Not all real estate investors have the same financial goals; some look for long-term profits, while others aim for quick, short-term gains, and some try to create cash flow. Starting with short term investments, we'll take a look at the investing strategies associated with each.

There are a lot of real estate investors who want to be paid within, say, six months. There are two main options available to you: flipping purchase contracts and renovating properties in order to immediately re-sell. Each avenue requires a different skill set, but both require that you purchase real estate investment properties below the market value, so we'll start there.

First, you'll need a realtor, to feed you property listings, but more importantly to provide a second opinion on values, so find a realtor who really understands the neighborhood you're considering.

Second, you'll want to talk to some wholesalers. They'll all try to sell you their own properties, so be wary, but occasionally there are good deals to be found. To find wholesalers, contact a few local hard money lenders, as they'll know a lot of the local real estate wholesalers.

If flipping contracts is your end goal, then learn as much from the wholesalers as you can, because that's what they do for a living. They dig up deals at 60 cents on the dollar, and turn around and sell them to you for 85 cents on the dollar (or 100; be careful of these).

Bear in mind that any contract you sign as a buyer, you may not be able to flip, so be prepared to renovate and sell. Subsequently, you may have a hard time selling even after renovation, so as a last resort be prepared to put a tenant inside and keep it as a rental property, if need be. This all underscores the main point: buy under market value, because it will keep more options open to you.

So you found a property to buy, and you think it's a good deal. Awesome. What next? If you plan on flipping it, you'll need a buyer, and fast. Start by talking to your realtor, and see if she has any investors looking at that neighborhood. Then call up some loan officers who specialize in renovation loans, as they'll each maintain a network of hungry investors. Try Craigslist, if only because it's free. You might also call back those hard money lenders, as they also know plenty of investors.

A final word of caution on contract flipping: ONLY flip to professional real estate investors. Homeowner buyers will almost definitely be using conventional bank financing, which doesn't allow flipped contracts, and will pull the plug halfway through the loan process.

If your plan is to renovate it, then make sure you have a reputable, licensed contractor lined up. If you don't, hard money lenders, realtors, and rehab loan officers all know contractors. Get several price quotes on each job, and always have the contractors pull work permits (this is critical, because your municipality will shut down your job otherwise).

You may decide to use a hard money lender for the renovation, or you may want to save money and try a local bank, depending on your time limit, income, and credit. Regardless, make sure you borrow enough money to finish the renovation; otherwise it will take twice as long and end up costing you twice as much as you pay for carrying costs, and sending the contractors out in stages instead of at once.

As mentioned above, there's always a chance that you won't be able sell the contract or property, so always be prepared to lease it out as an investment property if need be. Here are some free landlord rental forms, though a more thorough discussion of long term investment strategies will be covered in Part II of this series.

Good luck, and remember there are plenty of other real estate investors that are happy to share ideas and knowledge with you, so you're never as alone as it seems.