Hurricane Helene - Effects to your rental property

[Sam M.]

I have a rental property in Western NC that was hit. Access is impossible and it will take a long time for the city to be rebuilt back. Roads are still failing and the first priority, rightfully, is to save lives and help those who have lost a lot/everything. God bless all those who are helping and all those still in peril, you are mountain strong and you WILL MAKE IT.

This post is my intent to document and get others opinions on what rental/vacation property owners can do. I will start with what I know, someone of which may not be accurate but still trying to figure this out.

1. If your property is damaged or even if you think it is, start the claim process now. Talk to the insurance company and see what they are suggesting. In my case, since my property is inaccessible they asked me to just pay whatever I need to pay to get the trees removed, driveway rebuilt, and other remediation - and keep the receipts. I also have the landscape company, approved by the HOA (see #2), using drones to take pictures just in case I need additional backup for insurance. Not sure what to do to document damage inside the house until someone can physically enter.

2. Watch out for scams. This is a huge issue, especially from what I am seeing on FB. Fortunately, I live in a HOA and the HOA has been very proactive in recommending vendors that they have worked with or have approved in the past. Ask around for recommendations, if you don't know who to use or who to call.

3. SBA - if your property is a business, you may qualify for low interest loans. My understanding is that the SBA business physical disaster loan program is the route you go.  The documents are a little unclear in terms of what the interest rates are, but is says "As low as 4% for businesses without credit available elsewhere; up to 8% for those with credit available elsewhere." The amount is up to $2M.

4. State assistance - I have heard that some states offer this. Mine does not. So can't say.

5. Taxes - document your losses (actual cash out, lost rental income etc). When you file your 2024 taxes, depending on how you file, this can help.

Anything else?