Hurricane IRMA - Recently purchased rental flooded - Need Advice

[Aundrea Newbern]

All,

I am in an unusual situation that I haven't experienced before and could use some guidance. I purchased a 4-unit apartment complex in south Georgia less than two weeks ago. I purchased it with an FHA loan and moved into one of the units. I am currently out of town and Hurricane Irma came through. My tenants contacted me and told me there is a foot of flooding in all four units. I do not have flood insurance (I called last week to try and get it and found out there is a moratorium and it wouldn't have been valid even if I purchased at closing). My tenants all will have to find somewhere else to live while I get the place cleaned up. I imagine it will take some time since the hurricane is still active in the area and lots of people are in the same situation. While I don't have the flood insurance to help with the costs, is there anything else I can do in terms of government assistance? Thanks in advance!

[David S.]

If you apply for FEMA assistance as a landlord, you will have access to low interest (about 4%) SBA loans. If there is mass flooding in an area, sometimes the local governments will set up similar programs. The key to this type of situation is to remove all of the wet sheetrock, flooring, insulation, other wet materials in order to limit further damages. Like in days instead of weeks, months.