California Prices / HML

Just would like to hear from other rehabbers in the Golden State that have been dealing with our skyrocketing prices.

I am looking to get started in residential rehabs, but am concerned about sourcing large HML funds.
I have read about rehabbers in TX, MS, GA, LA and other states that are buying fixer homes for under $200k.

In my area, a typical 2000sf 3br 2ba “starter” home is now $500,000 and up in a clean neighborhood.
80% of our homes available do not appear on the MLS, and
often sell within minutes of a first open house -for more
money than the original asking price (with multiple offers).
I just sold my own residence for a 175k profit after buying
it new only 9 months ago. I have purchased another new
home (larger) for my family, and am now looking to flip
rehab properties as well.

I have purchased several books on this subject, and plan
to operate under the tax advantages of an S Corporation.

Many Thanks.

Not to “rub it in”, P_B but I just bought a HUD repo fixer-upper here in Louisiana for $51K (needs about $3K in fixes)…not $200K!