Don Campbell is a national best selling author, president of the Real Estate Investment Network, and Notable’s Real Estate Expert.

Frustration, chaos, fear, disappointment, fear (yes, I said fear twice).  This is the emotional roller coaster that many investors have been riding for the past 18 months as markets collapsed, jobs were lost, and deficits were created. Now we see talk of “real estate bubbles” and dramatic interest rate increases. Bring out the same emotions, because the market is, some say, too hot.

These emotions and economic roller coasters, when acknowledged and harnessed, can become a source of great success for the informed investor as opportunities are hidden within the highs and lows. But in 2009, many people allowed themselves to be defeated. They gave up on their investing strategy and put their financial dreams aside, all because they didn’t understand the source of these emotions.

That source is unmanaged expectations. Expectations based on wishes, not realities.

Our world is run on waves with peaks and troughs. We are subject to waves in our relationships, in our businesses, in the economies that surround us, interest rates, vacancy rates, stock markets, property prices. The ups and downs are inevitable, yet whenever a shift occurs, you’ll still witness investors becoming frustrated with the change. They are not managing their expectations — they are fighting reality.

Real estate investing is not a passive investment. Once you own one piece of property, you now own a business. It takes management, awareness and adjustment in order to safely and profitably ride the inevitable waves. The first stage is identifying the waves as they come. This month, let’s look at a few of the most obvious ones.

Stay on top of the inevitable waves. Follow my regular regional Canadian real estate market updates at www.twitter.com/DonRCampbell.