ED Magedson – Founder
Alto Realty Inc.440 S Dixie Hwy Hollywood, FL 33020 (954) 922-370 Hollywood, Florida USA
Alto Realty Inc. ALTO REALTY INC of Florida, Santoro Holdings, fivetencapital.com, Utah, deutschebank, Mickey Mouse house flipping, own to rent, scam, speculative investment, Real Estate, exploiting workers. Hollywood Florida
ALTO REALTY INC of Florida, Santoro Holdings, wwww.fivetencapital.com, deustchbank, Mickey Mouse Real Estate especulative, exploitative of the workers operation in south florida, Miami, Broward and Fort Lauderdale.
Fabrizio Santoro, Lorena Molieri, Gabriella Santoro Urso, Lucca, friend of the family, Hugo Umberto Hernandez, General Contractor Chaz and Carl Donath supervisor/inspector/slave-masters.
five-ten llc, owns the houses, Alto Realty exploiting the subcontractors renovates and rent them out, five-ten capital according to their website recently got 100 million dollars funding from deutsche bank.
I was contacted by Alto Realty Inc because I had an ad in craigslist as a house painter.
I was told that the job was just about getting to the house, the materials already would be there get the painting done, sometimes replace some door knobs, electrical outlet plates, etc.
Alto would buy the materials at the home depot and have it delivered to the house. same with the appliances.
the payment would be 30 % 48 hours after the 30 % of the job was % finish, another 30% after the job progress reached 60 % and at the end of the job would collect the approx 30 % left.
In practice although, we would get an address, and in the best case would be shown the property in a rush and asked to sign the contract on the spot or as soon as possible.
the contract had two parts: one document the scope of work, actually a proprietary cryptic form with the areas of the house and a check in a box or a 3 word comments regarding what needed to be done.
The second part, the actual contract, consisted again of a list of the rooms and parts of the house and a 3 word instruction what to do and an amount offered in exchange of the task to perform.
Somewhere in the documents it said that if not performe on due time there would be a penalty of 125 dollars a day for the subcontractor and eventually the work would be finished by workers sent by the Company at the running rate plus 35% to be taken from the subcontractors check.
The timeframe given to completely renovate a house was 2 or 3 week. that included demolition, debris removal, painting inside and out, tile, plumbing, electricity, replacing kitchen counter with granite, repair windows, and landscaping and in some cases some roofing most of the work is performed without a permit so the subcontractor is instructed to keep a low profile.
After the contract is signed the company takes 10 days to get the funding and pay the materials. But at the time of getting the job done:
the materials list was not provided or was grossly short.
the materials where not purchased, the subcontractor had to go to the nearest home depot with his own list collect the sku numbers one by one, take it to the pro desk to be entered in an order and wait for Veronica Martin from Alto Realty to call and pay with a credit card. all this had to be done before 2:30 pm because after that time No payments are done by Alto.
Veronica Martin in cases would deny to know the subcontractor and just hangup the phone.
In other cases flatly lie making up a supposed cancellation of the order by home depot, which was proved nonexistent with just one phone call.
Of course if orders are not submitted and paid very early in the morning to home depot the delivery of the materials takes two days, if it rains it could be three.
Alto offices close religiously at 5 pm and are not open during the weekend nor holidays. questions submitted by email are responded eventually though in many cases rejected by wrong responsibility holder destination.
The company always communicates with the subcontractors by phone text though not always responds them.
Phone calls are answered only sometimes.
Once the property is ready the subcontractor has to request a inspection which will happen within 48 hs, after the inspection is passed a final inspection by a realtor will be schedule and take place within another 48 hs. In reality the company demands new construction quality from the renovation made by subcontractor on a already meager exploitative contract, so there are always demands for corrections or request for tasks that weren’t on the contract which require a order opening which further delays the final payment.
When eventually they are satisfied with the condition of the property and after a new scheduled visit by a realtor the final payment may take easily 2 weeks due to the company's business hours, weekends, and availability of the owner to sign the checks.
there is no information whatsoever given to the subcontractor other than the most brief verbal instructions and nobody introduces themselves with first and last name and position in the company which is already a bad sign.
Only one subcontractor has been with the company for more than a year which is another really bad sign, the company has a subcontractors revolving door which makes think of a scam type operation, exploiting an unlimited supply of unemployed desperate for work tradesmen.
They will tell you that you can make money if you keep 2 or 3 renovation jobs running at the time, but the truth is that with all the delays they cause and how inefficient they are it would be impossible to run 3 renovations at the time besides the fact that they actually never have funding ready for you to work on more than one house at the time AFTER you wait ten days for them to get the funds.
In conclusion if you are ever offered to work with this people run on the opposite direction, they are inefficient, sloppy, lazy, they act in bad faith and they will cause you serious financial damage if not force you to bankruptcy.
By the way: They operate from a 2 car Garage and don’t have a website. Neat operation.
This report was posted on Ripoff Report on 09/16/2013 08:43 AM and is a permanent record located here: http://www.ripoffreport.com/reports/alto-realty-inc/hollywood-florida-33020/alto-realty-inc-alto-realty-inc-of-florida-santoro-holdings-fivetencapitalcom-utah-1084844. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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