ChicagoAbe

Screen Name: ChicagoAbe

ChicagoAbe
Points: 4739
Chicago, Illinois
United States
OFFLINE
Retiring by 35. Watch me do it.
rank 4 Ambassador Top 10 Blog Leader Top 10 Photos Leader
How I Invest
Investment Type:Buy & Hold
Commercial
Rehab
Activity Level:Part-Time
Investing Since:2003
Reason on REI:Investor Networking
Tools & Resources
Member Since: 01/07/2007
Last Login: 11/22/2008
Education


BA in English from Albion College
BA in Fine Arts from Albion College
Post-grad work at Trinity International University
Illinois Registered Loan Originator
My Family
Who Is Abe?



Mortgage Planning for Real People


When I graduated from college, and was hired to work in Chicago, I knew that I would be low on cash and that I didn't want to throw my money away on rent. It was at that time that I decided that I would buy a condo in the city.

For the next 8 months, I lived out of a backpack and slept on the floors of 12 different friends around the city, moving about every 2 weeks. With no money in my bank account, I got online and googled "no down payment loan". I clicked on the first link and decided that that would be my lender. Two months later, I was sitting at a closing table. My lender had left the country, my closing docs/numbers were nothing like what I was told they'd be, and my attorney let me know that I could either pay the extra $10,000 in back-end points and increased monthly payments, or I could walk away from the table and likely lose [my] home.

I bought the house. I never heard from my lender again and I didn't care to speak with her. Sometimes it's better to learn from your mistakes and let God "fix" those who wrong you.

For the next 12 months I lived on ramen noodles and corn dogs, but when that first year was up, and I was able to refinance, I got into a great loan at a fantastic rate, and started to look at other properties to invest in. Less than a year later, I located a great property on my street and put in an offer. I saved on my rate by making the new property my primary residence, and I rented out the one that I had purchased first. During that first year, and even the second, I earned upwards of 15% appreciation in each of those properties. I still have the same renter in that first property that I've had since the day I moved out. He's gone from bachelor, to engaged, and will be getting married next month and becoming a father in December. I cannot emphasize enough, the importance, and even privilege, of having good renters.

Though I only own 2 properties, I have 3 renters because I rent the spare bedrooms in my 3bedroom/2bath condo to people who find me on craigslist, and I've always had excellent experiences. Owning multiple properties has insured that I've always received money back from Uncle Sam come tax time and I expect that it will insure that I don't have to receive money from the government come retirement time. The way I see it, if anyone can buy at least 2 properties while they are in their 20's, live in one and rent the other, and pay them off, even at a 30yr pace, they will insure that by the time they're 60 they'll have 1 income property free and clear, and no payments on their own house. That's a solid retirement that always grows with inflation and the cost of living. If you can buy 3-6, then that's just more income for your future.

When I found REI I loved that it allowed me to share my experiences and lessons learned while having the honor of hearing from some of the most experienced and knowledgeable people in the industry. I've made friends with people who've suffered some of the same difficulties I have and have been encouraged by their stories. The rental agreements kept on the "tools" page have been an excellent asset and I've even been able to impress some friends by pulling together a purchase contract in a matter of minutes (also found on the REI "tools" page).

Clearly, not all of my real estate experiences have been good, but I've learned so much through my troubles, triumphs, and resources like REI, that I wouldn't trade my time or money for any other investment.
My Homies
More people like these, who I can be proud to share a profitable partnership with.

      




View Abe Loper's profile on LinkedIn
Abe Loper (Abe Loper): Loan Officer in Chicago, Cook County, Illinois
Abe  Loper
My REI Friends
ChicagoAbe has 661 contacts

GeorgeLoper Matt Miller - Content Director Jeff_Tumbarello
GeorgeLoper Matt Miller - Content Director Jeff_Tumbarello
Matt LANDLORDS FINEST™ AndreaPerkins
Matt LANDLORDS FINEST™ AndreaPerkins
tracytpr petra Jamie Nordin
tracytpr petra Jamie Nordin
Tana mandypsold Jkayz
Tana mandypsold Jkayz
I'd Love to Hear From You
Brian & Rita

From: Brian & Rita
11/19/2008

Abe,

Thanks for sharing your experiences in such an honest way! We're certain you'll be retired way before 35!!

All the best,

Brian & Rita



renttoown

From: renttoown
10/20/2008
I am an active investor and own a rent-to-own business and credit repair company in the Chicagoland area.  I setup landlords/investors with rent-to-own tenants, I get paid through the tenant/buyers, and I come across motivated sellers.  We could definitely benefit from each other. Shoot me an email at mattpetersen@yourbuyers.net or give me a call at 269-873-6101 if you want to talk further.

COSTA RICA LAWYER

From: COSTA RICA LAWYER
10/20/2008
 

Hello from Paradise, Costa Rica, like you we want to reach interesting people with similar goals of success stories, I see you are a RE Veteran, I’m sure  I can learn a lot from you. Please, feel free to reach me any time at: www.firstnationaltitle.org  Yours, Alexander M, CEO.



wholesaler

From: wholesaler
08/13/2008
In response to you message that you sent me. I don't think we have spoken, but I think I found your membership on REI. I think I either called you or emailed you that I offer unsecured credit. I see that you're a big player and would know a lot of people that would consider unseucred credit.

carringtonrei

From: carringtonrei
08/08/2008
Hi Abe, looking to network with loan officers all over the country. Currently working with a note buyer and wanted to speak with you on how we can exchange some business deals together. Have a good one.

JohnLydic

From: JohnLydic
07/25/2008
Thanks Abe – I can relate to the ramen noodles. I was homeless for a few weeks, living at a free campsite on Lake Allatoona in Georgia. A young couple rolled in late one night. They had gotten into a fight. She clocked him over the head with a flashlight and threw his fishing poles in the lake. I went diving the next day and retrieved the poles. I can tell you, seriously, those were a few of the best weeks of my life.
 
Now I’m fishing for an investor. Please let me know if you might have an interest in a San Antonio venture. My proposal below:
 
 
I am looking for someone who, not only, has the means, but can recognize the viability, sustainability and growth potential of my plan.
 
Any help, direction or referral would be appreciated.
 
Thanks,
 
John Lydic
440-454-4321
wholesaleproperties@cox.net
 


Jeff_Tumbarello
Ambassador
From: Jeff_Tumbarello
07/24/2008
Abe big money is in motion down here, its still Florida afterall. Lot of fortunes being made and lost at the same time. I am pretty pumped

Westbrook Consultant

From: Westbrook Consultant
06/26/2008
Good afternoon Abe,
As I write this I am sitting here trying to figure out a few things on a real estate I have in the works. I was wondering if you would be interested in going over some things with me and maybe any advice. This is my first property and I originally did an owner financing program, which was never recorded so this had to become a new purchase lickety split. All goes well and I will close on July 8, I have renters in place and will be profiting $423 or so a month plus I have approx. $40,000 in equity already. thing is I was trying to refi and get that money out to move on to my next one...Any ideas?

Johnathan Westbrook
336-266-4632

The Money Finders, LLC

From: The Money Finders, LLC
06/10/2008

Thanks for sharing your company information. The services you offer are of great value to the community and I wish you nothing but the best in your pursuits.

Take a look at www.learnapartmentfinancing.com, where we are assisting investors, realtors, mortgage brokers and commercial property owners with never told information regarding commercial financing and commercial property investing. You won't be sorry you did.

Lastly, we offer Commercial Consulting Services, such as, Loan Packaging and Underwriting Services for those with current projects to present to their lender for approval. We also offer Lender Referral Services where we will introduce you our lenders for loan submission. Our Lender Placement Service will also place your loan with one of our lenders, if you so desire.



bluemooncapital

From: bluemooncapital
05/07/2008
Hello. My name is Shannon. I sell 100% rehabbed turn-key investment properties in 6 emerging markets nationwide for 5K out of pocket cost! My properties have at least 80% LTV and many are rented and managed already showing healthy cash flow. We mitigate the risk of investing out of your backyard. There is no safer, faster or easier way to grow your RE portfolio.Give me a call @ 720-224-9829 or shannon@bluemooncapital.com.

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