All Forum Posts by: Patrick Shawn Faherty

@Patrick Shawn Faherty, do more research. There are better and cheaper ways to accomplish the same thing. The HELOC strategy is for people that have trouble managing there money or don't understand how this really works. There is nothing magical about it and they wind up paying more in interest than they would have if they just paid their mortgage down faster. But honestly, why would you even do that. A mortgage is some of the cheapest money you can get, why would you lock up all your money in equity where it is maybe earning inflation?

I used a heloc strategy to pay down my mortgage. You have to have equity and positive cash flow. Every 10 months I would take a lump sum out of the heloc and pay down principal on mortgage(1st lien). Then I would pay check park my income to the heloc and pay bills from there( paying alot less interest). It cut close to $50,000 of interest and went from 22 years to 5 years. Mortgage was 3.875% and heloc was 4.5%.....but heloc rate is really a non issue doing this.

Be careful to work with Morris Invest. I am the victim of them. Read "Story with Morris Invest" on BP please. Make your own judgement if you want to work with them. By the way, Tyler helped me to find IPM, IPM and their owner Todd and Derek helped me a lot.

Hello @Ryan Cameron,  I am a landlord in Philadelphia.  I have run into this with not only my rentals, but also my primary residence.  I have been with the same insurance company for over 10 years.  I made changes to my home policy and landlord policies a couple of years ago and a visit was made to all my properties and I was asked to make some repairs.  For obvious reasons the insurance companies are not ensuring that what they are insuring is being maintained properly.

For Philly, I don't think the sidewalks are bad at all.  But we live in a culture where people believe that the easiest way to heard a living or make extra money is to sue someone.  My sister is currently being sued because someone claimed they fell on her property.  Her sidewalk is in better shape than yours, no crack, no pushed up concrete...she has a small area at the curb that dips.  I think this is a sign of what is to come with all insurance carriers.

Good luck.

Hi Josh,

We did end up switching companies, as I believe it is better coverage, but sadly, the price is about the same.  Please let me know if you can do better...I'd love to know.  Good luck!

Has anyone had success with transitioning their properties away from ABC capital to another property management company. If so can you please offer some recommend. Thanks.