It's easy to be attracted by the hyperbolic headlines of the pitches you receive for various short sale and pre-foreclosure course and seminars. Some of them run into the thousands of dollars. Some of them are worth it.

"Make $100,000 this year." "I earned $1 Million Dollars in Pre-Foreclosures Last Year." "$547,000 in Just Six Months Doing Short Sales." Are these headlines true, or just more hype to separate you for your money?

Well, there really is a lot of money to be made in short sales, a.k.a. pre-foreclosures. But like anything worthwhile, it is not easy. You'll have to master some skills and put in some long, hard hours before the money wagon stops at your door.

The first question you need to answer is if the short sale business is for you. It's not for everybody. There is a unique skill set that not everyone has the desire to master.

For one, you need to become a highly skilled negotiator who deals with over-worked, under-paid, stressed-out employees of the banks that hold the defaulted mortgages.

They need a small mountain of paperwork, properly executed, in a form that they can use - and they DON'T have the time to hold your hand while you learn. But if you master the game, they are more than happy to work with knowledgeable investors that can help them turn a bad situation into an acceptable one.

So if you are ready to put in the time and effort that it takes to learn how to so a short sale properly, get ready to make some serious cash while helping the banks and the defaulted homeowners make the best of a bad situation.

The Association of Real Estate Investment Professionals (AREIP.org) has free information that anyone interested in short sales and other forms of real estate investment will find useful.

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