Wednesday, May 24, 2006

Gary Fong - right on the $

A couple of weeks ago Gary and Missy invited me and some friends out to Catalina and at the time I was looking into investing in either a condo or this house...and this house I was pretty stoked on because it's in Montecito, which is where I'd love to live and it has killer views - and it's on the market for under a million ($999,000) which is unheard of around here.








...but Gary gave me some really good advice and when I came home I saw that my friend Deyl's boss who's this gnarly real estate guy in town who buys and builds hotels and shopping centers had posted on his blog almost the exact same advice that Gary had just given me!

CLICK HERE! and read Matt Marquis advice if you're thinking of investing in property.

:)

14 comments:

CoztheGrov said...

such a tricky thing. I have also heard, that if you are in it for the long term, especially in markets like SB, where demand constantly, and for the forseeable future, outstrips supply, then now is always a decent time to buy. Maybe not the best time with the best deal, but for the long term investor, it comes out as a win.

Of course this is just my 2 cents.

Garrett Nudd Photography said...

We have been blessed with many supportive people and good timing with investments.
Go for it DJ. Especially if you buy an OSP party...I mean gathering house...so we can meet there from time to time during the year :)

jn

Jasmine said...

Joy, girl, you just read my mind! :)

OpenSourcePhoto said...

OH YEA! I'd be having everyone over for sure!

GARY FONG said...

you didn't tell me it was in Montecito, you said it was in Santa Barbara. $999 is a steal!!! Buy it!

Just kidding!!!

amynave said...

LOL.... For minute Gary, I thought you had lost your mind:) haha

amynave said...

DJ, don't worry, you can but it in two years for $400:)

OpenSourcePhoto said...

my feelings are still hurt...

LOL

Deyl said...

lease it with an exclusive option to purchase in a year or two for $999. Then if it goes up in value, you can snatch it! If it doesn't, you walk :)

Matt Marquis said...

I agree with Deyl. Try to tie it up. Under a million in the 'Cito? Unless it is missing a roof and you have to live with someone's mother-in-law for the next 10 years, I would have to say...consider it hard (despite what I said in general on my blog!)

OpenSourcePhoto said...

Nice! Thanks you guys! Thanks for being lovecats!

GARY FONG said...

lease with an option to buy would be good... but get an option for the lease to go down if the market dictates.

Chrystalita said...

...a house in Montecito for under a million & with those views....? It'll be gone in a month. Go for it!

It was great having you over the other night. Come back soon!

CoztheGrov said...

lease option makes more sense. i'm dumb. :)