All Forum Posts by: Christopher Bunge

Try Scott Shafranski at Finance Of America in Charlotte.  T. 704.672-4265
He has been doing a good job for some of our people.

We have any number of investors doing that sort of investing here.  Are you interested in single-family or MFH?  I can post some examples with figures and rents if you tell me a bit more about what you are trying to accomplish.

Nina,
I am in Columbia and have been using Matt Westbrooks at the DIY Guys.  He did a duplex remodel for a California client and has done some smaller, punch-list stuff for us.  I can PM you contact information for property managers that out-of-area investors have been satisfied with here also, assuming that is BP etiquette.

Mr Reid,
I live in Lexington and work in Columbia (and my parents were both OSU professors and lived in Columbus).  I can answer some questions about the area if you'd like to e-mail or PM me.

I tend to think things here are about like they are in these sorts of secondary markets: lots of demand for flip properties, wholesalers who pop up with a good one now and then but it isn't easy.  Actually, it is very easy to buy flips, much harder to find profitable ones and reliable contractors.  But we do it every day.

There are parts of Columbia that are the equivalent of the Short North in Columbus the way it was 20 years ago: gentrification, rehabs working their way through entire neighborhoods.  I feel sure the cost-to-play here is less than it is in Columbus although maybe Canal Winchester is lower-priced than Arlington, Bexley or Westerville.

Holler if you have specific questions and I will help you connect with people that can answer those intelligently.

Regards,
Christopher Bunge

In the Columbia area, you do not need an on-site manager but you do have to have a responsible party within an hour or so of the property.  It is different in different towns but I seem to remember Cayce, for example, needing a contact person 75 miles or less from the property.  I cannot find the statute now but I think Columbia is a shorter distance.  Landlords cannot live in, say, New York without having someone here for tenants to contact if there are problems.

Mr. Bailey,

I sell real estate in Columbia, mostly investor properties but "retail" as well.  Raw land is hard to get excited about unless it is an especially good location but one thing you mentioned is a bit of a red flag.
Lots where houses have burned come up regularly and if a builder buys it and goes to the city or county to get a building permit the first question will be whether the demolition people got the correct permits to tear down the remnants of the burned house.  They will not issue a building permit, it seems, until the process is gone through the right way.
Maybe it is like this everywhere, maybe it was particular lots we dealt with but demo is not demo without the permit.
If you want to PM me the address or post the part of town here without specifics I can tell you a little about the area if that would help.

I had those under contract twice. One couldn’t  stomach the 150,000 in rehab necessary even though I told them what to expect before we made the offer. 

The second party gave $2000 in earnest money to the sellers because he could not find management willing to take them on in the midst of what is hitting the fan here in Columbia in regard to the Allen Benedict apartments.  These are a good buy if you understand that after spending 150 to175 in rehab they will bring 650 each. But it is a large project in a C minus neighborhood.

Will, 

I don't see the details of the wells but it is showing a $2140 charge last year for water.  Is that for the common areas or something else?

 Great, I hope you can get something done with Guild.  Best of luck!

 Tina, I know you are trying to do what's right for your friend/tenant but I am willing to bet Tim's experience with breaker boxes against hers. ;)