Flip through the channels and you'll usually find one of those house-flipping shows - shows where regular guys buy run-down houses, fix them up and resell them for giant profits before the first mortgage payment is due. Even better, they make as much money on one house flip as you and I do in a year.

They don't seem to look any smarter than you or me, yet they're raking in some big big bucks. Is it for real?

It's real, but it's not nearly as easy as it seems on TV. There is a ton of competition out there, meaning that the obvious deals are gone pretty fast. While the pros claim that they make their money up front by buying properties for 30% below market value, finding those houses takes a lot of time. Then, once you find them, you'll need to move super fast. And no matter what those late-night money gurus say about doing this with no money down, it just doesn't work that way in the real world. That means you'll need cash to do the deal.

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