FSBO is going to work out in lower price-points and maybe someday with millennials if they ever start buying (but that may be 10-15 years down the line with current studies, their debt to income ratios etc) because they culturally use their phones for everything and that's cool and interesting and agents will adjust to this culture (we've been studying this for years at tech conferences). 

The story of the city is block by block with each neighborhood a micro culture.

I'm 25 and working on my Master's so I felt that this is the perfect time to try to build real estate wealth. I

That is how all the wealthy people do.

Scott, I don't have the demo stats for the immigrants for Cali but I do know a significant percentage are extremely wealthy English speaking Asians.

That has been our culture to grow by 100 properties a year the past 3 years.

Are you already wealthy? 

Oh boy...I can really relate @Michael Ouvrard with your story of being a relatively well-paid but less than wealthy pharmacist PhD...I have a PhD as well and have grown to absolutely hate my college professor job (surly students, constant, long, boring meetings, rude colleagues, too many nights away from wonderful family on useless conference travel, very little money in my bank account at the end of the month!!).

If you are already wealthy or very highly paid, you can make a lot of money on California real estate.

Always ask yourself what kind of class and culture of people are you going to be renting to?