WA purchase agreement

7 Replies

does anyone have a purchase agreement contract for a multi fam property in Washington state?

There is no state approved form for Washington. You can use any agreement you want that covers all your bases, or get the suggested template forms from any NWMLS agent. I use a custom version of Utah's forms, since I invest in both states, just to keep it simple.

Thx Aaron.  What are you thoughts on the WA multi family market?  I have family living near Tacoma and we are currently exploring opportunities for 4-8 units.  Also, my brother is a contractor there.

The Washington real estate market is pretty hot in general but Pierce county (Tacoma and the surrounding areas) can still offer solid returns if you find the right deal. I mostly do smaller multi-family (2-4 units) as I prefer the financing options but 4-8 can work too. 

Small multi-families that are priced correctly tend to fly off the market the same week they are listed. We've seen roughly 10% appreciation on mean sales price over the past year (Feb 2016-Feb 2017).

@George Alves Jr  Aaron is right, good deals go quickly here. Tacoma is a good area, I'm up north but would like to buy more in Pierce county as well. 

@George Alves Jr  Aaron is right, good deals go quickly here. Tacoma is a good area, I'm up north but would like to buy more in Pierce county as well. 

Ok, thanks for your comments and input.  Out of curiousity, is assigning the contract-(wholesaling) in  MF in WA legal using an escrow-title co?

Most of smaller Multifamily in Tacoma and around doesn't cash flow good enough, they don't even hit 1%, more likely around .8%-.9%. On top of that , those are mostly older houses with quite a bit of deferred maintenance. I think folks starved of yield in a low interest time are pushing the valuation of MFH.

My advice will be to focus on SFH, if you persist you will pick up good deals time to time. From my experience in the market you can get better yield in SFH now, compared smaller MFHs.

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