Despite everything going on right now, Real Estate is still a big business and everyone seems to want in on the action. The cable channels are full of stories about how people made $50000 or more with just two weeks worth of work just by making the right investment in a piece of property. There is a strong belief that the value of real estate always increases, even though it might not always be true. Right now, with property values dropping along with interest rates, there is a rush to get into the game during the "bear" market. But not everyone has the money, time, or expertise to invest profitably. They find themselves asking, "where do I start?"

It sounds cliched, but investing in real estate is more art than science. It takes time to master this art. Obviously, the first rule is to buy low and sell high so that even after fees and taxes, on both the purchase and sale, you make a profit. Because of this people think that the only time to make any money in the real estate market is when prices are going up. However, there is money to be made no matter what the market conditions. You just have to know where to look for the right opportunities. Don't worry though, they are out there.

Looking into public auctions, divorce settlements, and foreclosures is a good way to find good deals on property. Often the goal in these cases is to sell quick rather than get a good price. You could possibly get a property at a much lower price than its market value. Then you could resell it for the market value, pocketing a tidy profit along the way. One caveat though, make sure first the property is even worth what you can get it for otherwise you could be stuck with it.

Also, older listings, properties that have been on the market for a while without having been sold. The owners may just want to get whatever they can and get out from under their mortgage. This would give you a good bit of leverage in negotiations, allowing you to pick up the property at a good discount. This could also get you some really good rental properties during a downturn in property sales.

We've all seen house flipping shows, where someone buys a piece of garbage house and renovates it. Or, for whatever reason it's just an old, dirty house that is scaring off potential buyers. Look into properties like this. It may be that you can get it for a great price and then just put a little bit of money into it and then sell it for a big payday.

Another source of hidden treasure properties are lawyers. Find lawyers who handle real estate on behalf of a seller or in circumstances such as the death of the property owner. This is another case where a quick sale is preferable to a big profit. Their quick sale could lead to your big profit.

Whatever you do, remember, slow and steady wins the race. One unlucky young man tried to hit it big in one fell swoop and wound up $2 million in the hole before he was 24 (he also seems to have learned nothing from the experience but that is another matter). Don't let the idea of making big money now keep you from making real money in the future. There is money to be made but be smart. You'll make money from a small flip and a couple rental properties than you will from one big shot that will have you set for life (here's a hint, they don't exist except on TV).

Jay Inman runs the website Real Estate Investing Advice a great source of information for potential real estate investors.