Give me 30k Ill get you a house with a tenant paying paying $800 a month in rent and walk you thru every single step and all I want in return is a round trip all expenses paid trip to vegas so i can tell Scott what an A$$ he is to take peoples money like that!

Originally posted by @Eddie T. :
Give me 30k Ill get you a house with a tenant paying paying $800 a month in rent and walk you thru every single step and all I want in return is a round trip all expenses paid trip to vegas so i can tell Scott what an A$ he is to take peoples money like that!

I already know how to buy a $30K house and get an $800 rent.....in California. But I think what you are offering is a good deal. If you don't get any takers, maybe we could crowdsource the funds to buy you the trip to Vegas.

I watched one of his episodes a few years back. It was about a "flood house".

http://www.aetv.com/flipping-vegas/video/flood-house

I recognized that neighborhood since I grew up around there, and figured I would do some fact checking. Now, I'm not saying the show is fake (I don't want to get sued), but I think there are some "irregularities"

I looked through every MLS listing in that subdivision, and found the house.

The subject property is 3848 RANCHO NIGUEL PKWY, Las Vegas, NV.

Show says he made an all cash offer for $225K. Deed says he paid $211K. Not sure why they would want to exaggerate the purchase price. Personally, I would rather keep my purchase price low, and exaggerate the profit to make myself look better.

http://gisgate.co.clark.nv.us/assessor/webimages/default.asp?appID=1&txtdocNum=20101230:01412

Then he says he bought it sight unseen, and seems shocked to see water damage at the property. I occasionally buy properties sight unseen too, but I don't act surprised about water damage when its mentioned in the listing IN CAPS.

https://www.dropbox.com/s/4m7ptiyh0r1fi3q/Screen%20Shot%202014-05-18%20at%2012.49.05%20AM.png

Then at the end, show says they spent 45K on the rehab, listed it, got two offers for full list of $349K, and made an obscene profit.

In reality, they did list it for $349K on 02/09/11.

Then they reduced price to $329k on 03/04/11

Then to $309K on 4/26/11

Then to $299K, then $294k, and then to $289K in July, 2011. Listing was then withdrawn from Yanceys brokerage, relisted at another firm.

Image of MLS history of property:

https://www.dropbox.com/s/n3soyph8lxvk2lx/Screen%20Shot%202014-05-18%20at%2012.57.33%20AM.png

https://www.dropbox.com/s/m16mg2ybbn9442p/Screen%20Shot%202014-05-18%20at%2012.55.06%20AM.png

The property eventually did sell, for $275K.

http://gisgate.co.clark.nv.us/assessor/webimages/default.asp?appID=1&txtdocNum=20110809:00482

Now, I don't know exactly how much he made on this flip, but lets say hypothetically, I were to flip a property next door to his with the following numbers:

Purchase price: $225K

Rehab: $45K

Sale Price: $275K.

Heres how my numbers would look:

Purchase: $225K

Closing Costs: $2K

Rehab: $45K

Property tax for $2200/yr for 8 months: $1500

Sale: $275K

Closing costs on sale: $2K

Commission at 6%: $16.5K

NET PROFIT: -$17,000

And this doesn't account for utilities and insurance. Again, Im not saying he's a liar, bs'er, or full of crap, just that there were irregularities on that particular episode, though I haven't seen any other episode.

Originally posted by @Jesse Tsai :

Great analysis,

However, in their defense, due to the production constraints they usually mention "projected" profits. They couldn't wait 8 months to sell the house before airing the show. I agree with you but we have to keep the fact that it's on TV in mind.

If new comers did a Yahoo search before they invest in Yancey's workshop they would see how many people was lied to or scam out of their money.

Joe Gore

Originally posted by @Joe Gore:
If new comers did a Yahoo search before they invest in Yancey's workshop they would see how many people was lied to or scam out of their money.

Joe Gore

Yancey doesnt have the market cornered on this, insert "guru" name here.

I agree with most members here. Get involved with your local REI group.

That money can get so much more than any guru can provide.

Just my 2 cents...

The implication in a "reality" TV series is that it appears to come from, or at least related to, the word "real".

Growing up in L.A. it's pretty common to have friends in TV and film. We learn early that Hollywood is really just an idea, an image of what people would like it to be. In reality, the city is dangerous and slummy and visitors discover that the streets are not lined by local stars and the scent of orange blossoms but panhandler, druggies and the occasional waft of urine.

The big ticket, get-you-while-you're-on-a-high seminars might offer some content, however when we're new, we're in overwhelmed mode still trying to understand how real estate (or any other) business works. Therefore, I'd hold off spending any serious money on training until you really get going and recognize what specific area that you wish specialized education in.

As for Yancy from Vegas, like my lead-in comments suggest, you'd do well to watch a 1974 movie starring Jack Nicholson. In the very last scene after Faye Dunaway's character is shot in the head, Nicholson's co-star turns to him and says, 'Forget about it, Jake. It's Chinatown"

I bought and fixed my first rental property for $38,923 of my cash.... I bet you can guess my answer. DONT YOU DARE DO IT SIR

PLUS who needs a guru with Bigger Pockets around? With all the knowledgable people and information on this website there is no reason to pay a guru EVER

Please tell us you didn't seriously contemplate 40k to some guru class. Give me 40k to invest in some properties and I'll make you a ton of money.

Anyone that has 40k to spend on a guru should look into being a private or hard money lender