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Updated over 3 years ago on . Most recent reply

User Stats

12
Posts
1
Votes
Jody Tims
1
Votes |
12
Posts

Rent or buy in Santa Cruz ?

Jody Tims
Posted

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!

Most Popular Reply

User Stats

42
Posts
30
Votes
Doreen M ODonovan
  • Rental Property Investor
  • Aptos, CA
30
Votes |
42
Posts
Doreen M ODonovan
  • Rental Property Investor
  • Aptos, CA
Replied

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. 

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