Scott Yancey/Flipping Vegas

25 Replies

Has anyone paid to go tone of his seminars? Is anyone out there actively working with his company and doing deals? We have an opportunity to go but it is $2000 for a 3 day event. Just curious if anyone knows anything...good or bad

If you are serious I would look at finding someone local who is doing flips and rehabs.

People selling seminars traveling the country do not have the local knowledge usually of getting deals done, bought, and sold successfully.

For instance what someone does in another state might be only 30% applicable in your state.

Save the 2,000 especially if it makes up a lot of your liquidity and net worth.

Thank you Joel. I am a broker and know how to flip properties. I was going to the seminar only because they said they had investors to fund the deals. I have found nothing good about the seminar on the internet.  I will just keep looking for an investor. 

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Here is a better idea, send me your investment strategy, or if you don't have one I will help you create one. From there we will use your $40k on actual real estate investments and make you some money. I will get my cut from representing you on the buying and selling on these deals. No hidden sales pitch, seminars, self proclaimed gurus, etc.

This thread will give you 4 pages of BP members explaining why your should save your money and not get sucked into the self proclaimed self guru crap:

Thought I would add to this.  I just attended a 1 day event with some of Scott's staff.
I had a voucher of some sort that I was to hand in at the front desk. Well, I was going to hand it to the gentleman and he told that he would file it.  The file behind him happened to be (The Trash Can).  I thought ohhh wow, that was rude and honestly dont think Scott would have appreciated that.
I sat for 45 minutes and then the pitch came to attend a 3 day event.  Some good information was put out and some people went to the back table to sign up for a 3 day event that was $1997.  At the break, I asked the speaker what made the software so special that he referred to in the first 40 minutes.  No explanation was given other than it was proprietary.
Although, they appeared to have a solid funding program up to $750K but I was turned off multiple times due to unprofessional behavior by some of staff and how they carried themselves.
I am all about investing in education and software to make my marketing streamlined and wouldn't have minded to spend the money to attend the 3 day course and receive some software although the VIBE that I received was not so friendly.
The gentleman even said if your here for the free camera its not that good and your phone is probably better.  WOW...  I will stop here as I dont feel adding anything else is necessary.  Just thought I would provide my experience and I wish those of you reading this post later find better results and wish you nothing but success!
I like to be positive but thought I would share my experience.  

Most of the TV reality star guru courses are put on by one company that just sticks the TV star names on the ads, signs & materials.  I assume that's true about this one.  They pay the TV stars a big check to use their name, and the material was NOT developed by the TV stars - it's just the same old flipping formula (pun INTENDED) rehashed multiple times over the years with the latest TV star names on the "label".

And, don't bet on that pot of gold (financing) they promise you at the end of the rainbow.  They know most people in their program will never find much less do a deal, and very few of the people will qualify for the funding if they find a deal (oh, YES, you do have to qualify for private or hard money).  That is a key to how they get people to pay for the course - making it seem like a slam dunk using their "OPM".  More like "BS".

Rather than a guru course, consider a coach instead - someone that can work with you PERSONALLY (even if it's over Skype) and over a period of MONTHS.  There are a number of great coaches active on BiggerPockets.  (Fat chance you'll see Scott Yancey or Dave & Pete in here offering helpful info....)

"A coach is someone who tells you what you don't want to hear, who makes you see what you don't want to see so you can be who you've always known you can be." ~ Tom Landry

I actually attended the 3 day seminar @Val Fowler ...well I watched (they sent me a video recording of it since we couldnt make it). They did give good information although they tried to encourage you to buy their $18,000 package or get a $10,000mentor. They do however give financing like advertised...kind of. It's not complete financing like we were led to believe. On 3 yr loans they give you 50% at 1% interest but the other half you use cannoy come from any loan that attaches to the house including seller financed. So if u have cash then it's  good, especially since the payments are interest only. They also do 3 day 100% loans and 3 month 75% loans. But all the info they taught I have found on biggerpockets plus more.

I actually attended the 3 day seminar @Val Fowler ...well I watched (they sent me a video recording of it since we couldnt make it). They did give good information although they tried to encourage you to buy their $18,000 package or get a $10,000mentor. They do however give financing like advertised...kind of. It's not complete financing like we were led to believe. On 3 yr loans they give you 50% at 1% interest but the other half you use cannoy come from any loan that attaches to the house including seller financed. So if u have cash then it's  good, especially since the payments are interest only. They also do 3 day 100% loans and 3 month 75% loans. But all the info they taught I have found on biggerpockets plus more.


I would not take that guy as a mentor if he was free. Have you seen the show?? Let me break down every episode in a nut shell.

  • Scott buys an ugly house for pennies.
  • He rolls up in a very high priced car to belittle his contractors and cut as many corners as possible.
  • Amy is frustrated with Scott's corner cutting and then goes behind his back to (over?) design the house to her liking. 
  • Scott see the unauthorized changes, goes apeshit like a first rate A-hole.
  • Amy breaks out in tears. 
  • Scott then sells the house for some insane profit and then rolls off like a pretentious jerk in his Porsche. 

Bleh!  Wish I would have looked this up beforehand.  Attended the one day deal....thought I could resist the scam and I am trying to get my money back.  Called Customer Service and they said a "QA" person will call me back to help me with the Cancellation.  I sense more hard sale tactics coming on.  I might have to use Bigger Pockets' name to get them to leave me alone :)....I feel like such a schmuck...but at least I can absorb the hit.

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I can't believe anyone would give him a dime. It's hard enough watching his shows. The over acting is awful. I prefer Flip or Flop (which isn't terrible) or Fixer Upper. 

I had a response written, then I deleted it as to not offend anyone... I PROMISE you any/ ALL of the information Scott (or a paid salesman) will be presenting is available to you HERE on BIGGERPOCKETS FOR FREE. Furthermore, how many of your local REIA meetings have you attended? I guarantee you there are investors there looking to buy and sell. Do NOT spend $2000 on a guru. Do some reading here, go meet some local investors at your REIA meetings.

I actually think that all these crazy seminars from the various reality show guys are just one big company with the same trainers and the same marketing people. 

They're all a bunch of hooey. And at the end of the day, the reality stars don't even show up to most of these events unless maybe its the real expensive ones.

And do you really want to pay 20k to meet a reality tv star? You can do that a lot cheaper by going to a golf event or something for charity. And you actually get to talk to them there.

Bottom line is that I doubt the reality stars put much of anything into their "training materials". Its just some corporate sell out to try to separate people from their money.

If they actually did define the training then wouldn't they need to be the ones doing it? How are they able to hand it off to sales guys that have no clue? 

Well I blocked my card but Pending charges aren't affected so they still went through.  Their QA person called me back.  No Hard Sale tactics as I had anticipated.  He then asked me why I wanted to cancel.  I said I misunderstood the purpose of the 3 day deal and didn't think there would be calls for additional money and training.  They said "Ok" and then mentioned there were stand alone courses I could take and they would like me to consider them.  Afterwards they said my refund would come in 5-7 days (it states that on the Cancellation Policy on the paperwork).  We'll see what happens!

I attended the 3-day workshop as a guest of a friend who paid a couple hundred dollars for it. I didn't pay a single dime, but I feel emotionally scarred at the sleaziness of these seminars, the people who can go to bed at night scamming the ignorant, and the fact that there are people who aren't able to see through this exist. This was my first ever real estate seminar and hopefully my last (unless it's SUPER legit and I vet the crap out of it before attending). I was already hesitant to attend because I read all the negative reviews, but I went to show support for my friend.

The instructor (Kory Thruston) was an ugly, obnoxious little man with an abrasive personality and voice that had my ears bleeding at the end of the day. The guy is a complete joke. His favorite way of financing is with credit cards because you can get 0% interest for the first year and pull out cash to pay for wholesale deals. Then hopefully get a buyer that can close before the end of the month to cover the cash that you pulled out. You just need to increase your credit line to $25,000 and take advantage of all the credit card offers with 0% interest for the first year. Wow, are you freaking kidding me? That is terrible and dangerous advice to give to the majority of the population! Looking around the audience you can tell that 98% of the demographics does not look like they are in the financial position to use that strategy. Obviously, there was hidden intent there to raise their credit so they can afford the $20,000 diamond advance training. 

Another appalling thing was that they split the audience into three groups and scheduled 1-on-1s with "mentors" (btw, these "mentors" looked nothing like success either). You fill out this disguised consultation questionnaire for them to review and help you plan your way into financial freedom. In reality, it is a questionnaire to gauge your financial situation so they can assess how much money they can pull from you. 

Geez, I wish all these companies will be shut down and gone from our lives forever. Unfortunately, I listened to an NPR episode called "The Anatomy of a Scam" and realized that these things will never go away. 

FUN FACT from the NPR episode: Calling centers from Utah are notorious for being scammers because the government doesn't crack down and they are political contributors! once the FTC gets enough complaints they will shut down the centers who are already a set ahead.

Another FUN FACT: The instructor from the seminar, Kory Thurston, is from Utah. He also pitched this idea to start an LLC either in Wyoming or Utah with a company called Veil to protect your assets. He also was sued by the Feds in 2005 for not paying out 401ks to his employees from his before company in Utah. Coincidence? I think not.

I'm getting to this late hopefully before you've committed to it. We went to the $2000 session, where they sell you on a $40,000 package. It sounded good so we did it. It included a paid "training" event in Vegas known as their buying summit. It also included a tour of rehabs in the Vegas area. As cool as it was, the buying summit was mostly just that. They're using it to sell their inventory of houses they've rehabbed (sometimes after they've rented them for years. They've rehabbed for rental not for flip. 

They bring in partners that are accounting companies, asset protection, lenders, etc. They try to sell additional "services" ...i.e. mentoring for lots more.

I'll be absolutely honest...some people jumped in whole hog and are doing deals. But, the big but... is most people pay all this money and fail because they don't know your area, don't understand what is hot in your area and the mentors are remote.

We ended up getting a mentor in our home town, Atlanta, for additional money... but has been much more beneficial. I believe we wasted $40k +. I should have known when they're biggest pitch at the $2000/ 3 day event was calling your credit card companies and getting increases on your credit card and adjusting your interest rate. These programs are a cash making machine for them, allows them to sell properties above market rate to the attendees and sell their hard money lending program (which is very expensive compared to others). They have thousands of employees trying to get every penny you own for a process that is readily available on the internet. 

The Property Pro software is not really competitive with the web based products out there. So not as sold. 

In short, save the $40k+, invest in a local mentor. They will attend appointments with you, teach you where to find the deal, and how to negotiate a deal. To find a mentor, join your local REIA. If I had the $40k now, I'd have more capital to do deals. Yes, I have regrets...and hopefully I help 1-2 other not make the same mistake.

If you want the name of a great mentor in Atlanta let me know... I'll have to check with him first... he is extremely busy so might not have the time. But there are many great mentor/leaders of the AtlantaREIA.

Wow, thats horrible you went through that. $40k could've bought you a cheap flip and repair costs... I just did a Periscope about how action will overtake easy expensive systems any day. You can check me out on YouTube under Torrey Suxxess. I recently went to a similar seminar with a friend who wants to get into the business. The guy speaking was knowledgeable but of course their 3 day bootcamp would cost almost $2k... then the take home system was a couple grand as well. I told my friend I would teach him if he became my intern to help me do mailings, cold calls, etc. 

I am here locally, have an office downtown. I also mentor but I don't advertise alot for it because I like the 1 on 1 approach bringing value. Nothing in this business is easy, but with some effort, networking, and due diligence you can become successful. You can PM me if you'd ever like to sit down and talk about networking and putting some deals together. Again, sorry for your monetary loss @Mike Lawell

Do any of you remember when some of the TV shows with so called gurus started running i think back in the early 80's? They had some guy supposedly from South Missouri hawking these courses. Then there was Damon Black and some guy from Fairfield Iowa who wound up in Jail, another guy from I think Texas named Ken something or another then along some guy in Florida who also wound up in jail for fraud then came Carlton Sheets then Armando Montelongo;  Than Merrill with Fortune Builders. Everything was same material just revamped and rewritten in different ways. How many people were bilked out of money buying these courses? Including myself I got the Damon Black deal for 400 at a KC event and the Sheets course by mail. They are still on the shelf in the basement office and they are basically the same. I will say I did get some useful information from the Sheets course after you read it you realize its common sense.I also went to the free 2 hour event for Fortune Builders in KC. The guy talked for awhile the asked who had rental property. If you had more than 5 they kind of ignored you. Also went to the 3 day event . Most of it was loud music by some DJ from their organization. Their basic objective was to up sell you. Had you fill out sheet showing what you financial situation was and how many properties you owned and cash on hand.They really concentrated on people with little to no realestate experience After 1/2 of the second day I left ,you could see what was coming . Just my 2cts worth

I will state unequivocally that Abundance Edu (Yancey), NAREI (fairly new, and I think just a new name on the old face), and a host of other "real estate investing training" programs are nothing more than massive money making scams! Sadly, the only people making money are the promoters, not the students. Certainly by now everyone is familiar with Trump University? ALL of these systems use the exact same model (free seminar, three-day training up sell, additional training up sell, mentoring up sell). What do they actually teach? WHOLESALING! Moreover, the "Boots on the Ground" training isn’t consistent from one presenter to the next. They introduce other concepts, but don’t go into enough detail to actually apply them. There are DVDs and on-line videos, but no interactive classroom. It is basically a self-study program. I could get that from the library or online for free or nearly so.Then, they want to up sell again for a "mentor" to the tune of another $20,000! It is possible, in theory, to actually make some money after taking this training, but it will be more a matter of happenstance than because of the training. The EXACT same information can be garnered from local REI clubs, BiggerPockets, etc. It is worth nowhere near the $20-$50,000 they want you to shell out. Keep your money, find good local folks who know YOUR market, and someone will take you under their wing and teach you. There are some very good folks in these clubs, and one can learn a great deal at a safe steady pace for very little money (they usually ask that one join the club, but the dues are negligible). Then, you'll actually have some money to invest with. I spent $30K plus the original $2K to learn how to WHOLESALE. My wife and I have been busting our tails for nearly a year and nothing, not even the on-going support that was promised. The most useful information they gave? Join a local REI club! Am I pissed? You’d better believe it! Enough to file complaints with the FTC and the attorneys general of three states. Do I think I’ll ever get any of my money back? Not realistically, but I do intend to let as many people as I can know the truth about all of these scams. Good night, and good luck!