January always brings resolutions for improvements in our lives, and one topic that always seems to come up is an interest in real estate as an investment.

But why would anyone want to invest in a product that can easily become a second job, may require personal liability for large sums of money and may require that you get involved with your tenants' personal problems? And after all that, you still have no guarantee of a profit.

Perhaps because of all those guys on late-night television promising overnight wealth as a real estate tycoon, all for the low price of three easy payments of $59 (plus shipping). Surely that makes this a good investment, doesn't it?

Well, no. The truth is that investing in real estate is hard work, and it doesn't usually lend itself to short-term investing.

It can become a second job if you let it. And most people aren't willing to put in such time or effort.

Long-term ownership of residential real estate does continue to be one of the best investments available today, though.

Here are a few reasons why:

• Rental houses can pay for themselves. They generate income that can be used to pay for the investment.

• Rental houses tend to go up in value. While we have no guarantee of appreciation, demand for housing seems to be increasing, especially in growing areas like metro Atlanta.

• Anyone can buy real estate. Lenders are eager to lend to those with good or even marginal credit, and even those with bad credit can seek owner financing or private lending. In creative financing situations, no job is required.

• Most of us have at least some experience of living in a house, and employees at home improvement

centers can teach you project skills needed to make a house more valuable. Financing of projects also is available at those stores.

• Because some people need to sell quickly, they may accept less for their home than it might bring from an extended marketing period. So you can find bargains if you are willing to look.

• Anyone can learn to be an effective landlord in his or her spare time, screening out the bad tenants and keeping the good ones, so eventually the tenants effectively buy the property for the owner.

It doesn't stop there. Leaders believe that a land of homeowners is preferable to a land of renters, so our tax laws strongly favor those who take the plunge into ownership. For example:

• If you buy an ugly-duckling house for $100,000 and spend $10,000 to fix it up, then sell it for $150,000, you will owe normal income tax of up to 49 percent on the $40,000 profit. But if you live in the house for two years while you fix it up, then all the profit is totally tax free, up to $250,000 per owner.

One thing I like about real estate as an investment is that I can do things to boost its value. I can paint it, mow the lawn, replace the roof, manage it wisely, even clean the gutters. All these things will have a positive impact on my property value.

There is a group of metro Atlantans who feel the same way about housing that I do, and they meet monthly to learn new strategies for buying houses and to trade ideas on how to better manage the homes they already have.

The group is called the Georgia Real Estate Investors Association. Members meet the second Monday of each month in northeast Atlanta.

It is a nonprofit educational club with more than 1,000 members from all walks of life. You are as likely to meet a plumber or a truck driver as you are a doctor or a teacher. You can find out more at www.gareia.org or by calling 770-451-8800.

One thing the members have in common is a belief that, through real estate, they can get rich slowly.

All are there with one goal in mind: to build their net worth over time through the ownership of single-family homes and apartments.

Over the next few weeks, we'll look at pros and cons of real estate investing, trying to separate fact from fiction. We'll find opportunities and pitfalls and help you decide if investing in real estate is right for you.

The Georgia Real Estate Investors Association offers a free ''Guide to Real Estate Investing in Georgia."

If you would like a copy, call 770-988-1040. It will give you an overview of what's involved in finding and buying distressed properties. It also describes foreclosures in this state.

John Adams is a broker and investor. He is host of ''The John Adams Radio Show,'' a call-in program dealing with homeownership and real estate, from 1 to 3 p.m. Saturdays on NewsRadio 640 (WGST). For more real estate information or to make a comment, visit www.money99.com.