A loan consultant I work with sent me an article about opportunities in 2008.  He recently saw Donald Trump on TV answering real estate questions and said that Trump believes residential real estate prices will bottom out sometime this summer and that people should start actively pursuing the buying process now. 

Is this a good time to invest in real estate?  Following is a summation of a talk show done by Jean Chatzky, Financial Editor and a TODAYShow.com contributor, with reporting by Arielle McGowen.  

Interview of Robert Kiyosaki ("Rich Dad, Poor Dad").  According to Kiyosaki, now is as good a time as any to buy. Many experts continue to predict a decline in the housing market, but according to Kiyosaki and Trump, plummeting prices make buying more lucrative.  But, investing in rental properties requires know-how, good credit, knowing your local market and an understanding of what you're getting into.   To turn today's market to your advantage:

GET YOUR CREDIT IN SHAPE  - If you have less than stellar credit, take the next 12 months to improve your credit score before investing.  Pay your bills on time, turn down offers of new credit and reduce outstanding balances. 

STUDY UP  - Before you plunge into real estate investing, read up-to-date books on the subject.  Then, visit in person any areas in which you want to invest.  You can also look in the classifieds.  Look at a variety of properties.  What are they renting for?  How much is insurance?  Property taxes?

SPOT A GOOD INVESTMENT   - Look for areas where you, yourself, would be willing to live. Look at crime rates and walk neighborhoods during the day and after dark. What is the age of the property?  Get an inspector who can spot structural problems. If your inspector finds any issues, depending on their severity, you may be able to use them to negotiate a lower price.  If too severe, you may want to walk away.

START SMALL   - For example, consider a duplex.  Live in one side and rent the other.

FOCUS ON CASH FLOW  - Think in terms of cash flow rather than capital gains, says Kiyosaki.  Add up your mortgage, taxes, insurance and maintenance costs, then subtract that figure from what you can reasonably charge for rent. Whatever is left is your salary.  (Hint: fixing things yourself can help increase your profit).

(For the complete article "GOOD TIME TO BECOME A REAL ESTATE MOGUL?", see http://www.msnbc.msn.com/id/22222758/)