If you've considered the real estate market as a way to grow your income and wealth, Now is definitely a good time to begin working toward building your real estate empire in Tampa, one of the best places to live in Florida. With real estate prices at record lows, buying now can certainly be lucrative over the long term.

Before jumping in too quickly, keep in mind that real estate investing requires:

• Solid knowledge of your local market
• Deep understanding of real estate investing tactics
• Excellent credit

If you are serious about becoming a real estate mogul, check out income-producing opportunities in Tampa and consider these steps you can take now to start turning this bleak real estate market to your advantage.

Get your credit in shape

This step is critical to making sure your costs allow you to invest profitably. You can certainly buy property with a so-so credit score, but your interest costs are going to mean your profits will be lower. Take 12 months to build your credit profile to an impeccable record. If you start now, you will still have time to cash in on the low real estate market prices, according to experts.

Learn all you can about real estate investing

Choose a few recently published books to brush up on the basics. Most are quite broad but will provide you with the theory you need to create a solid foundation for your success in the practical world. Next make sure you understand the specifics of different types of lending options, as well as insurance and taxes. The last thing you want is to be caught with a surprise down the road, which can put a dent in your efforts toward building a real estate empire. View Tampa real estate investing information >

Study your market and evaluate investment opportunities

Do your research in the field. Get out and look at a lot of properties for sale. Also look in your local newspapers to get a feel for rent prices, as this is where you'll be making your revenue stream. Some real estate investors recommend you don't buy property in an area where you wouldn't live yourself. Get to know crime rates and visit neighborhoods at different times of the day. When you spot potential properties, you'll want to have a good property inspector who can work with you to determine repair costs that may be required. View Tampa FL real estate market trends >>

Start small and focus on cash flow

It may be a good idea to start with a small investment that you can leverage. Some experts suggest a duplex setup - you could live in one unit and rent the other. Many investors get their start with just one condo! View Tampa condos for sale >>

Keep in mind that the rental income will need to be able to cover all your costs (mortgage, insurance, property taxes, maintenance). What's left over is your salary.