FHA “motivation letter”? What does this mean?

[dharmagirl]

I’ve suggested that she pursue more education. She’s had a few college courses, but nothing more. At one point, I suggested she consider event planning. LV is the perfect place for that sort of thing and she could get a 2-year degree/certificate in EP. I thought she should even see if her present employer would pay for part of it.

I think she was offended and assured me that she does “very well.” No, she doesnt work at a trendy place but works in a sports book (I think) with a lot of regulars and does well.

I cant imagine what life will be like when she’s, say, over 50 and does not have an education or something else to do.

Marion, thanks for the nice comments. I got lucky on my first place, but also had pretty good advice. And I got out in time. Rumors were just starting to circulate about a “slow down” in real estate. I had just gotten married, realized that I could not rent out the place for enough to cover the mortgage, and pulled the trigger.

[gn]

When I sold the place in 2005, I made a nice profit, but I recognize that I took a gamble and was lucky with timing. Had I waited even 9 mos, I would have been in a different position.

It is quite rare & refreshing to hear of people who have been lucky with their timing & actually realized that they were lucky. Most folks would assume that it was the result of their intelligence/skills.

dharmagirl, congratulation on not "letting it go to your head".

 

[gn]

When I sold the place in 2005, I made a nice profit, but I recognize that I took a gamble and was lucky with timing. Had I waited even 9 mos, I would have been in a different position.

It is quite rare & refreshing to hear of people who have been lucky with their timing & actually realized that they were lucky. Most folks would assume that it was the result of their intelligence/skills.

dharmagirl, congratulation on not "letting it go to your head".

 

[gn]

When I sold the place in 2005, I made a nice profit, but I recognize that I took a gamble and was lucky with timing. Had I waited even 9 mos, I would have been in a different position.

It is quite rare & refreshing to hear of people who have been lucky with their timing & actually realized that they were lucky. Most folks would assume that it was the result of their intelligence/skills.

dharmagirl, congratulation on not "letting it go to your head".

 

[gn]

When I sold the place in 2005, I made a nice profit, but I recognize that I took a gamble and was lucky with timing. Had I waited even 9 mos, I would have been in a different position.

It is quite rare & refreshing to hear of people who have been lucky with their timing & actually realized that they were lucky. Most folks would assume that it was the result of their intelligence/skills.

dharmagirl, congratulation on not "letting it go to your head".

 

[gn]

When I sold the place in 2005, I made a nice profit, but I recognize that I took a gamble and was lucky with timing. Had I waited even 9 mos, I would have been in a different position.

It is quite rare & refreshing to hear of people who have been lucky with their timing & actually realized that they were lucky. Most folks would assume that it was the result of their intelligence/skills.

dharmagirl, congratulation on not "letting it go to your head".

 

[dharmagirl]

Well, I DO think that intelligence played at least some part in my success! I DID spend months researching zip codes, neighborhoods, etc. Things were booming and there was pretty limited condo inventory at that point (hard to believe, eh?)

But I made a list of what I wanted: within 3 miles of a beach, fireplace, double garage, patio(s), dual masters, a little bit of a fixer, and a stable, desirable area, good schools. I found an unloved, 3-level end-unit with an oversized garage, overlooking a lovely greenbelt. The place felt more like SFR than condo. Needed new kitchen counters, new carpet and a few other relatively minor fixes.

Two of my friends – successful 20+ year real estate investors – assured me that boom/bust cycles in real estate ARE a reality – despite those who thought the boom would go on forever. I’ve recently looked at the place on zillow and on the low-end of the value range it’s $285K. I’m so happy I got out when I did….

[dharmagirl]

Well, I DO think that intelligence played at least some part in my success! I DID spend months researching zip codes, neighborhoods, etc. Things were booming and there was pretty limited condo inventory at that point (hard to believe, eh?)

But I made a list of what I wanted: within 3 miles of a beach, fireplace, double garage, patio(s), dual masters, a little bit of a fixer, and a stable, desirable area, good schools. I found an unloved, 3-level end-unit with an oversized garage, overlooking a lovely greenbelt. The place felt more like SFR than condo. Needed new kitchen counters, new carpet and a few other relatively minor fixes.

Two of my friends – successful 20+ year real estate investors – assured me that boom/bust cycles in real estate ARE a reality – despite those who thought the boom would go on forever. I’ve recently looked at the place on zillow and on the low-end of the value range it’s $285K. I’m so happy I got out when I did….

[dharmagirl]

Well, I DO think that intelligence played at least some part in my success! I DID spend months researching zip codes, neighborhoods, etc. Things were booming and there was pretty limited condo inventory at that point (hard to believe, eh?)

But I made a list of what I wanted: within 3 miles of a beach, fireplace, double garage, patio(s), dual masters, a little bit of a fixer, and a stable, desirable area, good schools. I found an unloved, 3-level end-unit with an oversized garage, overlooking a lovely greenbelt. The place felt more like SFR than condo. Needed new kitchen counters, new carpet and a few other relatively minor fixes.

Two of my friends – successful 20+ year real estate investors – assured me that boom/bust cycles in real estate ARE a reality – despite those who thought the boom would go on forever. I’ve recently looked at the place on zillow and on the low-end of the value range it’s $285K. I’m so happy I got out when I did….

[dharmagirl]

Well, I DO think that intelligence played at least some part in my success! I DID spend months researching zip codes, neighborhoods, etc. Things were booming and there was pretty limited condo inventory at that point (hard to believe, eh?)

But I made a list of what I wanted: within 3 miles of a beach, fireplace, double garage, patio(s), dual masters, a little bit of a fixer, and a stable, desirable area, good schools. I found an unloved, 3-level end-unit with an oversized garage, overlooking a lovely greenbelt. The place felt more like SFR than condo. Needed new kitchen counters, new carpet and a few other relatively minor fixes.

Two of my friends – successful 20+ year real estate investors – assured me that boom/bust cycles in real estate ARE a reality – despite those who thought the boom would go on forever. I’ve recently looked at the place on zillow and on the low-end of the value range it’s $285K. I’m so happy I got out when I did….

[dharmagirl]

Well, I DO think that intelligence played at least some part in my success! I DID spend months researching zip codes, neighborhoods, etc. Things were booming and there was pretty limited condo inventory at that point (hard to believe, eh?)

But I made a list of what I wanted: within 3 miles of a beach, fireplace, double garage, patio(s), dual masters, a little bit of a fixer, and a stable, desirable area, good schools. I found an unloved, 3-level end-unit with an oversized garage, overlooking a lovely greenbelt. The place felt more like SFR than condo. Needed new kitchen counters, new carpet and a few other relatively minor fixes.

Two of my friends – successful 20+ year real estate investors – assured me that boom/bust cycles in real estate ARE a reality – despite those who thought the boom would go on forever. I’ve recently looked at the place on zillow and on the low-end of the value range it’s $285K. I’m so happy I got out when I did….

[Author]

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