Learning my market - how wide of a net? Los Angeles

[Ben Wakefield]

Hi everybody,

I'm starting out from scratch in this crazy RE world in Los Angeles, and I've heard from many people that before I go out trying to find a deal that I should first become an expert on (or at least be familiar with) the local market so I know the comps. I live in the Los Angeles area and there are a TON of different municipalities and neighborhoods here; it's the Land of Endless Sprawl.

I doubt it's feasible to be an expert in all neighborhoods in LA, but how wide of a net do I need to cast? Is my little 16,000-person suburb enough? A larger area like "the South Bay"?

Any advice from LA-area folks would be aweome, or anybody with experience doing REI in big cities. I'm looking more at the Buy and Hold side, if that makes a difference.