We own a SFH rental (numbers below) and had a tenant turnover. The first qualified applicant has 2 (count ‘em) emotional support dogs. They will otherwise meet criteria to be renters.
Law says: Cannot discriminate. Cannot charge pet fee. Cannot increase deposit.
Since we have no other candidate we could be staring at a lawsuit if we refuse to rent.
Alternative is to sell. We had been toying with selling anyway, maybe this makes the decision for us - maybe not.
This rental is a very small part of our net worth/portfolio.
Bought: $187k
Market value: $325k
Owe: $90k
After recapture of depreciation, real estate agent commission, and excise fee, plus long term capital gains tax, I think we can walk away with $160k cash.
Rent: $1695
Property Tax: $3000
No HOA
Management fee: $135 per mo
The rental has done well for us but it’s basically small potatoes. I don’t want to end up with a $10k yard and interior repair bill that we have to pay. Last time we had pets, they destroyed the carpets and we spent $7000 to put in laminate. So laminate is a little better, but not impervious. On the other hand, I don’t want to overreact. Like I said, the rental’s been a pretty good investment over six years.
Our manager doesn’t mince words. His feeling about ESAs was, “Since these are people who skirt the rules, we run into problems with them... they don’t follow the rules...”
What would you do?
Law says: Cannot discriminate. Cannot charge pet fee. Cannot increase deposit.
Since we have no other candidate we could be staring at a lawsuit if we refuse to rent.
Alternative is to sell. We had been toying with selling anyway, maybe this makes the decision for us - maybe not.
This rental is a very small part of our net worth/portfolio.
Bought: $187k
Market value: $325k
Owe: $90k
After recapture of depreciation, real estate agent commission, and excise fee, plus long term capital gains tax, I think we can walk away with $160k cash.
Rent: $1695
Property Tax: $3000
No HOA
Management fee: $135 per mo
The rental has done well for us but it’s basically small potatoes. I don’t want to end up with a $10k yard and interior repair bill that we have to pay. Last time we had pets, they destroyed the carpets and we spent $7000 to put in laminate. So laminate is a little better, but not impervious. On the other hand, I don’t want to overreact. Like I said, the rental’s been a pretty good investment over six years.
Our manager doesn’t mince words. His feeling about ESAs was, “Since these are people who skirt the rules, we run into problems with them... they don’t follow the rules...”
What would you do?
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