Is this too much for a rehab budget?

[Gerardo Lewis]

Hey BP just wondering about something. I'm putting together a few reports for the banks I'm going to be going to for lending and my contractor put together a few quotes for me to redo the bathrooms and kitchens on a 4 plex I'm looking at. In total the rehab will be around 80k so I'm wondering is that way too high?? or am I just overthinking this (which is something i tend to do for big decisions).

[Ray Johnson]

@Gerardo Lewis You should have a minimum of 3 quotes and have them all be compared using the same finishes. If you got three quotes and they were all in the same range you'll know you're all good on the price and the bank will know that you've done you homework. Additionally having multiple quotes provides you with a backup plan, suppose while you're waiting on funding approval your contractor takes another job and he can't get to your job for another 4-6 weeks, you then get more quotes and find out your job really cost 110K and not the 80K your one quote stated, with three quotes if one guys busy you know many others should come in around the same price and you don't have to choose between paying more for a new contractor or waiting for 4-6 weeks to get the contractor that quoted you too low.

In regards to your question, is the quote too high for what level of rehab? Full Whirlpool stainless suite, Bosch, LG, deep discount Mikes appliances in lime green? Give us more details for what you're getting for the 80K and we can give you a better response.