Real Estate Risk-Takers

Successful investing in real estate requires local knowledge and connections, access to capital, and--these days--bravery. Some four years after the markets' 2007 peak, housing prices continue their descent. That makes it a terrible time to buy "if you're someone looking to flip a house in the next months," says Joseph Jennings, investment director for PNC Wealth Management. "If your holding period is 10 years, there's potential to find good value if you do your homework."

Bloomberg.com talked to investors buying where many fear to tread. Read on to see how they're betting on a real estate recovery.