Marshall Reddick Real Estate
Lost A TON Of Money
This review is LONG overdue, about 12 years, to be exact since we’ve lost a TON of money because of Marshall Reddick Real Estate.
And, some of the other reviews seem suspect at best, with ‘two’ reviews by others, glowing about Marshall Reddick.
My (now) wife and I went to one of his “investment” seminars; “cash out, re-fi, take the equity and use that for three down payments on more properties” get rich quick scam/seminar.
Sound familiar? I’m the skeptic, I was sitting there going this is reckless, this is a scam working within the kickback “Marshall Reddick Network.”
She wouldn’t listen, was gung-ho about buying more property. We already own three houses (ALL positive cashflow) but she wanted to expand.
After this “seminar,” she took them up on the offer to come out to Vegas to see properties there with “their” realtor on a tour with other suckers.
Everything was “Hurry, hurry, hurry… properties are moving quick, don’t think, just buy or you’ll miss out!!”
That was the sell at the seminar, that was the sell meeting up with this group.
I laughed out loud at the production of it at the Las Vegas affiliated office when we walk in and the head realtor was ‘busy on the phone’ while we stood around and waited, she was on a ‘frantic phone call’ motioning for us to wait, be right with us. She was supposedly talking to someone, closing deals, working, working, working!! It was such a ‘show’.
She hangs up, “Whew, client just bought three properties sight-unseen… such a hot market!”
Oh, we’d better just give you our money then! Ughhh.
Anyway, so we go on this tour of North Vegas, which at the time, we didn’t know was a hell hole and was getting worse.
This group of houses was easily the best we’d seen all day though and their sell was, “It’s close to Nellis, positive cashflow, huge demand for military housing.” My wife didn’t know the market, trusted the “Marshall Reddick Network”.
She believed them and actually bought one for around $119K. It’s been a nightmare money pit ever since.
The neighborhood turned into a nightmare, trashed months after.
Every tenant was horrendous; smashing walls, destroying the place, stealing the air conditioner, breaking the slide glass doors. Money. Pit.
Gee, not a single nice military family in an “up and coming neighborhood,” as we were promised by the “Marshall Reddick Network.”
After we bought it, they left us out to dry. All of that teamwork within the “Marshall Reddick Network” was gone… thanks for buying, buh-bye suckers.
There was NO DEMAND for rentals there – NONE. We had to scramble, to lower the rent so much that it was a horrible negative cashflow… and, on top of the rent being so low, in a robust market, this property was losing money daily… then the crash, and now it’s about even now but the renters are horrible still because we can’t find anyone decent who wants to live in that area.
The Marshall Reddick pitch is to sit on a property while it increases in value and simply rent it out and break even or have positive cashflow but knowing that in a couple years, you can cash out equity, refi, then buy more properties.
Nope. This was the complete opposite; losing property value, rent way less than the mortage, awful tenants causing damage.
Long story short… as I told my wife, you can’t trust strangers. The whole production was a lie, the whole investment non-sense with them is bogus.
We have normal properties that are making money hand over fist in Hawaii and California… ones we found on our own and used our own “network” with reputable people… vs. some ‘get rich quick’ network of people giving each other kickbacks if they can assembly-line you down from the seminar, to the tours, to the selling, to the property management.
There is a lot of money to be made in real estate… but go anywhere else than with this scam.
For instance, our current house… bought eight years ago, now literally worth $180K more than when we bought it. We did that ‘without’ the Marshall Reddick Network :/
(I mean, even look at these fake reviews on here… that should sum it up — used car salesmen; all with the same language, all in ‘realtor speak’.)
ave yourself a heap of trouble and RUN away from them.
CAUTION!!!!! I purchased 2 Arizona investment properties in through the Marshall Reddick Real Estate Network. It was a financial disaster that we are still paying for! They misrepresented the properties and the potential for rental income. Both properties were substantial negative cash flow properties. We even went over a year on one property without renters.
The Marshall Reddick staff were absolutely NO HELP WHATSOEVER! They would not even return phone calls or reply to letters documenting the situations. We lost well over $250,000 and I ended up with a foreclosure on my credit record. No buyer would take one of the properties in a short sale because it was located in such a horrible area.
(Yes, I believed Marshall Reddick when he said their agents selected quality properties in marketable areas.) JUST SLIMEY LIARS!!! Don’t believe anything they tell you. Save yourself a heap of trouble and RUN away from them.
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
I wish I could give them No stars!
I wish I could give them No stars! I bought through this club and had nothing but problems from beginning to end. Reddick made promises to buy back properties if investors were not happy and when I asked him to buy back mine he told me to “forget it”. Reddick also started preaching religion in his club which had me worried, but by that time it was too late.
I lost 2 properties to foreclosure and am now involved in a huge lawsuit. Ever since I bought through his club, my life has been a nightmare!! I also spoke to many other investors who had the same experience.
I found out later that he is in Bankruptcy and is being sued for almost $40 million in multiple states. Buying through this club has been without a doubt the biggest financial mistake of my life and i will be paying for this for many years to come!!!
DO NOT BUY THROUGH HIS CLUB!!
The Marshall Reddick Network is a complete scam from beginning to end. I wish I could give then NO stars. People who followed the network lost their money and properties to foreclosure. Reddick says that he only works with the best developers, agents, property managers and buys in the best areas for appreciation.
The truth of the matter is he will work with anyone including some very unsavory scam artists. One of his favorite Property managers was indicted for stealing $300,000 from rents collected that was supposed to go to investors (Arthur Gore in Florida). He also floods neighborhoods with rentals thereby destroying property values.
Reddicks’ company is currently being sued by hundreds of investors that were bilked by him. He is also being sued by several companies and is even being sued by the IRS for not paying taxes. DO NOT BUY THROUGH HIS CLUB!!
You will be sorry. I can't believe we were so trusting.
We were served a summons last week for the lot in Mill Creek Cove, NC, that we bought through Marshall Reddick. We are being sued for $125,000 and the lot is now worth $20,000. We have lost all 5 properties bought through Marshall Reddick, plus our residence, via short sales and foreclosures.
Now this. We also owe the IRS due to the debt write-offs being considered income. Our family has suffered greatly because of believing Marshall Reddick. Anyone else being sued for that pre-development land deal near Wilmington, NC?
Marshall and the two guys who put the deal together and the developer and First Bank all got their cuts, but we are the ones being sued. Please, do not get involved with this man or his real estate network. You will be sorry. I can’t believe we were so trusting.
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.
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.
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.
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.
I will definitely come back again.
And lots of information! Very friendly staff too. I like the environment. I will definitely come back again.
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.