Seeking Trustworthy General Contractors for Possible BRRR or Fix and Flip
Reese FokinePro Member
New to Real Estate · Indianapolis, IN · Member since 2023 · 4 posts · 9 votesSeeking Trustworthy General Contractors for Possible BRRR or Fix and Flip
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Frank PyleBusiness Member
Specialist · USA · Member since 2024 · 279 posts · 130 votesOn a large triplex conversion in Indy you need a GC who has already taken a project like that through Marion County permitting, not someone who mostly does cosmetic single family rehabs. With full mechanical separation, structural flooring, and a full buildout, I would be underwriting at least a 15 percent contingency and making sure your total purchase plus rehab stays under about 70 percent of the after repair value or the BRRR gets thin fast. Quick check is projected gross rent minus PITI minus 8 percent management and 10 percent maintenance and see if you still have real cash flow. One thing you can do today is call the Marion County permit office and ask which contractors have pulled recent multifamily conversion permits and start there.
I sent you a DM.
8 Replies
- 7moBo SmithPro MemberHinton, WV · Member since 2026 · 1k+ posts · 373 votes
You're smart to spend time vetting now -- finding a solid GC for a triplex conversion is the difference between 15% and 25% margins on this deal. A few things that matter: First, get three comps. Not three quotes on the work, but three similar conversion projects the GC has done in the last two years with exact timelines and actual spend vs. bid. Ask for reference calls with the owners.
Second, sit down with them and walk through contingency. A triplex conversion has a ton of hidden variables -- electrical codes can change mid-project, structural surprises happen, subs flake. If your GC doesn't have buffer built into their timeline and pricing, you're absorbing that risk. The difference between a GC who pads contingency and one who assumes everything goes smooth will show up in your actual numbers, not the initial bid.
Third thing I'd verify: Do they actually handle the bank draws or is your lender managing it? If your GC is experienced with draw schedules, they'll time punchouts strategically. If they treat it as an inconvenience, you'll get stuck waiting for funds.
One last thing -- Indianapolis market is getting competitive for good GCs. If you find someone solid, lock them in for future projects now while you're at it. Relationships matter here.
How many units are you converting in this triplex, and roughly how long are you planning to hold?
- 7moKerry Noble JrPro MemberInvestor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
Its hard finding a good GC these days in Indy. Just be cautious.
i would suggest pulling up on a few job sites during the week in like fountain square or any other area where theyre working a lot of rehabs. See it for yourself first hand....
- New to Real Estate · Indianapolis, IN · Member since 2023 · 4 posts · 9 votes7moThis is actually a pretty good idea, thanks! Especially with the weather starting to become a bit nicer as spring and summer arrive. Feel free to inbox/message me if you have any good recommendations!
Quote from @Kerry Noble Jr:
Its hard finding a good GC these days in Indy. Just be cautious.
i would suggest pulling up on a few job sites during the week in like fountain square or any other area where theyre working a lot of rehabs. See it for yourself first hand....
- 7moBo SmithPro MemberHinton, WV · Member since 2026 · 1k+ posts · 373 votes
A triplex conversion with full mechanical separation is legit heavy work -- not your typical cosmetic flip. Your scope nailing is critical here. For a project like this, I'd lean hard on GCs who've done multi-unit conversions in the past, not just single-family folks who think they can scale up. One missed electrical code requirement or miscalculated structural work kills your timeline and eats profit fast.
Here's what I'd do: (1) Call permit inspectors at Marion County directly and ask which GCs they see frequently on multi-unit projects. They know who's organized. (2) Ask any potential GC for at least three recent triplex or fourplex conversions with verifiable comps--actual addresses where you can call the owners. (3) Get their sub list in writing before you commit--make sure they have reliable electrical and mechanical subs locked in. The market's tight right now, and a GC without strong sub relationships will cause delays.
One thing I've learned the hard way: bank draw schedules stress most GCs until they understand your process. Walk through your draw schedule on the first call so there's no surprise. You want someone who's comfortable with it, not someone who'll start nickeling and diming you for progress disputes.
How many flips or conversions have your top candidates actually completed in Indy specifically? That local Indy permitting knowledge is worth its weight in gold on something this big.
- 7moFrank PyleBusiness MemberSpecialist · USA · Member since 2024 · 279 posts · 130 votes
On a large triplex conversion in Indy you need a GC who has already taken a project like that through Marion County permitting, not someone who mostly does cosmetic single family rehabs. With full mechanical separation, structural flooring, and a full buildout, I would be underwriting at least a 15 percent contingency and making sure your total purchase plus rehab stays under about 70 percent of the after repair value or the BRRR gets thin fast. Quick check is projected gross rent minus PITI minus 8 percent management and 10 percent maintenance and see if you still have real cash flow. One thing you can do today is call the Marion County permit office and ask which contractors have pulled recent multifamily conversion permits and start there.
I sent you a DM.
- 7moBo SmithPro MemberHinton, WV · Member since 2026 · 1k+ posts · 373 votes
Reese, you're in a good position asking these questions before you sign a contract. Triplex conversions are a different beast than cosmetic flips -- you need a GC who's done mechanical separation and understands code requirements, not just someone who runs good finishes.
Frank's advice about calling the permit office is spot on. Marion County will absolutely tell you which contractors have pulled recent permits on similar projects. Also, before you interview any GC, get a detailed scope breakdown from an architect or experienced investor who's done a triplex conversion in Indy. Your construction budget estimate is only as good as your scope definition. If the scope shifts mid-project, your BRRR gets crushed.
One thing to underwrite separately: mechanical separation costs can run 15-25% of total construction on older buildings, depending on what's already there. Make sure your GC is accounting for that separately, not lumping it into contingency. And require a detailed draw schedule tied to completion milestones, not just timeline.
Once you've narrowed to two or three GCs, have them walk the property with you simultaneously. How they ask questions and break down the work tells you a lot about their competence.
How old is the building, and do you know if it's got existing plumbing/electrical that can be separated, or are you basically starting from scratch?
- 7moBo SmithPro MemberHinton, WV · Member since 2026 · 1k+ posts · 373 votes
You're right to go straight to the Marion County permit office -- that's the fastest way to find GCs who've actually done what you need. Any GC worth his salt will have pulled multifamily permits there and can speak to the process. Check the permits pulled in the last 2-3 years, call the GCs, and ask specific questions about Marion County timeline, typical contingency on mechanicals, and whether they've done permits before or they're going to learn on your dime.
For a triplex conversion, I'd want a GC who's done that specific work, not someone who does a lot of single-family rehabs and thinks a triplex is just bigger. The mechanical separation is the dangerous part -- if you mess that up, your appraisal dies and the BRRR breaks. On a project that size, I'd be interviewing at least 3 GCs and asking them to reference two recent multifamily projects they've completed. If they don't have two, you've got your answer.
Frank gave you solid advice on underwriting -- that 15% contingency is real, and if you're at 70% of ARV all-in, you're cutting it close. One thing I'd add: build in time for code compliance. Indy's been cracking down on rental permits and building code enforcement, so what looks like a mechanical fix might trigger a bigger scope once the city gets involved. Have you got your ARV pretty locked down on comps, or are you still working that number?
- 7moBo SmithPro MemberHinton, WV · Member since 2026 · 1k+ posts · 373 votes
Frank's advice about the permit office is gold. Call Marion County yourself and ask which contractors have pulled multifamily conversion permits in the last 12 months. That's your shortcut to real experience instead of GCs who've done single-family work and think it translates.
One thing I'd add: for a triplex conversion with full mechanical separation, you want a GC who's done that exact work or similar. A GC who's excellent at kitchen remodels or small commercial jobs is not the same as someone who's managed full electrical, HVAC, and plumbing separation. This is specialized work, and your timeline and budget hinge on it.
When you do the interviews, ask specifically: How many multifamily conversions have you done? What was the largest project by dollar amount? Can you connect me with two recent clients? And crucially -- what's your sub structure like? A good GC doesn't just hire subs project by project. He has locked relationships with electricians, plumbers, and framers who are committed. That continuity kills timeline bloat.
Bank draw schedules and contingencies -- be clear upfront. If your GC isn't comfortable with 15 percent contingency, that's a red flag. That's not high. That's realistic.
What's your total rehab budget looking like for the triplex, and how are you financing the project?
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