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Updated over 5 years ago,
Tornado damaged property - need HELP
My investment property was hit by tornado. It is a two story 4-plex with 6500 sqft. I just bought this one a couple of months ago with hard money. The original plan was to rehab it and do refinancing. It has just got a new roof and rehab is almost done.
The tornado went through this neighborhood directly. The second floor was completely gone. Fortunately no one was hurt.
My question is what I should do now. It looks like the property need a complete rebuild. Do I need to pay for the interest for the hard money loan while I fix/rebuild the property?
Thanks in advance for any advice and suggestions!