price increase and it's take it or they sell to someone else for a lot more money. I live in Ocala and have never heard of this company, but that doesn't mean anything since I prefer to buy already built properties and rehab them. I like a known amount up front, not a constantly changing price tag.
According to Marion County Clerk of Court's site - they have 4 NOC's all with Elite Building, Inc. dated 6/22 or 6/23/2021 (and with what I assume are the buyers) and Elite is listed as the building contractor on all the NOC's. You may want to contact Elite directly and cut out the middleman.
3 Reply
Kay Kim
OP
Real Estate Agent · Boise, ID · Member since 2022 · 46 posts · 16 votes
4y
Quote from @Jay Hinrichs:

Marco and company are a legit brokerage for sure.
on the build side this depends on how much money your sending and if your sending to escrow or direct to the builder.
also I am building in Ocala currently and time lines are no where near what we expected . and its almost impossible to control cost up front.
so as long as your OK with flexible time lines ( and believe me no builder wants to go long) and price of material fluctuation then you wont be frustrated .

@Jay Hinrichs, Thanks for the advice. We wired the fund {for lot servation and downpaymnet} to escrow. Also, we checked to make sure there is a clause states that we can terminate the PASA in case of increase building cost or seller fails to deliever the property in time frame as written on the agreement which project to be done by SEP/OCT 2022.
Since, We trust NORADA and their senior counselor, we deiceded to move forward with B2RDIRECT LLC.
We purchased two of the pre-construction SFR in FL ( from two different builders) in purpose of Buying and Hold for gaining aapreciation.
You're right, all the construction time frame is still far away from now but we are ok with that. If something goes wrong, we will just need to back out of it and get full refund anyways.
Again, thanks for your kind advice and good luck with your business!

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Kay Kim
OP
Real Estate Agent · Boise, ID · Member since 2022 · 46 posts · 16 votes
4y
Quote from @Marelyn Valdes:

Can you send the money to escrow instead of to the builder? Stories abound of people under contract (with numerous companies) to build homes and when they are about to close, the builder hits them with a huge price increase and it's take it or they sell to someone else for a lot more money. I live in Ocala and have never heard of this company, but that doesn't mean anything since I prefer to buy already built properties and rehab them. I like a known amount up front, not a constantly changing price tag.
According to Marion County Clerk of Court's site - they have 4 NOC's all with Elite Building, Inc. dated 6/22 or 6/23/2021 (and with what I assume are the buyers) and Elite is listed as the building contractor on all the NOC's. You may want to contact Elite directly and cut out the middleman.

@Marelyn Valdes, Thanks for your kind advice.
We sent the fund to the escrow. I noticed there are so many builders like B2RDIRECT LLC., especially in such hot FL market. Since, we put our trust in NORADA brokerage, we decided to go with B2RDIRECT.
We confirmed there is buyer exit clause on the PASA. Now, we are just waiting it to be delivered on the time frame as they promised.
Thanks agian for your advice, Marelyn. I appreciate it.

2 Reply
Wendy Stclair
Investor · Long Beach, CA · Member since 2019 · 42 posts · 63 votes
4y
@Kay Kim I also have two properties at Bennah Oaks in the works with the Wagner Nolasco team, and a condo at Nathi Townhomes in Palm Bay. I work with Norada also. I visited the site last week and dirt has been broken but nothing vertical yet. So far they are still hoping for October for phase 1 there. The townhome should be delivered in July so hopefully if that is on track we'll have a better idea about Bennah Oaks! I also met the Wagner and the Nolasco team in person in their Orlando office, and they seem to care about delivering a quality product in a timely fashion.
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Kay Kim
OP
Real Estate Agent · Boise, ID · Member since 2022 · 46 posts · 16 votes
4y
Quote fro@Wendy Stclair:

@Kay Kim I also have two properties at Bennah Oaks in the works with the Wagner Nolasco team, and a condo at Nathi Townhomes in Palm Bay. I work with Norada also. I visited the site last week and dirt has been broken but nothing vertical yet. So far they are still hoping for October for phase 1 there. The townhome should be delivered in July so hopefully if that is on track we'll have a better idea about Bennah Oaks! I also met the Wagner and the Nolasco team in person in their Orlando office, and they seem to care about delivering a quality product in a timely fashion.

@Wendy Stclair, I am so glad to find someone who is in same situation as me. I thought about visiting their office as well. We reached out to Nolasco team for an update and they said that they broke the ground but nothing vertical yet and still hoping for October as well. It is already in May now. I hope they will deliver what they promised for in time. I wish Nolasco team could be more transparent. We asked at least pictures of it as it progress but nothing yet. Since this is my first investment, I am just getting anxious about it. However, B2RDIRECT was recommended by NORADA team, I will try to keep my faith in Nolasco and see what's coming. Wendy, Thanks for the reply. It really made me feel better beacause now that I know the site is physically existing!
1 Reply
Craig Salzer
Milwaukee, WI · Member since 2020 · 38 posts · 13 votes
4y
I'm in a similar boat. Working through Norada I tried my first B2R with Wagner and his group and the Bennah Oaks development. I'm looking for updates but they do not come as frequently as I'd probably like - and it sounds like others as well. My concern is the the long construction time and rising interest rates. Given that the build time has greatly been extended, my numbers when initially run are going to be much different moving forward.
1 Reply
Kay Kim
OP
Real Estate Agent · Boise, ID · Member since 2022 · 46 posts · 16 votes
4y
Quote from @Craig Salzer:

I'm in a similar boat. Working through Norada I tried my first B2R with Wagner and his group and the Bennah Oaks development. I'm looking for updates but they do not come as frequently as I'd probably like - and it sounds like others as well. My concern is the the long construction time and rising interest rates. Given that the build time has greatly been extended, my numbers when initially run are going to be much different moving forward.

Craig, They promised for monthly updates. However, I had to remind them and beg for the updates every month just to see any progress on 1st phase of Bannah Oaks development. They are still saying that it will be completed on time which will be in Oct. I hope it will be delivered on time otherwise, I will back out of this deal. Wagner Nolasco doesn't seem to have a good reputation. The rising interest rates doesn't concern me much because I can refi it later on. I just hope B2R Direct will keep the promise.
0 Reply
Md Khan
New to Real Estate · Portland, OR · Member since 2022 · 11 posts · 3 votes
4y
Hi @Kay Kim, Curious to know if you have any updates. Have they started building yet?
1 Reply
Kay Kim
OP
Real Estate Agent · Boise, ID · Member since 2022 · 46 posts · 16 votes
4y
Quote from @Md Khan:

Hi @Kay Kim, Curious to know if you have any updates. Have they started building yet?

The last update we got was in July. There were streets but no foundation yet. They are still project to finish in Oct as they promise on the contract. I guess we will see.
1 Reply
Inna Hurin
Real Estate Agent · San Mateo, CA · Member since 2017 · 20 posts · 3 votes
4y
Hi Kay Kim,
We are in contract on a townhome in Palm Bay with Wagner, closing is delayed till Oct and I just asked for an update on it. Wagner was recommended by my cousin who purchased a few properties with them and he's happy with the process. I know a few more people who's purchasing with him, from what I hear, every single closing was delayed due to supply shortages or other reason.
1 Reply
Alex CraigBusiness Member
Real Estate Professional · Memphis, TN · Member since 2009 · 1k+ posts · 1k+ votes
4y
@Kay Kim I have worked with Marco a few times and can say he is legit and has no intention of doing anything unethical. I am guessing his hands are tied as Norada is simply the marketing company and I am guessing no operational control of Wagner. If there are delays, it would be on Wangers part, not Norada. That said, he should give you updates whether they are not what you expect. Like Jay said, often, new construction does not go as planned. My commercial building in Knoxville is going to come in 3 months late and to me, I feel that is early.
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Kay Kim
OP
Real Estate Agent · Boise, ID · Member since 2022 · 46 posts · 16 votes
4y
Quote from @Inna Hurin:

Hi Kay Kim,
We are in contract on a townhome in Palm Bay with Wagner, closing is delayed till Oct and I just asked for an update on it. Wagner was recommended by my cousin who purchased a few properties with them and he's happy with the process. I know a few more people who's purchasing with him, from what I hear, every single closing was delayed due to supply shortages or other reason.

@Inna Hurin Thanks for sharing. We are expecting the delay as well.
0 Reply
Kay Kim
OP
Real Estate Agent · Boise, ID · Member since 2022 · 46 posts · 16 votes
4y
Quote from @Alex Craig:

@Kay Kim I have worked with Marco a few times and can say he is legit and has no intention of doing anything unethical. I am guessing his hands are tied as Norada is simply the marketing company and I am guessing no operational control of Wagner. If there are delays, it would be on Wangers part, not Norada. That said, he should give you updates whether they are not what you expect. Like Jay said, often, new construction does not go as planned. My commercial building in Knoxville is going to come in 3 months late and to me, I feel that is early.

@Alex Craig, you are right and I know that Marco is legit. My concern is Wagner side. Looks like the closing will be delayed as I expected due to supply, labor shortage and etc. I wish B2Rdirect could be more informative with all investors. I have worked with other developers and they kept me informed very closely about any progress monthly, in timely manner. Wagner has been the hardest one to get any updates.

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Richard Hopson
Member since 2021 · 1 post · 2 votes
4y

We have 2 phase one properties reserved in Bennah Oaks. I haven't had an update in several weeks. The last update I received was that home completion dates were pushed back to December 2022. I'll be visiting the area in two weeks to check in on progress.

Update - I visited Bennah Oaks in August. There were curbs and some drainage structure, but at that time there were not any foundations in place.
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Craig Salzer
Milwaukee, WI · Member since 2020 · 38 posts · 13 votes
4y
I just heard from Tai. Sounds like Wagner met with the builder for Bennah Oaks and Nathi Townhomes. She said they are sending out updates next Wednesday Sept. 21st with an update on a new investor portal to help streamline communications. We'll see I guess.
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Kay Kim
OP
Real Estate Agent · Boise, ID · Member since 2022 · 46 posts · 16 votes
4y
Quote from @Richard Hopson:

We have 2 phase one properties reserved in Bennah Oaks. I haven't had an update in several weeks. The last update I received was that home completion dates were pushed back to December 2022. I'll be visiting the area in two weeks to check in on progress.

Update - I visited Bennah Oaks in August. There were curbs and some drainage structure, but at that time there were not any foundations in place.

@Richard Hopson,
Acoording to the updates we got recently, The closing is expected to be delayed. It supposed to be in Oct but now they are saying in Dec.

1 Reply
Kay Kim
OP
Real Estate Agent · Boise, ID · Member since 2022 · 46 posts · 16 votes
4y
Quote from @Craig Salzer:

I just heard from Tai. Sounds like Wagner met with the builder for Bennah Oaks and Nathi Townhomes. She said they are sending out updates next Wednesday Sept. 21st with an update on a new investor portal to help streamline communications. We'll see I guess.

Hi Craig, Thanks for the updates. Yes, Let's see what's upcoming.
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Kay Kim
OP
Real Estate Agent · Boise, ID · Member since 2022 · 46 posts · 16 votes
3y
According to the recent update from B2Rdirect, they sent out the addendum for delaying closing date from Dec 2022 to 2/28/2023. The original closing date was in Oct 2022.
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Craig Salzer
Milwaukee, WI · Member since 2020 · 38 posts · 13 votes
3y
Quote from @Kay Kim:

According to the recent update from B2Rdirect, they sent out the addendum for delaying closing date from Dec 2022 to 2/28/2023. The original closing date was in Oct 2022.

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Craig Salzer
Milwaukee, WI · Member since 2020 · 38 posts · 13 votes
3y
Quote from @Craig Salzer:

Quote from @Kay Kim:

According to the recent update from B2Rdirect, they sent out the addendum for delaying closing date from Dec 2022 to 2/28/2023. The original closing date was in Oct 2022.

i just received an addendum for from them that the completed construction would be 2/28/03. Not sure if that’s because I’m lower in the pecking order or if they are telling all investors it will be the later date.
I’m also concerned with the potential impact on building costs. I haven’t been able to get an answer if they expect to still be on budget.

1 Reply
Henry T.
Member since 2022 · 4 posts · 5 votes
3y
We reserved a Palm Bay home in the middle of 2019. The initial delivery was Nov of 2019. There was never an update unless I asked. Delay after delay until Dec 2020 one of Wagner's workers asked us to cancel the contract since the builder has not started construction. He said we will have a new builder in Palm Bay and they will build real fast.
I checked the address in April of 2021 and I see the home is completed and pending for 50K over my contract price. The builder didn't want to honor the contract and waited for us to cancel so they can sell at market. Lucky me.
1 Reply
Kay Kim
OP
Real Estate Agent · Boise, ID · Member since 2022 · 46 posts · 16 votes
3y
Quote from @Craig Salzer:

Quote from @Craig Salzer:

Quote from @Kay Kim:

According to the recent update from B2Rdirect, they sent out the addendum for delaying closing date from Dec 2022 to 2/28/2023. The original closing date was in Oct 2022.

i just received an addendum for from them that the completed construction would be 2/28/03. Not sure if that’s because I’m lower in the pecking order or if they are telling all investors it will be the later date.
I’m also concerned with the potential impact on building costs. I haven’t been able to get an answer if they expect to still be on budget.

Maybe we should send out the addendum for locking in price ?

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