Scott and Amie Yancey Real Estate on NBC 3 Las Vegas

Scott and Amie Yancey discuss Flipping Vegas and their love of real estate and tips for investment properties.

Real Estate Investing Tips: What not to do!

Did you know that virtually anyone can find success investing in real estate? Regardless of the amount of cash you have, YOU can find success in real estate. Contrary to what many people may think, you do not need a super high IQ, or even a college degree you just need some knowledge and a willingness to do some work. By adhering to some basic principles, that are applicable to any business, a applying them the real estate investment strategies, you can find success in real estate. But remember, it takes hard work and an understanding of mistakes you must avoid making.

 Below find 6 common mistakes that YOU should not make!

 1. Thinking a desire to be successful is sufficient: Desire and motivation are essential, but hard work and an understanding of business are also essential.

 2. Failing to set specific goals: Setting goals is critical. Without goals, you may be unclear as to what you are working towards. First set goals to be obtained in the long run, then sub-goals or interim goals. Be sure that they’re all things you can accomplish, and stay focused on achieving them.

 3. Forgetting to establish a business plan: Every successful business started with a plan. Business plans can be very elaborate or just a few sentences about how the business will accomplish goals. For real estate investors like you, it may be sufficient to simply write down a set of steps that will be incorporated into your strategy for achieving goals.

 4. Failing to understand your own abilities and willingness within your plan: If you set goals that are nearly impossible to achieve, you’ll begin with failure and possibly never recover.

 5. Short-circuit the calculation basics learning process: There are many essential mathematical formulas that allow you to evaluate properties and choose the right properties for your plan.

 6. Falling in love with a property instead NOT the numbers: Buyers who want to be in a specific neighborhood, or enroll their kids in a specific school fall in love with a home. Investors fall in love with profitable numbers that prove the value of the investment.

 By avoiding these these mistakes and working hard, you’ll be far more successful in ending up where you want to be with your real estate investment. If you are having problems with one or all of these, then join me at one of the training sessions I provide for new real estate investors through the Scott Yancey Live Events teams.

Flipping Vegas Season 4 Premiere

Season 4 of Scott Yancey's Flipping Vegas premieres this Saturday at 10/9c on A&E!  Join Scott and Amie for a full new season of stripped homes, damaged goods, and flipped houses!

Are you interested in learning how to flip houses the right way?  Get your copy of Scott's book for free!

Why should I attend a Scott Yancey Event?

People all across the U.S. have wanted to get into real estate investing but they just do not know how!  Scott Yancey helps people learn the tips and techniques they need to make money in real estate, when applied properly.  To get started, get Scott Yancey's book on real estate investing for beginners for FREE!

How Do I Hire a Contractor?

We here at Scott Yancey Co would like to express our thanks to all those who follow our blog, asks questions, and of course, leaves insightful feedback. We love hearing from you! Recently a reader asked us how we choose people for our crew. We know that hiring on the perfect help can be often be very difficult. But below, find a few tips to remember before you hire a new contractor:

1. Research references and reviews –

As soon as you have shortlisted a contractor, inquire about references from previous clients. Check with these previous clients and determine their levels of satisfaction using the contractor. Take advantage of technology by using Google search for reviews about the contractor’s business and the contractor. Check with those you know in the area who might have worked with the contractor. Additionally, check with suppliers and those who have maybe worked with the contractor like a hardware store owner; make sure to get their opinions and feedback. Remember to get as much info as possible being as specific as possible when you are asking for feedback about the crew. Ideally, you should hire a contractor with a local address and remember to visit his office to verify. Finally, be cautious of contractors only using a PO Box address as it is they may be difficult to track down if required. It is also wise to check with the State Contractors Board before hiring someone new.

2. Confirm that the company is licensed and bonded –

It is important to hire a contractor who has his licenses displayed in his/her place of business. With this you can verify the licenses are not expired and confirm the contractor's area of training. Besides having licenses, the contractor’s business should also be bonded. In short, this means the contactor has set aside money, which is controlled by the state to pay for claims, should the need arise. This decreases the financial risk for you as the client. Remember, license requirements can vary state to state, so do your homework.

3. Review the contract, review the contract, review the contract! And make sure you understand it –

Regardless of how large or small the scope of your project is, a contract between you and the contractor is necessary. A contractor who fails to draw up a contract should not be hired. A contract is a way to protect yourself and your home in case a problem occurs during the project; do not ignore it. Carefully review the contract terms and conditions. Make an effort to understand the scope of the work and its exclusions. Insist on adding any other details like timelines that might be missing. The contract should also have a section outlining the payment schedule. And as a policy, never, ever make an upfront payment. Have you received your FREE copy of Scott Yancey's book on Real Estate tips?

Why Attend a Scott Yacney Real Estate Investing Event

Many people have heard many things about what happens at a Scott Yancey real estate workshop, so things are accurate, other things, not as much.  Like any product or service, Scott Yancey's workshops have attendees who love the product, and of course those who don't.  At Scott Yancey Co., we are proud to have far more satisfied clients than unsatisfied and we encourage those who are considering attending event to research the opinions of ALL attendees.  And remember, it's not magic; success in real estate investing requires both knowledge AND hardwork!

Below, Tammy LaPuma, a workshop attendee, shares her experience.