Hurricane IDA Damage

[shauly101]

i was looking into FEMA assistance and was shocked that they do not assist repairs for rental properties/ Secondary homes.

i have my first rental property that had some damage and repairs needed. is there any way to get assistance?

[srad]

What does your homeowners insurance say?

[waltworks]

SBA loans are probably available, but for investors, you take on the risk of buying in an area prone to disasters. No free gov't cheese. C'est la vie.

-W

[marty998]

Yep, this is what insurance is for.

SBA loans are probably available, but for investors, you take on the risk of buying in an area prone to disasters. No free gov't cheese. C'est la vie.

-W

As they say, the first three rules of real estate investing are location, location, location (in that order).

[sammybiker]

@shauly101 Share what damage you're looking at, let's talk through it.  Responding quickly and getting air moving asap is critical to limiting damage.

[iris lily]

i was looking into FEMA assistance and was shocked that they do not assist repairs for rental properties/ Secondary homes.

i have my first rental property that had some damage and repairs needed. is there any way to get assistance?

Hunh. You mean I as a taxpayer am not  on the hook for your rich-guy vacation property? Oh, the humanity!

—Iris,who currently owns 3 abodes, not expecting gubmnt cheese for any of them.

[cool7hand]

i was looking into FEMA assistance and was shocked that they do not assist repairs for rental properties/ Secondary homes.

i have my first rental property that had some damage and repairs needed. is there any way to get assistance?

Hunh. You mean I as a taxpayer am not  on the hook for your rich-guy vacation property? Oh, the humanity!

—Iris,who currently owns 3 abodes, not expecting gubmnt cheese for any of them.

I'm curious how this is a helpful response to someone suffering?

[iris lily]

i was looking into FEMA assistance and was shocked that they do not assist repairs for rental properties/ Secondary homes.

i have my first rental property that had some damage and repairs needed. is there any way to get assistance?

Hunh. You mean I as a taxpayer am not  on the hook for your rich-guy vacation property? Oh, the humanity!

—Iris,who currently owns 3 abodes, not expecting gubmnt cheese for any of them.

I'm curious how this is a helpful response to someone suffering?

It is too bad there is damage to OP’s property. Agree with that sentiment. Op sorry this happened to,you.

[Another Reader]

You folks that are saying "tough luck" for the "rich investor" forgot one important fact.  Most of the rental housing in the areas typically hit is low to moderate income.  The displaced residents often have no place to go, because the houses and apartments that are damaged or destroyed are not repaired or replaced quickly, if at all.  These people end up in overcrowded or substandard units or have to leave the area.  It's in our interest to replace the units lost ASAP and to use the opportunity to upgrade the substandard properties to current standards.  Loaning owners repair or rebuilding costs at low interest rates with long terms is probably a good investment for society as a whole.

[iris lily]

You folks that are saying "tough luck" for the "rich investor" forgot one important fact.  Most of the rental housing in the areas typically hit is low to moderate income.  The displaced residents often have no place to go, because the houses and apartments that are damaged or destroyed are not repaired or replaced quickly, if at all.  These people end up in overcrowded or substandard units or have to leave the area.  It's in our interest to replace the units lost ASAP and to use the opportunity to upgrade the substandard properties to current standards.  Loaning owners repair or rebuilding costs at low interest rates with long terms is probably a good investment for society as a whole.

 That is a good point, although we do not know if in THIS case the OP provides reasonably priced housing for low income people. That is quite a stretch interpretation. I read “secondary homes” and thought, rather fancy, and  the rental may be an Air bnbc considering it is somewhere near a coast in vacation land.


For the record, I do not consider owners of rental property to be “rich investors”  and have no idea why you use the “….“ because I didn’t say that. Not at all. I just think there needs to be rational, limited, ceilings to how much the government doles  out for citizens taking risk.

[PMJL34]

I think we need to draw the line somewhere. In almost all situations, a rental property owner is someone who has a primary and a secondary home (plus potentially many more). Rental property owners are by definition someone who has money to invest and picked which home/s to buy. So if they decide to buy in low income areas and rent to low income folks, it was most likely a financial decision. If someone invests in stocks/gold/whatever and it plummets, there's no help from government either. Hence the OP is not getting much support here.

If we are talking about a fucking vacation home, then a solid NO for government money as well.

The effect on low income folks who rent these homes suck no matter what. But the truth is (and we all know), poor people get mistreated daily in almost every way and fashion. I don't think this is justification for rental property owners who chose to invest in low income areas to get government help. In this case, hopefully the government can support the low income folks relocate/moving costs, but no money should go to the rental property owner. 

OP, was sammybiker able to provide you with guidance on how to manage the damage? This forum (and I) would happily help you troubleshoot the problem if you are willing to share.