Marshall Reddick Real Estate
Lost A TON Of Money
This review is overdue. It’s been 12 years since Marshall Reddick Real Estate has caused us to lose a lot of money.
Some reviews are shaky at best. There are ‘two’ glowing reviews about Marshall Reddick.
My wife (now my wife) and I attended one of his “investment” seminars. He said, “cash out and refi. Take the equity. Use that to make three down payments on additional properties.”
Get rich quick scam/seminar.
Do you sound familiar? Do you communicate familiar?
She was determined to buy more property and wouldn’t listen. She wanted to expand, even though we already have three houses with positive cash flow.
After the “seminar,” she offered them to go to Vegas with “their” realtor to take a tour and see properties.
Properties are moving quickly, don’t think, purchase, or you’ll be missing out!! Everything was “Hurry! Hurry! Hurry…
This was the sale at the seminar. That was the meet-up with this group.
It was hilarious. When we walked into the Las Vegas affiliate office, the head realtor was supposedly ‘busy on her phone, and we stood there and waited.
She was making a frantic phone call, motioning for us all to be patient. It was supposed she was talking to someone, closing sales, and working, working… working! It was a great show.
She hangs up and says, “Whew! The client just bought three properties sight unseen such a hot market!”
We’d be better off just giving you our money! Ughhh.
So we decided to go on the North Vegas tour, which we didn’t realize was a hellhole and was only getting worse.
This group of houses was by far the most impressive we saw all day. Their sell was “It’s near Nellis, positive Cashflow, huge demand to military housing.” My wife was unfamiliar with the market and trusted the “Marshall Reddick Network.”
They were faithful and she bought one for $119K. Since then, it’s been a money pit.
The neighborhood became a disaster and was subsequently destroyed for months.
Each tenant was a horrible tenant, smashing walls, destroying places, and stealing air conditioners. Money. Pit.
Gee, there was no friendly military family in “up and coming” neighborhoods as the “Marshall Reddick Network promised.”
Thanks for buying, suckers. They left us hanging after we bought it. All that teamwork in the “Marshall Reddick Network” was gone…
There was no demand for rentals in that area – NONE. We had to work quickly to reduce the rent to make it affordable. Then came the crash, and the current situation was worse.
Marshall Reddick’s pitch is to sit on a property as it increases in value and then rent it out to break even or have positive liquidity.
However, knowing that you can cash out equity in a few years and refi later and then purchase more properties makes sense.
Nope. It was precisely the opposite. Property value lost, rent much less than the mortgage, terrible tenants causing damage.
I told my wife that you shouldn’t trust strangers. They made a complete fabrication, and the entire investment was absurd. The long story is short.
We have regular properties in Hawaii and California that make a lot of money for properties we found ourselves.
We built our network with trustworthy people, not some “get rich quick” network of people who give each other kickbacks to get you down from the seminars, tours, selling, and property management.
Real estate can make a lot of money, but this scam will not work.
Our current house, which we purchased eight years ago, is now worth $180K more than it was bought. That was ‘without’ Marshall Reddick Network.
(It’s not hard to see the fake reviews here. That should sum it all — used car salesmen speak the same language in realtor talk.
Run away as fast as you can
My friend and I went to meeting after meeting in California.
We got the same scam told to us. We each bought a home in Arizona, one in North Carolina, one in Georgia, and another in the state of Washington.
Each home had different circumstances.
We had excellent tenants in Arizona, but we couldn’t find another renter when they were transferred with the Air Force.
The home in North Carolina was never appreciated. After three years, we wanted to sell it, but the house had been trashed and was worth &20,000 less than what we had paid for it. We would need to put about $30,000 in repairs to make it sellable.
The house in Georgia was in a cute neighborhood and charming place. The management company said the home was in great shape and rented it again, quickly. The first renter left after a year.
The next renter has a dog and a cat. She always paid on time, so we thought everything was great.
After five years, we went out to Georgia, met the lady, and checked the house out. The house was clean, but the patio door was Scratched to pieces. The yard was nothing but weeds. The appliances were filthy. The storage unit that all the homes had was falling to pieces. The management company that had supposedly checked the property out each year always has glowing reviews.
The house was falling apart. The tenant said the previous renters had done all the damages. The tenant decided to move closer to her work, and I couldn’t sell or re-rent the homes without putting a lot of money into repairing and fixing the house again.
Lastly, the home in Washington was another disaster. After three years, the tenants wanted to purchase the home. We were happy to do so. To break even, we needed to ask a certain amount. We hired a different agent to handle the sale. A fair price was $111,000. The tenant was highly qualified, and the realtor showed us the comps, and it comped out at $111,000.
The lender wanted $116,000! The agent gave them the comps, and she was well experienced in the area and knew what she was talking about. The bank wouldn’t budge. More than half the homes in the development had already gone bankrupt, and they were trying to prevent this one from happening—stupid bean counters.
The tenant moved, and we let the home go into bankruptcy.
The bank went in and stole our brand new washer and dryer we put in. We could have sold them and gotten some money for them. Then the management company handed over the keys to the house (we were two months behind in payments but still owned the home).
Marshall Reddick would make deals with all the builders, the banks, the real estate companies in that area, and the management company. If the development had 30 homes or 100 homes, they were all investors owned, and all became rentals.
Here’s where the most significant scam was. The homes would all appraise with the sales price. Yes, the houses were all new and sold Thru Marshall Reddick. All cheaply built, And we’re falling apart in 5 years or sooner.
None of us knew that the homes were overpriced, to begin with, and because they were all investor-owned, it would take many, many years for the homes to appreciate an accurate market value. And the homes were of such poor quality that it would take thousands to redo the whole house even to make them sellable.
We lost all the homes, and our credit went into the toilet. It took many years to bring up our scores and back into the 800s. I wish an honest person would have told me the truth about this scam, and we would have saved lots of headaches and money.
Like I said, run as fast as you can in the opposite direction.
Prescott Valley, Arizona
I bought a beautiful home years back and did not experience anything like you did. My experience was great from beginning to the time I sold my property, only wish I would have kept that home.
Take some PERSONAL ACCOUNTABILITY as an investor! 🙁
You did NOT demonstrate even ONE single thing that the Marshall Reddick group did wrong. Sounds like you’re just not willing to accept personal responsibility and take accountability for your own actions. You and your wife are adults. NOBODY forced you to buy this particular property and any adult knows that they must ALWAYS do their own DUE DELIGENCE before making ANY investment. Did Marshall Reddick TELL the tenants to be poor tenants or to smash the walls.
The word “SCAM” is the most commonly used and misused word by people who FAIL at something.
I will definitely come back again.
And lots of information! Very friendly staff too. I like the environment. I will definitely come back again.
Not sure if it is too good to be true.
My friend just told me about this today. I came home and immediately checked out their website. Their website seems pretty good. The deals they have is better than other deals I have seen.
Not sure if it is too good to be true. But I will go visit their office to check it out. As far as the numbers shown on their website, if they are true, then that will be exactly what I am looking for.
It is honestly great to know that if an issue ever arises Scott is only a phone call/text away.
My situation is a little different as I am only renting a property but Marshall Reddick Real Estate has been nothing but helpful. They are my point of contact when it comes to the property that I am currently renting.
Scott Pastel is awesome. He is my go to person and is always available to assist. As a renter I know how it can be to be ignored by management and to have no resolution to issues with rentals. It is honestly great to know that if an issue ever arises Scott is only a phone call/text away.
Not sure if it is too good to be true.
My friend just told me about this today. I came home and immediately checked out their website. Their website seems pretty good. The deals they have is better than other deals I have seen.
Not sure if it is too good to be true. But I will go visit their office to check it out. As far as the numbers shown on their website, if they are true, then that will be exactly what I am looking for.
He is my go to person and is always available to assist.
My situation is a little different as I am only renting a property but Marshall Reddick Real Estate has been nothing but helpful. They are my point of contact when it comes to the property that I am currently renting. Scott Pastel is awesome.
He is my go to person and is always available to assist. As a renter I know how it can be to be ignored by management and to have no resolution to issues with rentals. It is honestly great to know that if an issue ever arises Scott is only a phone call/text away.
Financing with Marshall and Reddick has been key to our success at EAC Group Investments.
The entire Marshall Reddick team has been three Star. They have assisted with purchase financing, refinancing and rehab financing for several of our investment homes.
The entire process from application all the way through closing was seamless. Each member of the team insured the process was streamlined and smooth. Always available to answer any of our questions. Financing with Marshall and Reddick has been key to our success at EAC Group Investments.
Scammer
I contacted two lenders to get my rental properties refinanced and both turned me down. A friend of mine told me about MRREN a couple months ago and they were able to turn 6.8% 30 year fixed loan and a 7.1% 30 year fixed loan into two 5% 30 year fixed loans. With a combined monthly savings of over $300 and it cost me nothing because I rolled my closing costs into the loan.
You will be sorry. I can't believe we were so trusting.
Last week, we were served with a summons for the Mill Creek Cove lot, NC, that Marshall Reddick sold us. The lot now has a value of $20,000. Marshall Reddick is suing us for $125,000. We are being sued for $125,000 and the lot is now worth $20,000.
This is what it looks like. Marshall Reddick’s belief has caused great suffering for our family. Due to debt write-offs being income, we also owe the IRS. Is anyone else being sued in connection to the pre-development land sale near Wilmington, NC?
Marshall, the two men who worked on the deal, and First Bank cut. Incredibly, we trusted each other. But we are being sued. Do not engage in any relationship with him or his real-estate network. You’ll regret it.
DO NOT BUY THROUGH HIS CLUB!!
The Marshall Reddick Network scam is a complete fraud from beginning to end. I want to give them NO stars. Many people who used the network lost their properties and money to foreclosure.
Reddick claims that he only works alongside the best agents, developers, and property managers and only buys in the most desirable areas for appreciation.
A Florida property manager, Arthur Gore, was stealing $300,000. He also floods his neighborhoods with rental properties, thereby devaluing property values. He will work with anyone, even the most unsavory of scammers.
Reddicks’ business is being sued by hundreds of investors who were bilked. Reddicks is being sued by many companies and even the IRS for failing to pay taxes. DON’T BUY FROM HIS CLUB.!
I wish I could give them No stars!
I wish they could have no stars. This club was terrible. I had no problems at all from the beginning. Reddick promised to buy back properties if investors weren’t happy.
When I asked him to purchase my property back, he said he would not. Reddick started preaching religion to his club, which made me worry, But it was too late.
I have been involved in a prominent lawsuit after losing two properties to foreclosure. I spoke with many other investors who also had the same experience; My life has been hell since I purchased through his club.
Later, I learned that he was in Bankruptcy. He is currently being sued in several states for nearly $40 million. I will pay for the financial mistakes made by this club for many years.
The Marshall Reddick Network is the BIGGEST SCAM you will ever have the misfortune to meet.
The Marshall Reddick Network is the BIGGEST SCAM you will ever have the misfortune to meet. I STUPIDLY bought through his “network” and lost hundreds of thousands of dollars with short sale and foreclosures for homes I never should have qualified for at the time.
Experience has been a hard teacher but I have lived through the worst of it now. The “armchair” easy investing his seminar people tout will only lead to financial ruin. Now one of the hardest things left to overcome is the extreme anger, shame and foolishness I have as the memories of giving my credit and money to these thieves and sham artists. BEWARE
Gave yourself a heap of trouble and RUN away from them.
CAUTION!!!!! CAUTION! I bought 2 Arizona investment properties through Marshall Reddick Real Estate Network. We still owe them money for this financial disaster. They misrepresented the properties as well as the potential rental income. Both properties had substantial negative cash flow. One property lasted over a year without any renters.
Marshall Reddick staff offered no help! They refused to return calls or respond to letters detailing the situation. We lost over $250,000, and I was left with a foreclosure on credit. No buyer would buy one of these properties because it was in such an awful area.
(Yes, Marshall Reddick was right when he claimed that agents select quality properties in commercial areas. LIES! Could you not believe what they say? You can save yourself a lot of trouble by running away from them.