- Report: #276903
Complaint Review: Norada Real Estate Investments TRUSTED BUSINESS | Ripoff Report Verified™ …businesses you can trust. Norada Real Estate Investments helps take the guesswork out of real estate investing. Norada Real Estate Investments researches top real estate growth markets structuring complete turn-key real estate investments. Norada Real Estate Investments help you succeed by minimizing risk and maximizing profitability. - Laguna Niguel California
1 Updates & Rebuttals Read More About : Norada Real Estate Investments TRUSTED BUSINESS | Ripoff Report Verified™ …businesses you can trust. Norada Real Estate Investments helps take the guesswork out of real estate investing. Norada Real Estate Investments researches top real estate growth markets structuring complete turn-key real estate investments. Norada Real Estate Investments help you succeed by minimizing risk and maximizing profitability.
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cape coral, Florida,
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Norada Real Estate Investments TRUSTED BUSINESS | Ripoff Report Verified™ …businesses you can trust. Norada Real Estate Investments helps take the guesswork out of real estate investing. Norada Real Estate Investments researches top real estate growth markets structuring complete turn-key real estate investments. Norada Real Estate Investments help you succeed by minimizing risk and maximizing profitability.
30251 Golden Lantern, Suite E-261 Laguna Niguel, 92677 California, U.S.A.
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949-218-6668
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Norada Real Estate - Marco Santarelli Real Estate Investment Laguna Niguel California
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REVIEW UPDATE: May 31, 2018: Norada Real Estate Investments remains committed to increased customer satisfaction and has improved their business practices over the years to better serve their customers. Norada Real Estate Investments is truly dedicated to making sure their customers are satisfied and that any complaints which do arise are addressed promptly and fairly.
To date, Norada Real Estate Investments has made good faith efforts to resolve all complaints reported on Ripoff Report. Based on our experience, the member business has proven to be among the top members of the Ripoff Report Corporate Advocacy Business Remediation and Customer Satisfaction Program as a Verified Safe Business™.
Over time and since becoming a member, Norada Real Estate Investments has remained actively engaged and improving the way they address customer service complaints. As an active and current member of the Ripoff Report Corporate Advocacy Business Remediation and Customer Satisfaction Program we are happy to report that now more than ever Norada Real Estate Investments remains committed to improving customer satisfaction.
Remember, no company or individual can ever satisfy 100% of the people 100% of the time. There are no products or services that will always be perfect for everyone and even the best companies will receive complaints from time to time. However, by participating in the Corporate Advocacy Program, the member business has made a commitment to working with its customers to resolve complaints quickly and fairly whenever possible.
Please keep in mind that as a consumer you have some responsibilities as well. Success has many definitions that based on your past experiences, current situation and your perceived expectations. Success with any product or service is always based on the proper application and understanding. The fastest car will not run if you never turn the engine on. Look at how you used the product or service that was provided in relation with the instructions that you received. The Corporate Advocacy Business Remediation and Customer Satisfaction Program will help you get your voice heard but please be prepared with documentation and fair representation of your concern, also have an idea of how the company can fix your concern. Can they offer additional services, extend warranties, offer a fair refund or just get you talking with someone that can help. ..let them know and let us know!
*Any consumer not receiving satisfaction from a member of the Corporate Advocacy Program should email us at [email protected].
Ripoff Report Verified™ REVIEW
EDitor's UPDATE: Positive rating and recognition has been given to Norada Real Estate Investments for its full commitment to quality customer service.
Ripoff Report's discussions with Norada Real Estate Investments have uncovered an ongoing dedication by the company to total client satisfaction. This means that clients can expect that the company will work towards finding a mutually satisfactory resolution to any concerns. Norada Real Estate Investments listens carefully to client concerns and sees them as an opportunity to learn from past mistakes and become more efficient as a company in the services offered and the support for those services.
Norada Real Estate Investments’ principal, Marco Santarelli, has informed us that his personal philosophy is that his clients success are the heart of the business. As a successful businessman, Mr. Santarelli feels it is critical to listen to his clients and respond properly. By always putting his customers first, Mr. Santarelli hopes to maintain Norada's successful company both now and for many years to come.
One of the things Ripoff Report learned in the course of its review is that typical customer feedback reads, "Norada Real Estate Investments truly communicate all aspects of the service in a timely and effective manner. We are very pleased with the responsiveness that the employees show us. They are serious about meeting commitments, and deliver on their promises."
Ripoff Report Verified™ .. part of Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program.A program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business..
The information provided in this report below is based on comments made by Marco Santarelli during an onsite inspection held by a third party verification company with no biases towards Norada Real Estate Investments.
Norada Real Estate Investments is a provider of turnkey income properties. They have clients from all around the world, but mainly in the United States that buy rental properties from them in different markets. These newly constructed or newly renovated properties typically already have tenants in place as well as property managers. Marco Santarelli stated the following about his company, "we make it very simple for investors to build a real estate portfolio from these properties. We've been doing it for over 12 years, and we keep the model very simple."
Leads for Norada Real Estate Investments come from several different avenues including online marketing, referrals, and social media. Interested real estate investors that have questions or have interest can reach Norada Real Estate Investments through phone or email. From there an investment counselor will reach back out to them to set up a one hour block to do what is called a strategy session. Mr. Santarelli explained, "we find out what their investment goals are, what their investment criteria is if they have one. If they don't we'll help them build that up. We're just looking to see if we can help them build their real estate portfolio through properties and markets they’re in right now."
CUSTOMER CARE & COMPLAINT RESOLUTION – NORADA REAL ESTATE INVESTMENTS
During the onsite interview Mr. Santarelli was asked to describe a situation where a client was not satisfied with the level of service they received. Mr. Santarelli expressed that they rarely received complaints due to their excellent communication. However, occasionally they have an issue with the property manager or tenants. Norada Real Estate Investments is the primary contact for their clients in regards to issues of this nature, "we look into it. If it's an issue with the property manager we will contact them and work it out. If it's a problem with the builder or the rehabber we will contact them and get it fixed. So 99% of the time there is a resolution."
When asked to comment on complaints posted on Ripoff Report's website Mr. Santarelli explained that a gentleman purchased a property through their services with the intent of flipping it. However, since the real estate market topped out he was upset because no parties where interested in purchasing his home. He reached out to Norada Real Estate, and they helped him with the process, but he still posted the complaint on Ripoff Report's website. In order to assure future and current clients Mr. Santarelli is a California Real Estate Broker with several years of experience, and the desire to work with customers to satisfy their needs.
When asked what type of changes they have made to honor their commitment to make things right with the consumer per the request of Ripoff Report, Mr. Santarelli stated, "we collect more data, track more data, we have better communication with our clients. We have a lot of technology and tools in place to do that. We have written documents like our purchase process, a checklist which they can go through and check off as we go along with the process."
Norada Real Estate Investments is proud to be a part of Ripoff Reports Corporate Advocacy Business Remediation and Customer Satisfaction Program.
NORADA REAL ESTATE INVESTMENTS - STATEMENTS FROM THE PRESIDENT – MARCO SANTARELLI
" Norada Real Estate Investments's team have expressed that they feel very confident and enthusiastic in doing their work. They are all passionate about real estate and investing, and love helping others achieve the same success. Norada Real Estate Investments takes employee satisfaction seriously as well. Employee feedback and surveys reveal comments such as this, "Norada provides a very positive environment to work. Opportunities for suggestions and improvements are encouraged. Mr. Santarelli is truly concerned about our contribution to the company and providing growth opportunities for us. He takes the time to listen and communicate with employees and customers."
Ripoff Report was pleased to learn that Norada Real Estate Investments's past and current approach to business is focused on its pledge to total commitment towards client and employee satisfaction.
STATED IMPROVEMENTS FROM NORADA REAL ESTATE INVESTMENTS
Norada Real Estate Investments recognizes that complaints posted on Ripoff Report (whether true or not) are issues that need to be addressed, not ignored. If handled correctly, complaints can be valuable learning opportunities. With the feedback generated by Ripoff Report's review, Norada Real Estate Investments has made organizational changes allowing its clients and employees a more streamlined approach to problem resolution and a commitment to a great client experience.
In summary, after our review, which included discussions with Marco Santarelli, Ripoff Report is convinced that Norada Real Estate Investments is committed to quality delivery of services resulting in total client satisfaction.
How does a business get Ripoff Report Verified™
The member business allows Ripoff report to email everyone from the past. Those who respond to Ripoff report with a valid complaint must be take care of.. they have made a commitment that if anyone contacts Ripoff Report in the future, they will make things right within 14 days. The member business must err on the side of their customers. Otherwise the member business is off the program.
Ripoff Report has determined that Norada Real Estate Investments meets Ripoff Report Verified™ standards which include a commitment to make a good faith effort to resolve any consumer complaints. Members of the Corporate Advocacy Business Remediation and Customer Satisfaction program do pay a fee for our on-site review, 24 hour monitoring and for support with customers to resolve any disagreements.
Ripoff Report sends a 3rd party service to do an onsite inspection of the new member business. The on-site inspection / review does not mean that the products or services offered by the business have been evaluated or endorsed by Ripoff Report, and has not made a determination as to the business' product quality or competency in performing services. We can verify, that Ripoff Report went to the business, verified their business or “work from home business”, there for, if a customer in the future does not get treated correctly, Ripoff Report can get the problem resolved. If not, and the customers is right, the member business will be taken off the Corporate Advocacy Program. Remember, Ripoff Report emailed every customer from the past that filed a complaint to make sure the member business made things right with customers from the past. Again, to err on the side of their customer, those from the past and those in the future.
Read more about why consumers should feel confident when doing business with a member of Ripoff Report's Corporate Advocacy Business Remediation & Customer Satisfaction Program. Yes, it’s a long name for a program that does a lot for both consumers and businesses alike.
Read about Ripoff Report Corporate Advocacy Business Remediation & Customer Satisfaction Program, a program that benefits the consumer, assures them of complete satisfaction and confidence when doing business with a member business. This program works.
As a matter of policy, when a business becomes a member of the Corporate Advocacy Program they agree to allow Ripoff Report to contact every client who filed a complaint so they can make things right with them. 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.
NOW TO THE ORIGINAL REPORT THAT WAS FILED
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Norada Real Estate - Marco Santarelli Real Estate Investment Laguna Niguel California
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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On July 23rd, 2004, I received an email that was forwarded to me by a friend named Ian Sanchez. The email explained the steps necessary to begin investing with Marco Santarelli of 360 Enterprises DBA Norada Real Estate, 30251 Golden Lantern, Suite E-261, Laguna Niguel, CA 92677 in a pre-construction program in Cape Coral, Florida. This outlines the events between that day and 4/26/07. In brief, I agreed to supply the credit for construction loans and pay a management fee of $1,500 per property for ten pre-construction houses to be built in Cape Coral, FL, to Marco Santarelli of Norada Real Estate. In exchange, Marco agreed to coordinate the entire project as a hands-off investment with no payments due until the sale of the property. Marco was to find and procure lots, find builders and hire the home builder, real estate agents, mortgage brokers, and anyone else needed to bring these projects to completion. Marco accepted my check for $15,000 for the management fees for all ten properties. He assured me they would all be started within 6-8 weeks and completed in 8-11 months. After 2 years and 9 months we had bought three lots, only two of which we built houses on. The agreement was spelled out in a joint Venture agreement, although through the course of the project Marco asked me a few times to sign a new management agreement; I never did because it stated a higher management fee than what we originally agreed to. Promises 1)Management fee of $1,500 per property for ten properties. 2)It will take 8-11 months to find, build and sell all ten properties. 3)Investor (thats me) incurs no out of pocket expenses (except builder deposit and appraisal) during project. 4)Marco would handle all details (arranging agents, builders, lenders, etc). 5)Marco would keep an accounting of each property 6)Investor would only have to qualify one time for the entire project 7)Late payments from construction loans dont show up on investors credit report Problems: 1)Manager actually charges $1,800, $6000, and $7000 respectively for first, second and third property, and refuses to refund any more than $3,200 (Interestingly enough, the manager thought I had paid $18,000 originally when I had only paid $15,000. This is just one of many instances that point to the ineptness displayed by Norada Real Estate in managing these properties. The rest are outlined in the attached table. 2)We suffered through the following timetable and buy only three properties total. Address Time* until Contract Time* until Construction began Time* to CO Time* to Sale 1104 NE 36th St 8 weeks > 12 months 25 months 27 months 1405 NW 9th Ter 24 weeks Never began N/A 21 months 236 NW 22nd Pl 60 weeks 4 months 30 months N/A still own *All times are from the beginning of the project 7/2004 Promised time to construct and sell ten properties: 8-11 months Interest expenses after 11 months were therefore unexpected and came directly out of profits 3)Every payment to my lender was late (we therefore paid an unnecessary late fee every month). After about a year after originating the first two loans I started receiving statements from my lender and the builder stating that mortgage payments were due and I had to pay them (which I did with some help from Marco). The third property Marco eventually walked away from and left me and my partner with all the expenses on a vacant house that we cant seem to get sold (we still own it). To date I have paid 14,366.66 in expenses. These increases daily. So much for no out of pocket expenses. 4)I was constantly on the phone or in other contact with agents, lenders, the builder, title companies, county officials, and other investors doing things that were definitely the managers responsibility (arranging loan extensions, getting comps, qualifying and re-qualifying for loans, determining reasons for building delays, posting for sale signs, following up on contracts and closing dates, etc, etc). 5)I never received a K1 or any other type of financial update from the manager. The manager never knew what lender we were using, when our maturity date was, if/when we were getting or needing a loan extension, how much the loan extension cost, even whether or not we still owned any specific property. The manager also did not know that, after a year owning two lots, the builder had not even broken ground yet. 6)I sent in at least 6 uniform loan applications over the course of our project 7)I now have late payments from my construction loans (>30 days) on my credit report and a significantly lower score (these were payments the manager agreed to pay). William cape coral, Florida
U.S.A.
1 Updates & Rebuttals
Norada_real_estate
Laguna Niguel,California,
U.S.A.
Response
#2UPDATE EX-employee responds
Wed, October 24, 2007
For the sake of accuracy and clarity, it must be pointed out that any reference to Marco is in fact with 360 Enterprises one of the corporations under the Norada brand that held the Management Agreement related to your investment. Several additional points of clarification related to your post are in order: 1. If you reference your agreement you will note that the $1,500 was never a management fee or down payment. You will also note that the agreement clearly states that the $1,500 are the initial funds required and that you may be required to come up with additional funds upon request (should investment/construction costs increase, for example). 2. There can never be assurances that lenders will allow you to finance 10 properties at the same time. There was a time when you first started that this was possible given that there were multiple lenders that could be utilized simultaneously. However, as we clearly see today, lender programs and terms can change frequently and at anytime. As you will recall, the bulk of the wait was in getting financing for you. In fact it reached a point where you had to bring in a partner to try and stay ahead of the ever changing lending programs. 3. There was no additional cost to you with the management agreement. It simply replaced the original agreement which was only intended to be a short-term interim agreement while the attorney finished drafting the actually Management Agreement. 4. Addressing the Promises' section (in order): i. Again, the $1,500 was not a management fee. See # 1 above. ii. I took about 9 to 12 months to build each property individually not collectively. The start date is specific to each individual property. iii. Again, if you re-read your agreement you will clearly see that additional costs may be incurred. iv. This was handled accordingly. v. Reports were provided upon request. vi. Qualifying once applies per lender, not per property. This has always been true with mortgage financing. vii. This would never have been a promise how can you believe that a late payment would not be reported to the credit bureau. 5. Addressing the Problems' section (in order): i. You had been emailed a breakdown of account (the $18,000 was likely a typo). As noted above, costs can, and had, increased on those investment programs. iii. Payments during construction were made directly by the builder. There was approximately 12 months worth of construction interest allocated by the lender upon financing. That usually provides enough to allows he builder to finish construction. If the builder takes longer than that, it is the responsibility of the borrower to continue making interest payments. Many builders during those boom years were taking longer than 12 months to complete a house. iv. Much of the time you spent on your own accord was duplicating work the company had already done. Of course there are some tasks that only you could do, such as dealing with the lender regarding the loan modification or refinance. v. K1's are not issued until the termination of the agreement. vi. Again, this is clear evidence that the lending environment tightened up and was in a constant state of flux with the loans required for those investments. vii. Those payments were to be split equally after the certificate of occupancy was issued. Payments to the lender are always made by the borrower in a timely manner to avoid any mortgage lates, they are not made by the manager. I can truly empathize with your 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. Market conditions turned quickly and there was no way of contemplating the effects the softening market would have. 360 Enterprises did everything it could to service the management agreements up until the point where it could no longer continue, and after struggling for 12 months was forced into bankruptcy.
