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Before you leap into a real estate investment, build a framework to successfully tackle this proven investment vehicle using the following real-life advice:

1 gain broad knowledge of real estate investing
2 get economic knowledge of a chosen real estate market
3 learn facts on specific properties such as single family homes, duplexes and fourplexes
4 make a spread sheet with room-by-room costs related to a specific potential property

5 run profit and cost scenarios for long-term versus short-term investing

REAL ESTATE INVESTING FACTS
Learn about real estate investing to develop your specific goals. Don't spend money on expensive seminars or purchase books, dvds or tapes off late-night infomercials. Plenty of real estate investing advice is available for free or low cost on the Internet and at local real estate investment clubs and area colleges.

A local real estate investment club I've attended for no charge features seasoned investors discussing "flipping" houses versus long-term rental strategies of single family homes, duplexes, fourplexes and larger units. The discussions, which were no charge, helped me develop my own real estate investing objectives.

LOCAL ECONOMY AND YOUR POTENTIAL PROPERTIES
This process of gathering information is called "due diligence." Savvy investors know how to find the best priced property in their local area and in select markets across the United States. I'm currently investing in a single family home to flip in western Pennsylvania. Here are the resources I've used in the process:

Web sites: www.zillow.com and www.realtor.com allowed me to search all local pricing for properties on the market and for properties that have recently sold.

Local Agent: a real estate agent who understands the needs and goals of investors can be a helpful ally. They can help you network with other agents to find some of the best deals or a property that meets your objectives for maximum return on investment.

Public records: check the local property tax rate and see if there are issues or not with rent control. Get an idea of the local economy and check with the local police department to see about crime rates.

SINGLE FAMILY HOMES, DUPLEXES, FOUR PLEXES
A local real estate agent or real estate investment club can show you how long properties stay on the market if you plan on turning a home around to resell. You can also calculate rates of appreciation if you choose to hold a rental property for 5 years or longer. A friend of mine bought a 3-bedroom home in Houston

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