Getting an apartment after bankruptcy

[kr43002]

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.

[Horseshoez]

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@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.

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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.

[Shooting-For-800]

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!

[anniea4001]

@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 

[kr43002]

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@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 

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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.

[MichaelWoodland]

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.

[anniea4001]

@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. 

[Horseshoez]

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@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.

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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.  

[kittycreditmeow]

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. 

[kr43002]

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@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.

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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.