The Arizona Republic reports on the flippers in Phoenix. "The housing market may have cooled but not the enthusiasm for investing in Phoenix area real estate. About 1,000 investors and would-be investors spent the weekend at Phoenix Civic Plaza learning how to find cheap properties and then 'fix and flip' them."

"The crowds heard tantalizing tales from investors who picked up distressed properties cheap, fixed them and resold them for solid profits. The fact that housing prices have stabilized or even fallen in some areas and the number of homes for sale has risen significantly in the past few months didn't seem to cool interest."

"'It does affect the short term. I think the heat is going to come out of the market a little bit for not long and not much,' said Phoenix investor Dolf de Roos as he signed copies of his new book 52 Homes in 52 Weeks about his success investing in the Las Vegas housing market. He was the featured speaker Saturday night at the event, sponsored by the Arizona Real Estate Investors Association."

"He said that even if housing prices come down by 5 or 10 percent, investors still came out ahead because the prices had grown by about 40 percent last year in the Phoenix area. 'If it was the stock market, that would be a minor correction,' he said. 'So what's the big brouhaha? In five years, it'll be way ahead of where it is now. I am not worried about it, not with 100 houses being built and filled every day.'"

"Investors have been blamed for, or credited with, causing the huge run-up in housing prices over the past year. But Alan Langston, executive director of the Arizona Real Estate Investors Association, said it wasn't investors who did that but short-term speculators. True investors make their money over the long term, while speculators like to hold property for several months or a year, he said. Many have moved on to other states, such as Florida and Texas, he said."

"David Lindahl, a Boston-based investor, said he has earned a lot of money owning apartment complexes. Dealing with tenants was a hassle at first, but then he learned to hire good management companies. He said tenants expect you to raise rents every year. Don't disappoint them; raise that rent, he advised."

"The conference lured amateurs eager to make money, including some who have not owned a home, such as Steve Reppe, 23, a University of Arizona student. 'I used to work really hard when I was in the Army for not much money,' he said. 'Why not work less hard for more money?'"

"Ekaterina Glover, 23, a Phoenix resident, said she has been reading books about real estate investing and realized that many mentioned Phoenix. She dreams of getting rich in real estate. 'I do not have a stable job history or a credit history,' she said. 'But if you're enthusiastic and happy to learn, you can make it.'"

"Valerie Walters wants to invest and has been studying up on it for years. 'I am tired of reading and ready to get my feet wet,' she said. LeBertha Umbreit, a former Realtor who has been a Phoenix lawyer for two years, has learned from representing people in real estate transactions that there is a lot of money to make in real estate. 'Real estate is still the best investment around,' she said 'You can get into real estate investing with virtually no money.'"