Norada Real Estate Investments VERIFIED TRUSTED BUSINESS REVIEW: Norada Real Estate Investments is dedicated to total customer satisfaction. Norada Real Estate Investments takes a serious and holistic approach to building their long-standing brand.
ABOUT THE RIPOFF REPORT BELOW:
Ripoff Report would like to let readers know that Ripoff Report emailed this customer so the member business could make things right with them. When a business joins the Corporate Advocacy Program, Ripoff Report emails everyone from the past so the member business can make things right with them. Of course, everything within reason. In order to confirm that the complaints were resolved, Ripoff Report is copied on all responses so we can insure that the member business did right by their customer. The author of the Ripoff Report below never responded to our offer to help them.
STATEMENT FROM NORADA REAL ESTATE INVESTMENTS:
The person's issue was addressed in detail in my response on the site.
NOW TO THE ORIGINAL REPORT THAT WAS FILED
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I want everyone to beware of Norada real estate in Laguna Niguel Ca, I made the mistake of trusting them with my money. I gave them $14.000 down for 2 lots in Weeki Wachi Florida, 7k each, The deal was to split the costs and profits 50/50. On one lot they could not get financing for and not for any fault of mine, my credit score is 800+,I gave them the benifit of my doubt for a year to see if they could get it together and then I asked for my money back, I was told three times I could get my money back since they were having this problem. At first Marco Santorelli said I could get it back only after I invested more money in his company, he told me how great things are in the Florida market, I did my own investigating and had a friend go down there and he found out none of what Marco said was true. All of this from a man I had met in person and thought of as a honest friend. After 4 months they wont still havent returned my money. Now that the market has dropped he wants me to release him from the partnership, He said that anything on his previous website or in the contracts doesnt matter now because the market is bad. He said he cannot honor his original contract because he cant afford it. He was supposed to pay half of the monthly payment. Everything he told us and showed us on his website he went back on. I cannot even lease the property for what the payment on the loan is and If I sell it I will have to pay a pre payment penalty he had put in the loan. I am not the only one this has happened to, I know 5 others personally and know of severak others. I am disabled, on disability and he steels my money. I have proof of this ordeal with my emails and legal documents. I would sware to this on a bible. I welcome anyones questions or suggestions about this situation. If Marco Santorelli makes good and honors his original deal I will gladly notify Rip off report to update report but I doubt Marco is a stand up guy. Sherm reno, Nevada
U.S.A.
8 Updates & Rebuttals
Dissatisfied Customer
California,USA
Avoid Norada & Marco Santarelli at all Costs
#9Consumer Comment
Tue, December 28, 2010
I also have had the great misfortune of encountering Marco Santarelli and Norada Real Estate. I wish I had never met Marco because the real estate "investments" he put me in have cost me hundreds of thousands of dollars. Marco appears to be a nice guy but in fact he is pushing shady investment deals that he knows have no hope of ever making any money and are unlikely to ever even recoup their initial investment costs.
Marco has responded to some of the comments here as an "ex-employee". That is not true. He is the owner and ONLY EMPLOYEE of Norada Real Estate. Note that Norada is a DBA (Doing Business As) thatMarco can re-create whenever he bankrupts a company. For example, Norada was the DBA of 360 Enterprises but 360 was forced into bankruptcy. Immediately Marco started a new company and filed a new DBA so that, to the outside world, it looks like Norada has continued in business for many years. This can be confirmed by searching the California Secretary of State website and the Nevada Secretary of State website.
In summary - avoid Marco Santarelli and Norada Real Estate at all costs. I only wish someone had given me the same warning before Marco caused me such huge financial and emotional distress. Marco has ruined many lives - don't let him ruin yours.
Investor
California,California,
U.S.A.
I agree with Sherm
#9Consumer Comment
Wed, January 23, 2008
My experience with Marco is very similar to Sherm's. As the sole proprietor of 360 Enterprises, I believe Marco is directly responsible for the actions of the company. Therefore, any reference to 360 Enterprises reflects the expected outcome you may have investing with a company he manages.
It is easy to blame a market failure when you make risky investments, what is not easy to explain is the way a management company handles the downturn and the investment. Marco completely missed several critical deadlines for loan applications that ended up costing us over $25,000 in additional principal. He then connected us with what I would consider shady and unprofessional companies who were able to "service" our loans, rentals etc. I am convinced he received kickbacks from these various companies.
We never received any financial support for any investment we held with him, even though it was clearly stated in the contract. Now that 360 Enterprises has been closed, we hold the entire cost of this.
I am not alone with this either, we know several other investors who were wrapped up in the false hope provided by Marco.
Please beware.
Sherm
reno,Nevada,
U.S.A.
Marco Santorelli tries again
#9Author of original report
Sat, December 15, 2007
Again Marco Santorelli tries to make this situation look like he was not at fault or responsible for hurting people financially for his capitol gain, making a reply to this complaint by saying he is an ex employee. When I first started looking into this investment he was the sole representitive of the packages he has put together and still does, we were not to talk to any one but him about the investments. When he wouldnt answer my emails or phone calls his secratary told me he is the only one who could answer my questions and Marco himself told me there were things he did not want his secratary knowing. I have the emails saved of him saying this. This is the second time he has called me a bitter investor, he can think what he wants, I have made thousands in foreclosers so I dont care about the money he scammed from me I needed more tax write offs anyways except that he is lying to people still, he did not return any of my money, there are lawsuits and liens left and right because of him.
NOW HERE IS SOMETHING ALL OF YOU NEED TO REMEMBER, I live in reno nv and in this small town alone there are 16 people I know who have had the same thing happen to themby marco. If you think I am making this up email me and I will give you the names of people who got screwed by marco santorelli and not 360 enterprises.
I know marco is still trying to make money doing the same thing under another name because I am still on his mailing list and get these scam offers all the time.
Norada_real_estate
Laguna Niguel,California,
U.S.A.
Response to False Accusations from a Bitter Investor
#9UPDATE EX-employee responds
Fri, December 14, 2007
We can truly empathize with Sherm's situation. It has been an unfortunate time in the market for many people. The slow markets, rising interest rates, and lack of lender confidence have created increasing difficulty for real estate professionals at every level.
For the sake of clarity and accuracy, it must be pointed out that any and all references to Marco in Sherm's complaint are in fact with 360 Enterprises one of the corporations under the Norada brand that held the management agreement related to his investment.
Although Sherm was fully refunded the balance of his account, over time 360 Enterprises found itself in a serious financial hardship due to the worsening market conditions. That was certainly not planned and there was no way of contemplating the effects that the softening markets would have. That put the company in a situation where it was incapable of splitting expenses and unfortunately forced 360 Enterprises into bankruptcy.
In short, there was no scam. Every investment carries risks. It is the responsibility of each investor to do their due diligence before deciding to invest. If market conditions had not changed so quickly Sherm would have made a decent profit. 360 Enterprises did everything it could to continue servicing the management agreements up until the point where it could no longer continue to do so.
Online Consumer
Philadelphia,Pennsylvania,
U.S.A.
Re: Norada Real Estate files bankruptcy !
#9Consumer Suggestion
Sat, December 08, 2007
Thanks for providing me with this information! I'll continue to carefully select who I choose to invest with; luckily I've invested not one penny into this company.
These situations are unfortunate (where people have ended up being scammed out of their money). Thank God for people like you and others here to give the world a heads up on Norada.
Sherm
reno,Nevada,
U.S.A.
Norada Real Estate files bankruptcy !
#9Author of original report
Wed, September 19, 2007
Marco Santorelli of Norada real estate has filed bakruptcy, found this out on Sep 19, 2007 from one of the people that not only invested in his real estate scams but gave him $28,000 to help him with his business.
Sherm
reno,Nevada,
U.S.A.
Warning!!
#9Author of original report
Tue, September 18, 2007
I have contacted the California and Florida Real Estate agencys and they have no record of Marco Santorelli or Norada Real estate having a license. Obviously if Donald Trump was aware of there business practices they would have nothing to do with him.
Online Consumer
Philadelphia,Pennsylvania,
U.S.A.
Response to Original Poster
#9Consumer Comment
Mon, August 27, 2007
I am interested in investing with Norada ($500 down investment for property in Ocala, FL and any other investment opportunities that they may have like this one).
They're one of the real estate investment companies registered for the Real Estate Wealth/Trump Expo that'll be taking place throughout the country over the next 8 months. So you're telling me that a scam real estate company can register for this real estate expo??
Here's the link: (((link redacted)))
CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.