07/29/2024
This post is for the “young” cop or the cop early in his/her career. From 2001-2003, I was a courtesy officer at an apartment in westside. New, nice, not many problems and best of all, free rent. Once, maybe twice per week, my pager would go off. Yes, my pager…I would handle a problem and I was done. At most, I had 2-3 hours per week invested into my “free apartment” that would have cost me $750 per month.
However, times have changed. Now you are expected to do some type of nightly patrol, lock the pool, and deal with myriad problems. In exchange, half price rent seems to be the norm for a decent complex. What does half price rent look like? For a baseline comparison, the apartment complex where I worked a few decades ago starts at $1,540 per month, so half price rent is $770 for a 25-year-old, 2 bed, 2 bath apartment. Let’s assume you put in 6 hours of work per week dealing with issues/duties at the apartment complex. 6 hours of work equates to your apartment complex paying you $32.08 per hour. It has been a few years since I worked a part-time job, but I know each of you can make anywhere from $55-$65 per hour. If we split it down the middle, you make $60 per hour. If we take the 24 hours per month that your apartment complex requires, that rate translates to $1,440 per month. Essentially, your apartment is paying you almost half of the current part-time rate.
For this scenario, we are going to apply $1,440 per month as income and $770 as your monthly expense towards your rent. This is equal to $2,210 per month. If you live by yourself, $2,210 won’t get you much of a house in a booming metropolitan area. However, here is where things get interesting. What if I told you that you could buy a very nice duplex with 3 beds, 2 baths per side and your monthly outlay was $2,200 per month? What if I told you that you could make roughly $15,000 per year in rental income? What if I told you that in 5 years, you made $75,000 just by owning a property? What if I told you that in 5 years, that same duplex would possibly sell for $100,000 more than you paid?
Here is the reality, our program can make this happen for ZERO DOLLARS out of pocket! I know, I will get the same questions….” I don’t have money for a down payment. The interest rates are too high,” and the list goes on and on. We have answers! I promise! Our goal is for cops to become homeowners early on! Our goal is for cops to build generational wealth to supplement their pensions starting early on!
What if you could swing a $2,600 monthly payment and still avoid closing costs? Well, there are numerous new builds in and around Fort Worth that are offering some phenomenal incentives that can make the $2,600 monthly payment possible!
Reach out to me if you want to learn more!
Also, for CLEAT members or those eligible for CLEAT membership, do not miss our First Time Home Buyer class tomorrow at 6:30 p.m. at the Fort Worth Police Officers Association located at 100 N. Forest Park.
