Excited to be here!! First post

[Patrick Davenport]

Excited to be here with the rest of the Bigger Pockets family and learn as much as I can from all of you as I am really new to the game! I currently have 3 commercial properties and one single family residence (all occupied).

  I am currently looking into a 5plex that originally was a single family residence and struggling to find reasonable insurance rates.  Cheapest I have been quoted is $3,500 a year when I was expecting $2,300 per year. As of now 4 of the 5 units are currently rented out for a total of $2,725 as the 5th unit is being completed(a studio apt) and expected to get $475-500 mo.  The entire property has been redone and is in really great shape with all new appliances.  I am still running the numbers especially now that I have realized the insurance much higher than anticipated.  I've put in a verbal offer of 272K and the seller has agreed to it.  I plan on putting 20% down, but trying to find the best financing possible.  Not sure how banks will react to a converted single family home to an apartment. Any input would be great on insurance or lenders for this type property.

Thanks

Patrick D.

[Julio Gonzalez]

Welcome to BiggerPockets, Patrick! You found the right place for information. Best of luck investing!