With the Federal Reserve announcing last week that they expect no increases in interest rates for at least another year, our economy has never seen the combination of (1) available real estate inventory (2) low real estate prices along with (3) bottom-basement interest rates such as we have now. Never!

...yet...

A lot of people aren't considering home ownership and even fewer are looking into investment real estate. It is reported that fewer than 2% of Americans own property other than their primary residence. Why is this? And, more importantly, why is any of this important? First, because acquiring real estate has been the cornerstone of real wealth and financial security forever and it will continue to be so. Second, moving more people into home ownership is important for the stability of our communities, churches and even our nation. We must (again) become people who put down roots. Simple as that.

My experience as a financial professional is that a considerable number of people think the possibility of owning real estate is just a dream for them. Many have given up on the dream altogether because:

(1) They are concerned they can't make the down payment, monthly payments and tax payments required.

(2) They are afraid that the process and intricacies of home ownership are too confusing and beyond their capabilities.

(3) They are concerned they can't qualify for a home because of a negative income history and resulting credit score.

Taken individually or together, these can seem insurmountable. I can't say any of those reasons are invalid nor will I diminish them by calling them excuses. However, I can say definitively there are solutions and information out there to help anyone overcome these obstacles.

I am clearly an advocate, so let me outline six things anyone should think about before investing in real estate:

1. Start with purchasing your own home. That's just the beginning. I won't belabor the point, but there are clear relational, educational, psychological and financial benefits to home ownership for most families. But don't stop there! Depending upon where you want to take yourself, investment real estate might be a valuable segment of your strategy.

2. Determine your overall financial goals. Where do you want real estate to take you? Approach real estate just like you would any other business by deciding where you want to be in one year, three years and deeper into the future. Knowing where you want to end up helps you choose the right road. It's not about getting rich quickly. The real estate bust of the last few years has muted a number of those schemes anyway.

3. Choose the best path for you. What level of profitability do you want to achieve? How much risk can you tolerate? What's most important to you? Tax benefits, cash flow or asset appreciation? One thing I love about real estate is that there are at least 100 different ways to make money. For example, you could consider

• Rehabbing and reselling single-family properties

• Buying homes and holding them as rental properties

• Investing through limited partnerships or becoming a private money lender

The thing that matters most is that you find a path that is in line with your lifestyle in terms of how much you want to participate in various investment vehicles.

4. Do your homework and get professional advice. You can lose a lot of money fast if you don’t exercise the discipline to educate yourself and get good advisors. Talk to people about various lending programs, rates and terms in the marketplace. Read some trade magazines or subscribe to wonderful newsletters to bolster your understanding of real estate trends. Line up your professional team. Ask for references and check them. Be willing to fire them and move on if they aren’t performing. You’ll want to establish a relationship with a good attorney, real estate broker, mortgage broker, accountant, inspector, appraiser and a title company along with others that you may work with from time to time.

5. Know your numbers and respect them. You are probably not so much brighter than everyone else that you can rewrite the rules. (Not yet.) Take the time to learn how to analyze debt coverage ratios, local days-on-market, property rental rates, occupancy averages, etc. Respect what your research tells you and... always be willing to walk away from a deal. It is your money and your time that are at stake. You are making all the ongoing commitments and taking much of the risk. Don’t let anyone pressure you. No one gets paid until you start signing papers; so wait until you are ready before going forward. Once you’re ready...

6. Get started and never give up. You might do a bad deal. That’s okay. It’s better to learn early rather than later, right? There is a way to breakthrough and accomplish all your dreams. You just have to hang in there until you find it.

In most of the cases, people fail to build wealth through real estate because they violate one or more of the above keys. In the meantime, start working on your goals, locating advisors and evaluating opportunities. Also, I have two free guides I can send you. One covers repairing your credit and the other provides guidance on building a budget for your household. Both are critical as you begin to move towards real estate investing.

I wish you great success.

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Mark Anthony McCray is the Founder and First Student of "Live BIG! Die Empty." - a movement dedicated to helping you live on purpose with higher performance and experience true prosperity. Learn more at http://www/LiveBIGDieEmpty.com. He is also Regional Manager for Rising Point Solutions - A leading credit restoration firm. E-mail mark@risingpointsolutions.com or call 281-846-5720 for more information.