Rent or buy in Santa Cruz ?

[Jody Tims]

Hi there,

My buddy and his wife have been renting a great place with a view of the ocean in Aptos, CA near Santa Cruz. They pay about $2,000 in rent and have been there 10 years. They recently tried to build on a plot of land they had about 1 mile from their current home but things fell through. Now they are sitting on about 300k in liquid cash. They are considering purchasing a multi family home or small apartment OR a home for themselves. Based on these rough numbers, what are people’s thoughts on ways forward?

Thanks for any input!

[Doreen M ODonovan]

I would consider staying in the rental. That is a great price. Take the cash and buy somewhere out of state where you can actually cash flow. I just bought a 30 day rental in Sedona.