Have you received an invitation to attend a seminar hosted by star of A&E's Flipping Vegas Scott Yancey? Two of us recently attended one such seminar here in Las Vegas, and below is our recap. Have you attended one of these seminars? We want to hear from you.
We attended a seminar here in Las Vegas in November 2013. The nearly 4-hour event included several speakers who talked in great detail about wealth, and how we could achieve it through real estate – but not through the normal channels such as real estate agents or auctions. We were never given the details on how this wealth could be achieved, but we were encouraged to sign up for additional seminars, which we were told would hold the answers.
The seminar sprinkled a small amount of information over a very long and high-pressure sales presentation.
And just what were they selling? More seminars.
It seemed that the purpose of the seminar we attended was not to offer free advice to investors, but to find bigger fish with deeper pockets they could move into additional high-pressure sales rooms.
The “free” seminar sells investors another seminar, this one lasting three days and costing $1500 to $4000. (You may later find that this seminar can be purchased on DVD for “only” $500). That seminar, in turn, will yield even more pressure for a more personalized service which costs anywhere from $20,000 to $60,000. Thus, the free and $2000 seminars appear to exist solely to sell higher-priced seminars.
Yancey’s seminars have been advertised on television, radio, and email.
Several websites appear to be in use for promotional purposes:
- scottyanceyseminar.com, registered on December 3, 2012
- yanceyevents.com, registered on July 3, 2012
- scottyancey.com, registered on June 6, 2009
- scottsnvweath.com, registered April 10, 2013 (Seen adverting here in Las Vegas in February 2014)
The format of our seminar seemed eerily familiar.
Rich Dad Seminars
The model has also been used by the Rich Dad seminars, which were exposed in an undercover camera in 2010 by a Canadian investigative news team. Those $495 seminars led to $45,000 seminars. When confronted with the sales tactics of his seminars, Rich Kiyosaki said that it disturbed him and vowed to look into the complaints. Rich Dad seminars continue to this day, despite the bankruptcy of one of Kiyosaki’s companies in 2012.
There are also the Dean Graziosi Real Estate Seminars, which follow a nearly identical model to Yancey’s. Graziosi and Yancey appear to have some working relationship, as Graziosi has appeared as an “expert” in videos shown at Yancey’s seminars. (Read consumer complaints about Graziosi at Yelp and Complaint’s List or this review.)
Does Scott “Host” the Seminar?
The YanceyEvents.com website states that “Scott is hosting a FREE live event in your area.” Emails sent out to prospective clients make the same statement. Yancey, however, was nowhere to be seen at our seminar, nor has he been spotted by anyone we have spoken with who attended similar seminars around the country. It is unclear how involved Yancey is in the operation of these seminars.
The digital camera that is included as a gift for attending the seminar is of dollar store quality. It holds about 20 pictures and is made of plastic. It’s certainly not worth a 4-hour high-pressure sales pitch. A CD containing Scott Yancey’s book “Go Time” is also given out.
Is there value in the Scott Yancey seminars? You won’t find the answer at his free 4-hour seminar, or even the $2000 three-day seminar. If you have $40,000 to spare and wish to find out, please let us know. Those we have spoken to who attended the $2000 seminar did not feel it was of value, and that it was essentially an expensive sales pitch.
While it is unclear if any potential investors have profited from the Yancey Seminars, it is clear that the seminars themselves are generating a large amount of cash for those hosting them.
The consensus as we left the Yancey seminar was that our four hours could have been better spent reading a book about flipping houses or real estate.
Have you attended a Yancey seminar? Let us hear from you in the comments below.