Upcoming changes in China's taxation policy also has a lot of chinese/american investors buying up multifamilies as a way to avoid cap gains taxes.That being said the good deals are still there they just don't last long and seeing multiple offers is becoming commonplace.As a licensed agent in the area I would be happy to set you up with MLS access so you can see whats available and get an idea of market values.  

The reasons are different (all cash Chinese investors), the prices are 10x yours ($300+k for a condo and $500+k for a SFR), negative cashflow of $1,000.00/month.

I'm going to purchase a property from him because it is my first and he checks the properties to make sure there is no 2nd mortgage, Hoa, or other hidden cost....or to not buy a house with something like "chinese drywall" and have to gut the whole thing.

There will be many consumed as Kelly teaches us some Chinese drinking games.

Heck I hate coming home to a Pizza/Chinese food menu stuffed in my door that I didn't ask for. 

Did the proof of funds look like this:http://activerain.trulia.com/blogsview/3706285/high-end-property-scam-with-chinese-buyerI had some guy going by Marcus Irman Lee from Toronto with some BS story about a sick kid in Hong Kong and how he wanted to make an offer on a house, but couldn't get to a bank because of his location.

The realtor who hosts the meet up sells regularly to Chinese buyers.

Only corner stores and Chinese food for blocks in any direction.

My rents are $1200-1700 depending on size and location.I use oak cabinets not only because I can get all wood chinese imports as cheap as the particle board crap from the home center, but because its classic, no one is going to respond strongly like they might to painted, or dark.

I've found some interesting info for LA: "West Coast cities like Los Angeles will continue to draw large amounts of Chinese investment as that country's real estate bubble continues to deflate and investors seek safer havens for their money."