Long story (and helluva roller coaster ride), I partnered with an investor and we secured funding for my first three specs, including lots, last week. 

As a lifetime west-coaster and ex-pat Californian, I think you are headed in the right direction!

However, California has a history of being a cyclical (“bubble”) market so property values roller-coaster up and down.  

I will check with our credit union but TD is primarily an east coast lender so they don't lend in California but this will be good for east coaster's to know. :)

Hey, if you are interested in the sunny side of the state (sorry, coasters!)

Hi Everyone,Great site,been lurking for a while,reading through all the forums and trying to incorporate some of the ideas I've found here.I began in RE in 1985 when I received a California RE license while employed full timein the communications industry.It seemed like everyone had a license back then.I puttogether 2 deals through a broker/friend who had been the one who encouraged me to apply for the license.It quickly became apparent to me that i couldn't do both jobs so I allowed the license to lapse and went with the steady paycheck.Fast forward to 2010 when i began investing in Memphis for cash flow.Cash deals,fannie mae foreclosures.The first 3/2 SFR I bought in Millington went really well.Tenants remain in place since purchase.The second property,a duplex in South Memphis,looked great on paper.It turned into a roller coaster ride with me hanging on while being schooled on the different PM skills required in sketchy areas.I think the wheels just came off on that one,quite the shame really.I had an exit plan that called for a sale after stabilizing and receiving full rents for 5 months.After 5 months of receiving projected 40% gross returns on deployed capital the exit plan got "fuzzy".In the future I think I'll leave those for the locals who can self manage.These first purchases I was flying by the seat of my pants.I think around Nov. of last year I stumbled upon this site and first read of the 2%/50% guidelines.I picked up a triplex in Midtown,38104 which penciled in at about 2.5% monthly.The jury's still out on that one since it was only purchased 4.1.12 and has yet to be fully occupied.Bigger Pockets has been a tremendous resource,allowing me an insight to other LL's who have had to deal with the same issue's and found a best practices formula from A-Z.Keep up the good work,Paul Talley

NO emotional roller coasters if you buy the right debt.

Always aim to have another deal in process so you can avoid the "feast or famine" roller coaster ride most investors suffer from.  

I envy you West Coasters.

I am 4 months into the roller coaster ride.