Real estate has been known to be one of the best wealth building investment strategies in the financial world.

It has made countless people very wealthy; look at Donald Trump for example.

But of course to become a successful real estate investor it takes a lot of hard work, dedication and knowledge about the industry.

Even in today’s uncertain housing market, big money can be made in the real estate world, you just have to play your cards right.

It’s a buyers market throughout most parts of the country, and many people are finding that there couldn’t be a better time to buy some property and start building wealth and increasing cash flow.

A recent article on Bankrate.com by Kamil Skawinski, “Real estate investment opportunities abound,” discusses how savvy homeowners can gain great wealth with real estate investments in today’s market.

“Real estate has its market cycles like any type of investment, and lately it's been getting bad press. Investors may have second thoughts about putting money in this asset class right now, what with all the talk about a bursting housing bubble, the glut of unsold condominiums and homes, declining property values and the growing number of foreclosures.”

But this bad news that is keeping many people away from the market may be the door of opportunity for those who have been waiting on the sidelines, waiting for their chance to start investing.

“‘Owning some paid-for, income-producing real estate, in addition to having a solid portfolio of other investments, can be a very good thing,’ says radio talk-show host Dave Ramsey, best-selling author of ‘The Total Money Makeover.’”

“For investors willing to invest for the long term, owning properties ‘can be a path to financial freedom for many,’ says Ramsey, adding that it has to be done right. ‘It's a horrible investment when done wrong.’”

For an investor who is just starting out the key to being successful relies on finding a good property to start out with. Newbies should also consider starting out with single-family homes versus multi-family units, since those are easier to handle.

They also need to assemble a trustworthy team of professionals

Not every property will have what it takes to be a good revenue producer. To find the most promising prospects, it's critical to work with an agent who knows your target market well and who has a long record of experience with investment real estate.

“‘Without the assistance of a savvy, experienced professional, finding a good investment property is like going out into the investment world and picking stocks completely at random. That could wind up being a costly hit-or-miss proposition,’ says Jim Geracie, a real estate marketing and investment professional with Realty Executives Integrity in Brookfield, Wis. ‘You need someone who'll sit down with you, look at a potential investment property, and discuss its possible strengths and weaknesses in terms of valuation and revenue generation.’”

After you have found a good property that promises to generate significant rental income you can decide if you want to manage the property yourself (as a landlord) or take a more hands-off approach and hire someone else to handle it.

The choice is up to you.