The other day in a conversation with a successful RE investor friend of mine he said something very classic, "I'm not looking for great deals any more, I'm looking for steals."

I have put his comments down because I think it illustrates an important point and also speaks to the current marketplace.  Because of the recent turmoil in the marketplace and the continued threat of nearly 2 million estimated foreclosures in the next 12 to 24 months - aspiring and current real estate investors need to be extremely discerning.

In a market like this, capital and an investor's ability to buy quickly is truly valuable and rare. Be sure to conserve this precious commodity and exercise extreme patience.  Deals are everywhere today, the real issue is do you have the patience and persistence to execute on a "steal" as opposed to just a "great" deal.