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Anybody have experience with Yanceyevents website also known as scottsncevent. They have a 3 day seminar to teach you about wholesaling-finding properities and getting private funding to closing and get your profit. Also they said if you take their course and only then can you have access to insiderscash website to have access to private funding without running your credit-insiders cash he said was only going to make sure thedeal is "good" before providing you with funding.

The instructor their gave a simple view of a positive transaction: Property valued at 160k buy it at 60 k sell it for 110k and you can use insiderscash for the funding and he said once you know it is a good deal you put it under contract (30 day escrow) and start looking for a buyer, once you find a buyer you close the deal right away and collect your profit of 50k - expenses.

They have you come in for a 3 hour seminar where they sell you this program and others. The one mentioned above is for $1,997 for you and one guest (if you sign up right then) if you call back another day to reserve it will be $5,997.

Wanted to know anyone has any experience with them.




Also he mentioned that they know of reos from banks that are close to the 14 to 1 ratio of assets to liabilites and those banks need to unload property and want cash offers. They can find out which banks are at the higher ratio and would want to unload their properties so they can be more balanced.




Reading posts and articles--I can see it would be better to find a mentor and read stuff on the internet to educate myself on real estate investing.



Real Estate Investor · Audubon, Pennsylvania


I can't say I'm familiar with this specific operation, but there are countless others out there with a similar modus operandi; in many cases the trainees feel short-changed. Most hard-money lenders will not fund your deals unless they have a good potential to be profitable. And if they suggest you can wholesale properties and get nearly a $50K profit off of a single property (that is essentially the example you gave) - that is probably a clear sign of attempting to mislead.

My guess is that you would have been given information that you can basically read here on BP for free in the wholesaling forums.


Steve Babiak, Redeeming Properties, LLC
Telephone: 6109082183
...


SFR Investor · Wheat Ridge, Colorado


I know nothing about any of these people or their operations. But based on this one statement...

The instructor their gave a simple view of a positive transaction: Property valued at 160k buy it at 60 k sell it for 110k and you can use insiderscash for the funding and he said once you know it is a good deal you put it under contract (30 day escrow) and start looking for a buyer, once you find a buyer you close the deal right away and collect your profit of 50k - expenses.

I'd be very, very skeptical. They're selling education. They're selling a dream. Its possible to get a deal like that, but you will look at hundreds, if not thousands of properties, to get to that deal. These guys make it sound so easy. Little time, no money and you can make a $50K profit. Sorry, that's just not the case. Wholesaling is really, really hard. You will have to invest a lot of time and no small amount of money to get even one deal. If you make a $10K profit on a $100K deal you'll be doing good.


Jon Holdman, Flying Phoenix LLC


Hard Money Lender · Tyngsboro, Massachusetts


@Kamran H., you pretty much answered your own question in your third post. Good for you, keep reading.


Small_small_logoAnn Bellamy, Buy Now, LLC
Telephone: 800-418-0081
Website: http://www.buynowhardmoney.com
Hard money lending in NH and MA, and for free networking in MA, http://www.BlackDiamondREI.com


Real Estate Investor · Springfield, Missouri


And Kamran, there is nothing in residential real estate that can't be answered here. Study so you can ask the right questions and someone here (or several) will provide answers. And yes, get a local mentor and understand local rules, regualtions, laws and customs for your area. :)


Financexaminer@real estate investor dot com



Thanks, everyone for your replies, I can see bigger pockets is a great place to start my learning.



· San Jose, California


I just been to this seminar and they were pushing so hard to sign up and giving all sorts of lucrative offers. They were also giving offer for TAXLien and made it look so easy. I just didnt want to give away my $3K for something I do not trust. I can see that it was marketing gimmick and I didn't sign up. I would say about 25% people sign up right away after their offer (in both - RE Investment and TAXLien).

For a second I thought I should sign up but I think I should thank all of you guys here on BP. I read BP post and follow many people here.

I'm still in a hunt for my first RE investment.. My goal is to invest in atleast 2 SFH in 2014.





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