Nouveau Riche (real estate investment college)
Nouveau Riche is a multi-level marketing company and a non-accredited[1] vocational school specializing in real estate investing. Class topics range from introductory real estate investing to advanced techniques such as creative real estate investing techniques including wholesaling, multi-units, and short sales; examples of course titles are "Fix & Flip" and "Creative Financing."[2]
The company takes its name from the French term nouveau riche, which refers to those with "new money", or who created wealth within their own generation as opposed to inheriting a family fortune ("old money").
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[edit] The school
Nouveau Riche has taught thousands of students from around the United States. In 2007 more than 9,000 people attended the college. There are currently three tuition schedules ranging between 30 and 120 instructional hours. Students may designate a partner to attended classes at no additional charge.[3] Classes are taught using the principles of instructional systems design and multiple six-day college sessions are held throughout the year.[3] Those students who are enrolled with the Regents tuition (currently 98 percent of all students) may repeat classes for an additional year and have access to streaming video classrooms for select courses at no additional charge.[3]
[edit] History
Nouveau Riche was founded by Jim and Mary Piccolo in 2000 with the inception of the company’s educational programs occurring in 2002 through collaborative efforts with co-founder Bob Snyder.[4] In December 2002, the corporate headquarters were established in Scottsdale, Arizona.[citation needed]
Nouveau Riche currently has plans to construct a campus facility on a 30-acre (120,000 m2) site overlooking the Phoenix, Arizona valley.[5] The 140,000-square-foot (13,000 m2) campus is estimated at a cost of $74 million and is planned to have administrative buildings, glass-and-steel classrooms and luxury dorms linked by a man-made river.[6] The design of the complex is headed by Larson Associates Architects, Inc.[5]
[edit] Controversy
Fortune Small Business reports that the company's affiliated investment broker, Investor Concierge, markets properties as "positive cash flow", but the cash flow is often positive only because of temporary subsidies, putting the buyer at risk of negative cash flow after the subsidies expire.[2]
The three founders have a background from Global Prosperity Group (GPG) [7], which was "designed to be a scheme, device or artifice to defraud". [8]. When this scheme collapsed they founded the company Tru Dynamics, a MLM concept that later became the inspiration for the pyramid scheme Liberty League International [9], as several leaders left Tru Dynamics to create their own company. [10]
[edit] Notes
- ^ Buchholz, Jan (October 14, 2007), "School buys N. Phoenix parcel", Phoenix Business Journal
- ^ a b "Who would buy real estate in this market?". Fortune Small Business. http://money.cnn.com/2007/08/06/magazines/fsb/real_estate.fsb/?postversion=2007080706. Retrieved February 9, 2012.
- ^ a b c Voss, Megan (January 2008), "Structured Success in Real Estate Investing", Your Business at Home 3 (1): 23–25
- ^ NouveauRiche.com/about/founders
- ^ a b Savage, Roger Lucas (June/July 2008), "On Top of the World", SUCCESS: S6-S11
- ^ NouveauRiche.com/about/nouveaunews
- ^ Iwizard Holding Inc SEC Info
- ^ Cease and desist order North Dakota Securities Commissioner
- ^ Class Action Suit United States District Court, District of Arizona
- ^ Millionaire Mindsetters Houston Press
