Real Estate's New RealityFor patient investors there's income to be found.

We've seen the infomercials and watched the reality shows. Some of us have even read the books and attended the seminars.

But does investing in income-producing real estate--long touted as the place to be for long-term growth and financial independence--still make sense after the beating the real estate market took last year and, in some parts of the country, is still taking now?

Hot properties: Where to look for real estate guidance CREonline.com:A list of real estate investment clubs RealEstateCourseReviews.com:User ratings on books and courses The Advanced Guide to Real Estate Investing, by Entrepreneur columnist Robert Kiyosaki Reiclub.com/realestateblog:For the bloggers' viewpoint Mastering Real Estate Investment, by Frank Gallinelli

I think the answer is yes, and I'll tell you why. Think of income-producing real estate as a bond that pays you interest. As long as the property has a rent roll that kicks off enough cash (after you pay your mortgage, taxes, insurance, repairs and other operating expenses) to provide you with a decent ROI, you're in the clear no matter how much the property's value may fluctuate in the meantime. As long as you're prepared to hold on to the property for the long term, you won't get burned like those speculators who bought houses when the market was hot and tried to flip them at a profit.