All Forum Posts by: Shyam Sah
Shyam Sah has started 3 posts and replied 11 times.
Post: Property Management Software / Company
- Phoenixville PA
- Posts 13
- Votes 2
Quote from @Amber Forkey:
If you're looking to scale your business, Buildium wins in my book hands down.
Now, I have given many other softwares a shot and sat through demos of each. I've also completed trials of competitors and found that when compared to Buildium, they didn't hold a candle. Some are less expensive but when I'm looking at how I can most efficiently run my business I look at features that are going to make my life easier, not just the cost.
Overall I believe that Buildium offers the most user friendly platform that's packed with everything you need to grow. And their support is phenomenal.
I'm not affiliated with them in any way, just really enjoy the product.
Thank you
Post: Garage Rental Lease
- Phoenixville PA
- Posts 13
- Votes 2
Quote from @Richard F.:
Quote from @Shyam Sah:
Hello,
I am renting a detached garage to a tenant for $100 a month. Can someone share their garage rental leases? I am not sure what terms to include and what not to include.
I appreciate your help in advance.
Thank you.
Shyam
All you really need is a one page Parking/Storage Agreement, that specifies the address and space, names of all parties, allowed uses, monthly rate (and this should be only a month-to-month term, which allows you to terminate it separately from their residence Rental. This can be helpful to motivate them to move for other violations), beginning date (should always be the first, we never pro-rate parking rentals. It is not worth the effort for less than a full month rent). Address electrical or other utility usage if appropriate.
You need to ensure any vehicle on the premises has current registration and belongs to your resident, or you need a full application and background checks with good contact info for anyone else. You also need to be careful with regard to storage only use. If someone fills it up with hazardous materials or hard to dispose of items like tires or drums of who knows what, YOU will have a major headache on your hands. You also need be sure you have proper insurance coverage on the garage in case it gets burned down.
Richard, I genuinely appreciate your time and efforts in providing me with all these details. This is so helpful. God bless you.
Post: Garage Rental Lease
- Phoenixville PA
- Posts 13
- Votes 2
Quote from @Richard F.:
Quote from @Shyam Sah:
Hello,
I am renting a detached garage to a tenant for $100 a month. Can someone share their garage rental leases? I am not sure what terms to include and what not to include.
I appreciate your help in advance.
Thank you.
Shyam
All you really need is a one page Parking/Storage Agreement, that specifies the address and space, names of all parties, allowed uses, monthly rate (and this should be only a month-to-month term, which allows you to terminate it separately from their residence Rental. This can be helpful to motivate them to move for other violations), beginning date (should always be the first, we never pro-rate parking rentals. It is not worth the effort for less than a full month rent). Address electrical or other utility usage if appropriate.
You need to ensure any vehicle on the premises has current registration and belongs to your resident, or you need a full application and background checks with good contact info for anyone else. You also need to be careful with regard to storage only use. If someone fills it up with hazardous materials or hard to dispose of items like tires or drums of who knows what, YOU will have a major headache on your hands. You also need be sure you have proper insurance coverage on the garage in case it gets burned down.
Richard, I genuinely appreciate your time and efforts in providing me with all these details. This is so helpful. God bless you.
Post: Garage Rental Lease
- Phoenixville PA
- Posts 13
- Votes 2
Quote from @Cory St. Esprit:
Quote from @Shyam Sah:
Hello,
I am renting a detached garage to a tenant for $100 a month. Can someone share their garage rental leases? I am not sure what terms to include and what not to include.
I appreciate your help in advance.
Thank you.
Shyam
I’ll be in this boat soon on the other side of the state. How did you advertise it?
Actually my neighbor approached my contractor who was painting the garage, so I did not have to advertise it. I think it is a good idea to just put a sign at the property for rental should allow the neighbors or anyone in the neighborhood to see it. Good luck
Post: Garage Rental Lease
- Phoenixville PA
- Posts 13
- Votes 2
Hello,
I am renting a detached garage to a tenant for $100 a month. Can someone share their garage rental leases? I am not sure what terms to include and what not to include.
I appreciate your help in advance.
Thank you.
Shyam
Post: Property Management Software / Company
- Phoenixville PA
- Posts 13
- Votes 2
Hello,
I am looking for recommendation for a property management software. I have 10 doors that I manage on my own now. What I need the software for is basically to report the monthly rent to a credit bureau on regular basis and to get the payment online. Other things like communicating with the tenants and repair requests are optional. I would prefer to have everything like rent collection, renters insurance records, maintenance request, rent report to a credit bureau, etc. I did some reason and noted rentredi, buildium, doorloop, APPfolio, etc. Can you please advise the one you have been using that can satisfy what I am looking to do?
Post: Tenant Owed Money and Destroyed the Property
- Phoenixville PA
- Posts 13
- Votes 2
Quote from @Greg M.:
Quote from @Shyam Sah:
I suspect that "their collection agency" is just an independent collection agency that they routinely place business through. Contact the collection agency and let them know you fired the PM and to contact contact you directly.
Post: Tenant Owed Money and Destroyed the Property
- Phoenixville PA
- Posts 13
- Votes 2
Quote from @Greg M.:
Fire the PM. Mistakes happen, but lies are intentional and they just proved you can't trust them.
Thanks Greg! I was thinking of doing that. I have a question. When the property management company is using their collection agency to collect the money from the tenant, how will I get notified when the money is collected and I do not have a good terms with them?
Post: Laid off, 400k in accessible cash, chasing any opportunity. Help me escape the matrix
- Phoenixville PA
- Posts 13
- Votes 2
Hi Eric, Sorry to hear you were laid off. My advise is to be wise with your money. Do not jump on any opportunity without thoroughly researching about it. If you decide to do real estate, go slow and start with easy project unless you have a hands-on mentor to guide you. I have made so many mistakes in real estate and most of my mistakes were made when I had money readily available.
Post: Tenant Owed Money and Destroyed the Property
- Phoenixville PA
- Posts 13
- Votes 2
@Franklin Romine and @Account Closed Thanks for your advise!