To start now or wait?

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I am a new investor in the SoCal (Palmdale/Antelope Valley) area I am torn between when I should start investing. 

From talking to other somewhat experienced investors in my area, I've had some people tell me to wait for the market to cool because prices are too high and seem to be rising right now to get into either the buy-n-hold or flipping game. Others, have said there is always money to be made if the deal is right and start now.

I'm curious what some of the more experienced investors on BP think is the best way to go. Should I jump into buying my first property now or continue to build my cash reserve and wait for the market to cool back down?

Thanks for the help!