Where are the deals in Los Angeles?

[Ludmila Hill]

I'm new to investing and yet to score my first deal! I've been trying to build relationships with agents and they send me the MLS listings for different areas. When a deal makes sense, we make an offer but always get out bid! Yesterday a fixer in Westchester, nice deal, had 42 offers! Today another one in Sherman Oaks with only 4 days on the market had already 11 offers, went for way over asking, all cash, 14 days close and free 2 month lease back! As many of you know, this is the kind of competition that is out there for some of these MLS deals. Pretty crazy!

I'm looking at REO's and the banks seem to want a lot of money as well. I've also thought about auctions, but heard it's a bloodbath as well.

Any advice?