Buying Condo Portfolio - Philadelphia - questions

[Andrew T.]

Hello BP,

I am a new investor looking to buy a portfolio of 3 condo units in the same building in center city. I am running my numbers and have trouble estimating insurance since I am not sure do I need 3 separate insurance plans(HO6) or 1 to cover all? Also, how would taking out a loan work, will I need 3 separate loans or 1 for the full amount. Thanks in advance.

[David Martin]

Hi Andrew,

We own units in the same building in Center City, and we carry separate insurance and separate loans on each. However, we did not buy them at the same time. I would suggest talking to an insurance broker who is familiar with your specific building. Best of luck with your purchase.