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RE: Book Review - The Book on Investing in Real Estate with No (and Low) Money Down - Brandon Turner
I strongly recommend against getting into "investing" in real estate at this time.
It would be like buying Pets.com in 1999.
PS - Solid book summary though.
While I agree we may currently be in a bubble, it definitely depends on the type of investing you're looking to get into in real estate. Buy and hold properties are a long term investment that cashflow every month so therefore the value of the home doesn't matter as much as it would with some other investment strategies. Rents typically do not fluctuate as wildly as home prices therefore if you are planning on buying and holding for the long term and renting out the home in the process, assuming you have a fixed rate mortgage, you should be able to weather the storm.
A lease option as a seller could also be a good move if you believe prices will go down in the future as you can set the period to end sometime when you think the market will be down. You still retain the rental income for the life of the option, get higher quality tenants than normal, and could potentially keep the property if the option isn't exercised albeit at a lower value. If you have the equity to weather a downturn in the market, lease options could be a great money maker.
Lastly, there is wholesaling which can work well assuming you get a solid deal. As I mentioned, getting a great deal regardless of the market is going to prove to be a sound investment.