My rehab here in my town is doing fine, almost done.
But I have another house, in New Orleans, that I’m in partnership with, that was in the line of fire this morning of the bad tornados. Also, about 4 blocks away, is another house I’m going 50/50 on, also possibly damaged.
My partner is stuck in traffic now, trying to get to the properties to assess the damage. Could be fine, could be slabs.
Already, one reported death, quite a few injuries, many houses damaged and destroyed.
Wish us luck, lol.
Good luck…hopefully your insurance will cover it.
No presonal offense intended EN, but the weather sux down there!
Both houses are fine, just got the word. Whew.
Speaking of investing in tough weather areas. Do you all find it difficult to obtain necessary cash flow when the insurance coverage is impossible to obtain of just ridiculously expensive? It seems as though it would eat all profit and make the area tough to cash out.
Insurance hasn’t been all that bad.
I’m new to all of this, so I don’t really have much to base my judgement on, but on my rental down the street, insurance runs about $1500/year, and my two houses in New Orleans are going to run about $2600/year. Both houses in New Orleans had 6 feet of water in them. Flood for them runs about $1100, liability runs about $500, and the tenant/dwelling policy runs about $1000.
It wasn’t Katrina that flooded the N.O. houses, it was man. Army Corp Of Engineers to be specific. Both houses were high and dry until the levees gave way.