To allow pets, or not.....

[Andrew P.]

I just purchased my first investment property!  Finally...

Well I actually don't close until this afternoon, but I went ahead and put it on Postlets yesterday and got a bite.  The gentleman emailed me asking if I allow pets.  Initially, I was against dogs AND cats, but I feel I may be losing an opportunity at a potential tenant.  

It's a single family home in the 130-150kish range.  I have a big backyard, but no fence.  

What are your opinions on this?  Am I jumping the gun, since it's only been 1 day on the market?

[Charlie Fitzgerald]

I allow pets in all my rentals.  I obtain a separate and non-refundable pet deposit of $250 per animal (I limit the number of pets to 2 dogs and 1 cat), and I require tenant to get a liability policy of insurance naming me as an additional named insured to protect them and me from potential damages for dog bit incidents.