Is anyone doing prehabs in Indy?

Question

Is anyone on here doing Pre-habs in Indianapolis?  I love all of the early 1900s homes, but am too green to take on major repairs.  Does anyone buy the properties and fix some of the major things to pass on to other rehabers at a profit?  I would love to get something that has already had the plumbing and electric updated and foundation stabilized.  Please message me if you are doing this, or know of someone who is.  Thanks BP Community!

Jeff Wallenius · Answer

@Samantha Soto we do some prehab properties in Indy but once we start the projects we might as well continue to realize the entire profit. Who would continue the work for you to complete the project? I'm happy to discuss additional in a PM to see if I can assist.

Tasheana Hanza · Answer

The other is sold

Tasheana Hanza · Answer

615 Weghorst is one.

Samantha Soto · Answer

@Tasheana Hanza I would love the info on the ones in Bates if they are still on the market.

Tasheana Hanza · Answer

I have seen a couple in Bates. Not a bad idea to do.

Samantha Soto · Answer

@Ritch Bonisa I heard about it on a BP podcast.  I forget which one.  A guy would buy the worst of the worst properties for pennies on the dollar and fix the things that people generally avoid, like foundation, termite damage, etc, and get it primed to sell to a rehabber, still leaving room for the rehabber to make a profit.  He called it pre-habbing.

@Jeff Wallenius I'll send you a message.

Ritch Bonisa · Answer

Samantha,

I'm in Indianapolis, I manage a lot of rehabs for remote investors.  I have not seen anyone doing this.  On the construction project side, it is very much doable.  Just haven't encountered it.  We do see that most of those early 1900 homes have to have electrical and there are many foundation issues.  Most of the people I work with end up passing on properties with major foundational issues - the rehab cost is just too high for them.  I also work with some wholesalers that are moving a ton of properties and have never heard them talk of anything like a "prehab".  It will be interesting to see if anyone posts anything to the contrary.  I would like to know if this is actually going on anywhere.

Is anyone doing prehabs in Indy?

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