Cape Coral and Port Charlotte

Hello, 

Anyone buy in Cape Coral or Port Charlotte through Reddick? I did back in April of 2006 and they guaranteed my homes would be build in 10-12 months. It is now the 11th month, and they still have YET TO PULL THE PERMITS REQUIRED TO BREAK GROUND! Now my contract will become due and they're going to jack up the interest rates for my construction to perm loan.  

Any advice on what to do? I'd suggest staying away from John and his office at Remax. Here's his info, they're the ones that roped everyone in and now everyone is screwed. 

Re/Max Realty Select
3349 Tamiami Trail North
Naples, FL 34103
800-990-7355 x420

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bad experience with marshall reddick

Yeah, we have had our share of bad experience with marshall reddick's investment. We bought in Urbana, IL (Capstone student housing project) and Vancouver, WA townhomes. One has not been rented out yet and we closed in Sept. 2006. The other one just got rented out for $875/month and Marshall's agents gave us an impression that we would get $1200/month - HUGE NEGATIVE. 

My advice is to try to steer clear of development projects pushed by Marshall Reddick - they are usually hyped.

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re: Cape Coral and Port Charlotte

who is your builder? We got the same information from ours. If we could get out of this we would, but I doubt that is an option.

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Cape Coral

I purchased in Cape Coral about one year ago. The home just started to be built in February. The home is worth about $100,000 LESS than the appraisal, and about $60,000 less than I paid for it. This is a catastrophe and a misrepresentation on Reddick and his partners part, having said it was a slam dunk that the property would be worth close to $360,000 when it was finally constructed. Now the interest rate adjustment period for the contruction to perm has arrived, and the home is months away from being completed. If that's not bad enough, the tax bill just arrived, $1,500 for a piece of crappy, worthless, dirt. I'm so pissed off by this scam. Has anyone else experienced anything similar. I know he was selling these homes in both Cape Coral and Port Charlotte. Somehow I'm going to have to come up with about $60,000 cash when this house is completed. I'm terribly distressed by this.

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Cape Coral

We were told exactly the same thing. At least your house is being built... Our builder has not even pulled the permits.

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still going

My builders are Legend and American. Same deal. Apparently, Reddick hired a lawyer on retainer and is trying to get everyone on board. The problem is the lawyer wants $5,000.00 retainer PER PROPERTY and that's just to get started. They said it will probably be a few YEARS before anything is done about it. If they get more than 100 people in on it, they won't charge any more fees until some settlement is reached.  

Both my builders said the same thing. Now I'm getting letters saying I owe them $1400 for concrete. They Still have yet to start building the house and my contract ends today. The best part is one of the builders said the property they sold me IS TOO SMALL FOR THE HOUSE THEY SOLD ME! They physically cannot build that house on the lot. My Port Charlotte lot I bought for $55k is worth about $38k according to an outside network agent, and the $105k Cape Coral premium salt water dry lot I bought is now about $50k. Lovely. Anyone know an OUT OF NETWORK real estate attorney in Florida?

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Hasn't yet pulled permits

Having not yet pulled permits isn't necessarily a bad thing, except for one thing. Having not pulled the permits means the home is a long way from being completed, which is when the real truth of this debacle will rear its ugly head. At least there's more time for hopefully the market to correct a little. However, in the meantime, I've received some unexpected bills from the builder that are apparently not paid out of the loan draws, for the septic systems, and this past weekend I just received the property tax bill for $1,500. Yup - expect to pay taxes for a dirt lot along the way, and the taxes are steep! This whole thing is a huge mess. I expect to lose perhaps up to $60,000, if I can even sell the house.  

I too would like to pursue this with a real estate attorney. However, where's the fraud? The only thing that's totally fraudulent is the appraisal, which came in at $50,000 more than I paid for the property. Now, a local real estate agent told me the property would sell today for about $220,000, about $60,000 less than the purchase price, and about $110,000 less than the appraisal. I'm devastated, and lose sleep wondering what I'll do. Now the property tax bill has arrived, adding insult to injury. 

Ideas anyone?

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I'm getting bills too.... and more to come....

Sadly, I've gotten bills too from the builder, including some crap for the septic system. I just filed them away. Over the weekend, I received a property tax bill for $1,500, a huge tax bill for a dirt lot. All of this I was never told, but buyer beware I suppose. I've spoke to a real estate attorney in Florida, and he said I'm stuck. If permit haven't been pulled, there may be an opportunity to bail out, so pursue this as an option. I'm told I'm dead in the water since permits have been pulled and the house construction is underway, albeit is very slowly. I've spoken to a local real estate agent and she said she would help me sell it - at a HUGE, HUGE loss. She said she's getting lots of calls with people in the same boat. Some are just walking away, others are accepting foreclosure, but I understand Florida real estate law allows for judgments, so expect them to come after your assets if you walk away, and you indeed have assets. I'm between a rock and a hard place, and feel like Reddick totally duped me - just so he could make money.  

I just don't know what to do. Ideas?

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builders are people too

so you feel that you have been hurt by Remax, well so have we! We recieve contracts from people who can't afford these houses and have lied all the way through and can't fulfill their obligations.
Should we build these houses for free? Should we be abused all the way through, should we be beat by the homeowners, or the realestate agents who have already recieved their commisions. Why are the builders at blame since all we have done is taken your contracts and are now in the process of producing them for people who if they had there chance would put us out of business. If any one is at fault here it would be the Marshall Reddick group who has taken all of our money, owners and builders included. While their sitting back selling an empty dream and then recommending lawyers to take more of your money for another dream that is not possible. So maybe it is time the investors start to read the paper work and understand what they are signing on to before they blame everyone else. It is time we all grow up and understand when we make a mistake we pay for it and not look to blame others for it. So, is it better to pay for a legal dream and I repeat "dream" then to just go forward and complete what you have started and maybe the market will change enough for you to be succesfull.

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builders...

I feel for the builder, but he is under contract to build this house, and has done NOTHING including pulling permits. He has had money from us for a while. The bank has said that he will get paid, that they are not going to reapraise the house at closing. He has not pulled any permits, and now is not returning ANY phonecalls from the bank, the broker, or us.  

As far as we are concerned HE is the one screwing us over... WHY wont he build is the real question. Even when we have told him he will get paid for the original contracted price.

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Buiders are people too

Listen as one of your builder's that you don't like here is part of my delema I put down slabs build walls and the owner tells the bank to not pay the builder cause they want out of the loan or they don't pay the interest now I'm sitting there as the builder looking for 35,ooo.oo per job that now I owe to the subs and let me tell you this is happening all over or how about the owners that don't want to modify at the end and here I am waiting to see what to do to get the last 40,000.00 that I owe to the subs. There is no security anywhere in this situation and we all are suffering. There must be a way for all you people and us the builder's to come out of this clean. We are not the bad guys and neither are you but we are all the ones that are suffering. Maybe it is time to put or heads together to see where we go with this instead of us all losing maybe there is a way to win.

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Sadly, winning is very, very unlikely....

Someone won in this situation. Remax apparently broke several laws, and Reddick has retained several law firms to bring a class action lawsuit. It's underway. The broker, dead beat builders and lenders are being named. Last count, there were over 60 to the suit and more joining every day. However, if this goes to trial, it's a 4 to 6 year deal. And what do you do with a house that garners maybe $800 in monthly rent, if it can even be rented, with a $2,400 monthly mortgage payment.  

While some builders who are writing here claim they've done nothing wrong, and they're losing too, that may be true. Exclude yourself from being offended then. However, many builder took draws and didn't even start to build the home. They left empty dirt lots and people with notes are having to pay interest. Some builder, mine included, LEGEND IS THEIR NAME, have billed me for items that I was never told I would have to pay. What a scam. Of course, they haven't seen a penny from me and they won't. At least for now. The class action suit will take forever, and the Florida market is a total disaster. Just today, my agent in the area said I'm looking at selling my house today, if I'm lucky, for about $210,000 tops, and my note is $280,000. So where I am to get $80,000 or so, with fees to the agent, to payoff my loan if I sell the house. Where am I going to get $2,400 monthly if I keep the house and can't get a tenant? This is truly devastating to me, and I feel like noone else is feeling like me, but I understand many are. And to wait for 6 years for the class action suit just doesn't seem like it's worth it. Short sale? Foreclosure? Bankruptcy? All horrible options.

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bf - we're right there too

Trying to figure out what to do is a big concern. We are losing sleep... work is suffering... etc.  

Right now we are trying to figure out where our money has gone. Between the draw the bank has sent out & what we paid for 'upgrades' we are out about 30K. To this day, we have not seen any construction (afterall no permits have been pulled - they have had our money for a year), we are getting bills from the city to take care of the lot, and now the builder is hiding in meetings with his lawyers. It is impossible to get him on the phone, or to return emails, etc... Makes me want to go to Cape Coral and sit in his office till he shows up. 

All we want is our house. If this is imposible we want our money back (preferably with interest, but I know that is probably not going to happen) 

To top ALL this off, I just found out from friends in FL, many of the insurance companies are now dropping out of insuring in FL all together. More backlash from Katrina...

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Buiders are people too

Well just to let you know more about the builder delema. I get a rediculas letter today from a blood sucken lawyer who has now just taken God knows how many of you owner to a make believe lawsuit that the owners can't win but you guys give him a deposit to start of 2500.00 and we will see how much more for a case that dosn't apply and the worst part is that out of the majority of the letters 4 of the jobs are at the final inspection stage. so now these jobs go in the toilet and 20 more contractors and subs have to file leins and sue for their money. This is sad. What do u think the outcome to all this is. Well let me tell you and not to be a smart guy but just to try and pond some information into some heads. The lawyer takes the owners money starting at 2500 and maybe 100 owners jump on board and if you know lawyers it jumps up to 5000.00 each so now he collects 500,000.00 and files a litagation against the builder or two buiders or even three. Remember I told you his case is bull and dosn't apply. So now you get all the buiders to stop work on all the houses because builders are not going to go forward in this situation they would be fools and lets say in three years they finally get it in court. Well on the light side since your house went into forclosure your credit went down the tubes. the builders have filed leins against all the owners and the houses are half way built and the citys now are suing the owners also and Taking down buildings and if you destroy all these cities based on this Im sure the judges are really going to be on the owners sides since they all came in with a scam to get mortgages of 2nd homes or primarys.Now maybe you should think about how many home owners will or should be brought up on criminal charges.And lets just think about if the owners get lucky after 3,4 or 5 years and bet the builders the builders go out of bussiness and the owners win the war and lose the battle and thats if you win. Dont be fools, take hold of your situations and figure out something else the time is short. By the way I for one resent being put in a catagory called deadbeat buiders did you owners really have the right to come to my city and make believe that you where investors and destroy our realestate and now think you can just pick up your marbles and go home. You are not even picking up ypur marbles your leaving your mess in our streets and I think instead of putting blame realize you, Remax, Transland and all others that you mentioned are part of this problem nobody is clean not even the "deadbeat owners" dosn't sound good !!!!!!!!!!!!!!!!!!!!!!!!!Just remember its our streets that are going to be dirty when you pick up your little packs of hurt pride and go home.

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bob

You don't have a clue what you're talking about, not about the scams, the collusion and the lawsuit. People lost big money as a result of corrupt brokers, primarily Remax, and the builders and lenders that colluded. If you weren't one of them, then you're not the deadbeat I'm referring to. And that's what I said in the e-mail, so stop with the hammer swinging. Listen bud - people like me have lost big money based on false promises and unethical business practices, just so this Remax scheister, and SOME builders and lenders ripped us off. Many people will lose their homes, businesses, savings and the like. Many families will be broken up, money for childrens education will be lost and there will be suicides. I'm in good financial shape, but am devastated to have to lose close to $100,000 off of one Cape Coral investment, while Remax takes the money and runs. Well, they will pay. Their reputation is trashed, and hopefully they will have a large settlement and the leader of their pack, Will Morin, will go to prison. They shattered lives, provided glossy brochures showing all of the pie in the sky numbers, overinflated bogus appraisals, etc. So, think outside of your toolbox for just a minute and realize that lives are ruined here, devastated. You have no clue whatsoever. We owners went in to invest in Cape Coral with our hard earned money. We intended to rent houses to those in need, pay taxes that benefit your city and its residents and make mortgage payments. Sure, we all wanted to see our homes appreciate, but not through unfair and unethical sales schemes - and collusion. Read some of the other stories on this sight. There were 400 lots sold in Cape Coral and Port Charlotte. I spoke to an attorney who's part of the class action. He said he spoke to about 100 people in my situation, and only 2 had no problems whatsoever. So 98% of the deals are having problems or falling through. Now, there's a legacy Cape Coral can be proud of! Shame on Florida, particularly Cape Coral. Why am I not surprised, yet another Bush another part of the American dream! Shame on you bobdabuilder.

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California Lawsuit Against Reddick, Moran, and Atlantic Builders

Hello there! 

My name is Andrew and I am a California attorney and investor in the Marshall Reddick Network. I too along with three other investors have invested in the Port Charlotte area. We are experiencing the same problems you are. We are going to file suit against Marshall, Will Moran, the builder and the lenders here in California. While I cannot solicit clients, I am seeking information of other investors who have similar experiences to my colleagues/clients to show a pattern and practice of fraud in the marketing and sale of properties in the Cape Coral/Port Charlotte area. Please call me with information at (818) 429-2007 or email me at amwyatt2@juno.com. Together we can seek justice and restitution. 

Andrew Wyatt
Attorney at Law

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Just Another Scam

A lawyer with a play on people too. Didn't everyone get scamed enough. Your just another lawyer with a BS story. What makes you so much better than all the rest. What makes you the great hope. What are you going to do that all the other lawyers couldn't. The only thing that is floating out there now is a BS litigation to get a lot of people on board. It is going no where while every body suffers you just found a way to scam more money. If I.m wrong than post what you found that no one else could or just dissapear. Don't give false hopes

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You're The Scam

Who are you, bobdabuilder? Are you one of the ripoff artists that have scammed hundreds of people? If you were ethical, you too would be outraged by the fraud these builders committed. I think you are here to be the heckler, the deceiver who crushes hope in people who were defrauded. If you have such a big mouth, what is your solution? If you are one of the builders who ripped us off, we're coming for you. If you're not, then bud out! Why don't you keep your foul mouth words to yourself. People have suffered enough and feel hopeless enough without your venom. Maybe it's time for YOU to stay away and leave these poor people alone! 

Andrew The Hope Giver!

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An Angry lawyer

A guess you don't like builders but thats ok I don't like lawyers. Why would you think I'm a ripoff artist all I said was don't give false hope to people.Why was it the buiders that frauded the people.There are jobs out there that have been finished and the people will not close and the builder is there holding the bag. But I guess as long as you big time invester do ok thats alright but if the builders get hurt well that dosn't matter. I am ethical and I am outraged by the misrepresentation you owners have shown and lied also about how you where able to carry this house in a bad market. The people that really where owners and built these houses for themselves are ok cause they where not in it for the quick buck. I am outraged about the lies all your people did including yourself about how you secured your Mortgages. Did you deserve to get one? Where you really qualified to get this 2nd home mortgage cause I realize now you all lied to get approved even you, So who is unethical now. Your just another lawyer that answers a question with a question. You never answered my question you just did a dance. So why don't you shut your mouth, and yes people did and are suffering and it is not only owners it is builders too. If that bothers you that I tell you than pick up your marbles and go home.The other answer is is to prove me I'm wrong and I am sure you can't do that Mr half ass lawyer

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Not true Andy

I forgot to tell you that I spoke to Moran and Atlantic builders and Hanson and Legend and they are not in litagation Sorry your wrong there too so as a Lawyer what are you right about???????????????????????????????

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A Really Angry Builder

Bob, 

I don't understand why you are so hostile. As a builder, you took advantage and profitted handsomely on those investors. Now that the market has turned, you are sour grapes. You are certainly entitled to your opinions. But this website is being used by people who were hurt in this investment scheme. You are only here to stir the water. If you have something constructive and helpful for these fine people, then by all means let them know. I think you are on this website only to upset people. If you don't think these folks have a dose of realty, think again. It's interesting you can get Morin and the builders on the phone when their customers and clients can't. You obviously think that what Morin and the other builders did was OK, so there is nothing more useful that you have to add. Good luck to you. 

Andrew

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Not Angry

I'm not angry just feel bad for the decissions that most of you people are taking.
number 1 you should look into litagations before lawyers tell you what they can do you need to look into the facts and see if they can question it all before you decide to destroy your credit. All you investors that paid the lawyer from Tampa and Bradington mine as well took the money and burned it caused that is just what you did. It is a shame that lawyers took you over the coals but I got to tell you you are the dumbest group I have ever saw you people dont read anything or research anything and than cry people took advantage of you. Wake up and read or if you can't have someone read for you. I'm just a dumb builder that is watching you people go to the cleaners cause you don't want to n\know the truth you just want to blame someone for you being ignorant and why would I hire a lawyer that is just as dumb as I am

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Who's Dumb?

Bob, 

The only person who you are showing is ignorant is yourself by the way you talk. If you have the "truth," lay it on us. You keep saying things without backing it up. Enlighten us with your wisdom! If you have any information which is helpful to the Reddick investors, it is always welcome. Otherwise, keep your opinions to yourself.
Andrew

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Do you have any helpful information?

Angel, 

I have not spoken to you. Do you have any information that would be helpful to the Reddick investors? 

Andrew

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so where are my houses?

Okay, Mr. Builder, 

Where the hell are my houses? I have a contract saying they'd be completed by April 26th, but yet, on both properties, with two different builders (which means you're one of them), NEITHER builder has pulled permits yet to break ground. Then I get a letter from one of the builders in MARCH (11 months after I signed the contract) saying that my lot was too small for the house? Tell me what's right about that situation? Why shouldn't we seek the advice of an attorney? If our credit is going to be ruined as much as you say, then all the more reason to right this wrong, wouldn't you say?

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where is your house?

I do understand your frustration but I ask you two questions to ask yourself
1. Did the builder sell you the lot or just the house. Who was to check and see if the house you bought from the builder would fit on the lot you bought from someone else. 

2. The house has a time to build that starts from the date of the closing on the loan not the contract date, and based on permits what is the completion date to finish the house. If that date wasn't satisfactory to you than why didn't you question it than.  

All i'm saying is think about who is at fault here. I think everyone started with good intentions and the market changed. Would it matter if the market was still going up.
Just think through you decissions before trying to sue everyone and blame everyone. "Do u live in a glass house" I Do!

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allow me to retort

I DID question it then, and that's when I was assured, per contract, that the homes would be complete, probably early...as "100's of homes in this area have been completed already". I was assured that this process was time tested and there was nothing to worry about. Of course. 

Re/Max is also at fault for selling me a package deal that doesn't match (lot and house). Another issue is for some reason, my builder switched a few months after I closed my loan. Why would that be? When I inquired, they said that the first builder, "reached their quota for building in that area"...so why did they agree to take the deal in the first place? Don't builders know how many houses they are allowed to build and how many contracts they have out?  

Now I'm getting letters from my lender saying that my interest rate is 11.25% and I'm on the hook for the remainder of the balance...and they can call the entire amount due anytime and now I'm in default since the BUILDER hasn't had any activity on the account within the past 90 days. Is that my fault that the builder stopped building? I don't think so. I'm not a new investor that is in for the quick buck. I planned on having these homes in my family for generations, and now all I get to pass on is debt, bad credit, and a horrible experience with inexperienced builders, agents, and shady investment clubs.

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shut up bob

just joined this dialogue and am finding it pretty amusing......"bobdabuilder", you are certainly not "bobdaenglishmajor" - you write like you are in third grade my friend (the "w" in write is silent by the way in case you were trying to pronounce).  

And, shouldn't you be out building homes or something rather than hanging out in chat rooms in which you are not invited nor cared about.  

I too am getting taken to the cleaners by crooks down in cape coral - builder did not even apply for a permit until over one year after my contract was signed. How would you respond to this bobby boy? 

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don't even bother

Hi, 

Welcome to the club. I would suggest putting a freeze on your account and telling your lender (in my case National City Mortgage) to stop disbursements if you have not done so already. I am in negotiations with them to work out a payment plan to start paying off what the builder got out. Funny how the builder takes all these payments and didn't do any work...now I'm stuck repaying his squandered money. Lovely.

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What should I do?

My situation is a bit different, but I'm still hosed in a huge, huge way. My house is near completion (Legend - Custom Homes). At least they came through, albeit about 4 to 6 months behind schedule. The lender, National City, is soon ready for me to make a loan modification, at 7.5% fixed for 30 years. No deals, not short sales, tough crap according to National City. I've worked very closely with a real estate agent in that area, and "real" comps. (not the phony comps. that I got with the loan) are in the $180k range - the loan is $270k. So, I'm looking to rid myself of this nightmare, and I only need about $90,000 to $100,000 cash to close the deal, assuming I can even find a buyer. There are tons of spec. homes for sale, the market continues to decline, and it's a catastrophe beyond anyone's wild imagination. Reddick was fradulent as were Will Morin and the sham appraiser that appraised the house at $330k (and who knows who else raped me in the process). Perhaps the thief that took $85,000 for a worthless lot, that I was told was worth a fortune by my "agent) Will Morin. Keeping the home will result in HUGE negatives in the $1,500 to $2,000 range monthly, if it can even be rented out. Rents are way down, in the $800 range, and let's not forget Florida has no sales tax, so it's made up with property taxes which are astronomical. This is a huge catastrophe. Thoughts anyone?

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Jaygeez Wow your so good!

So I guess your not jaygeez the investor either!
At least you can spell so maybe you should of stayed a teacher cause your not an investor.
If you read what I told you before no builder will start anything until your loan was closed on, and if you would of read the contract you would of seen that he had a lot more time to build the house than you thought.
Your such a good speller maybe you should of been a better reader.
Im not sticking up for reddick or Moran but it would of been good if you guys would have known what you bought before you bought it, but I guess that is the builders fault.
The 180,ooo.oo is not a true appraisal either. Call and find out don't take one guy's word haven't you learned that yet. The market is low, but by you guy's all running your making the market worse. If you stand to lose all that money now why run and lose all that money. make a deal rent it out and wait it out.
It dosn't matter to me or any other builder, if you run I will get my money from you anyway cause don't forget when you run you have defaulted on your loan and now you owe the builder more money.
Don't be fools like listening to all these lawyers that are only taking your money and helping to destroy your credit. Like the lawyer Andrew he posted got a couple of people to sign up with him for a bull litagation that he don't have a shot in hell winning and now he just got back all his money from you guys.
Rent it out and wait it out the market always changes. Check it out it always does.
O by the way Mr investor your bank paid the builder for the work he did. It works off a schedule of values. The bank dosn't just give out the money. I don't understand where you people get all this useless information from.
And like I said before like all these people that jumped on board with the lawyers where going to get them all their money back for a land law that dosn't apply.
All I'm saying is wakeup and think about what you are doing.
You should be happy I am here to make you think about what you are running from.
One other thing is that there is no limit to how many Homes a builder can build, maybe the reason that your agent switched builders was that they where having a problem. Maybe when the builder felt that you guys where getting ripped off he didn't want to be part of it, Than went out and got another builder that wasn't familiar with was going on.
Do you think in that market builders had to scam getting work. I don't think so.Jaygeez sorry if I spelled anything wrong but I'm still Bobdabuider! who r u

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Bob, You're Full Of "Bull"

Bob, 

You better pray that you are not one of the builders these fine people lost their money to because if you are and one of them decides to hire me to sue you, you will get your fill of "bull" from THIS lawyer. I have always been courteous to you but if you are such a big man why don't you tell us your true identity and see if you may be one of the builders they should be suing. You will see what I have in mind for the other builders. If you're one of them, Bob, we're coming after you. And that ain't "bull." 

Andrew

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Im Praying

Well I do pray everyday but it isn't because i'm so afraid of you. Since you are this big time great lawyer why don't you tell the good people how much success you have had. Well I will help you NONE. Thats right none after all your big talk you have not done anything accept take peoples money and you are just one of six bottom feeders that I know about and you all have done the same Nothing but make a little noise.

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Are You One of the Shoddy Builders, Bob?

Bob, 

I understand you are illiterate. That can't be helped. I really don't understand why you are so antagonistic to these people. Identify yourself, Bob if you're not afraid. Tell us who you are. If you are not one of the Marshall Reddick builders, then why are you so hostile to the investors who lost their life savings in Florida. If you are God fearing and loving, then do as Jesus would do. Help these people instead of condemning them! 

Andrew

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other builder?

And I quote, "O by the way Mr investor your bank paid the builder for the work he did. It works off a schedule of values. The bank dosn't just give out the money. I don't understand where you people get all this useless information from.
And like I said before like all these people that jumped on board with the lawyers where going to get them all their money back for a land law that dosn't apply.
All I'm saying is wakeup and think about what you are doing.
You should be happy I am here to make you think about what you are running from.
One other thing is that there is no limit to how many Homes a builder can build, maybe the reason that your agent switched builders was that they where having a problem. Maybe when the builder felt that you guys where getting ripped off he didn't want to be part of it, Than went out and got another builder that wasn't familiar with was going on." 

Well, interesting theory, but way off. I had one builder for two houses in two different areas, that builder then decided to dump just one of the houses and it wasn't because he felt pity for the investor...quite the opposite I'm sure. If he felt pity, why did he keep one of my contracts? If he is getting paid for work he did, why is no work done? Permits ARE NOT PULLED! GROUND HAS NOT BEEN BROKEN! The only work that has been done is by the city of Cape Coral to mow the grass for $42 a month (yet another mandatory fee that was not disclosed to me). The schedule of values is just that, a schedule, the difference between the bank and the builder, is the bank actually does what they are contracted to do on time.

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OK You Win!!!!!!!!!!!!!!

Ok I have tried to let you people know the things that you are just not understanding,
But you would rather listen to lawyers that are giving you all false hope for something that is not going to happen. They are not going to get you your money back, They are not going to change the market!, they are noy going to "get the builders" They are not going to help you at all. You are taking your time and money on something that is just going to hurt you more.I will tell you a story I just heard today. A builder goes and starts another house and three days later the owner hires a lawyer and dosn't even know that the house is under construction and the builder now stops the job and is going after the owner for the money for work done, But worse than that, is the builder going to start another job with this group just to be in the same situation again. Do you have any idea how many times this is going on.Listen call your builder, speak to him and try to work this out. You will not win with a lawyer that is looking to sue. The note keeps going on. The builder stops working and your credit goes down the tubes.At the end You lose the lawyer tells you sorry I tried everything I can do and your there as the lawyer says Mr investor by the way would you like me to defend you with the bank that has just destroyed your credit. 

Now Cape Coral has been a bear to get permits for and maybe no matter what he has tried it is been very difficult and maybe that is that Cape Coral is seeing all these houses not getting done and thinking it is better not to let them start than to have houses half built all over the place.
Listen the last thing I will say to you is call your buider, If you can't get the man incharge of your job ask for the owner and ask him about your situation and maybe you can work it out before it all ends up where it shouldn't go,I don't know about you but if your lawyer really cared about you guys and ladies he would tell you to work this out, but do they.
Isn't that also funny I thought and I could be wrong that Lawyers couldn't solicit on this sit but he did thats why he gave you his number back a few postings ago. So why is he here, Do you know of anything he did to help, and did he get any customers from this site. Ask him guys what has he done and how many people did he get from this site and what did he do for them. The answer is he probally he got people from this site and has done nothing for them.Get this worked out before you all lose alot

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I have some interesting news on this!

I found it interesting reading the above posts. Is anybody still actively reading this blog site? I might have some very interesting news to share with all of you but I'm not sure who is still with us! 

Kindly respond.

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I'm here...

Hello, 

Please, feel free. I haven't heard anything from the lender in a long time. One of the builders sent me a certified letter saying since I hadn't responded to them (which I had), I was in default and they could sue me for loss of profits, breach of contract, etc...but "in the interest of closure" they said I can sign this piece of paper saying I won't sue them and we can drop the contract. YEAH RIGHT! First off, I don't owe them anything! They owe me a house, or the $19,500 draw they took plus whatever else they did without me knowing about it since the bank says I owe them $150,000 per house. 

So, yes, if you have news, please share.

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I too have information - please share - thanks!

Lots going on in the area. Builders going out of business, homes not being built, homes stopped in progress, loan defaults, foreclosure threats, construction liens, lawsuits, etc.

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Something for the builder to chew on...

Just one thing that builder from back in April needs to understand is that working it out is not always possible; esp. when the builder doesn't return your calls and/or is not available everytime you call, and the bank has recently pulled your funding. You try to work it out by requalify but soon learn that the loan you initially qualified for is not financially accurate of you, meaning you never should have qualified for the first loan to begin with! In other words, you cannot requalify now for a new loan! Then when you finally get ahold of the builder and attempt to explain this to him, his representative does not seem to hear nor understand and instead, has the audacity to have THEIR Att'y send YOU a letter stating they are suing YOU! Now explain what a person is supposed to do in that situation, Mr. Builder...work it out??? I highly doubt it, esp. after I already tried that numerous of times before it got to this point, but to no avail due to lack of cooperation on the builder's part and now w/ not only a bank but also a builder coming after me (yes, this is my story), I highly doubt it will ever get worked-out w/ out some legal representation! Sure, the Att'ys are making wauds of $$$ off of us these days, but what choice does one have at this point??? Let's get real, Mr. Builder with regards to needing legal representation; there comes a time when it is necessary! If only the builders and banks would have worked w/ me and respected my attempts to make it right, I might not be where I am today...trying to work ethics into yet another "money-talks" business-head!

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LeHigh Mess

We are organizing several lawsuits including LeHigh Acres, Port Charlotte/Cape Coral, Sebring in Florida. Please contact me if you are interested in joining.  

Andrew Wyatt
Attorney at Law
818-429-2007
amwyatt2@juno.com

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uclaboyz - bad experience with marshall reddick

Hey uclaboyz  

Call me and I will update you on my pending lawsuit on the Capstone project. You will want to join when I give you the facts and tell you what I am doing  

Brian Patnoe
949-218-4854
brianpatnoe@cox.net

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Lawsuits - Florida

Dear UCLABOYZ, and/or Andrew Wyatt 

I have a many questions for all of you that are suing Marshall, builders and other people through Marshall Reddick territories. 

Am I to understand that you are gathering disgruntled investors' up front payments so that you can file class action suits? Is that why you keep yourself in the blogs? 

If you are so disgruntled with Marshall Reddick why do you continue to go to the seminars he backs or those who used to work for him? At this stage, why are you still buying new construction and shopping his agents? Do you have more money than brains? 

There is a world of opportunity out there for savvy real estate investors who know real estate. These people don't need their deals sandwiched together by Marshall Reddick or any of his impersonators. Grow up! Those days are over. Californians made a lot of money while it lasted but now, that phase is in the history books. Every market is temporary. 

Whining about the cost of the tax seminar you went to in Irvine is inappropriate. Again, grow up. "Free Seminars" and "Discounted Property Management" are for suckers! Most of the "used to be Mentors for Marshall Reddick" didn't know enough to come in out of the rain! And, many of them are shorting their loans that they got because they bought too much negative real estate and didn't have the funds to hold on during the downside. Stated Income, Preferred Lenders, Gold Star Agents...what a joke!  

Did you know that a Hollywood magician who used to work for the Marshall Reddick Network was credited in coming up with the "Gold Star Program" for Agents? Now, that's a nightmare! 

What did everyone expect? You've got average income real estate novices doing rapid acquisitions! They went to weekly meetings. They listened to the victory stories and got excited! But, then, because Marshall Reddick depends on referral monies, his "Mentors" and his Economic Forcasting continued to say there was no balloon in target places. He never changed their business plan and kept on pushing agents to sell, sell, sell! 

The first sign of doomsday in Florida was when Marshall's people began to purchase multiples in SW Florida to flip! At that point, they became speculators. They put themselves at absolute risk and at the mercy of the market. When the first round closed and made money, others jumped in. Next, the market got to be a bit crowded with inventory and some investors could not close on their end loan because they couldn't qualify. They were flippers! They didn't belong in the "buy and hold" category any longer! Their exposure vs. return was way out of kilter and they weren't advised of what to do on a market slide. 

The next round started backing off closings and the builders started taking financial losses. I am a believer that speculators caused the problems and the builders collapsed under the weight. It is not as cut and dry as you tell everyone! 

There are so many people from California that bought all over the country, had bad advice, property management problems, cash flow issues and also re-financed like they were taught, that some markets, builders and Realtors have suffered major financial problems trying to clean up the huge financial mess! Some developments in SW Florida have more un-occupied homes than they have occupied and most are in foreclosure.

Also, there are people repeating some inappropriate, viscious slander out there that is not true during her calls to various investors she is making. She is promoting you to do a class action suit! That person I am talking about is a Manhattan Beach resident, who says she is a former lawyer, turned set designer. Very viscious. Very sneaky and very manipulative. And you sir, know who I am talking to.  

This is my first blog entry and I will return. I have so very much more to say to all! You all might just as well hear the truth. I've got nothing to lose by putting the lights on! 

Until then, wake up! The market has changed!
- ONLY BUY DEEP DISCOOUNTS!
- DO GO AND SEE THE PROPERTY BEFORE YOU BUY
- DON'T EXPECT PROPERTY MANAGERS TO WORK FOR FREE!
- THERE IS NO SUCH THING AS "ARM CHAIR INVESTING"
- MOST OF THE TIME, THERE WON'T BE CASH FLOW IF YOU DON'T LIVE WITHIN A HOUR'S DRIVE TO TAKE CARE OF THINGS. 

Until then........GROW UP! 

The Real Estate Professional 

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