I've gone to a lot of seminars in the past, normally I would have expected this one to be a scam as well. I said before I even got there, I'll bet you anything this meeting is a way for Scott to get investors. What I didn't expect was that the hook was rather convincing. They explained a process that they are looking for people to get qualified to use their financing of up to $700,000 on investments, but in order to access these investment funds you'd need to attend their $2000, 3 day training session to get qualified in "their" process, and then access to their investment funds.
They had several guarantees, the most convincing was basically they are going to walk you through your first transaction, and once they do, you will know the process and be hooked, so then they will give you back your initial $2000.00. I've been in real estate for a while, really the only thing holding me back was lack of funds, and here is my answer, right? Wrong!
Initially, I jumped at the chance to learn their process and get access to their $700,000 per student to start flipping properties. Placed my credit card in their hands, and heck, I could bring my friend along with, two for one. Family and friends usually cost an extra $900, what a deal! I just had to fly back to Vegas in a couple weeks to the training, and wham, my life will be changed for ever, I'd be flipping homes from my home office in luxury.
Then the next speak started up, talking about investing in tax sale properties. I've looked into local tax sales, and hand personally seen the potential profits first hand. So my curiosity got the better of me and I started googeling that speaker. I mean I'm not the first person to consider these investment opportunities, right? I found out that second speaker had talked a potential investor into investment, though she wasn't sure. That she could invest then, and cancel within three days. Well turns out after 50+ phone calls they were basically ignoring her, and refused to return her money. He started saying extremely scammy stuff like, my dad was an old christian preacher, oh boy.
So if Scott Yancey was aligning himself with this con man, maybe this other house flipping deal wasn't up to par either. So in fear I started checking out Scott Yancey's opportunity I had just invested in, and I was terrified to learn they had alot of bad reviews, that basically the three day training was an opportunity for them to sell you 20-60k more in extra options.
So then I started looking at the certificates closer, they all had these conditions, and even stated there might be more conditions on a website to get refunded your purchase price. They were saying during the meeting they weren't interested in your training fees, they wanted you to be flipping houses with their money so they can make the big money, 1% of every flip.
So at this point, I was thinking if there is any chance of canceling the deal, it's right there and then during the meeting. I started to talk to them, that the current speaker was obviously a scam, not returning someones money after 50+ phone calls. They assured me he was his own person, and just happened to be giving a meeting together. Then I started showing them the problems I saw with their opportunity, that I saw the problem being that EVEN IF yes, they were serious about the $700,000, that they would only be cherry picking the deals as they buy low, and resale low. So they'd have to really find the cherry deals, and only cherry deals. Also, since I lived in a different state I'd have to fly back to Vegas. And that I'd rather bail on the deal.
At first they offered to give me free travel back to Vegas, and a signed agreement that if the training wasn't what they presented, that I would get a full refund. Initially I said that sounded like a possibility. I spoke to my gf and she was like, so we can use their money to buy houses and flip. NOT. So I was like crap, I need to get my money back.
When I went back, I said I considered their offer and wanted to bail. They seemed authentic and showed me their credit card system and canceled my card before it even charged my card. I figured I had dodged a bullet. Maybe they only refunded the charge because I might mess up their ongoing session to sell people training, maybe they are just decent hearted people.
In the end, maybe this system works, maybe it doesn't. I can see where they might possibly do what they say, I mean if you can find a cherry enough deal. But doesn't it seem like easier money to collect these $2000 training charges per sucker. 25 people, that's $50,000?
It's also suspicious that they bounce around the country alot, wouldn't a legit opportunity set up shop in one spot?
In the end, I'm glad I made my decision to bail out, but then again, might I have missed the opportunity of a lifetime? (probably not) read more
