Investing in High Cost Areas

[Jake Ratner]

Hi all. I'm at the very beginning of my real estate journey here and seeking some advice and opinions from the network. I've just finished "How To Invest In Real Estate" from BiggerPockets and have been diving into research, learning, etc. 

Recently, my brother is very interested in buying a house in California and living in it for a few years with roommates. We'd partner up 50-50 and handle the costs together. It wouldn't produce much cashflow, but the location of the area is going to be more desirable based on the proximity to new developments in LA. Although it is an expensive area and a fully rehabbed house, I am cautious to jump into an expensive market at the moment with the way the economy looks overall. 

All thoughts are appreciated!

1. Does anyone have thoughts on investing in expensive areas?
2. If so, how would your feelings change based on the current crisis and potential threat to the economy?
3. Is it worth having some patience here?