California is on the verge of having a major housing crisis. Home prices are skyrocketing and construction is booming. But with the median prices of a home at $500,000, low and middle-income workers are being priced out of the market. And the problem is even more severe in coastal cities like Los Angeles, San Diego, San Jose and San Francisco. In the last 5 years home prices have risen by as much as 75% in some places. Things are so bad a growing number of people are living in RVs and vans throughout many cities in California. Real estate investor Nick Vertucci thinks the state legislature will have to step in soon.
Business is booming in California. The rich are building palatial mansions and opening lucrative businesses. Offices and business places are going up everywhere. But the workers in those businesses can’t find affordable places to live. In the midst of all California’s wealth and opulence, there is some of the highest poverty rates in the United States. And many of the working poor are on the verge of becoming homeless. Although California has its highest tax revenue ever, America’s highest per capita income and low unemployment, the legislature was forced to pass a bill to ensure enough low and medium-priced housing units are built for people that can’t afford beachfront property.
Nick Vertucci has been both rich and poor. As an 18 year old, he was forced to live in his van. Then, he started his own computer parts company and made enough money to by a home and create a comfortable life for his wife and children. But in the dot.com crash in 2000, Vertucci lost almost everything. He was broke, unemployed and barely able to make ends meet. Things were looking bleak until a friend invited him to a real estate training seminar that changed his life.
Nick Vertucci left the three-day seminar inspired. He began learning all he could about investing in real estate. He learned about buying tax-lien properties, rehabbing and flipping real estate, buying properties and holding them to generate long-term cash flow. It took him more than 10 years of study and hard work, but Nick Vertucci is now a multimillionaire. But he promised himself to help others learn how to use real estate to feed their families and live a comfortable life. So he started the NV Real Estate Academy in 2017.