All Forum Posts by: Eddie Lozada

Hello Everyone! I will try my hardest to keep this post short and sweet. 

A little bit about me. My name is Eddie, I live in the Los Angeles area with my Fiancé (I get married next month) and 1.5 year old son, Enzo. We purchased our first home in 2020 right before the shutdowns. It is a single family home with an ADU. We rent the ADU out and live in the main house.

We purchased using an FHA loan and 3.5% down. So we do not have enough equity in the home now to pull out or get much for a HELOC (that's fine).

I just got denied approval for a loan because my debt to income is too high. My credit score qualifies, I make enough money and I can make the payments, but this debt to income ratio has proven to be a bit of a nuisance so far and two lenders do not want to approve me. I also cannot seem to use my rental income because it has not been active long enough. 

My question is (and I have not heard any of the BP podcasts cover the debt to income topics so please let me know if you have a specific one in mind) has anyone had this problem when first starting out? Do you know of someone that has? What did they do to get pass this barrier? I own a business (33% there are 3 partners) is there a work around? I do not want to use this business to purchase the property, though. Most of the stories I hear about is people not having money or lacking the courage to take the first step. I am ready able and willing, my barrier right now seems to be this debt-income. 

Any advice is greatly appreciated. I am motivated to make this work!

Thanks in advance,

Eddie

 Thank you, Danielle! I will review the agreement again to confirm the terms and reach out to an attorney. Thanks for your time.

Eddie

Hey everyone:

I am in need of some kind of guidance regarding a solar panel install for my primary residence. I signed up in September for solar panels and included in the agreement was an upgraded electrical panel as mine is out of date. On October 1, installers came and installed the panels to our roof and set up the electrical panel unit but did not complete the process.

I was told by the installers that they would not be responsible for the new electrical panel install. They merely mounted in to the side of the house and left everything else beside it. I called my solar representative and they told me it would be up to 30 days for the electrical company to confirm and approve the completion of the install. 

We are now approaching January of 2022 and I have been given the run-around every time I attempt to ask what the hold up is. They continuously put it on the electric company and wash their hands of it. Additionally, they immediately sent me the loan information log in and asked me to set it up and start paying (I have not done this at all). I did not want to get stuck starting the payments without the work begin done.

Is there a way to get out of this with an attorney? In short, I signed the agreement and they installed the panels. The panels are not functioning in any capacity. 

What are my options?

Thank you all in advance.

Eddie

Investment Info:

Single-family residence other investment in Newhall.

Purchase price: $589,000
Cash invested: $40,000

Main residence, rent studio.