It has been reported that Nick Vertucci was raised in a poor family that could hardly make ends meet. His life story is an inspiration to many people in similar circumstances and is proof that the past never determines one’s future. Despite his humble beginnings, Nick Vertucci has emerged as one of the most respected real estate investors and financial advisors the markets have ever had. Nick’s father passed on when he was barely 10 years old. He struggled until he finished his basic education. He soon started a business shortly after his 18th birthday. He started selling computer accessories. His business seemed to thrive until misfortune struck again. It was about the year 2000 computer crisis. His business crunched under the speculation. He was pursued by lenders until he almost lost his house.
The NV Real Estate Academy
Mr. Nick Vertucci came to a point he decided that he would try his luck in the real estate segment. He enrolled in a real estate academy that inspired him to engage in real estate business. He thrived from the onset when he made his initial investments and bought residential and commercial properties and resold them when he thought it wise to do so. He has invested widely in other sectors too. Nick Vertucci seems to have studied his path to success keenly. He sought to help others with interest in real estate so that they make it the way he did. His NVREA academy is a brainchild of his experience.
In a recent interview, Mr. Nick Vertucci reveals that his NVREA academy was an offshoot of his earlier experiences. He mentions that he has learned a lot about real estate that he would also like to uplift another person’s life. His real estate academy is one of the best such schools. He says he started his investment with single-family rentals. He ventured into buying foreclosures that he refurbished to sell at a respectable margin. He also rented some of these properties and incorporated them into his management system. That was his early years in real estate. Nick Vertucci is now a millionaire investor in the sector. His school has also gained a lot of popularity because it is run by someone who has successfully walked that path.
Real estate is a difficult market to get into. Arguably the most effective means of breaking into real estate is to “simply” – the intricacies of real estate aren’t simple to beginners, at all, though the concept of immersing oneself in the trade is simple – dip one’s feet into the market.
Not just tease the surface of the water with a few toes, or even dip two entire feet in – but jumping all-in, head-first.
Following are a handful of common misconceptions of the world of real estate, as told by Nick Vertucci, a veteran in the realm of real estate. Once one understands that these “facts” are, in fact, not factual, the thought of immersing one’s self into real estate becomes that much easier.
Nick Vertucci is the founder of a crash course in real estate held on certain weekends in various locations throughout the United States called the NV Real Estate Academy. With more than two decades’ worth of experience in real estate, Nick Vertucci is unarguably an authority figure in the world of real estate. While his name might not be that well-known – yet – Nick Vertucci certainly knows his way around the industry. By reading these tips and fully digesting them, you’ll be able to kick off your inquest into finding what’s up and down in real estate, too.
Many sellers ask more than what’s reasonable for their realty
We all have things in life that hold sentimental value. Nick likes to explain the “cutest baby” principle in terms of – well – babies.
How many times have you been around new parents or family members that far-too-frequently share pictures or videos of babies? It’s happened at least one or two times, right?
Despite their claims that the babies in question are “sooooo cute” or “adorable” – isn’t he/she the cutest little baby? – they are often far from being what they’re advertised as. Babies are typically viewed as cute by most people… but everyone has their “cutest baby.”
This understandably-true fact of buying and selling homes, plots of land, buildings, and other realty holds true throughout the minds of both professional real estate agents and private owners. Even though it might seem like private proprietors of pieces of realty would succumb to this flawed reasoning more often than their professional counterparts, full-time agents with decades of experience in the field have their “cutest babies” just as often.
Now, it’s considered unacceptable to sell babies, if not downright illegal, but if people could sell babies, wouldn’t they all – or nearly all of them – be advertised as “the cutest baby, ever“?
Likely so. The same holds true for pieces of realty.
In the real world, the price of homes and plots of land are determined by basic economics – supply and demand. Even if you’re not an economist, use an objective sense of judgment when it comes to determining what realty is objectively of high quality, and what isn’t – in other words, figure out what assets are “cutest babies.”
Don’t be afraid to hurt proprietors’ or agents’ feelings if you think their offers are “cutest babies.” Be polite, though, yet firm. You don’t have to – and probably shouldn’t – slam others for their views, as burning bridges is a big no-no in real estate.
Renovating homes often carries a bad reputation
Just like mechanics, construction workers and home remodelers are often viewed as unreliable. While this does have some – just a little, eentsy-weentsy bit – merit, don’t assume that it’s always true.
Nick Vertucci shares that beginners often believe that the home renovation process is intimidating, figuring out how much renovations will cost is difficult, and hiring reputable servicers is challenging, if not impossible.
For the most part, this is true. But only for people that don’t conduct enough research, as well as those that refrain from diving headfirst into looking into such issues.
In life, tasks that are actually roadblocks oftentimes seem as large as mountains – like heaps of rock taller than Mount Everest – encouraging us to refrain from taking them on. However, simply tackling them head-on makes quick work of such issues, giving us proverbial bush hoggers to push such roadblocks out of the way.
Mr. Vertucci suggests that people spend a little bit of money, effort, or both on uncovering information on which contractors are most reputable, what home problems should actually be taken care of and which should be left alone, and how difficult the renovation process actually is.
Simply getting started – even if it might not seem like it’s that simple – is oftentimes the best thing real estate market participants can do.
Look online to local governments’ appraisal statistics
Or, Vertucci says, contact such government departments directly and ask them for official information regarding properties and their respective assets you’re considering buying.
Wait Nick- when does this come in handy?
Homeowners and real estate agents often claim that homes and buildings are of a particular square footage. More often than not, those figures aren’t precise.
In real estate, the square footage of a home is directly related to the price it will reap on the market. That’s why finding out the exact square footage of a home is so important.
If you can afford it, consider reaching out to county officials on every home, piece of land, and building you’re seriously considering purchasing. Securing such information shouldn’t be that expensive, and is often available for free on the World Wide Web. Simply conduct a Google search, and be on your merry way.
Even though it’s considered dishonest to artificially inflate the square footage of a home or building – or the acreage of a plot of land, for that matter – many sellers don’t reach out to local government departments responsible for keeping up with such information. While their claims are often accurate, paying for just a handful more square feet of home than is advertised is often exorbitantly expensive, and can readily result in losses on realty you’re considering flipping for a profit.
Condos are often tons of trouble
Condominiums are, more or less, apartments. However, owners of and residents of condos must adhere to the rules of such places of living, or face hefty fines, eviction, or be forced to divest such assets and sell them to someone or something else.
Too many buyers and sellers of condos, Nick shares, finance condos. While this strategy can yield profits, and often does, adhering to the rules of financing agreements and home owners’ associations (HOAs) is of utmost importance.
When it comes to condos, loans must be in accordance to the rules and guidelines of both HOAs and financial institutions. In making sure that these mandates are in line with one another, both parties, including the buyer or seller, must go over what’s called a conforming loan checklist.
Failing to consistently, year after year, adhere to the terms that such checklists require can result in result in financing agreements being rescinded.
Why is this an issue?
When owners of condos can’t afford to purchase such realty without the assistance of financial institutions, they’re forced to seek alternative financing, which is often exorbitantly expensive.
Vertucci shares that, in virtually all cases, beginners in the world of real estate should consider purchasing any kind of property besides condominiums, if at all possible. Even if the prospects of investing in one or more condos seems great, the hassles of condos – the condominium conundrum, in other words – should be left to seasoned professionals that are more than familiar with navigating the market of condos and conforming loan checklists that often accompany them.
Early birds get the proverbial worm when trying to sell realty
The process of selling a home takes months, if not years! Mr. Vertucci urges all owners of property to begin listing their homes, meeting with real estate agents, and figuring out the process of preparing homes for sale to take care of such issues as soon as possible.
Begin the process of selling realty, which includes the aforementioned three activities and many more, at least three months prior to the date by which you consider a sale to be necessary.
Keep in mind that most pieces of realty are bought and sold when the weather is warmest, for whatever reason that may be. As such, the latest time you should prepare a home for sale is December.
If at all possible, consider initiating these processes an entire year in advance.
Misconceptions galore, brought to a close
Real estate isn’t easy to understand, especially not for beginners. However, as Mr. Vertucci suggests, the best way to acclimate one’s self to the world of realty is to simply – “simply” – immerse one’s self in it.
Taking note of these issues is arguably the most effective way to start, as not understanding them can result in proverbial world of issues.