Pet Deposit for short term pet

[Cassie Villela]

I am a pretty new investor, with two buy and hold single family properties.

I have a question about pets...we do allow pets, and we have a $500 pet deposit, $250 of which is non-refundable.

I have a fantastic tenant (exceeds all qualification standards, communicates well, paid deposit and switched utilities within minutes of acceptance, etc) moving in soon, and he's asked me a question I'm just not sure how to answer. He will need to watch his ex-wife's dog for a week or two while she finds a place to live. I'm ok with that, I'm just wondering what to charge in terms of a pet deposit. It seems a little drastic to charge $250 non-refundable fee for a couple of weeks. My first reaction is to just charge the $500 deposit and return it when the dog is gone, and maybe if the dog isn't gone in a month make half of it non-refundable. Am I being too lenient?

Thanks for any advice you can give! 

[Thomas S.]

Tell him you will charge the $500 and hold it till he decides to leave. $250 will remain as a non-refundable.

The justification for this is very simple.....his girlfriend has a dog, this means it is likely to be at the property on and off for as long as they are together.

If he says no thanks and that he will not pet sit her dog inform him that if the dog is ever in the property in the future, for any period of time, he will be required to pay the $500 deposit.

He will lie so you must protect yourself in advance...collect the $500 deposit.