He has guarantees, kickers, etc...So for someone looking to begin investing and have the stocks vs. real estate questions I'll mention something very simple.

The poster also mentioned that the economy boom and bust cycle is related to the oil industry, which isn't faring too well right now.I also found this:http://www.dallasfed.org/research/swe/2002/swe0206c.htmlTexas is known for its turbulent real estate cycles.

And as Jeff mentioned, do a thorough screening.

I mentioned that I was living in Chicago and thinking about doing some RE investing, rental properties.

Rich, Can you clarify that "hard money loans" means you are acting like a bank, lending to investors at the fixed % you mentioned, for a set period of time and a set up font boot (points)?

Most people's eyes glaze over when you mention finanical statements and accounting to them.

Not to mention missapropriation and theft of dues etc.

I always have a drop dead number for my wholesale deals and then I will ad 2-3k on top of that for my sale price and for instances like mentioned above where a wholesaler will find you a buyer.

I am not a licensed California real estate agent so there is no way other than what's mentioned above to go about locating deals on the MLS.

When she mentioned the 'time is of the essence', she never told me that it was a clause in the contract and what it meant.