I am in process of declaring bankruptcy. I do not have a recent(last 2 years) rental history. I am obviously starting over.

Asked by Todd Chase, Reno, NV Sat Jan 5, 2013

I have been unemployed with no income since 4/2011. I have just started a new job. I am looking for an apartment in the greater reno/sparks area. Any real suggestions or help is appreciated.

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4
Larry Johnst…, Agent, Reno, NV
Sun Jan 6, 2013
The most important thing you can do as you go through and enter out of bankruptcy is to prepare yourself to move on and re-establish your credit. You should make sure that every creditor you have is discharged in your bankruptcy by having a tri-merge credit report available to review with your attorney as he/she files your list of creditors. IMMEDIATELY after your BK is discharged you should try and get at least three pieces of new credit to enable you to qualify for apartment rentals or an FHA loan if you decide to buy a home some day.. About the only way to re-establish credit after a bankruptcy is to get some secured credit cards, or perhaps an auto loan through a credit union. FHA usually wants to see two years of good credit after the BK before they will qualify you for a loan. FNMA loans will require a much longer re-establishment period, five years or more perhaps. Set up all your new credit on automated payments as being late on any newly established credit can be a qualifying killer. And remember, you also need a decent income and job stability to qualify for most apartment rentals or home loans. Good luck!
0 votes
Clark Riel, Agent, Reno, NV
Sun Jan 6, 2013
All landlords are different and require different things. I agree with Eldee, Lisa and Jim, explain your situation and be truthful. There are a lot of people in the same boat and landlords can be pretty flexible. I work with a company that connects tenants with landlords of all kinds and you might give the office a call or go line to look at available rentals. http://www.renorentalfinders.com or 775-342-5478. RRF is open seven days a week.
0 votes
Thank you so much for taking the time to answer. If you read what Lawrence wrote, I have already done what he suggested to prepare for the filing. I am ready to put a sizable deposit down and do have some references. I actually dont plan on the move until March or April. I will absolutely be giving you a call. Again, thank you.
Flag Sun Jan 6, 2013
Lisa Wetzel…, Agent, Gardnerville, NV
Sun Jan 6, 2013
I have had several "Short Sale" seller's in the same boat. I've always advised them that an extra deposit or advanced rent will help. These times are extreme and a good explanation and some bucks up front may help.

Lisa Wetzel
RE/MAX Realty Affiliates
1320 Hwy 395
Gardnerville, NV 89410
775-781-5472
0 votes
Larry Drees, Agent, Reno, NV
Sat Jan 5, 2013
Ask potential landlords what they require financially. Most will ask for a credit report, but tell them briefly about your situation (new job, and living with family/friends), and ask if an additional security deposit will cover you. Maybe an additional month's rent.
References and additional deposit may get you in. You don't need to disclose anything that is not on your creidt reportt il.e. bankruptcy filing if not official. Maybe current or former employer, or landlord can provide references or history.
Landords are looking for assurances of payment and no disturbances or trouble, i.e. criminal, drug history.
Good luck.
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