@Jeff Winslow, I lived in the TC market for six years until I moved to Grand Rapids earlier this year.

The meet ups in Grand Rapids are all free!

quick answer, low inventory area wide (but on the increase) so prices have been appreciating rapidly in N Texas. 

That is rapidly changing in many areas but its not a uniform transition.  

They feel that CA prices will likely increase and when they do, at a rapid pace, therefore, they are willing to pay these lower spread, higher prices, rent and hold for as long as it takes, taking negative cash flow along the way until that payday comes.

I bought my first rental in March '07 and then waited patiently until Sept. '09 until I found another deal, then another and another in rapid succession.

The eviction process thanks to the court moves surprisingly rapidly so people pay there rent cause if they don't they know they have to pack up there stuff ...

As you drive away from downtown, it gets rapidly worse.I do a lot of contract serve work with Habitat for Humanity in that specific area.

You could save cash to invest in more properties if you are looking to expand your portfolio as rapidly as possible.

Future plans are to continue with similar growth as rapidly as possible until we can achieve larger multi unit apartment complexes.