The real estate market is hot these days. It's also cold, lukewarm, on the verge of tanking and just about to take off. If you're smart, you'll get in (or get out) now, while the getting is good.

These are the myths plaguing first-time homebuyers in Canada, according to Donald Trump's top lawyer and right-hand man, George H. Ross. Ross says it's easy to be misled by advertisers and market average reports, but the key to investing wisely in real estate is to focus on specifics and do your research.

"Every piece of real estate is separate and distinct," Ross told CTVNews.ca by phone. "There is no such thing as 'the market.' There are individual properties."

As executive vice-president and senior counsel for the Trump Organization, Ross plays a key role in one of the most successful and highly visible real estate empires in the world. He helped Donald Trump close his first real estate deal in the 1970s, and he has over 50 years of experience as a real estate lawyer and negotiator. He's appeared frequently on the television show "The Apprentice" as one of Trump's top advisers, and the two men have worked together closely for nearly four decades.

His best advice to first-time homebuyers is simple: always do your homework before making a deal.

Know the property, the upkeep costs and the neighbourhood. Know the reputation of your real estate broker and lawyer, as well as the reputations of the people you're negotiating with. And, perhaps most importantly, know how long you're going to hold onto your property before selling it.

Ross says one of the most costly mistakes you can make in real estate is holding onto your property too long. "You have to know what you're doing," he said. "How long do you intend to keep it? How much money do you have? What's it going to cost you?"

People who hold onto their property too long usually aren't sticking to their plan, Ross said. They get emotional or too caught up in hype about the real estate market, and that leads them to make bad long-term decisions, he said.

He also stresses the importance of negotiating any real estate deal you make. That doesn't mean going to war over the "must-have" details, but rather, working toward a compromise that both sides can "live with," Ross said.

"It's developing a rapport with the other side to see where you can meet on common ground. That's difficult, but that's what you have to do," he said.

Last week, Ross told BNN that the Canadian real estate market is "undervalued" and rife with opportunity. He clarified those comments with CTVNews.ca, saying there are always opportunities for those who do their research before making a deal.

"Real estate is site-specific," he said.

For instance, residential and office space typically go hand-in-hand, so it's smart to buy residential land near the site of a new office building. Residential demand will make the value of the land go up.

Ross will be in Toronto on June 20 to speak about Trump negotiation strategies and real estate.