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All Forum Posts by: Cecelia Redmond

Cecelia Redmond has started 2 posts and replied 16 times.

Post: Mobile AL REI group

Cecelia RedmondPosted
  • Mobile, AL
  • Posts 17
  • Votes 5

Mobile hasn't had a meeting of REIs in over a year.  We need to organize and get back to sharing the deals and information in the area.  To get started now join the Facebook Group. https://www.facebook.com/groups/MobileBayAreaRealEstateNetworking/

Where do you find "local" hard money lenders? Most I have found are never local.

Post: 70% rule

Cecelia RedmondPosted
  • Mobile, AL
  • Posts 17
  • Votes 5

Can someone explain how to figure the % of ROI? For example I do the equations above with these numbers.

ARV = $99K repairs $25K

$99K * 0.70 = 69300 - 25000 = 44300

Say I do sell for the total asking price $99k

$99K - 44300 = $54700 

What is the equation to figure my % for ROI?

I know the percentage on the money borrowed has to figure in somewhere right?

Based on the numbers above is it correct to say ROI is 123%

As another newbie I want to welcome you.

Don't know "MANY" flippers.  Don't know any!

It isn't so much what, as the time. Education is always expensive, it is either expensive in time and opportunity lost, it is expensive through making mistakes for lack of basic knowledge or it is expensive by paying for it up front. Just from what I learned already I figure it would have taken me a very long time to learn, if at all, because if you don't know what to ask and when to ask it you will never ask and if you use the Internet or other methods you might never find the question or relate, and not know to ask the question and a single mentor would either not think to tell you or assume you already know.

It is the same as with my Merchant Marine license I had to have minimum of 1440 days underway with 720 days on vessels before I could take the test but even though I had been at sea I would not have passed the test without paying Houston Marine for the test prep which cost $$$

All of these endorsements from the United States Coast Guard are required and after paying for the courses the USCG costs for the actual endorsements at $165 min each. 1600 ton Master $9,500 STCW $1,900.00 Able Bodies Seaman $799 Advanced Firefighting $799 RADAR $799 Proficiency in Rescue/Lifeboat $999 So to get my license I had to spend $14,796.00 and I lost sea time to automatically renew, after 10 years of sailing, when my parents were sick and died in 2007.  To get my license reinstated I would have to start over to work on a Merchant Marine vessel it would cost me that much again. A 1600 ton vessel:

Well due to the struggle I have had with my after college life that debt has nearly ruined my credit and if I do not do something it will be the only thing my son inherits from me.

I am going to the next level with the Armondo program because of my evaluations. I went to the three day and learned so much that I had no idea to even think about. It was a revelation that if I didn't know to look for the topics I wouldn't think to click on those topics. Also I paid a Jesuit college thousands of dollars for a BA and have never been able to make more than $30K a year with that degree. I was looking at a Masters degree and talked to a few people who said don't do it unless you have a job waiting for you. A masters of 18 - 24 months would cost nearly the same as the Armondo course. But, no college professor actually gives you real world knowledge and always the college educational information is at least 10 years old. I tried getting locals to help me learn and found they were trying to rip me off as well. I think it doesn't really matter what the cost if there is any amount of nuggets I can glean in 3 days instead of 18-24 months I can deal with that. Also, many people who pay for such courses never use the information then get angry that the info they purchased was a waste of time. 

Many of the poor reviews on the Internet also lead you to the bottom of the page where there is a link or buy now because their program is so much better. 

BBB ratings are misleading and full of BS http://www.consumeraffairs.com/online/bbb.html  there are many complaints about the methods and to be accredited or get good ratings from BBB just be willing to pay for it.

Originally posted by @Russell Norgren:

Welcome to BP! I am in Mobile, Al. and would be more than happy to talk with you. If you are not familiar with the local REI association then google Port City Real Estate Investors Association. There are a lot of great folks from both Mobile and Baldwin Counties and it is a great way to meet them. Meetings have been a little sporadic lately but you can sign up for email notifications so you know when the next meeting is. Good luck with your endeavors and enjoy your 4th of July weekend!

 I signed up 

Thanks Al Wilson, great to hear from you. After the 4th I will hope to start meeting some more local folks who are actively participating in REI. Have a great 4th