The timeline for reconstruction is decades, many will choose not to rebuild or re-take the risk.

., barns, stables)FHA 203(k)Minimum Down Payment: 3.5%Minimum Credit Score: 620Minimum Loan Amount: $50,000Maximum Loan Amount: $524,225Occupancy Types: Primary Residence ONLYUnit Maximum: 4 UnitsAcceptable Renovations:-Structural Improvements/Reconstruction (e.g., adding rooms, bathrooms)-Cosmetic Enhancements-Eliminate Health and Safety Hazards-Energy Efficiency Improvements-Major Landscaping (e.g., grading, tree removal, adding walkways)Non-Acceptable Renovations:-Luxury Items-Commercial Use-Temporary Structures-Non-Residential BuildingsBoth of these renovation loans are similar in many ways, but the key differences are:1.

I’ve since moved on and we’re planning the reconstruction now.

It looks like you can use a 203k loan for new construction to reconstruct on an existing foundation.

The timeline is years for clean up and decades for reconstruction and recovery.

I taught myself Spanish, I already know the construction crews in the area, the realtors, the communities, the land, I have someone managing the property, I have a maintenance crew… I already did an incredible amount of the work involved in finding a deal and turning it around through reconstruction and proper management.

While insurance might cover the reconstruction of your property, the community's recovery could take years or, in some cases, never occur.

for my personal use and upcoming reconstruction.

(Still awaiting Seller to confirm report it’s been done as she agreed to the inspectors recommendation but has mentioned she’s not replacing it) In additional to the foundation has shifted and need reconstructed due to a lot of slopping in the home (My agent said it comes with wear and tear, so they might argue that their not going to fix it so I didn’t put it on the IRSA to repair).

@Michele RichardChicago neighborhoods and suburbs are ideal for rental properties and Building Reconstruction Redevelopment (BRRRRR) due to proximity to major development projects, affordable multi-family units, and strong rental demand.