Income properties can be found online, in newspapers and at property auctions. Real estate agents are beginning to get busy again, as a number of first-time home buyers and consumers are coming forward for pre-foreclosure and bank foreclosure opportunities that are selling at 30-40% of their previous prices. If you’re smart, you can get the right property at the right time and stand to benefit quite handsomely from it. This is no time to be impetuous, though: a real estate investment still involves a lot of money, a lot of work and a lot of commitment. Before you get your checkbook ready, consider which type of investment you’d like to make.

Ranches for sale are popular income properties because many American vacationers want to “just get away from it all.” Some individuals want a truly relaxing, “all-American” vacation not too far from home but well beyond work stresses and responsibilities. A rural western experience is similar to cottage country in that there are no neighbors, no slicked up tanned college students partying and no noisy, congested traffic. When you’re looking at ranch buildings for sale, try to find a place that has luxurious fixings inside the building but still offers some of that good old country tradition. You can have cattle, sheep, horses or border collies on the property. You can have a spa, golf course, tennis court or fitness center nearby or on the property as well. Scenic nature and good hiking trails should also be a consideration in selecting the right location. Some of the best places for your western real estate investment property include Buffalo, Wyoming, Clark, Colorado and Bigfork, Montana.

You’ll see a lot of foreclosure income properties available right now too, but how do you know what’s a good deal and what’s a risky deal? According to Todd Beitler, owner of the Real Estate Library in Boca Raton, Florida, it’s about location, first and foremost. “If somebody spends 10 hours a week for five weeks to do research, it’s worth it,” he says. Secondly, it’s about mitigating real estate investment property risk, which Beitler says should involve buying bank foreclosure properties, rather than for-sale-by-owner foreclosures. He explains, “There’s no risk. There are no taxes, no liens, no tenants to evict.” If you plan to use the home as a rental property, then you will probably need to put 10% down.

Whether you’re looking for ranches, office complexes or foreclosure properties, you will find that income properties are still a sound way to bring in extra revenue. Places like Panama City (FL), Vero Beach (FL), Bridgeport (CT), Lakeland (FL), McAllen (TX), San Luis Obispo (CA), Wilmington (NC), Manchester (NH), Fort Collins (CO) and Atlanta (GA) are still great places to invest, according to mortgage professionals cited in CNN Money Magazine. Investing in real estate can be a rewarding pursuit, but you’ve got to be smart about it. Take your time, do your research and maintain a savings cushion for the best results.

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