Five Real Estate Tips from Warren Buffett

Billionaire. Oracle of Omaha. The most successful investor in the world. All of these are used frequently -- and accurately -- to describe Warren Buffett, Chairman of Berkshire Hathaway, a holding company with upward of $130 million. Though his stock in trade is, well, stock and trade, over the years, Buffett has actually spun quite a bit of wisdom on real estate, and much of the advice he has given to investors in traded assets would also stand the average American homeowner in good stead.

Looking for some wisdom on the best approach to owning a home? Here's a sampling of real estate tips from Buffett, right, the third richest human being on the planet.