Interview: David Bach
By Elizabeth Razzi • Bankrate.com

Personal finance author David Bach, a former senior vice president at the Wall Street investment firm Morgan Stanley, turned his sights on residential real estate as a wealth-builder in his latest best-selling book, "The Automatic Millionaire Homeowner: A Powerful Plan to Finish Rich in Real Estate."

At a glance Name: David Bach Hometown: New York Education: University of Southern California, B.A., communications Career highlights:     Senior vice president, Morgan Stanley.   Partner of The Bach Group, which during his tenure (1993-2001) managed more than half a billion dollars for individual investors.   His breakout book, "The Automatic Millionaire," spent 14 weeks on The New York Times Best Seller List.   His most recent book, "The Automatic Millionaire Homeowner," has sold more than 1 million copies since its release in March 2006.

How do you feel about investing in real estate given the current state of housing markets?

Real estate is not national; it's local. At the end of the day the only market that matters is the one you're investing in, the one you're buying in. If you're thinking of buying a home, you have to ask: Where? Why? How long do you plan to live there? People are always doing better buying for the long term.

How long is "long term"?

To me that's more than three years. If you think you're going to be alive longer than a decade, you're going to be better off buying. What separates rich and poor is real estate. I honestly think the market looks better now than it did two years ago. Now prices are flat, and in certain cities declining. Just as I said in my book, we have a buyer's market again. It really depends on the market. If you're thinking about buying a condo now in Florida, there are some great opportunities to buy from people who had bought with the intention to flip.