About Scott Yancey
Scott Yancey is a hotshot real estate investor whose “home flipping” business eventually gained him his own television show on A&E. Together with his wife, Yancey would purchase a house in bad condition, renovate it, and then sell it at an attractive profit. Books and seminars have helped make the Yancey home flipping method famous. Many people have asked us about the Scott Yancey scam; here is Scam Sites’s take on this particular financial strategy.
How it Works
The original Flipping Vegas television show created by Yancey follows a simple formula. Prospective home flippers following the Scott Yancey program are taught a similar process. The steps are:
- Locate a devalued property put on the market by a motivated seller
- Buy the property outright with cash, if possible
- Remove broken, rotten, and irreparable portions of the house
- Undertake renovation and construction to bring the property back up to habitable condition
- Add appealing cosmetic features that will attract buyers
- List the property at a price that covers the original investment cost, building expenses, and profit markup
Many hopeful flippers have discovered that the process is expensive and complicated. In many national markets, even properties in poor condition are very expensive, putting them out of range of people new to flipping. Few people have the time or skills required to investigate a property thoroughly and discover all its technical aspects. Closing costs and other fees increase the stated price of the property, so buyers may end up paying more than they expected.
Customers have reported that seminars marketed as free come with price tags in the thousands of dollars. Events described as classes have been little more than hard sales pitches.
Refunds have not been easy to get from Yancey’s company. Some customers have had success getting their money back by contesting the credit card charges. Others have been stuck in financial limbo with an unresponsive company.
Customer Service Contact Info
Current customer service contact information for Scott Yancey Seminar is not available; their associated website is simply a placeholder. Yancey’s firm, the Goliath Company lists no phone number and sees people by appointment only. Customers can send email through the Goliath Company website or connect with them on social media.
The complete absence of web presence for Scott Yancey Seminar is indicative of a company with a bad reputation. Dissatisfied customers and seminar attendees have struggled to contact the company with complaints. Very low ratings on customer review sites and complaints with consumer protection groups have helped cement the troubled character of this company.
That said, people are still signing up to attend Scott Yancey real estate seminars. Enough people feel that they will be the exception to the rule that they are willing to spend several hours – and possibly several thousand dollars – listening to a marketing pitch disguised as a class.
- Unauthorized credit card charges
- Failure to deliver
- Lack of important information, including zoning regulation, tax considerations, infrastructure assessment, and other technical features of real estate investment
In spite of all the big promises made by the Scott Yancey brand, there is little to demonstrate that Scott Yancey is able to deliver on his promises. Look elsewhere for a solid real-estate education.
Final Verdict: “How it Works” gets an extra pity star, simply because other companies make it work just fine.