Multi-Family Cash Flow possible in Los Angeles?

[Tim Farmer]

BP Community,

Has anyone has success in acquiring Multi-Family properties in the LA area that cash flow upon purchase?  How did you find these deals?  Am I going to have to suck it up and buy a property that operates at break even or a loss until I can raise rents or can I find cash flow gems?  Are there particular sub markets to focus on to give me a better chance without worrying about a buying in an unsafe area?

The market is so hot right now, most properties are being sold based on proforma or have unrealistic asking prices.  I have cash and the desire to purchase, but having trouble finding good deals.  Any advice or thoughts on this market would be appreciated!