Step number one in the road to investing in real estate.

Realize that prices go down when interest rates go up. Interest rate hikes diminish buying power.

Understand that the Fed is set to raise rates several times this year, and did so a few times last year.

This will send prices down, not up, as nominal purchasing power for new buyers evaporates with every uptick in interest.

90-day delinquencies for many forms of debt (think auto loans and student loans) are already high and climbing, look for mortgages to be next.

Overextending yourself with too much leverage is how you get caught with your pants down when the music stops and you need to find a seat.