Is it possible to rent if you have a bankrupcty that has been discharged or how long do you have to wait to be able to rent?

Asked by Aera715, Long Beach, CA Mon Jun 13, 2011

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Emily Knell, Agent, Huntington Beach, CA
Mon Jun 13, 2011
You have a lot of answers already, but I'm going to add my 2 cents.

You need to write a Cover Letter about yourself to the Landlord, whether you're looking at an apartment, condo or house to rent. Do NOT just send in an application with your name on it & bunch of numbers showing your income & such & say, here run my crappy credit report!

The cover letter should explain who you are as a person, that you unfortunately had to file BK for your reasons, include a photo of yourself & your family (not a photo of you in a Harley Davidson tank top w/ holes in it). Let the landlord know that you can afford their rental payment with the income you make & that you'll treat their home as if it were your own.

You may have to offer a higher security deposit,,if that's the case, offer to pay the higher security deposit over the course of the first 3mos of the lease.

Landlords ONLY want: 1. A good tenant who's going to pay on time 2. a good tenant who will care for their property as if they were the owners

I hope this information is helpful to you.
562-430-3053 cell
Realtor Since 1996
Main Street Realtors
1 vote
Ewa Reza, Agent, Los Angeles, CA
Mon Jun 13, 2011
You just gotta be upfront about it. The best thing to do is to write an explanation letter and give it to your Realtor. This way he/she will be able to find you the right place faster/easier.

Ewa Reza

Realtor w/Milbank Real Estate Services
1 vote
Gerard Carney, Agent, Spring Hill, FL
Mon Jun 13, 2011
This is the cruel part of renting and credit marks, it may be hard for you to find decent rentals, here in Florida many have to go to private Landlords which oftrn stay below radar and do not follow renting rules. It is unfortunate but it is the way of the land. We have so many Foreclosure victims out there and they have a rough time too. My Rental policy is to see how well they have done since the marks against them and determine if they are worth the risk, of course my Butt is on the line so I keep in close touch with all my renters and I make sure they know to talk to me if something changes or happens which will cause them not to make rent! I try to find them part time work when it is really bad and have a little newsletter I send out that has job offerings and other info to help them my lower income renters from falling into a bad time!
1 vote
, ,
Thu Nov 17, 2011
Emily always has such good answers.
0 votes
John Arendsen, Agent, Leucadia, CA
Thu Jun 16, 2011
If you're BK has been officially discharged, you're good to go.
0 votes
Melissa Seid…, Agent, Long Beach, CA
Mon Jun 13, 2011
I'm sorry to hear about that but every situation is different. Unfortunately, right now there is many other people in the same boat. You may have to look a little harder but you will find a place. Long Beach is pretty easy too. It's nothing like finding a place right in Los Angeles. Good luck to you! :)
0 votes
Jack Tanner, Agent, Long Beach, CA
Mon Jun 13, 2011

We manage over 150 units in our property management division and we look at the big picture not just the credit score or one major item like a BK or a short sale.

Sometimes bad things happen to good pepole and all they need is a second chance.
So your answer is yes, if you are working with someone like us.
0 votes
Shel-lee Dav…, Agent, Rolling Hills Estates, CA
Mon Jun 13, 2011
Some really great answers below. Just one more thought. Tell the landlord/management company/leasing agent about your BK before you fill out an application and pay the credit report fee, and even before looking at the property. If they ask you why you are sharing this, tell them that you respect their time and did not want to waste it unnecessarily if they will not accept someone who has a BK on their record. I believe they will be impressed with both your honesty and your concern. Also, if after filing BK you have maintained a good payment record, point this out to them. With so many people being negatively impacted by this economy, recent payment history (say the past 3-12 months) is carrying more weight with many landlords these days.

Good luck in finding your new home. Dare to Dream.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
SSG Pro®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
424-2HELP12 (424-243-5712)
0 votes
Jason Giardi…, Agent, Gilbert, AZ
Mon Jun 13, 2011
In many areas with distressed property investors are buying up various properties for investment income and are eager to rent. Given the economic downturn there are so many people with credit mishaps on their records that landlords have to be understanding.
0 votes
Justin Ruzic…, Agent, Greenville, SC
Mon Jun 13, 2011
sure it is possible to rent with a BK. Landlords will likely charge a large deposit or something but if you are upfront with them they will be more than happy to work with you! best of luck
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0 votes
Richard Schu…, Agent, Los Angeles, CA
Mon Jun 13, 2011
It is up to the landlord. Be honest and upfront to the landlord (they'll see it on your credit report anyway). Show proof of monthly income and be prepared to offer a higher deposit which may make them more amenable to accepting you as a tenant.

Best of luck,
Richard Schulman
Keller Williams Realty
0 votes
Peter Solomon, Agent, Los Alamitos, CA
Mon Jun 13, 2011
You will be fine. Some places will deny you but others are fine with that. So many people have a BK where did they all go then? You can ask the property management ahead of time and just let them know up front. I had a friend with a BK and she was turned down by very few people. Feel free to call me if you have any additional questions.

Peter Solomon / Realtor
MetroCal Properties
0 votes
Dan Tabit, Agent, Issaquah, WA
Mon Jun 13, 2011
Each landlord makes their own determination of what would be acceptable to them in regards to credit. I would be up front in explaining you have a recent BK, but that you are using the opportunity to make sure it never happens again. Your explanation will be important if a landlord will consider you as a tenant. It may also help to increase your deposit or rent to offset the risk.
0 votes
Phillip Domi…, Agent, Long Beach, CA
Mon Jun 13, 2011
It's a case by case basis. It depends on what the owner is willing to accept.
0 votes
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