Then, they ride the neighborhood every week, call/quiz realtors, go to open houses, until they find a good buy.

Also, if you see a house you can call the banker and they'll approve it verbally or ride by and say "yes" or "no" quickly and you can make a cash offer and save money on the buy.

You should run yourself like a business....So, my thoughts would be the same as any small business.1, Do I have enough capital to ride the storms.2, Have I properly planned for the storms.Real Estate is a cyclical market, Know where you are in the cycle and adapt!!

While riding around as Wesley suggested start knowing the areas and what houses are selling/renting for.

HOWDY YALLGarGus it sounds like the Austin area is making a good comeback or at least the start of one.I remember when I took my ABR over there everyone was dealing with contract wars and then the high tech crash came.BCS is still riding the wave and building is going on everywhere.Especially in the commercial arena.Land has gone up steadily which has escalated prices but this area is still undervalued compared to most of the places folks are coming from.It is common to see people buying with a good chunk left over from their out of state sales proceeds.Investors in rental properties are not as happy as they once were as the escalated prices are making it hard to get a good return without putting more in.The junker market has alot of inventory for those that rehab.Some Ive seen as low as 22000.The lots are usually good size.(10000 sq ft and bigger).Locations most of the time are iffy.High end rehabs are coming into the picture more now.Wealthy College kids live in and trash expensive homes that their folks buy and then wind up selling them cheap to cut their losses.Ilove this country.Well im off to NYC for 2 weeks of R&R with the family.Hope yall write a bunch of clean deals while I'm gone.Adios.Jennysh thanks for the website on your condo hotel its a beauty!

2007 sure has been a fun ride in the financing arena.

Like riding a bike without training wheels.

Now education can help you avoid some of the pitfalls on the way, but its going to be long rough ride either way you go.General recommendations of books, I would say Robert Kiyosaki's Rich Dad Poor Dad, and if you truly have what it takes, read Og Mandido's The Greatest Salesman In The World.

Real estate is hard, hard work, and not an easy ride.

Ride the wave, and you'll be alright.