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All Forum Posts by: Todd Rasmussen

Todd Rasmussen has started 29 posts and replied 1457 times.

Post: Do I compensate tenants for issues that go wrong with the rental?

Todd RasmussenPosted
  • Rental Property Investor
  • Clarksville, TN
  • Posts 1,483
  • Votes 1,420

@Melissa Villegas

In that situation, I might also try to repair the existing stove to buy you that four weeks. Ordering a replacement immediately is about the best you can do other than finding a used appliance or something in stock. I don't think i'd compensate them if I did the best I could.

Post: Summoned to appear in court for not cutting high weeds

Todd RasmussenPosted
  • Rental Property Investor
  • Clarksville, TN
  • Posts 1,483
  • Votes 1,420

@Kumar Gaurav

My guess was you were supposed to correct it and call the issuing agency or submit proof of correction within the week. Show up to court with the photos and tell them what day you cut the weeds on.

Post: CPA for small real estate portfolio

Todd RasmussenPosted
  • Rental Property Investor
  • Clarksville, TN
  • Posts 1,483
  • Votes 1,420

@Matt McMains

We use Bill Bingley in El Monte. Does everything through email so location isn't terribly important but he's on the east side of LA County.

www.williambingleycpa.com

Post: Eviction- Order for Possession Posted - drama

Todd RasmussenPosted
  • Rental Property Investor
  • Clarksville, TN
  • Posts 1,483
  • Votes 1,420

I'd ask:

@Marc Winter

Post: SBA 7a vs Conventional commercial Loan ?

Todd RasmussenPosted
  • Rental Property Investor
  • Clarksville, TN
  • Posts 1,483
  • Votes 1,420

@Jossue Alfonso

It depends on your personal preferences, but assuming you are okay with both options, objectively borrowing money at 5.25% is a win. Take the 100% financing option as long as you can reinvest it.

Post: LLC additional insured

Todd RasmussenPosted
  • Rental Property Investor
  • Clarksville, TN
  • Posts 1,483
  • Votes 1,420

@Ryan Bird

We are. Additional insured means you get treated as a named insured. If someone sues you instead of the LLC, you'd like any coverage applicable to the named insured to apply to you personally as well. You might already be covered under the definition of "named insured" but it just made me feel better to do it that way.

Post: Tenant harassing me

Todd RasmussenPosted
  • Rental Property Investor
  • Clarksville, TN
  • Posts 1,483
  • Votes 1,420
Quote from @Bruce Woodruff:
Quote from @Todd Rasmussen:

I wouldn't be afraid of court, damages couldn't amount to more than small claims in this case and you could get a lawyer to defend that heap of B.S. for less than a grand.

Except that you can't take a lawyer into SC Court

In TN you can but don't have to have a lawyer in general sessions court (small claims).

Edit Added: If you are operating under a fictitious name because you own as an LLC, you have to have a lawyer represent you, even in general sessions.

Post: New to BP - looking to meet investors in SoCal

Todd RasmussenPosted
  • Rental Property Investor
  • Clarksville, TN
  • Posts 1,483
  • Votes 1,420

@Medi Monam

Welcome,

We are on the other side of LA County, but we have a monthly meetup. Networking is hugely powerful. Attend as many meetups as you can.

Todd

Post: Tenant harassing me

Todd RasmussenPosted
  • Rental Property Investor
  • Clarksville, TN
  • Posts 1,483
  • Votes 1,420

@Stephanie Gledhill

A hole vibes are palpable, so PM might have noticed but not guaranteed. My guess is this person is sensing you are a new landlord and just trying to get what they can. Franklin is highly desirable, you shouldn't have any issues finding a tenant. Go with Nathan's advice, the headache is not worth the vacancy. Allow them to break the lease if they tell you in a set period of time. I wouldn't be afraid of court, damages couldn't amount to more than small claims in this case and you could get a lawyer to defend that heap of B.S. for less than a grand. Having a property manager is the only expense I never complain about, highly recommend.

Post: Need help with a sell vs rent decision

Todd RasmussenPosted
  • Rental Property Investor
  • Clarksville, TN
  • Posts 1,483
  • Votes 1,420

@Billy Bey

If you HAVE to upsize your primary residence, then my vote is sell now.