Considerations for house hacking with pets
I'm currently house hacking with a mid term rental strategy and considering renting out two rooms in my property to a single tenant. The property is a 3 bedroom, 2.5 bathroom townhouse. My girlfriend and I occupy one of the bedrooms in the home.
We're contemplating allowing pets, as there will be no other roommates besides us and we don't have any allergies.
Questions:
- Considerations for Allowing Pets: What factors should I take into account when renting to tenants with pets?
- Commonly Allowed Pets: Which types of pets do landlords typically permit in rental properties?
- Pet Policies and Agreements: What are the best practices for creating pet policies and agreements to protect my property?
- Insurance Implications: How might allowing pets affect my homeowner's insurance, and what steps should I take to ensure proper coverage?
- Legal and Regulatory Concerns: Are there any local laws or regulations in Fredericksburg, Virginia, that I should be aware of regarding pets in rental properties?
- Tenant Screening for Pet Owners: What criteria should I use when screening potential tenants who have pets?
I appreciate any insights or experiences fellow investors can share on managing rentals with pet-friendly policies.
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#5 Starting Out Contributor
- Real Estate Consultant
- Madison, NJ
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#5 Starting Out Contributor
- Real Estate Consultant
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Doing MTR inside of your own house is not something I think trends that well. I know people who do STR in their house, but it's as private as possible. I think you can accomplish it, but you would want to check the inventory in the area for MTR because most MTR will want to stay privately. @Jamie Banks may be able to help - do you know anyone who does MTR in the same house?
- Jonathan Greene
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- Podcast Guest on Show #667
#5 Starting Out Contributor
- Real Estate Consultant
- Madison, NJ
- 7,829
- Votes |
- 6,755
- Posts
#5 Starting Out Contributor
- Real Estate Consultant
- Madison, NJ
Doing MTR inside of your own house is not something I think trends that well. I know people who do STR in their house, but it's as private as possible. I think you can accomplish it, but you would want to check the inventory in the area for MTR because most MTR will want to stay privately. @Jamie Banks may be able to help - do you know anyone who does MTR in the same house?
- Jonathan Greene
- [email protected]
- Podcast Guest on Show #667
Hi Kevin,
I have a couple of rentals in Fredericksburg and I allow pets (charging a pet deposit and monthly pet rent to cover damages and wear and tear). I allow pets on a case by case basis that way I have the ability to say no to a pet I do not want. To my knowledge, there are no city ordinances prohibiting domesticated animals but you can always contact the City. For the insurance, I would suggest you contact your agent but it has not affected my insurance to have pets. I do have a tenant with a support animal that is allowed and pet rent cannot be charged.
Hope that helps. Happy investing!
Personally, I think that renting by the room opens up a can of worms for a lot of people. Like someone else mentioned, doing a short term rental in a secluded basement that is very private and walled off is one thing, but sharing the same refrigerator, kitchen thermostat, etc. with a complete stranger seems like it will introduce more problems than what the money is actually worth. This is especially true if you start bringing in a strangers pet. Well, you may not have allergies you don't know how obedient dog is or animal. What if they jump around a lot? What if they trash the place? What if they don't listen? What if they bark all the time? These are all real problems, and a lot of people fail to consider them. You can certainly make more money. We can also have more of a headache as well. Just gotta ask yourself if it's worth it
- Alan Asriants
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- 267-767-0111
I'm considering doing the same thing. Let me know how it goes for you
Hey Kevin,
I am an MTR investor and co-host in North Dallas, Texas.
I have not done rent by the room--- but make sure you seek out advice from the rent by the room forums. There is risk with every single strategy--- but there are also people who figure out how to make it work really well. I remember listening to on of the bigger pockets podcasts and it was the first time I heard rent by the room strategy work really well. Ultimately, good to hear from both sides (pros and cons) It's not the right one for me and my goals-- but if it helps you get to the next stage, it might be the right one for you. Good luck!
You need to think about not just the potential income but also the potential problems such as city ordinances, state law, insurance, potential eviction issues, etc. I think this is one of the riskiest strategies. It can be good when everything is clicking, but it can also be horribly bad...and dangerous when you end up with a problem occupant. Imagine someone harassing your girlfriend, damaging your property, using or selling illicit drugs, dog biting you or your other tenants and creating a flea or noise issue, or any number of other potential issues. It would be a huge mistake to jump into a strategy without understanding how to deal with problems that may very well arise, more especially when the property is in tenant-friendly states.