We have all seen news reports about the damage caused by Hurricane Harvey along Texas’ Gulf coast. I have seen reports of damage in the tens of billions, the largest of which was 50 billion.
I have seen many stories that make me proud of the state and country I live in as well as the individuals in it. People victimized by this weather have been helped by charities and good Samaritans alike. I personally know people in Houston who were caught in the storms and am thankful that they are ok. Seeing how we have come together to help one another makes me proud of our country and the individuals in it.
The challenge to save our people in the affected areas was fiercely met. First responders from all over the country moved in. The EMT, Fire, Nurse’s, even electrical linemen have met the challenge. The next challenge goes to our real estate investment markets to rebuild the infrastructure, homes, businesses and communities. The challenge will not take weeks or months, but years.
Part of the recovery efforts are to rebuild these neighborhoods. In the process, people in bad housing situations may get a chance to rebuild their lives as well as their homes.
The emergency part is over. Many affected homeowners have chosen to stay and rebuild while others elected to move away from the path of future hurricanes. Their family home may be damaged to the point they need to rent somewhere else and figure it out. There are so many properties in need of rehab and insurance companies are notorious for dragging their feet with these claims.
But it doesn’t end there. There have been some cost issues to consider for investors who are helping homeowners and/or have properties in the affected areas. With so much to rebuild, high demand for building supplies and permits has pushed the cost for supplies up and caused a congestion with permitting. So, keep the help rolling in as the water rolls out!