Author Topic: Hurricane Harvey Recovery  (Read 812 times)

TheOldestYoungMan

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Hurricane Harvey Recovery
« on: September 07, 2017, 11:49:36 AM »
Well...four days to retirement and Hurricane Harvey wiped out both my home and my rental property, leaving four tenants homeless and me back at work begging for my job back.  The rental needs to be gutted including ceilings, my house is lost below the 4' mark.  Initial demo is complete, and I've successfully begged for my job back (reason #1 not to burn bridges on your way out).  My immediate cashflow concerns are under control, salary covers all my bills on both properties, but I have no idea how to recover.

I didn't have flood insurance as I was above the thousand year flood plane.

FEMA has already told me they'll only cover my home and the amount they gave is, better than nothing, but nowhere close to enough.

I've just about trashed my body physically drying out both properties over the last 9 days.  All kinds of people turned out to help with the demo.

We built a tent in the main room of my house stapling plastic to the ceiling and taping it to the floor, so I can stay in the house instead of having to rent an apartment, thank goodness for mild gulf coast winters.

Anyone have any experience with rehabbing flooded properties?  How about selling a flooded property?  I'm damnably hard pressed to cover costs of both and save enough to rebuild either in any reasonable amount of time.
Notice is turned in! 35 days until FIRE!  I am excited and at the same time terrified!

Jon Bon

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Re: Hurricane Harvey Recovery
« Reply #1 on: September 07, 2017, 12:31:12 PM »
Wow that sucks.

Sounds like you are doing all you can do by being pretty badass. Tearing out all the drywall in 2 houses in 9 days must have been a chore!

I volunteered to go to NOLA after Katrina, Im sure it was much of the same all of the drywall and insulation had to go. All appliances and furniture was pretty much trashed. How is the shell of your house? Are the windows and siding ok? How about the sheeting underneath? How long was your house in water? If the shell of the house is in decent shape that is a good starting point.

As for selling your house, I mean your whole neighbor flooded right? Its not going to be a secret that your area flooded, so selling it should be pretty much a known commodity and priced in? That is just my guess.  I mean this has never happened before and I dont think anyone can tell you with much certainty what its like after the fact. Maybe find a NOLA real estate agent? Ask them about what it was like?


 I would assume Houston will come back nearly 100% of what it was before. NOLA was nowhere near back to normal. Your house is not built below sea level. I feel like that was one of the hard lessons that Louisiana had to learn. All the dams and levies in the world dont make a house below sea level a good idea IMO. So with that said there will still be a demand for quality houses that can withstand typical summer storms. I mean 50 inches of rain is going to ruin any city.

Sorry that you have to deal with all this, but honestly its awesome to hear how determined you are and how hard you are working. Good luck


robartsd

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Re: Hurricane Harvey Recovery
« Reply #2 on: September 07, 2017, 04:18:27 PM »
The problem with selling will be that your market will mostly be investors looking for a good deal with plenty of other properties to pick from. I agree with Jon Bon about your area coming back in a relatively short time frame. It might make sense to leverage some of the rest of your stache to rebuild rather than sell.

Agg97

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Re: Hurricane Harvey Recovery
« Reply #3 on: September 08, 2017, 08:50:02 AM »
Sorry about your loss....at least you're OK, physically. 

The problem with selling will be that your market will mostly be investors looking for a good deal with plenty of other properties to pick from. I agree with Jon Bon about your area coming back in a relatively short time frame. It might make sense to leverage some of the rest of your stache to rebuild rather than sell.

Agreed.  There are LOTS of potential tenants out there right now who just went through what you did.  In your situation, I would prioritize the rental property; the sooner its back up and generating income, the sooner your cashflow will even out again.  That requires you living in squalor at your main home, mind you.   It might even be worth considering fixing up your main home and rent that out first, if it's less work overall.

SunshineAZ

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Re: Hurricane Harvey Recovery
« Reply #4 on: September 08, 2017, 08:59:50 AM »
I don't have any advice, but I want to say that I am sorry for the damage to your property and the delay to your retirement.  I wish you the best of luck getting things repaired and back to normal. 

v8rx7guy

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Re: Hurricane Harvey Recovery
« Reply #5 on: September 08, 2017, 09:04:43 AM »
Wow... so sorry to hear about this.

Jon Bon

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Re: Hurricane Harvey Recovery
« Reply #6 on: September 12, 2017, 11:23:58 AM »
How's it going YoungMan?

I know the last thing you want to do is update some random internet strangers. So feel free to ignore this post. I do however think it might help for you to list out how much you have already accomplished, and we will totally cheer you on.

Have you started putting either of your houses back together yet? I am sure it is going to be a massive chore, but I bet there is profit in a first mover advantage here. If your rental is back up to speed in a month or two I would imagine you could have your pick of tenants.Are you having difficulty finding materials or contractors?

Good luck friend, if you can demo both of your houses in 9 days I am sure that you can do this! We will for sure answer any questions you might have!


affordablehousing

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Re: Hurricane Harvey Recovery
« Reply #7 on: September 12, 2017, 01:58:17 PM »
So tough to have something like this happen right as you're ready to pull the plug. I've always thought MMM is great when times are good, but basically assumes everyone - never gets hurt, never gets robbed, no disasters, never have kids with issues, etc. So yeah, really impressive how you've so quickly taken care of things to prevent mold from getting worse. An odd idea, but try to take a step back, and if you were just about ready to quit, then hopefully this can be seen partially as a momentary rough patch. I would think real estate would take a significant hit for awhile, maybe 30% haircuts for flooded versus unflooded homes, but if you're handy, and it sounds it, maybe this is a chance for you to add to your portfolio and get some cheap homes. I would think this event shifts homes that would otherwise interest families looking for ready to move in conditions, to homes investors don't mind taking some risk rehabbing. If you've got the talent and grit to bring back your own home and rental, you could apply that and your local real estate experience to pick up some other temporarily lower priced homes. When they bounce back as the storm recedes in memory, the equity gain will get you back to where you were before. I can't imagine losing two homes and having someone tell me there's a silver lining, but day by day things will improve and get more liveable. Best wishes!!!

Abundant life

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Re: Hurricane Harvey Recovery
« Reply #8 on: September 13, 2017, 05:30:26 AM »
Quote
Anyone have any experience with rehabbing flooded properties?  How about selling a flooded property?  I'm damnably hard pressed to cover costs of both and save enough to rebuild either in any reasonable amount of time.
Personally no, but I recently saw a program on this very subject, although in Brisbane Australia. A home that had been freshly renovated for sale before the flood was valued at $750K, after the flood damage (it was down to the studs) was estimated to sell for $450K as is.

The owners were trying to ascertain whether it was worth it to restore the house before selling. They invested some of the insurance payout in the renovation and were hoping for $650K or $700K, I don't remember which. Well it didn't make reserve, but the family moved and rented it out instead.

I just looked it up and they eventually sold it 3 years after the flood for $645K. As has been said, it takes a while for everyone to forget the flood or any natural disaster.

Hoping that you can work your way out of this (without killing yourself physically), and losing too much financial traction. Do you have a group of friends or relatives who could help you rebuild?

Poundwise

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Re: Hurricane Harvey Recovery
« Reply #9 on: September 14, 2017, 11:16:22 AM »
Oh, how terrible!!!  I'm so very sorry to hear that you have gone through this.  No immediate advice to give, but I feel that you have the grit to pull through this and emerge stronger than ever.

Perhaps when you rebuild, you could integrate some floodproofing that will make your property more attractive? Some of these tips sound inexpensive, such as
"Fit water-resistant doors and window frames and use water-resilient plaster or lay plasterboard horizontally so only the bottom strip would need replacing."
or
"Some effective steps post-flood damage cost little, such as raising electric sockets to a higher level or attaching a television to a wall."

https://makewealthhistory.org/2016/01/08/five-ways-to-build-a-flood-proof-home/
http://www.thisismoney.co.uk/money/mortgageshome/article-4191228/Simple-tips-flood-proof-home-ahead-storms.html


jooniFLORisploo

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Re: Hurricane Harvey Recovery
« Reply #10 on: September 14, 2017, 11:20:58 AM »
Geez... I started to cry, and my Kid asked me what was up... Oh, man. I am so, so, so sorry this has happened to you, your family, your tenants. Awful.

We're glad you're all alive! But, oh. This is hard, hard, hard.

Although I know nothing, I'm glad you shared your shit circumstance here and have this forum to help you (as it is always helping me)!!

afuera

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Re: Hurricane Harvey Recovery
« Reply #11 on: September 14, 2017, 12:46:10 PM »
Hello Flood Brother (get it? Like Blood Brother but more depressing...),
Harvey flooded us too, 1.5 feet in our home.  This is the first time we ever flooded, the same with many homes in my neighborhood.
I have found a lot of good information on this facebook group.  There is also another one called Floodie Buddies where Sandy floodies share lessons learned.
We have our house ripped down to the studs currently and are renting a townhome for the next 6 months while we try to rebuild.  Not sure what to do next, we have a contractor so we are going to meet with him and try and figure out the next steps.  We were renting a room out to a friend but he just went and found an apartment and I doubt we will want to move back in after we get everything rebuilt.


One of the things I was thinking was that I was glad that we were still employed when Harvey hit because I don't know what we would have done without the additional income and flexibility our jobs allow us.  I so sorry this happened to you right when you were supposed to be finally recovering from work life but glad you were able to get your job back and have more security during this rough patch.  I know you don't wanna hear this right now (I know I didn't) but we are in a much better spot than a lot of other people who flooded.  We have savings, the strength and ability to DIY much of what others cant, and the mental fortitude to process this disaster and make decisions while others are stuck panicking because they don't know how they will feed themselves or their families. My heart aches for all the low income and elderly residents who have no options and no way to recover.  Whenever I catch myself feeling sorry for myself, I try and remind myself of all of that.  Sometimes it doesn't work and turn into a little puddle of self-pity for awhile for awhile but sometimes it does.

Good luck with everything.  If you want someone to drown your sorrows with, there is a Mustache Meetup on 10/8 at 8th Wonder, my husband and I will be there.  Or just PM me.
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Dicey

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Re: Hurricane Harvey Recovery
« Reply #12 on: September 18, 2017, 10:30:17 PM »
I know you don't wanna hear this right now (I know I didn't) but we are in a much better spot than a lot of other people who flooded.  We have savings, the strength and ability to DIY much of what others cant, and the mental fortitude to process this disaster and make decisions while others are stuck panicking because they don't know how they will feed themselves or their families. My heart aches for all the low income and elderly residents who have no options and no way to recover.  Whenever I catch myself feeling sorry for myself, I try and remind myself of all of that.  Sometimes it doesn't work and turn into a little puddle of self-pity for awhile for awhile but sometimes it does.
^This is beautiful.^ Best wishes to both of you for complete recoveries.
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