Nouveau Riche University Reviews
Legit or Scam?
University is a real estate investing
training center that is set up to resemble a
real university. They offer a
curriculum of classes that is designed to
progress students into earning a full real
The Nouveau Riche University has many
features to it, in addition to the classes
they offer teleconferences, home study
courses, and an investor concierge service.
There is also an MLM aspect to Nouveau Riche
University. If you choose you can
resell courses to your own recruits and earn
a commission. Some Nouveau Riche
University reps advocate doing this to build
up funds for your real estate deals.
Nouveau Riche University has a staff of
real estate educators that they employ yet
there has been a mixed response to the
education provided by them. Many
people have benefited and moved on to become
successful while others have felt it was not
enough. The entire education can cost
you in excess of $16,000, which is more than
many can afford.
The Nouveau Riche University
investor concierge service is an interesting
feature that they have created. It
lets you shop online for homes across the
country, however your listing depends on how
many classes you have taken with Nouveau
Riche University. Thus some people
have a higher priority over others.
Although it is a good idea some people
have complained about the concierge service.
People have stated that the properties they
purchased were left tenantless for months at
a time, and overall they did not receive
If you do decide to join Nouveau Riche
University get all the facts that you
can from your recruiter. Make sure
that it is someone that will not leave you
hanging after they recruit you.
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Customer Responses, Reviews, or Complaints for
'Nouveau Riche University'
bob Location unknown
1:45pm on July 27th, 2012
Could karma be catching up to jim piccolo, his latest venture Bizzi biz is in chapter 11 just 18 months after starting, last year he and some of his business associates settled with the state of Arizona for almost 6 million on charges of fraud. He is currently trying to short sell his mansion in Scottsdale for 3.5 million even though it was bought in 2004 for 2.1 million, I thought this guy was supposed to be some kind of business/real estate guru. He and his wife also have a pending default judgment entered against them for $307,000 for failing to make payments on an airplane. Maybe he'll have to get a JOB (just over broke) and have a BOSS (that's a four letter word) as his kool aid drinking disciples used to spout.
Anonymous Location unknown
5:47pm on April 12th, 2012
Nouveau Riche University is a scam. I got scammed out by Nouveau Riche -- " Thou shall not steal " especially to a poor person like me.
4:41pm on July 10th, 2011
Nouveau Riche has crashed and burned as Jim Piccalo has turned his attention to his new business, bizzibiz.com. I don't know anything about Bizzibiz.com, but I do know that Jim Piccalo does not honor his commitments. He has not fulfilled his requirements in his purchase agreements, he has not refunded any of the money, he has stiffed instructors not paying them their money and he has moved his staff into his new business location at Bizzibiz so that no one can reach him or any NR staff. I understand that his new location is (BizziBiz): 85255 East Princess Drive, Scottsdale, AR 85255 480-991-8888.
Do not do business with this man. He has taken so many people's money and run. I don't know anything about the new business, but I know I would feel comfortable telling everyone I know to run from ANY business he is involved with. There are many people trying to sue him and NR, and talk of a class action lawsuit. Don't be one of the people he has taken.
11:54am on June 19th, 2011
Nouveau Riche can be a very beneficial program to invest in for an education if you can afford it. I bought the full package and have made a lot more profit using the information than it cost me. It is expensive, but when I was in the program (2009-early 2011) I felt the education was very good. Their instructors were experienced and knowledgeable. As with any education, if you don't apply it, or don't apply it properly, it can be a waste of money or even worse. Also, it is overpriced since you don't get any type of degree or certification.
Keep in mind it did have other benefits as well - it allowed you to network/meet other investors, and it provided connections to services like their Investor Concierge service. I bought a property in Atlanta through this service for $47K (~1390 sq ft) that has been renting steady for $850/month since within a couple months of purchase.
Nouveau Riche provided a great education, but each one of us must then make daily decisions on what we do, what investments we make, where we think markets are headed, etc.. I believe it is these decisions that allow some people to become very successful using the NR eduction. It is also personal decisions that allow some people to be very angry & disappointed in NR - they probably made bad investment decisions or failed to apply what they learned.
Be cautious about joining NR, it is not for everyone. However, it has provided a great Real Estate education for me and for many others.
Bob Location unknown
11:24am on May 27th, 2011
Well it looks like Jim P and some of his business partners settled with the Arizona corporate commission for close to 6 mil in restitution and fines for claims of fraudulently selling land to people that were attending real investing seminars. They were never actually provided with deeds of trust to the property they supposedly bought. They were also found to not be registered to even sell securities in Arizona and the one guy who was licensed had his license revoked.
12:43am on January 17th, 2011
I JOINED NOUVEAU RICHE AND MADE $10,000 IN MY FIRST MONTH.
(I WAS 21 YEARS OLD) AFTER A FEW RESIDENTIAL FLIPS 80K EACH I AM NOW DOING SELF STORAGE INVESTING I JUST TURNED 25 HOW OLD ARE YOU AND WHAT HAVE YOU DONE WITH YOUR LIVES,
MY PARTNER WHO ALSO WENT TO NOUVEAU RICHE IS 26 OWNS 8 INVESTMENT PROPERTIES AND IS MAKING $15K PER MONTH DOING SHORTSALES ALL THROUGH NOUVEAU RICHE EDUCATION.
Cash Flow or Bust Midwest
3:02pm on January 5th, 2011
Nouveau Riche likes to claim that their grossly overpriced "education" is worth the exorbitant cost. Remember, they are recruiting you so that they can collect commissions on this worthless material....
Here's an illustration how the market discounts worthless real estate books. A few weeks back I happened to notice a stack of new paperbacks on sale at $ 1 each. They were brand new, and had a retail price of $19.99 and were apparently being dumped by the publisher. The title was "We Want You to Be Rich" by Trump and Kiyosaki. Now, allegedly that book (with a DVD included!) was a bestseller of sorts when it came out in 2007. Since the information in the book was valueless, the publisher had to dump the book to get rid of the overstock. People didn't value the trite nonsense that these guys were spewing out.
Meanwhile, last year, I to obtained a copy of William Nickerson's "How I turned $1000 into a Million in Real Estate in My Spare Time." This book, originally from 1959, has long been out of print, yet because the information contained in it, any copies are being bid through the roof on eBay. Mind you, Nickerson was the first real estate "guru" but he provided solid, tried and true methods for attaining wealth in real estate, OVER THE LONG TERM, by buying discounted properties that cash flowed and eventually selling them at a profit and trading up to larger commercial properties. The scenarios from Nickerson's book may be dated, but the advice certainly isn't. No puffery here, and realistic information.
You don't need to waste your time or money on an outfit like NR. Just do your due diligence and research on your own, and ask experienced investors and property managers for their input. Good luck out there!
5:51am on December 27th, 2010
DON'T DO THIS. I am a CPA with an MBA and many years of real estate investment. I was looking for something to kind of "boost" my current situation, which was mostly fix and flip, on the side. I'm currently a mortgage loan officer. After attending the opener, I signed up for the $5,000+ Wealth Summit, reduced to $1,695 for tonight only (of course) but opted for the $197 upfront and $97 a month, with a 7-day cancellation period. This would give me 7 days for my due diligence, to have my "mentor" answer my questions. Well, my 7-days ended on Thanksgiving. Since I worked a 9-6 job, I told him we could meet in the morning, at noon, or after work. He couldn't seem to fit those in, he had appointments, then was sick. So we postponed until the Friday=Saturday after TGiving. Then that didn't work, so I was scheduled into a Saturday seminar on goal setting. Right after the lunch break, he shows up, and says we can do a Q&A right there, missing the first part of the afternoon session was no big deal. I wasn't really prepared, but we spent about an hour on general stuff. I finished the seminar, went home, and decided not to move forward. I contacted my mentor. That's when the Stuff hit the fan. He couldn't understand why I would change my mind, why I wouldn't move forward with the upcoming Wealth Summit, and oh, by the way, it would be a lot better if I went with the reduced price of $1,695 on a credit card instead of the 2-year installment plan. I'm sure he got paid or credited quicker on the full=payment plan. I told him I wanted a full refund. Well, after a lot of discussion, he finally told me I couldn't get a refund because the 7 days had passed. We argued about how it was his fault because he was inaccessible to answer my questions until after the 7 days was passed (how convenient). The customer service department was just as rude. Sorry, your cancellation period has expired, we now can collect $2,500...for nothing. I received nothing of value from them. Never went to the infamous Wealth Summit. I viewed some stupid SEEK videos on the website. Very general BS stuff, to me, at least. I am now in contact with my attorney to find out how to attack their bogus sales agreement and something-for-nothing approach. They are just like Amway and all the others. Same pitches, same verbiage, same emotional sell to get you to sign. I should have canceled as soon as I saw he was pushing back our meeting past the 7-day cancellation. I was trusting of him. Don't you be. They want your money, and that's it, that's all. Try and find a true real estate mentoring program.
Anonymous Location unknown
2:09pm on December 22nd, 2010
I have attended 2 NR meetings within the past week for the purpose of selling me on their RE education.
The current price of the Premier Package = $20,000
The current Summit package is $1695
There is new news, NR will be changing their name in 2011.
Apparently the founders have decided to part ways and will not be partners in the future, Jim Piccolo will continue to be at the helm of NR.
The commission structure on education sales has changed to a full MLM with 5% overides for life in addition to existing pyramid marketing structure.
Thanks to all for candid and honest feedback, your input has been very valuable to me as I could ill afford to make any financial missteps in this challenging economy by paying top dollar for anything but the finest in accredited education. I will continue with my conservative path, I am not rich (yet), but I will never be poor, and that is just fine with me. I will continue to learn for my trusted experts and advisers.
To all involved with NR, follow your heart, do the right thing for every person you encounter, do not oversell the poor based upon your own need.
Cash Flow Midwest
1:01am on December 10th, 2010
Since my last post in September of 2009 I am still amazed at the audacity of these Nouveau LaRouchies and what they are trying to put over on the uninformed public.
I went to one of their updated "seminars" and now, instead of the $16000 price tag, they are pitching $1695...plus add-ons, because we all know how these network marketer folks work, you have to spend more and more cash to get the "full benefit" of the program. I tore into some of their groupies afterwords, who were still singing their mantra, even though they "hadn't closed their first deal yet" and were out thousands of dollars....
You'll note that their Investor Concierge properties that they were pitching a few years back are severely underwater or gone into foreclosure. Reason? Unrealistic, overpriced evaluations of cash flow, and of course, a violation of the prime directive of any asset: you make money when you buy, not when you sell.
The post from April 24, 2010 is rife with inaccuracies. Buying real estate for income purposes may be one method among several, but I can assure you that over the long term, it is the ONLY one that provides the most benefits: from income, depreciation, appreciation, leverage and equity buildup. The other methods cannot match all of these advantages.
In a deflationary real estate market, as we have experienced for the last three years, flipping properties is rife with risk, since the value of the asset is declining and even if you purchase it below market, there is no assurance that you can sell it "at market" to extricate a profit, because the price is declining during the holding period. Any purchaser using conventional financing to obtain a mortgage is going to have a difficult time closing the loan since the bank will not appraise the property using the replacement cost method.
There is no arguing that short sales and foreclosures (with minimal repair costs) will mitigate your risk on the purchase side, but only if you elect to hold the property for a rental, where your financing, repair and holding costs can be recouped using the benefits of rental income. I am saying this because the rental income gained gives you the staying power to hold onto the property long enough to gain the income, tax advantages, equity buildup through loan amortization, leverage and, eventually, appreciation.
The Nouveau LaRouchies crow about how they have "numerous private lending sources" that are nothing more than ripoff artists charging hard money rates. This type of financing will not allow for a buy and hold strategy, since the debt service payment is so high that it would create a negative cash flow.
Again, you are far better off doing your own research and speaking to knowledgeable and experienced real estate investors and property management companies who do not have a hidden agenda.
The NR people have a conflict of interest. They are NOT interested in real estate investing, they are interested in marketing valueless materials to newbie recruits.
If you see an ad on Craigslist and get invited to one of their events, tell them when you get there that you want to see the operating statements on their properties, or at the very least, their Schedule E from their tax return. That should get you a ton of excuses, or maybe even a shove out the door.
Anonymous Location unknown
12:12am on December 1st, 2010
I have had a great experience marketing Nouveau Riche education.
Im proud to say I have made over six figures!
To date my grand total commission in my pocket is:
Not bad for a part time gig!
I tried to copy and past my commission details (dates, amounts, etc...) but it would not let me post it in this thread.
Lisa Southern California
8:51pm on October 11th, 2010
I went to the NR meeting in my area and I bought a NR package this summer for $1695.00. I also bought the $125.00 BYOB program. Later i realized that it was bad timing and just wasn't for me, so I canceled the educational part within the 7 day grace period and decided to just try the sales. A month later, I checked my credit card statement and realized I had not been credited for the educational program. Not wanting to pay interest on it, I called the main headquarters in AZ. They assured me that my cancellation had been received and they would refund it. When I asked the rep how long the refund usually took, I was told, "usually about 5 days." huh. 2 weeks and several reassurances later, I still had not received my refund. I mentioned at one point, that since NR was so successful and rich, surely my $1695 refund would be a drop in the bucket! In the end, I had to call my credit card company and they sorted it out, because I was getting no where with it. I still haven't done the sales part, so I guess i'm $125.00 out but that's my fault. I don't know if this company is legit or not, but I was glad I didn't invest further. It seems to me a credible company would be able to stand behind it's promise and honor it's cancellation policy and commitment. Just food for thought.
4:06am on September 29th, 2010
after carefully analyzing the conflicting reviews i have noticed that most of the negative comments are based on "opinions" or "observations" while the positive reviews are based on "personal experiences".....i wonder what the negative commenters would say if only the 16k was not an issue to them and they ACTUALLY experienced the training THEMSELVES like the positive did? would they still say the same?...is there really a point of argument when the negative focus on the "price" while the positive focus on "results?"...just a thought!
bob Location unknown
5:36pm on August 28th, 2010
Thanks Dean, I had tried to post an update to my post below but it got rejected for improper langauge, there wasn't any by the way. Anyways The people that were still promoting NRU filed for chapter 13 to stop foreclosure on their house and in the bk filing I found out 2 of their investment properties were also in foreclosure with $20k in arrears and the lenders have filed objections to their repayment plans. They also just gave another property back to the bank that was a beautiful remodel that they were unable to sell after a year on the market, kind of feel bad for them on that one. The other people that I thought were foreclosed on managed to work soething out and are now short selling for $120k less than they owe but only have until mid september. The person I thought got away scott free in this scheme that signed a lot of people in our area up now has a judgment for $200k against them for fraudulent conveyance in bk court.
A word of advice to anyone out there: a $100 board game should not be used as the ultimate guide to investment strategies, or at least buy the 202 version after you master C.F. 101. Maybe that's the one that actually teaches you how to invest :) , something the above people failed to do.
Anonymous Location unknown
7:54pm on August 14th, 2010
To Anonymous in utah, I hope you never used an accounting firm with initials n.w.a that was promoted by NRU. As far as my experience goes. the so called accountants that worked on our taxes weren't registered or licensed to do peoples taxes and the firm wasn't even registered with the state accounting board until last year. Their former CFO with the initials K.W. was promoted as a CPA by his firm that supposedly reviewed all tax returns before they were signed off wasn't a CPA at the time. I verified all this by calling the utah accounting board and looking up licenses online. You may want to get your taxes checked by a CPA as we had some major issues with this firm.
10:04pm on August 13th, 2010
We bought in to NR, hook - line and SINKER! It IS a total scam. NR has "people" working overtime doing rebuttals and trying to cover themselves and it's always the "You didn't work hard enough or apply yourself" response. It's a scam, the ones making money are selling garbage and WHEN it doesn't work they'll kick you while you try to pick up the pieces. This "company" WILL crash. The SEC, FTC are on to them and building a case, and once the truth comes out and a class action is filed - EVERYONE will come out of the wood work and the truth will be revealed. Jim Piccolo and Co. are criminals, and will be treated as such.
Dean Los Angeles
4:13pm on August 4th, 2010
Bob, thanks for your post.
Check out my point #17 in my original post.
I'm not prescient, it's just common sense. I'm surprised there are still NRU trolls out there, but I guess new people just keep getting scammed.
Just so you know, home prices are in for another dip, so all you brand new NRU trolls out there, you might want to hold on to your shorts.
bob Location unknown
12:10pm on June 25th, 2010
Well the financial timebomb has now gone off in our area for NRU. I know 3 couples who got into this 3 years ago and are now in bankruptcy, in foreclosure or both. What's funny is one of them is still hyping how great of an opportunity this is even while their house is due to be in a foreclosure auction in 2 months. Another one was still hyping this scam even while they were trying to short sale their house for 70k under what they paid and it is now foreclosed and the auction is next week. I loved thier website too because they were touting how they were helping people out of bad situations through short sales and creative financing methods, I guess they couldn't use those creative financing methods to save themselves. The other people I know ran up huge debts on plastic and are in bankruptcy. They were using the fake it till you make it method. You know in order to be a successful real estate investor you have to look like one first, they had the fancy cars, the fancy clothes, hired a corporate image/PR company. Maybe this is all part of how this scam works, you know run up a bunch of debt transfer the assets to another entity and then go bankrupt, which is what I suspect happened in at least one case. I know of some of the people they recruited and they got screwed also. One guy bragged about buying a business with no money out of his pocket 1 1/2 years ago and the business has now been closed for 6 months. I knew the person that owned the business 4 years ago and he never made any money and sold it to someone for the value of the building and assets just to get out, that person lost money and then sold it to this loser. The only person I know of that did ok in this scam was the person who signed all of the above people up and he is a real piece of work, he's a mixture of a used car salesman an amway salesman and your creepy uncle that you wouldn't trust alone with your kids. The first time I met him the first thing that went through my mind was "oh what's this a$$hole going to try and sell me"
Anonymous Location unknown
4:23am on April 24th, 2010
There are many reviewers who are writing about the type of real estate investment called the Residential Income Property, which brings regular income to the investor through tenant rents. These reviewers are making very accurate statements that profitable Residential Income Properties are very difficult to come by these days. This scarcity is partly due to the high unemployment rate and related drop in rents over the last 2-3 years, among other factors. I'm sure everyone here is well aware of this by now.
These reviewers then go on to make the statement that someone applying Nouveau Riche's education cannot make money because of the scarcity of Residential Income Properties. However, this statement is extremely misleading. To argue that Nouveau Riche's education does not allow someone to make money by simply stating that profitable Income Properties are rare in this market is to misunderstand what Nouveau Riche offers, in the first place, and to ignore entire segments of the real estate market in which people ARE making very sizable profits, in the second place.
Nouveau Riche does not solely teach its students about the Income Property as a real estate investment. There are many other types of real estate investments besides an Income Property. There are Fix and Flips, Short Sales (of which there are several varieties), Subject-To's and a few others. Each of these investments is done very differently from the others and provides very different scales of income in very different timeframes. Any claim of positive cash flow or lack thereof from a real estate investment strategy that is based solely on the Income Property is woefully one-sided and just plain bad advice, in my opinion, and is not what Nouveau Riche teaches, in fact.
Nouveau Riche also teaches various other topics having to do with running a business, such as sources of funding, tax strategies, mortgage trends and changes, legal issues and others. Many of those topics are relevant to running ANY successful business, not just a real estate investment business.
Nouveau Riche, as a policy at least, does not tell anyone that making money in real estate is easy, quick or risk-free. That is simply and patently untrue. Real estate investing is not for everyone. It takes work, and NR coaches and instructors know this and say it upfront. It takes a willingness to be uncomfortable, that is, take on risk. NR coaches and instructors know this and say this too. It also takes time, and once again, NR coaches and instructors say this.
People run the various offices of Nouveau Riche, and people make mistakes or misinform, just as I'm saying the detractors here have done. I'm sure that there are people who have led the introductory seminars who have made claims that run counter to what I've said here. I have never heard such misleading claims myself, and I'd like to believe that they are the exception, but unfortunately, they have given NR a bad name and left a trail of unnecessary negativity behind them.
Lastly, I beg to differ with the claims that using a library card or buying cut-rate materials on eBay will provide the same or better level of training in building a real estate investment business. I emphasize the word "business" here because that is exactly what real estate investing is, a business. It's not a hobby and it's not a pastime. I suppose it could be done on the side, while someone works a 9 to 5 job, but to be truly successful at it, as with any business, one must put in more time than just a couple hours a week in the evenings. And for that reason, a book or video that is borrowed or purchased for $49.99 just WILL NOT CUT IT. Does anyone reading this honestly believe that one could use borrowed or cheap books or videos to build a successful Subway franchise, or construction business, or car wash business, or any business???
NO!!! If you do, then you shouldn't be here reading about Nouveau Riche, or trying to start ANY business. You should be working harder at your current job, or looking for a better one. Sorry if that sounds patronizing, but it is not meant that way. It is simply to say that clarity about what it takes to be succcesful at being an entrepreneur, at least in my opinion, has to precede any action to start being one. Without that clarity, one might as well just borrow or withdraw several tens of thousands of dollars in cash and burn the bills. That would achieve the same outcome in less time and with less effort.
One last point is that the marketing of the Nouveau Riche business is not necessary to be successful in applying the real estate education. Many of the instructors do not market the education, but are simply multimillionaires who want a forum to spread their knowledge to others so that they can benefit as well. Many students who are starting out as real estate investors never do anything to market NR education. Just as real estate investment is not for everyone, marketing NR education (or marketing anything for that matter) is not for everyone. There are many, many more people investing in real estate these days, both students of NR and otherwise, than there are NR salespeople. The latter have simply chosen both to invest and to market at the same time.
All of this is really simple and straightforward, if you are willing to see it that way. Or it can be a scam, if you are insistent on seeing it that way. As Dimitry put it, you be right...I'll be rich.
Anonymous Location unknown
9:50am on March 27th, 2010
THESE guys are true mourons I mean Mormons. They want to control your life and every move you make.I need not to say anymore!!!!!!!!!!!!e8
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