In the past I've heard some apartment complexes will let police live there rent-free. That sounds like a reasonable idea to me. Anyone have experience with this?
I'm looking at my first multi-family purchase (24 unit) and I'm curious about this concept. Thank you guys!
personally I am not sure I would want to buy apts where I need that much police presence
Ya even Police don't like living in bad areas, they work hard enough all day and don't want to put overtime in after work where they live.
I've had Police, Homeland Security, FBI, County Sheriff's live in my buildings,, nice to have,, I just let tenants know if they are comfortable living here you should be also.. I don't elude to making any extra security claims... but having the marked vehicles in the lot is kind of nice from time to time..
We would give them a $20.00 a month concession.. not a lot but we were glad that we knew they were at arms length and would inform if any issues.
@Jared Lillard - my sister was a police officer for 7 years, and her husband is still a police officer. Before they bought a house, they lived in a couple different apartment complexes with discounted rent because they were police officers. The apartment complexes were all in decent areas, and very large complexes 100+ units. They never got free rent, but as an example would pay $200 a month on a $1,000 a month unit. In exchange for the discounted rent, they were required to do safety patrol once a week (which was just them walking the complex and grounds for an hour) and pass out info a couple times a year. I also believe the complex got a small discount on their insurance because of this.
When they were younger, and just out of college they jumped at this deal. After a few years it was just a hassle for them and they stopped doing it.
Also, keep in mind a lot of police departments do not let their officers take marked vehicles home with them as vehicles are shared between shifts. I know some folks that have larger units think that if they have an officer renting a unit, they get to have a police car sitting on site, which isn't always the case.
There are certain types of individuals I choose not to rent to based on past experiences.
Police, lawyers, social workers, tenant activists etc.
I am a police officer and in my opinion, most of the time, officers will most likely not tell anyone that is living there they are a cop. I have lived in apartments in the past and no one knew what I did nor would I try to make it known. I have also never heard of any arrangements such as that at least in my area but I would also not expect it.
You've probably got a good sense about which neighborhoods to invest in, for rentals..
I always appreciated the officers we had that lived on site,,, The only time anyone knew they were officers is if they drove a squad home for something,,
Our property management company just felt it was a was to acknowledge them as tenants.. and the 20 bucks a month.. was much but it was well worth it to me If I knew I had someone I could run to in a emergency
@Thomas S. is open to his opinion,, In my opinion.. lawyers are interesting..
Thanks for your input, everyone! This is not a place that would demand a resident officer. I was just thinking it might be a nice service, if you will, to the other tenants....maybe a little added value in the form of goodwill.
I once had an officer apply: recently divorced with a kid and crappy credit. That would be all I needed in my building, a broke, depressed guy with a gun. Fortunately the FICO was all I needed to turn him down.
Another common rule of thumb is no lawyers, but I trusted this couple to be no hassle and they weren't. But they tried to hand off the unit to a workmate of the lawyer who totally creeped me out. Fortunately he too had bad credit.
Some of the comments on this thread are disheartening. Yes, police officers are people too. They have good credit, bad credit, and their own array of family troubles.
All of that being said, 99% of cops are decent people who have to pass background and pyschological tests.
Having a courtesy officer is very common in OKC. Some offer free rent, others half. Most officers I know wouldn't live in a C property or lower. They already deal with worst on their job, so they don't won't the same off the job.