Welcome! It’s Lou Brown with another one of my 101 Street Smart cash flow accelerators. And in this one, in this series I’ve been talking about when managing property and having the right agreement and in that agreement can be certain things that definitely will put you in a position of success. And this one is Charge Pet Fees. Listen, when people have animals, they love those animals in some cases more than they love their children. The animal comes to them, they wag their tail, they love that animal. The animal loves the person and everything is so cool. And so people are willing to pay for these animals. Now imagine that when someone discloses on their application that they have animals, we will allow upto two. Now we’re mainly focused in the single family business. We do have multi-families. I’ve done many, many multi-families in the past and we definitely also want to attract people that want to stay.
Many landlords prohibit any kind of pet. Well, what does that create? That creates an unhappy camper. Listen, human beings love to take care of other things, other beings on the planet and human beings love to have pets. Again, something that’s going to love them back and so when we charge for pet fees, people willingly pay it and watch this one. It can also create a client that’s going to stay longer because they may have trouble other places that will accept pets. When we have no problem with it. We’re wanting to set these people up on what we call our path to home ownership where they can end up purchasing that property or a different property from us in the future. So we’re very excited about them bringing their pets. Now we limited to two pets. We want to know what kind of pets they are. We definitely want to vet that pet.
There’s even PetScreening.com that will check out that pet and they can pay a fee for that, but we charge a pet fee of $500 per pet and we charge a monthly rent on that pet anywhere from 15 to $25 per pet per month. Now that’s enough. Ooh, that’s a great thing. Now there’s certain language again, so this is where having the right agreement comes into play. Now that agreement is our Standard Rental Agreement, and that’s in my volume two Selling and Holding. And also in volume eight Property Management. I definitely encourage you to get that, read that agreement, and you’re going to find some amazing profit centers that are built in also protections for you in your business. Hey, I’ve been at this game over 40 years of buying, holding, and selling property, and I can tell you it’s very critical that you have the right paperwork and that paperwork can bring you a whole lot of additional cash flow on a monthly basis. So it’s very valuable for you to have the tools necessary to make this work.
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