All Forum Posts by: Megan Aldridge

Both my tenants how have pets. So I'm charging a non-refundable $250 pet fee after asking the BP Forum.  That's what I felt would work for me and my situation.  I think I'm going to have the tenant sign a "pet agreement" also, so that all is clear about what happens if there's is damage done to the property.  Does anyone do that?  I'm thinking of getting name, breed of said animal and a signed statement to the effect that tenant fully understands that the fee is non-refundable and any damage to the property, pet-related or not, will result in forfeiture of the security deposit.  Does anyone else do that?

Thanks @Mindy Jensen!!  That's a great point!

Great stuff, everyone! Thanks so much!

@Jim Adrian I check both my county and state and no restrictions are outlined in the law for pet rent.  People like their pets, so I don't want to be overly restrictive, but if they destroy the property I want to be sure I can get things repaired without dipping out of pocket.  1/4 of rent sounds about average.  I need to stay competitive, so that may work. Thank you!

Thanks @Benjamin Winokur!

I'm trying to sort out the pros/cons behind charging pet rent ($15-25/month) vs. a one-time non-refundable pet deposit ($250).  I have not had tenants with pets in the past, so I'm not sure which way I want to go on this.  Also, I have no idea how much damage pet can do as I have no pets myself, so are these pet rates enough?

non-arms length mortgage to be held by a registered account (Self-directed RSP, TSA or RIF (not sure about RESP))

What is that?

@Brent Coombs So to clarify, for my own understanding, banks WILL allow a HELOC on a paid off investment property? (Geez...fingers crossed here because that was the plan for my next deal lol!).

Thanks!

non-lienable....spell checker!

@Joe Villeneuve What is "non-alienable debt"?  Thank you.