Scott Yancey's Life-changing Fork in the Road
Scott's never been one for the passenger seat. Whether he's driving one of his high-performance cars on a race track or driving a smart real estate investment forward, he's always most comfortable with his hands on the steering wheel. Scott started investing in Real Estate before he could legally drive.
Scott did his first Real Estate deal at the early age of only 14! He purchased a small second trust deed on a home in Studio City, California that earned 14% interest. While most kids his age were more focused on BMX bikes, video games and then cars as Scott was, he eventually used interest to help buy his. He also learned before most kids of his age that as a real estate investor, “Your money works for you.”
When Scott went off to college he got a job as a runner for a very successful real estate investment company. His boss, Walter J. Plumb III, told Scott something he has always remembered. Walter told Scott, "The last three runners that worked for me all became millionaires." Scott didn't quite understand or believe what he said, as Walter only used him to collect documents, maps, bank deposits and other odds and ends. Walter pulled Scott aside one day and suggested that he get his real estate license, take an apartment building he owned, convert it to condominiums and then sell the units with his real estate license. A suggestion was all that was needed, and Scott not only got his license but made so much money his first year that he quit his college career and focused on real estate full time.
Scott is still grateful to Walter who he no longer calls his boss, but now his friend, mentor and partner in Real Estate deals even to this day. Scott finds himself daily still saying and practicing what he heard for years from Walter. "Write an offer a day!" "What can we buy today?" "What are the jobs in the area?" "How can we add value and how much can we sell it for after?" "There is always a deal!" "The future is bright!" That's just to name a few.
Working for years with Walter and Jon D. Quitiquit, another real estate mentor, Scott gained considerable expertise in buying land, subdividing it and selling thousands of lots to large home builders. As the next real estate boom ramped up, Scott went out on his own with Walter and Jon as his investor/partners. With this new program, he was able to flip land deals and sell lots to developers and builders for major profits. Along came 2007 and things started to change with the market cooling off quickly, if not overnight. Scott describes it as, "The sky fell". Although they were highly successful in their real estate ventures, Scott talked to his wife Amie and they decided to heed the warning signs that builders were slowing down buying his lots and building homes and to leave the Real Estate market completely for a while.
The plan was to take a few years off and enjoy their home in Cabo San Lucas until the market came back. That plan was well underway, but just before the move South of the Border fate stepped in. Scott was at a Coffee Bean and Tea Leaf near his home in Summerlin, NV when he overheard a conversation. At the next table, the discussion revolved around the Las Vegas real estate market and the fact that there were homes available to buy for as little as $36,000 that would rent out for $900/month. Just hearing those two numbers put Scott's real estate brain into gear. Two things came to his mind immediately, "You make your money on the buy in Real Estate" and "fortunes are made in bad economies."
Scott's plan and path was presented with a fork in the road, as Scott's real estate interest was piqued by the numbers much more than sitting on the beach. He did some investigation and did indeed find that these kinds of deals were available in large numbers in the local market. He realized that the Cabo San Lucas move would have been the "worst financial decision of my life," as he put it.
What Scott and Amie had been considering the "good times" was simply a different market that had different profit opportunities. The new market offered up amazing potential for profits in buying real estate at the bottom, rehabbing, flipping and holding rental properties. He had almost missed the biggest real estate "sale" in history by thinking of his business life as a single road to profits. Instead, this fork in the road was just too good to pass up.
Since then, Scott and Amie have experienced a large measure of success in many aspects of real estate in Las Vegas, Nevada and other cities and states across the country. Finding, remodeling and "flipping" properties is a highly lucrative venture. However, the renovation stories that come along with the high volume Scott does turns out to be very entertaining as well. A&E Network television became interested in what Scott was doing. Scott created and is an executive producer of his hit TV series "Flipping Vegas". It turns out that having a "husband-wife" team on the program clearly creates a synergy that attracts an audience of millions of viewers and an overwhelmingly positive response to "Flipping Vegas" season after season.
Since Scott has built a reputation of success in real estate, he has taken on some new ventures. He has partnered with non-profit charitable organizations which provide homes for servicemen and women who have been wounded in combat while serving their country. He has joined forces with some of the most prominent industry leaders to share insights into the world of real estate investing. Then he wrote and published a book called "GO TIME".
Out of all of this, he will tell you that one of the most important aspects of real estate investing is "there is always a deal, but knowing what you are doing is key to make money" regardless of what shape the market is in. Because of their extensive experience, Scott and Amie have become dedicated to "mentoring" and teaching other aspiring entrepreneurs the ins and outs of real estate investing. The Yancey Events teams span the nation offering educational training from experienced teachers designed to help people get a 'leg up' in the real estate investment world.