All Forum Posts by: Joseph Platyan

@Sheryl S for buy and hold you’ll need a regular dwelling policy. The policy referenced above would be for a fix or flip. Land you need a GL policy. We do those for $205/year in the Philadelphia area. If the land is owned personally and not by an LLC you’re primary homeowners insurance should be able to extend coverage to that location for no extra charge. Lets chat this week a bit more In-depth about the insurance for your properties and land

Philadelphia is becoming tougher by the day to find a good deal. I've lived in the city and now live in the surrounding suburbs.

Fishtown is a market that keeps expanding. I handle the insurance for a lot of developers and flippers and they all keep buying in Fishtown. It's pushing into Kensington more and more, which is tough because Kensington is still a bit rough around the edges.

If you can find a good deal near University City, I feel this is going to become a hot market soon. It's really close to West Philly but that area is going under some major development now and will soon be a very popular section of Philly to live in.  

Best real estate attorney I know is in Philadelphia. Name is Rich Pressman. Pressman family has focused on Real Estate related law for close to 100 years now. Look up Rich and tell him I sent you!

Hey Sheryl, I own an insurance brokerage in Philadelphia and specialize in rental properties and fix/flips. I have a few good markers for you I can try. Let’s connect

Hey Andrew, I own an insurance agency in the city and can help here.. It depends how you are buying them. If they are each in your individual name then yes you need three separate policies. If you are going the LLC route you can put them all under one policy but I would highly recommend throwing an umbrella on top of that policy. Something to keep in mind with insurance and condos. The property insurance follows the unit for the most part. So if someone has a leak upstairs and your unit gets damaged, it’s your insurance that responds and not theirs. Let me know if I can help with the quoting process. Our H06 policies are super competitive in Philly

Dave is right we are both Erie agents. Erie offers this which included a lot of the coverage you are looking for. I can send you the job aid that goes of FAQ on the coverage and you can see if that is what you are looking for. Shoot me a message. My office is in Philly. So far I know Erie, Phila Contribution, and Berkshire Hathaway GUARD are providing this coverage in our market.

I own an insurance agency not far from Jersey City As a building owner you MUST carry an umbrella. Habitation class in insurance has one of the highest loss ratios which basically means it has the most claims. The biggest nuance we see is slip and fall and not even from one of your tenants, from someone walking by in the winter that slips on ice. We’ve seen these claims go 1MM + in damages. The umbrella is the cheapest part. You building/general liability will be the more expensive part and the umbrella shouldn’t be more that $500-$600 a year for an additional 1MM in coverage. Let me know if I can help the quoting process!

Steve I heard in NJ someone can live in the property and not pay rent for up to 6 months before you can evict them? I am not sure where I heard that or if it's correct but figured it might be an issue if it is. 

Would love to chat sometime about NJ MF properties sometime. 

Thanks Eddie! I am on the other side of the state and a newbie looking for my first deal. Appears to be tough to make the numbers work around here. Appreciate your advice.

I've noticed a decent amount of MF properties available in the South New Jersey area.

Would anyone who is familiar with this area consider this a good market to invest?

I hear NJ has some bad squatter laws. I assume this is something to be concerned with?