As the U.S. housing market picks up steam, more and more real estate investors are searching for their slice of pie. The National Fix & Flip Network reached out to the king of Las Vegas real estate, Scott Yancey of Goliath Company, to see what made him so successful.
Scott Yancey is one of those people that doesn’t just talk the talk, but actually walks the walk. He’s involved in all aspects of real estate and stars in A&E’s hit show “Flipping Vegas” along with his wife, Amie Yancey.
We asked Mr. Yancey a few questions and here’s what he had to say:
After watching Flipping Vegas on A&E we all know you’re a house flipping guru, but what else do you do?
I am a real estate investor #1. My business for 20 years until the market changed was land development. I am now buying land and lots again. I don’t just flip, I believe you flip to generate capital ideally to “Buy & Hold.” I own a Real Estate brokerage, GOLIATH PROPERTIES, which houses my agents that find me my investments as well as investments for many other investors from around the world. I have an education business, YANCEY EVENTS, where I train others to become real estate investors taking advantage of the record lows we’re experiencing. My students learn the same strategies I use everyday.
When it comes to fixing and flipping homes, what’s one tip you’d give to a newcomer?
It’s a calculated decision, not emotional! I teach my students how to evaluate a deal and if it doesn’t pencil, WALK! I can’t just stop with one tip! Don’t be afraid of ugly! It means opportunity to get a better price, then update and flip for even more money! Ok, bonus tip! Buy a home warranty at first for a few hundred bucks until you get better at your inspections! More information about this can be found in my new book, “GO TIME!”
Since you know the Las Vegas housing market like the back of your hand, are there certain communities investors should keep their eyes on?
I love to buy in Summerlin, Mountains Edge and the Centennial area. They are newer homes, they were priced through the roof then hit real hard on values. Owner occupied buyers seek these areas and investors love them as the rents are better. Plus, there are lots of hospitals, which equates to JOBS! I prefer my tenants to have jobs.
Do you have any tips for homebuyers and real estate investors that are looking for short sales?
Call my office! My agents are great at getting short sales approved for sellers and for representing buyers, but I can’t give their secrets away here. Don’t be discouraged because the word is out about the great deals in Las Vegas and the fact that a lot of buyers are going after the same properties now. Nothing great is easy, so make sure you have a good agent who is not afraid of working very hard for you. If you feel like you are getting beat out on your offers because of so many multiple offer scenarios, go buy a new home! This is probably not the best tip for an investor but for an owner occupied buyer it works. Builders in Las Vegas are cranking out new homes on a regular basis and selling up to one a day in some communities.
Goliath Company is rapidly expanding, and we’re curious what your plans are for the future. Any ideas?
We are expanding into many other markets this year, winding up our land development business to sell builders lots, invite more investors to partner in larger GOLIATH projects, and we are doing twice the amount of live speaking events this year to teach others how to invest in Real Estate. Most importantly we are looking to “pay it forward” doing more home giveaways through “Investors Giving Back.”
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