Investor · St. Simons Island GA · Member since 2015 · 73 posts · 13 votes
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!
Investor · Prairieville, LA · Member since 2015 · 311 posts · 424 votes
9y
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.
Investor · Prairieville, LA · Member since 2015 · 311 posts · 424 votes
9y
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.
Minneapolis, MN · Member since 2013 · 2k+ posts · 1k+ votes
9y
Download you state landlord tenant laws.. Due to the Flood,,disaster you may be able to give tenants immediate notice to vacate.. the option of letting them stay thru clean up is a health hazard and you don't want to expose yourself to unwarranted lawsuits from tenants because of work delays, mold, whatever..
You'll have to refund security deposits, and any rent prorated from storm date..
Similar issues in Texas with Hurricane Harvey,, landlords are having to displace tenants because of undue delays for clean up and repairs,, contractors are not available, and resources such as flooring, ect are hard to get and you have to completely let the place dry out or hidden moisture will be huge mold issue. Affidavate of Delay protects landlords in response to tenants, might be required..
Attorney / Multifamily Investor · Houston, TX · Member since 2009 · 173 posts · 136 votes
9y
In Texas, if a natural disaster renders a rental unit uninhabitable, the tenant can terminate the lease and move out. Not a good deal for landlords. Check with an attorney.