Pet deposit mid lease?

2 Replies

I just closed on my first deal in mid July on a fourplex and the building is full and has been for the most part since I discovered it. Although during the process of closing one of the tenants (month to month) acquires 2 cats. I didn't plan on allowing pets without a separate deposit. Am I able to notify him that I will need a deposit for the pets in the middle of his lease? Has anyone experienced this?

Being that it's a month to month means that...their lease "expires" at the end of the current month, and "renews" at the beginning of the next month.  The renewal is automatic unless you give notice of non-renewal.

Just like you would an annual lease, you would give them notice what the terms of renewal are regarding pets.  

You have to give them at least 30 days in your notice.  If you want to be nice, you can give them 60 days.

If your rent is due on the 1st of October, you need to give them a 30 day notice no later than September 1st.  Since we're in August, you can give them a notice for October anytime this month as well.

That's very helpful thank you!! I will notify them for October. I appreciate your input.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here