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Jonathan Cook and Bryan Jenkins explore successful strategies and pitfalls of investing in Real Estate. Bryan Jenkins is a Master Property Manager and the Principle Broker of AHI Properties which has offices in Birmingham, Huntsville, Mobile, and Montgomery AL and Oklahoma City, OK. With Expert Guests we cover all the ins and outs, associated with growing your wealth with Real Estate.
Episodes
Wednesday Jun 12, 2019
Episode 11: Should You Allow Pets in Your Rental Property?
Wednesday Jun 12, 2019
Wednesday Jun 12, 2019
In episode 11 of the Profitable Powerhouse Properties Podcast, your hosts Jonathan Cook and Bryan Jenkins talk about pets in your rental property. Pets are the “pet peeve” of the property managers and landlords, so should you allow your tenants to have them or risk excluding a large percentage of applicants?
Episode Highlights:
- Pets are a huge part of the rental market.
- The main reason you should allow pets is because such a high percentage of applicants have pets.
- You hardly see pet damage with any magnitude, it’s usually small things.
- What types of pets you should charge pet rental fees for.
- The types of fees you can charge renters for pets.
- The most common applicants you will receive will have dogs or cats.
- The risk factors of having dogs or cats - bites, damage, and allergies.
- The worst-case scenario of allowing pets in a rental property.
- The two approaches to dealing with pet damage either a refundable or non-refundable pet fee.
- If you have pet damages that exceed the pet deposit you can tap into the security deposit.
- A non-refundable pet fee can be banked as an income stream.
- Whether you should charge the same fees based on the size of a pet.
- The benefits of pet rent to your cash flow.
- How to go about pet screening and some recommended services.
- Emotional support animals are regulated by HUD and service animals are regulated by ADA.
- You cannot charge any fees, deposits, or other rent for service or emotional support animals, but you can go after the damage.
- Some of the better-qualified applicants are the ones with pets.
- Whatever your strategy is, these pet guidelines apply to your property.
Key Points:
- Pets are a giant part of the rental market and 63% of AHI property applicants have pets.
- You need to be careful about how you structure your pet deposits or refundable and non-refundable pet fees.
- Pet rent is a great way to make more money on your rental property.
Tweetable Quotes:
- “If you don’t allow pets in your rental property you’re excluding ¾ of the rental market.” -Bryan
- “An owner can have as much control over the pet screening process as they’d like.” -Bryan
- “Allowing for pets lets you get a little more than what the market allows for.” -Jonathan
Resources Mentioned:
- Check out our website ahiproperties.com
- Check out Birmingham Insurance Group online or call them at (205) 616-1107
- Buy, sell, and own investment properties the way the pros do it with www.roofstock.com.
- Recommended pet screening resource petscreening.com.
- Email Jonathan and Bryan at Podcast@AHIProperties.com
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