topic Re: Getting an apartment after bankruptcy in Bankruptcy

Getting an apartment after bankruptcy

kr43002 — Sat, 20 Mar 2021 07:21:40 GMT

So one of the biggest draws towards bankruptcy is that I would be able to afford to move out of my parents house again. I am waiting on my BK to clear out before I move, but has anyone had any issues getting a place? I know this is definetly a YMMV as this isn't an underwriting done by many banks that just use an algorithm, instead its done by an actual person who is deciding if I am going to be a good fit for their property. After my discharge in may I plan on moving from Idaho to Texas. Does anyone know what I should do to make sure getting the place won't be an arm and a leg and a soul? I know that Landlords will want higher deposits and what not because they can. PS job verification shouldn't be a problem, my job is virtual.

Re: Getting an apartment after bankruptcy

Horseshoez — Sat, 20 Mar 2021 12:19:24 GMT

@kr43002 wrote:
So one of the biggest draws towards bankruptcy is that I would be able to afford to move out of my parents house again. I am waiting on my BK to clear out before I move, but has anyone had any issues getting a place? I know this is definetly a YMMV as this isn't an underwriting done by many banks that just use an algorithm, instead its done by an actual person who is deciding if I am going to be a good fit for their property. After my discharge in may I plan on moving from Idaho to Texas. Does anyone know what I should do to make sure getting the place won't be an arm and a leg and a soul? I know that Landlords will want higher deposits and what not because they can. PS job verification shouldn't be a problem, my job is virtual.

Many landlords still use algorithm based scoring tools to determine whether to rent to someone, the bigger the property, the higher the likelihood such tools will be used. I'm not saying you'll be instantly blackballed because of your bankruptcy, but they will most likely know. For smaller properties, say, an owner occupied duplex, you have a better shot at them making a personal decision to rent to you.

Re: Getting an apartment after bankruptcy

Shooting-For-800 — Sat, 20 Mar 2021 13:18:41 GMT

Save up your money so you have 3 or 4 months rent and a good solid emergency fund.

Cash talks. You will be ok.

Your DT I will be better than most.

Be ready to explain your BK and maybe pay an extra month or two of rent upfront.

Plenty a people in apartments with bad credit.

GL!

Re: Getting an apartment after bankruptcy

anniea4001 — Mon, 22 Mar 2021 17:24:07 GMT

@Shooting-For-800

I can tell you, living in Texas that renting a place here is easier than in many other states.

You might have to put a deposit down if your score is not what they want to see but the highest deposit I hsve paid in the 5 years I have been in Texas is $250.00 for an apartment.

Now, if you want to rent for a landlord directly, that might be a different story.

But in my experience with management companies, you should have no problems.

My advise, start looking early. I used apartment dot com when I was relocating from Florida. I started calling several places and explaining my situation and gathering data points of what score they wanted and what the deposit would be if I did not meet the requirement.

What I have found is that most apartment complexes will welcome you as long as you do not have broken leases, evictions or criminal records. But lots of properties will work with broken leases and ask for a higher deposit, maybe half month's rent.

Good luck

Re: Getting an apartment after bankruptcy

kr43002 — Tue, 23 Mar 2021 04:28:09 GMT

@anniea4001 wrote:
@Shooting-For-800

I can tell you, living in Texas that renting a place here is easier than in many other states.
You might have to put a deposit down if your score is not what they want to see but the highest deposit I hsve paid in the 5 years I have been in Texas is $250.00 for an apartment.
Now, if you want to rent for a landlord directly, that might be a different story.
But in my experience with management companies, you should have no problems.
My advise, start looking early. I used apartment dot com when I was relocating from Florida. I started calling several places and explaining my situation and gathering data points of what score they wanted and what the deposit would be if I did not meet the requirement.
What I have found is that most apartment complexes will welcome you as long as you do not have broken leases, evictions or criminal records. But lots of properties will work with broken leases and ask for a higher deposit, maybe half month's rent.
Good luck

An unfortunate thing in my bankruptcy I broke my lease, However I stayed current on rent and it was rented the same month I moved out. They had charged me like $1000 in damages, took my deposit and said I owed $600. I paid them $300 of it, the rest got IIB. I hope that doesn't hurt me to much. considering my rent was $1400 and I had no job at the end, I think they got a pretty good amount of money out of me compared to every other creditor.

Re: Getting an apartment after bankruptcy

MichaelWoodland — Tue, 23 Mar 2021 15:44:31 GMT

Have you consider moving into a RV park?

You can buy RV for little money and then rent in park is maybe $400 a month. That is all utility, you may only need to pay internets.

Re: Getting an apartment after bankruptcy

anniea4001 — Tue, 23 Mar 2021 16:03:01 GMT

@kr43002 Like I said, I have seen plenty of properties that work with people who have broken leases.

You might have to give a bigger deposit than the normal $150-$250 or you might not be able to get into the apartment you want right off the bat (if you are looking for luxury places) but you will definetely will find a property that will work with you.

Start calling places and gathering info of what cases they work with and require, that will make life a lot easier and will help you narrow things down.

Re: Getting an apartment after bankruptcy

Horseshoez — Tue, 23 Mar 2021 16:44:49 GMT

@MichaelWoodland wrote:
Have you consider moving into a RV park?

You can buy RV for little money and then rent in park is maybe $400 a month. That is all utility, you may only need to pay internets.

LOL, I lived in "Tornado Alley" for a number of years and there is an old adage, "God hates RV parks." Infer what you will from that adage.

Re: Getting an apartment after bankruptcy

kittycreditmeow — Tue, 23 Mar 2021 18:20:18 GMT

I was 4 months post discharge from chapter 7 and got approved for an apartment. It probably will depend on the management company. This particular one was Hawthorne Residential, they didn't ask for any more of a deposit, I think I ended up paying like less than first months rent but also I have a pet. I think your income will play a factor to.

Re: Getting an apartment after bankruptcy

kr43002 — Tue, 23 Mar 2021 21:13:50 GMT

@MichaelWoodland wrote:
Have you consider moving into a RV park?

You can buy RV for little money and then rent in park is maybe $400 a month. That is all utility, you may only need to pay internets.

I have entertained the idea of that but it wouldn’t be to cost effective for me because I like luxuries like having a room dedicated for my job. plus having a cat would be pure agony whenever they use the latrine.

Re: Getting an apartment after bankruptcy

kr43002 — Tue, 23 Mar 2021 21:15:28 GMT

@kittycreditmeow wrote:
I was 4 months post discharge from chapter 7 and got approved for an apartment. It probably will depend on the management company. This particular one was Hawthorne Residential, they didn't ask for any more of a deposit, I think I ended up paying like less than first months rent but also I have a pet. I think your income will play a factor to.

That’s good to know. Yea from what i have seen the cost of getting an apartment is really cheap compared to anywhere else

Re: Getting an apartment after bankruptcy

MichaelWoodland — Wed, 24 Mar 2021 03:11:38 GMT

you can like luxury all u want, but when you bankrupt you need to live within means.

Re: Getting an apartment after bankruptcy

kr43002 — Fri, 26 Mar 2021 06:50:11 GMT

@MichaelWoodland wrote:
you can like luxury all u want, but when you bankrupt you need to live within means.

I understand you need to live within your means. I make more than enough to afford an actual apartment. Getting an apartment for $700/month wouldn't really be living outside my means. I make just above 2k a month take home. Not sure why you are demeaning my want for a room separate for work and a place that will be considered habitable for a person with a cat. But I can assure you I will be able to afford the "Luxuries" I speak of. Saving the $300/month in rent doesn't seem to bad until you realize you have to purchase an rv, and maintain it.

Re: Getting an apartment after bankruptcy

Anonymous — Fri, 26 Mar 2021 09:07:02 GMT

@kr43002 wrote:
@MichaelWoodland wrote:
you can like luxury all u want, but when you bankrupt you need to live within means.
I understand you need to live within your means. I make more than enough to afford an actual apartment. Getting an apartment for $700/month wouldn't really be living outside my means. I make just above 2k a month take home. Not sure why you are demeaning my want for a room separate for work and a place that will be considered habitable for a person with a cat. But I can assure you I will be able to afford the "Luxuries" I speak of. Saving the $300/month in rent doesn't seem to bad until you realize you have to purchase an rv, and maintain it.

I rented in Texas, albeit 10+ years ago, and I also suppose it depends on where in the Great State, but i wouldn't have gotten much that would be described as "luxury" for $700/month.

Re: Getting an apartment after bankruptcy

Horseshoez — Fri, 26 Mar 2021 12:09:47 GMT

@Anonymous wrote:
@kr43002 wrote:
@MichaelWoodland wrote:
you can like luxury all u want, but when you bankrupt you need to live within means.
I understand you need to live within your means. I make more than enough to afford an actual apartment. Getting an apartment for $700/month wouldn't really be living outside my means. I make just above 2k a month take home. Not sure why you are demeaning my want for a room separate for work and a place that will be considered habitable for a person with a cat. But I can assure you I will be able to afford the "Luxuries" I speak of. Saving the $300/month in rent doesn't seem to bad until you realize you have to purchase an rv, and maintain it.
I rented in Texas, albeit 10+ years ago, and I also suppose it depends on where in the Great State, but i wouldn't have gotten much that would be described as "luxury" for $700/month.

LOL, in 2021, I cannot imagine living in luxury anywhere in the United States for $700 per month. Can apartments be had for around that price? I suppose in some places, but I'm thinking they'd be a far cry from anything which could remotely be called luxurious.

Re: Getting an apartment after bankruptcy

kr43002 — Fri, 26 Mar 2021 17:56:14 GMT

@Horseshoez wrote:
@Anonymous wrote:
@kr43002 wrote:
@MichaelWoodland wrote:
you can like luxury all u want, but when you bankrupt you need to live within means.
I understand you need to live within your means. I make more than enough to afford an actual apartment. Getting an apartment for $700/month wouldn't really be living outside my means. I make just above 2k a month take home. Not sure why you are demeaning my want for a room separate for work and a place that will be considered habitable for a person with a cat. But I can assure you I will be able to afford the "Luxuries" I speak of. Saving the $300/month in rent doesn't seem to bad until you realize you have to purchase an rv, and maintain it.
I rented in Texas, albeit 10+ years ago, and I also suppose it depends on where in the Great State, but i wouldn't have gotten much that would be described as "luxury" for $700/month.
LOL, in 2021, I cannot imagine living in luxury anywhere in the United States for $700 per month. Can apartments be had for around that price? I suppose in some places, but I'm thinking they'd be a far cry from anything which could remotely be called luxurious.

And thats the funny part, Im not after luxury, I'm just not wanting to live in a trailer park, which is where I first used the word "luxury". My form of "Luxury" would be an apartment that isn't a studio that has a washer/dryer or hookups in the place. You can easily find those. And in houston, Im seeing they are from High 500's to low 700's.