Now that tax time is over, this is a good time to review your investment strategy or get into the investment market. Even though the real estate market continues to boom in our immediate area, this is no longer true in many parts of the country and there are some very good opportunities out there for the savvy investor. If you already own investment property but you would like to trade up, or maybe invest in a different type of property or one that is closer to your own home so it will be easier to manage, you can take advantage of a 1031 exchange to defer the taxes that might otherwise be due. This is a great strategy, but you must follow the rules to the letter. For example, if you close one day late the IRS will disallow the exchange and taxes will be due. For a detailed discussion of 1031 tax deferred exchanges, go to: http://www.themoneyalert.com/1031ExchangeArticle.html

If you don't already own investment property and you are wondering how to get your foot in the door you should check into buying into a Real Estate Investment Trust.  These investments are similar to stocks but what you are buying is a share in some real estate investments. For a detailed discourse, go to http://www.themoneyalert.com/REITArticle.html

Another possibility is to use a self directed IRA to purchase investment property. It really is unfortunate that so few people are aware of this possibility as it open up enormous possibilities. However, unlike  other real estate investments where, ideally, one leverages the property by putting as little as possible down and financing the rest, investments must be purchased outright in a self directed IRA. Still, if you are looking for income and potential appreciation, there is tremendous opportunity here. For more details go to: http://www.realtor.org/rmomag.nsf/pages/managemoneyfeb02