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I'm buying my first rental property at the end of this month. A 3BR/3BA house close to MSU. My wife responded to an advertisement of someone looking for a place in May. Turns out it's an upperclassman girl finishing her degree and her boyfriend who is taking a job in this area.

They have a dog. Chocolate lab mix, 2 1/2 yrs old. The house has a large fenced yard.

Your thoughts? Things to watch out for? Would you do it or hold out for no pets, smaller pets, or older pets. A 2 yr old lab struck me as worse case scenario.

I'd want to meet all 3 prospective inhabitants and make them (or better yet......the owner of the dog) put-up a sizeable deposit for property damage for sure.

Basically depends on what your other prospects are at the time......and how long you want to 'wait' for something more appealing......it might not come.

Obviously you've had a dog and know what the terrible 2's can mean.

your bank can help you do a credit check for your prospects as well

I rent to folks with dogs--get a damage deposit, but typically, dogs ruin furniture, and the things the renters own, rather than the walls and woodwork of your property. You can decide after you see the people and the animal.

What's she look like?

i wrote my contracts so that if they choose to have a pet, they put up an additional non refundable pet deposit. That is non negotiable. Generally people have trouble finding a place that accepts large dogs, so generally they jump on it. In general the pet does no damage, and you keep an extra 400-500

He'd hit it.

On mine, we make them pay a one time fee for pets.

With the $$$$ my lab cost me in stuff they destroyed at my 1st house I would jump on a 400 dollar deposit. Between sod, cable wires, fence boards, and lord oh lord don't let the ac unit be in the backyard!!!!!!! Got one now that digs and chews everything in sight!!!!! I gave up on keeping the yard nice and had to put a hotwire just to keep her from eating the boards. Wife's lab did a LOT of damage inside chewing baseboards etc.

Would you rather have a female grad student with dog, or a group of male freshmen without dogs? I would imagine the female and her boyfriend would tear up much less than a group of drunk males. I would make her give deposit, but wouldn't harp too much on the dog issue. GOOD renters are VERY hard to find. We have 3 rental properties in Hinds county, and have more of an issue with the humans than the animals they bring with them.

I am in rental properties all the time. Some of these properties are high-end rentals and some are bottom of the barrel (public housing / tax credit / HUD). The number one cause of damage in the aforementioned properties is jointly shared by kids and pets!! Personally, I would take a non-refundable pet deposit on top of the security deposit. Next, I would make sure that the contract reads that you have the right to inspect the property at anytime. Some rental owners I know insist that they change the A/C filters themselves, in order to insure a once a month inspection.( Good if your local!!) Also, if you need to replace carpet, buy the cheapest / darkest you can get by with!! Make sure you thoroughly check references and dont trust anyone; even if they seem to be more affluent.