Posted by Bert G on December 24, 1999 at 21:52:26:
I’m a veteran of the 1997 Grand Forks, ND flood. SBA gave me enough to fix my home and rentals - - almost. Had to load up credit cards to put the finishing touches, like carpet and paint.
My 4-plex had been throwing off a tidy cash flow before. What with vacancies during repair etc I wound up with -cf for most of a year. And even with raising the rents the extra just about covers the payment on the SBA loan. Some people have suggested refinancing to pay that off, but its only 4%, so that wouldn’t make sense.
I know I haven’t given you any answes, but at least you know you’re not the only one.
Lets hope the next 1000 years will be an improvement.