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Marshall Reddick Seminars / bad due diligence

1 United States Review updated:

Marshall seems like a nice guy, a Christian wanting to help the middle class get out of poverty, but all the negative reviews, lawsuits and complaints on the internet make me leery.
I know he works with brokers, developers and property managers who do not follow through on their promises and are incompetent.
My friend attended a Live Event Marshall had with Adam Sachs. Beware of Adam, he is a simple minded charlatan and I and many others have lost lots of money on the investment offerings he presents. Marshall has been warned of Adam and his side kick Ryan from Green Light Realty in Arizona, but apparently Marshall doesn't care if people loose money. They can just blame it on the market. Inless you want to loose money, it is best to avoid all of these clowns! It can be an expensive three ring circus!

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Comments

  • Gi
      16th of Jun, 2008
    +1 Votes

    I agree with what this complaint had to say except for the part where Marshall is a nice guy and very christian. I think he wants to believe that he is, however, the fact that he continues to associate and worse to expose his investors to these scam artists really makes me doubt it.

    There have been several bad deals, even law suits that involve him and his developers. I have invested with him in the past and have been burned, and I will no longer invest with him.

    My many attemps to contact him for some answers to my situation have been ignored. Once he has your money, you are on your own. I am losing money on two of the 3 projects I invested in, and the third may be even worse because we have been waiting for almost 2 years for a Baja Project that has not even broken ground and they have my deposit of $64, 000 since 2006 with nothing to show for it. We are frantically looking for other investors who have also invested in this Baja Project so that we can do something about it. My advise to you is stay away and invest on your own, do the due diligence yourself, its your hard earned money that's at stake here.

  • Fa
      16th of Jul, 2008
    +1 Votes

    Marshall Reddick and get rich quick Real Estate Seminars are no different. Marshall Reddick, in investors minds, gets credibility since he uses colleges and universities to hold his seminars. But, right off the bat, he is influencing investors to buy in their first class. Further brain washing takes place in the club meetings in many places. In all gatherings, classes and events properties are being offered and sold with false claims – purely impractical, as if no vacancy, evictions-attorney-court fees, vandalism, bad management lavishly billing on repairs (plus 10% on repairs), discounted rents. And then the false claims on GO ZONE around $50000 to $100000 tax benefits, which hardly any one can qualify, including Real Estate Professionals.

    Facts in my case:
    I ran in trouble through Marshall Reddick’s Danny Mimms in South Carolina of Palmetto Preferred Properties. Danny Mimms (or Daniel Mimms) passed me to a SC agent Chris Bowes who sold investment properties near Savannah Georgia. On false cash-flow numbers off by $250 to $350 per month by Chris Bowes in Bluffton SC sold me this brand new house in Port Wentworth near Savannah through Seashore Real Estate, which is going out-of-business as of this writing. Also selling the property by over $9000 (verified by CMA myself), and promising that property needed to be closed before they can get in contract with ready tenants, so I closed escrow hoping and believing the favorable cash flow numbers by Chris Bowes. This was all plain lie, my 2 brand new properties remained vacant for 4 months. On-site (not on-site within 2-4 month) property manager Ava Lavergne of pooler was difficult to work with, unavailable, not replying to calls or emails, and marketing the 2 houses poorly and above all volatile temper. All of this neglect forced me to place advertisements on Craigslist, move.com and others, and started handling all calls and emails. Chris Bowes of Coastal Investment Network is the same realtor mentioned above, also offered me to bring other investors for 3% commission. Now you can see why one must avoid these sharks, they are no help to get investors discount at buy time but sell you more expensive since you are out of state. In my case 8% commission too. I came to the conclusion that properties pushed by Marshall Reddick in many cases are troubled properties that local investors do not want to touch and Marshall Reddick goes and for hefty commission is able to sell to is investors thousands of dollars more expensive, and with no follow-up or replies to investors inquiries later on. After buying the property one goes through the suffocation of property management company, third phase of disaster is when an investor wants to sell it out-of-state with fear of care of property-care and vandalism(s).

    I approached all managers at Marshall Reddick 12 times in 4 months about my miserable investment outcome, and no reply. The man Ed Synicky replied in an overdue email “Change Managers” that is all, and I have never heard back from any one, and I still see the same full-of-hype advertisements to still prey on investors.

    Also I have problems on other two properties buying through Marshall Reddick, one of it is in highest crime area, manager came with a gun to meet me at the property. Also vandalism, eviction, you name it happened to my house. This Marshall Reddick disaster came through Ryan Tucker at Enterprise Realtors, Arlington, Tennessee. The owner Jon Moultrie at Enterprise Realtors shouted at me to not call them saying I must only contact Chris Minter at Marshall Reddick – well no response to my complaints there or even comment on a long Memphis police crime report compiled within ½ mile of my rental house. No response at all, neither by Chris Minter nor by the Operations Manager Ed Synicky at Marshall Reddick.

    In this Internet age, investors do not need Marshall Reddick when they can do all the work themselves by getting better property manager and attractive location, rather than investors concentrated to compete causing lower rents. I did buy myself many other properties and happier and satisfied with the outcome. Must see the property and the location before making offer. There is no such thing is Armchair Investing as was touted be Marshall Reddick.

  • Ke
      24th of Aug, 2008
    0 Votes

    NO, NO, NO to Marshall Reddick. His methods will not work. And his property managers are terrible.

  • Mi
      26th of Jan, 2009
    0 Votes

    Here is a good example. In Port St. Lucie Marshall used A. Edward Gore Realty to arrange sales of homes and then manage the property afterwards. I tried to work with him and found I did not trust the guy and heard many complaints from other people who had bought property using him.

    It appears that Marshall needs to better vet his network. According to this news article, Mr Gore is now under arrest for felony grand theft.

    Real estate broker accused of using client money for personal, business use
    TCPalm.com
    Staff report
    Sunday, January 25, 2009

    PORT ST. LUCIE — A 59-year-old man was charged with grand theft by the St. Lucie County Sheriff's Office on allegations he absconded with an estimated $310, 400 in client money from a real estate firm that he owned.

    According to an arrest affidavit, Arthur Edward Gore, broker and owner of A. Edward Gore Realty, told investigators “he had used security deposits held in a escrow account in his company name, under his control, as well as proceeds from rent — for personal and business use.”

    The report said he admitted to using the money starting in late 2007 because, “he began having financial troubles in late 2006 due to the declining real estate market.”

    Gore, of the 2000 block of Southeast Berkshire Boulevard, was arrested on felony grand theft charges on Friday, the report states.

    On Jan. 14, a search warrant was executed at his office and law enforcement seized financial records, the report said. The St. Lucie County Sheriff's Office said in the affidavit that $86, 400 was taken from a homeowners association and $224, 000 was taken in security deposits belonging to various homeowners and renters.

    An estimated 220 victims had told investigators their checks from Gore were being returned for insufficient funds.

    Gore was released on $20, 000 bond.

    No other information was available Sunday.

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