All Forum Posts by: Christopher Bunge

Tina, since we sold you the house I may be biased but outside is fine. Many, many houses here are outside. Behind the fridge where it currently is won’t work but 200 amp seems like too much, even with a washer-dryer. It is odd that the panel was upgraded once yet they stuck the fridge in front if it.

I can’t imagine that it’d save much but 150 amp service seems like enough.

Unless adding a third bedroom/master bath in the future is a consideration. There is room enough to do that and then you’d have 200 amp service in place.

Maybe one more electrician’s opinion?

Lauren Wild at Guild Mortgage handles these.  Worth a call.  I can PM you her number if you like.

Danny Buckner at Midlands Mortgage and Lauren Wild at Guild both do MFH or 203K.  Also plan to try John Budry at Angel Oak Home Loans this week for some secondary clients.

Cory
I have people interested in structures like this.  If you can send information in regard to pricing and design I may be able to put you with people that want to build small communities of these.

Thank you

CAP rates here are the same as everywhere; it depends. 15 is not at all unrealistic but that is in a C neighborhood. 8 to 10 in better neighborhoods and 5 to 6 in nicer neighborhoods and even to achieve that you have to be a careful, attentive buyer.
 

Be cautious about the difference between rooming houses and boarding houses, group homes for profit, faith-based homes, rehab or halfway houses.  Richland County and (probably Spartanburg county) have at least a dozen distinctions and each with different zoning and codes.

West Columbia is just now waking up. I've been in the area 20 years and am still flummoxed by the idea that Shandon and Rosewood are worth 3 times what West Cola and Cayce seem to be. Yet they are the same distance from USC.  LOTS of opportunities in Richland and Lexington counties.

Andrew,
I have investors and builders that I have been discussing this with and there is lots of interest.  I called Virginia Homes Building Systems and they quoted me about 165 including shipping for a factory-built, assemble on your lot triplex about as you describe.  Then it is up to you to get someone to do the dirt work, pour a slab or footers, do water and sewer hookups and assemble the pieces.  
I know nothing about the quality or even a wild guess as to assembly costs but 160 seemed in line. I ran that figure by a builder/flipper client and he believes he could do stick-built for that but I haven't seen figures yet.  This Virginia Homes outfit might be worth a call and I feel sure there are five other companies doing the same sort of thing.  If nothing else you'd hope it would save a few months on the building time.
I'm very interested to hear about your experience. I told my builders that if they could do one of these on a cheap lot for $300K turn-key I could sell all they can build.  That's my story and I'm sticking to it.
Chris Bunge
Lexington/Columbia and environs

Wild horses couldn't keep me away.
Not that I suppose they'll try.

Will, 

I have been sending people to APM Realty Group recently and, as the man who jumped off the Empire State Building said as he passed the 50th floor, "So far, so good!".
Tim Cebulski is the guy there and they manage over 300 doors. I have sent them at least 40 this year so I have high hopes.  Certainly worth talking to him.
I know Patton has been around a long time and I think they are a good choice as well.