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Updated over 5 years ago,

User Stats

34
Posts
4
Votes
Xin Z.
  • Plano, TX
4
Votes |
34
Posts

Tornado damaged property - need HELP

Xin Z.
  • Plano, TX
Posted

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!

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