All Forum Posts by: Andrew Kniffin

Can you provide more detail on the property, terms, and other salient details?  Right now this is "inside baseball".  

@Chris Winterhalter "Cap rates have compressed across the country".  I hear this often.  By how much have caps generally compressed - 2%, 3%?  I've only been following MF for ~1 year now, so do not have the depth of some who recall when cap rates were different than their current state.

This year, for the first time, my wife is self-employed.  

This means that, rather than have an employer take out x% every two weeks, she gets a full payment for her work and then we must pay $XX,XXX to the Feds 4x per year.  

What is the smartest thing to do with these funds?  They need to be liquid since I'll need to drawdown on them every ~90 days.  But putting it into a savings account seems like a waste.  

There's got to be a better way. Can I provide short-term funding to a HML? Or....? Interested in anyone's wisdom and/or input on the topic.

Very cool up-and-coming neighborhood.  Relatively affordable, diverse.  Good parks.  Limited retail.  What else would you like to know?  If you are ever in the area let me know and we can go out for a meal or coffee to talk further. 

Hi @Brian Bice .  Like @Brandon Turner , I also moved from Minneapolis, Minnesota.  (I moved to WA in August).  

Our interests are similar, too.  Let me know if you'd ever like to get together.  I live in Columbia City near Seward Park.  

Columbia Escrow LLC (in Seward Park) was excellent to work with for my purchase of a Single Family home.

Hi all:

Just wanted to give an update about what's happening with my Saint Paul, Minnesota-based multifamily purchase:

• We signed and executed a conventional Purchase Agreement.  
• 2 days later, Seller received a higher offer.
• He submitted both to the Bank (recall that this is a short sale)
• Bank 'accepted' other offer. 
• We have threatened a lawsuit for Breach of Contract, since Seller did not continue with the signed contract.  

That's where it stands.  So it's drifted into a legal issue.  It is a bummer that this has happened, but I believe it's worth pursuing since I really like the property at that price.  

I'll keep advised as things proceed.  

Regards,

Drew

Within the Seattle area, I'd encourage you to look toward southern Seattle MSA.  Anything south of the airport, toward Tacoma, has much better cap rates.  (But the tradeoff is that the historical trend in rent-rate increases is lower.)

I hope it works well for you.  You should report back here 6 months after closing Nd report how similar/different the actual numbers are compared to what you understood mother to be at closing.

*Speaking