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Earl Lawrence has made his living buying and selling foreclosed properties for 20 years. He says this is no place for amateurs.

"You could have major title issues. Second thing is the fact that you need to have all cash, and the 3rd thing is that in many instances you don't know the condition of the property that you're even bidding on."

But while some experts tell average folks to stay away, others invite them in.

Luis Valderon, for example, gives seminars on how to buy foreclosures. His message?

It's do-able. If you have cash...no mortgages here...and if you do it right. Tip number one?

"Do your work. Make sure you know what you're buying and the mortgage that you're buying: is it a first, or is it a second? Very important."

In other words, buying foreclosures is tricky because if you don't do the research, there could be mortgages or other liens you don't know about. Mess this up and you could lose it all. Tip number two?

"Looking at the property. Making sure the property is there and it's not falling apart."

Easier said than done, since sometimes you can't get inside a foreclosed properties at all. And then, tip number three, which applies to all auctions: do your homework, decide what's it's worth, and don't go over that number.

You have to be cool, relaxed, go to your number, do your research. The guy who is the more prepared is the guy who's going to win the property."

That's the short-course in foreclosure investing. But we've got a lot more detail...it's stuff you need to see. And it's waiting for you right here at Money Talks News.com.