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Author Topic: first tenant question  (Read 3194 times)

Offline TXRehabber

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first tenant question
« on: March 04, 2009, 09:19:19 am »
Hello fellow investors and landlords

I have during the past 6 months renovated my first investment property. It meets property managers (Mike, my hero) 50% rule and the house is in a great rental area.

I have probably taken to long to complete the renovations but I have done it all on my own and learned a lot during the journey. I have just started advertising and the possible tenants keep calling day and night (good thing I know)...

One of them that looks really promising has a 16 year old Cocker Spaniel, I have advertised that pets are negotiable. What do you normally charge for a "Pet Fee", I am a dog person myself so I know that they can cause damage but cocker spaniels are fairly mellow :)

Sorry for the long rambling but I am sooo happy to finally be in the game :)
How come we are driving on a parkway and parking in a driveway?

Offline furnishedowner

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Re: first tenant question
« Reply #1 on: March 04, 2009, 11:05:38 am »
We charge a $250 pet deposit. It is fully refundable if there is no pet damage. We mail the deposit back in a check after the property is vacated and clean. This is important, because what if the 16-year-old dog dies and the tenant wants the deposit back right then? Make sure that the deposit is only returned after they vacate and it has been cleaned.

After people vacate, we have discovered the chewed-up doorsill, the urine stained carpet, but you can't see that when the unit is vacant. Chances are that those tenants will want to get another dog when the old one dies. Now you can transfer the deposit to the new pet.

I give tenants a list of Pet Rules that they must sign. You can make this up yourself. It will cover waste, smell, barking, damage, and landlord to approve of pet (no viscious guard dog breeds). I also have a stipulation as to "NO PUPPIES", as most of our tenants work full-time and puppies, like babies, need a lot of attention.

It all depends on the quality of the tenant. It sounds like you have great prospects. On a positive note, people with pets stay longer. Most of them will care for your property to the same degree that they care for their pet. Pet lovers can make great tenants.

Furnishedowner

Offline TXRehabber

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Re: first tenant question
« Reply #2 on: March 04, 2009, 11:10:29 am »
Thanks Furnisheddowner,

I appreciate your feedback. I am kind of along the lines with you that they tend to stay longer, which is always good.

I am so happy that I finally took some action, I have been reading this board for over two years but now is a good time to jump in.....

 :beer
How come we are driving on a parkway and parking in a driveway?

Offline furnishedowner

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Re: first tenant question
« Reply #3 on: March 04, 2009, 07:10:08 pm »
TXRehabber,

Congrats on getting your first place up and running!
How about starting a new thread under "Beginners" that tells us all about it. Then other newbies can see what the steps are.

It's your turn to teach and inspire--how about it? I would be very interested too.

Furnishedowner

Offline brockovich

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Re: first tenant question
« Reply #4 on: March 05, 2009, 06:17:42 am »
I charge a $100 non-refundable pet deposit and $25 extra per month on top of normal rent. Plus I must meet the dog and they must sign a pet addendum to the lease. I have been allowing pets for 12 years, with very few issues along the way. It has provided extra rental income and those tenants tend to stay longer since so few landlords allow pets. This is another reason why I am able to maintain a 3% vacancy rate. Pets have been a great idea for my business.

Offline propertymanager

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Re: first tenant question
« Reply #5 on: March 05, 2009, 07:51:02 am »
Congratulations on finishing your rental!  This is a great time to be in the rental business!

I handle the pet issue a little differently.  I charge extra rent and/or extra deposit depending on the total situation.  I consider what type of pet(s) and of course the number of pets they have.  I consider the current rental demand in the area.  I consider the particular rental they'll be renting.  Does it have nice new carpet, old carpet that is nearly ready to be replaced, or all wood floors?

In other words, I consider all the factors and then determine how much extra rent and/or deposit to charge.

Mike
www.1MinuteToRentalPropertyRichs.com 
This No-Hype, No-Nonsense Book is a step by step course in making money and building wealth with rental properties!  Everything from buying properties at a discount to dealing with terrible tenants.  Now In Paperback!

Offline TXRehabber

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Re: first tenant question
« Reply #6 on: March 05, 2009, 08:52:31 am »
Thanks all for the great feedback,

furnished, I will start a new thread in the beginner section.... Always good if it could motivate other people to get off their analysis paralysis :)
How come we are driving on a parkway and parking in a driveway?

 




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