Should Fido be allowed?

I am one of the biggest dog lovers in the world.  I think everyone should be able to have a dog, but today I am not so sure every Fido should be allowed into rentals.  Although there is a staggering 70% renter population that owns pet, one must ask themselves, is Fido really worth it?  My first rental property was a turnkey property which allowed a potential tenant to move directly into the property once I obtained ownership.  This was awesome.  I literally signed the paperwork, took possession, and listed an open house.  The next day, I had 30 people come to my open house which was not about how adorable my place was ...well that could've been part of it ...but it was primarily because of the location.  As I spoke with each potential tenant, almost all of them asked if I allowed cats and dogs.  As a personal dog owner myself, I immediately said, "if it is a dog, absolutely."  Sorry cats lovers, but I'm allergic to the felines.  After I said yes, I immediately second guessed myself.  Was I really going to let pets into this beautiful home which I just took possession of?  I knew in my heart that wasn't probably the right answer because Fido is now going to come in to my home and potentially mark it, as if it's his own.

Things I wished I would've considered before saying yes:

1. Size of the dog.  I didn't equate the size of the dog to the size of the home or yard which was a rookie mistake.  I was so excited and liked the potential tenants that I just said yes instead of looking out for Fido, and my home.  A medium to large size dog would never be happy in a 890 sq ft. home while his owner was at work.  Go ahead, ask me how I know? Upon moving out, Fido managed to scratch every wall, every inch of trim piece, and reposition every door handle.  Of course he wanted out ...the house was just too small and he wanted his master.  He tried for two years trying to find a way out and as a result made a complete mess.

2.  Separate Pet Deposit - I should've had a separate pet deposit for Fido instead of simply asking for one month's rent for the security deposit.  I felt awkward about asking for more money just to have Fido live there. From now on, I will be adding a separate pet security deposit of which 1/2 will be non-refundable to cover wear and tear on the home from sweet Fido.  Lesson learned!

3. Whether I can muster the cleanup - We all have high hopes that our tenants are going to move out and leave our place pristine like we did when we moved out of our college dorms and first apartments.  Aren't most too poor not to get the deposit back?!?  Aren't most folks willing to make them look brand new just to guarantee we saw every dollar returned?!?  Well, I've quickly learned that not every tenant thinks like you and me.  In fact, we're not the norm.  I've discovered that more and more tenants just want a place to crash, drink a cold beer, and have a safe place for Fido.  The question is, can you tolerate the aftermath?  Can you tolerate having to go back in and clean every inch, repaint every wall, adjust door handles, rehang blinds, as well as, touch up or replace trim boards and window ledges, all at a potential loss?  If not, you may have to rethink your position and simply be okay with a smaller pool of potential tenants.  The good news about the smaller pool of tenants that don't own a Fido, they're probably very meticulous individuals and will leave your home pristine upon moving out.  

As far as my position moving forward, I am going to increase my monthly pet deposit, make a portion of the pet deposit non-refundable, and only accept pets less than 35 pounds.  Regardless of your position, I hope you enjoy the ride where every lesson gets us one step closer to financial freedom, as long as you don't quit!:)