Scott Yancey knows that there are surprisingly simple ways to get into real estate investing. Beginners learn this as they go further into the real estate investing world, but only the beginners fortunate enough to attend one or two of Scott Yancey’s real estate seminars, workshops, or courses have the added advantage they need for success. Scott and Amie Yancey, along with the team of teachers, experts, and educators that they selected to accompany them, are going across the country for the Scott Yancey real estate live events.
Scott Yancey Live Events
At each of these live events, different educators step forward to educate both novices and
professionals at the event alike. The teachers at each seminar understand that beginners need information that they’re not going to readily get anywhere else. For professionals, the teachers simply provide them with real estate investment knowledge they’ve either needed to brush up on or simply didn’t know in the first place. Some experts who’ve been at the real estate investment game for decades come to Yancey’s seminars and learn new things.
Before getting started at a Yancey live event, though, it’s important to first understand what real estate investment even is to begin with. While many generate a passive income through renting properties when it comes to real estate, the investment side of it is something completely different. Instead of renting out a property for someone to live in, real estate investment is instead about flipping properties. You purchase a property you’ve determined is going to make an honest profit, fix it up until it looks like someone would actually want to live in it, and then sell it to the highest bidder.
Scott Yancey and His Wife Amie
We can see this strategy consistently being used on A&E’s Flipping Vegas, which Scott and Amie Yancey both star in. They flip the houses that they fix up, getting a profit and getting rid of the run-down homes around the neighborhood in the process. In one fell swoop, they manage to turn a house into what one might consider a beautiful home in every episode.
The Yancey’s don’t do this for their own gain, however. On the contrary, they prefer to educate others on their real estate investment techniques so that they can get more people involved. They also try to make every home they sell useful to someone who genuinely needs it. For example, on one of the episodes for Flipping Vegas, Scott and Amie are seen giving a home to a homeless US veteran. Not only do you get to see the transformation that the once shoddy property gets to experience, but you also walk away with the knowledge that someone who would have otherwise been on the streets now has a place that they can actually call home.
As mentioned, understanding a little about real estate investment is necessary before you can even decide if it’s the calling you’re after. Uncovering some tips that beginners need to learn at the start in order to become successful is one of the easiest ways to immerse yourself in this side of the investment and real estate worlds. These tips are brushed on and explained more in detail through Scott Yancey and his fellow educators at each of the Scott Yancey real estate seminars.
Understand the Language and Lingo of Real Estate
When you hear investors start to talking about their day jobs, it can get a little confusing with all the technical lingo. It’s best not to let your ignorance show when you’re out of your range of knowledge, so make sure to understand the terminology and specific codes or acronyms ahead of time. This will allow you to make easy conversation with fellow investors, learn more about the industry over time, and it’ll help you understand the real estate investment system that’s already in place. Understanding at least a few of the terms commonly used throughout a real estate investing conversation means you know the difference between a BPO and your NOI. It’ll also help you better understand more about CAP rates, what they’re for, and what they do.
Do Math Like the Operation Depends On It
If you rely on your team’s accountant to handle every mathematical calculation that enters into the equation, you’re losing part of your overall budget. By doing the basic math for yourself and leaving the real math up to the accountant, you can dedicate him or her to a specific job and save money by becoming better at identifying prices for items. For example, you may have spent $200,000 on the property, but now you need to spend $20 on paint. Hiring a painter is another $200 tacked onto that. There are calculations that are going to be required with every step of your real estate investment process, so make sure you’ve got basic elementary math skills down well before you get started. Analyzing all of the variables you’ll have to put money towards ahead of time will allow you to establish if the deal is even worth it or not. This is Yancey’s number one way to finding the best deal for your dollar.
Create a Plan
You can talk the talk all you want, but actually putting all of your talk into motion is what gets the deal done. Yancey recommends creating a written plan that you can go along with before you get started in the investment itself. Creating a plan of how you’ll get from point A to point B is the easiest way to becoming a successful real estate investor, as we learn from Scott Yancey’s real estate seminars. Yancey, Amie, and his educators all help with the creation of your first plan. They’ll help you fine tune it, understand what should be left out and what should be added it, and they explain why you’re doing what you’re doing every step of the way.
Keep Up with Your Bookkeeping
This is a necessary, absolutely required tip you need to pay heed to ahead of time – start off your investment business right with good bookkeeping. A lot of investors thank Yancey for telling them before they dived into the real estate investment world. Those that didn’t listen became quickly disorganized, disheveled, and more stressed when it came around tax season. Those that started with an organized bookkeeping system beforehand found that they’ve saved money, been able to keep up better with charges, and they’ve got better communication between real estate investment team members as a whole. Plot your taxes, legal holding status, and bookkeeping out with your attorney and accountant; they’ll help you get everything in order and on track.
Keep Real Estate Investment and Your Career Separate
There are plenty of people out there who quit their day jobs and dive full on into real estate investment. However, it’s best to keep your investment life and your career life separate, at least in the beginning. You may decide that you like real estate investment so much that you don’t want to go back to your old day job. At the same time, you may decide that real estate investment isn’t the path for you, and you still have your old day job to go back to.
It’s important to keep this in mind, because you won’t be able to decide if you want to be a real estate investor just overnight. Keep your career alive and growing while you learn more about investment, get some real estate education, and while you put a dedicated investment team together. You won’t be able to decide for yourself if investment really is the right path to be on until a year or two into the investment game. That’s why having a back-up plan is absolutely vital. There’s also the chance that you just won’t have the skill or talent for it. This problem is usually solved with some informative real estate or investment seminars that Yancey holds.
Get Scott Yancey’s Free Book
Find out more about his book here https://scottyancey.com/go-time-book-preview/