Marshall Reddick describes himself as a person of faith, someone who believes in God, who states his mission is to eliminate Middle Class Poverty. There are many real estate clubs out there but Marshall preaches arm chair investing / one stop shopping. He has "area managers" that screen and find the best properties to invest in -he has prefered property management companies, loan companies that help you get the financing for the purchase, and many other services.in other words, all the research is done for you, he vows that these are the best investments and that he himself is buying some of these investments. He states that 800-1000 investors purchase through his network every month.in his handouts he writes " I promise you that we will stay in the picture to help and guide you through any difficulties. No one who has bought through our Network has ever lost his or her property to foreclosure... 99% of our investors have had no problems, and the few that did were able to rely on us for support and advice and eventually experienced a successful outcome." He has pledged he would buy our properties back if things do not work out. Nothing could be further from the truth! He is a scam artist! When we started experiencing problems with our properties we approached his staff, and we were told to fill out an occurence form which was quite extensive. We filled it out and faxed it in/mailed it in and never heard back from them, even after repeated calls/faxes. We have requested that MR network buy back our properties with no response. The problems we and other investors have had is with: failure to disclose there were 2 HOA dues, not one; incompetent property mgmt; frequent and extensive rental vacancies; getting stuck with having to pay delinquent real estate taxes/assessments that were not paid by seller; we are not able to sell these units because they are not "warrantable"-meaning no lender will issue a loan because most of the units are rentals and few are owner-occupied, lowering values and increasing risk (we are competing with each other); the units were sold to us at an inflated price; many who were having their homes built in Florida—got stuck with an inflated construction loan - and their homes were never completed. We and many others placed a deposit on a condo that was supposed to be built in Ensenada-it's also a scam - it was never built-there's no sign of groundbreaking two years later. It goes on and on... We and others are financially ruined. Some have foreclosed and others are heading into bankruptcy. We are teachers, nurses, police officers, retired middle class families who were trying to secure our futures. We are embarassed we've been scammed. We do take some responsibility as we should have bought through a real estate professional who would have a fiduciary duty to us and not like Marshall who considers himself a "finder" but has made millions on these transactions. Stay far away from Marshall Reddick and his "mentors"! Learn from our expensive mistakes!
The above photo was taken on 11/19/08 at a Marshall Reddick Real Estate network meeting in Irvine, California. We are a group of people who have lost $1.5 million dollars in deposit money on a project in Baja, Mexico that has not broken ground for over two years. Marshall Reddick recommended these Developers (CIMA) and strongly marketed and endorsed this project. Several other people have had to go into foreclosure and bankruptcy due to their buying properties from Marshall, there is a lawsuit pending in Florida, this can all be read about in the internet, or go to usacomplaints.com to see the many reports, just do a search for Marshall Reddick. We have picketed before, FOX news is covering our story, and their reporter has been to our protests in the past and is working on a feature story. We want other people to know what our experience has been so that they can make their own informed decisions.
Monterey Park Monterey Park, California
U.S.A.
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