Consultant Peter Mosca brought a silver lining with him to West Des Moines. Speaking last week at the 14th annual Iowa Commercial Real Estate Expo, he suggested that, although the industry’s bad news is far from over, there might be ways to profit from the situation.

Mosca predicted that in the second quarter of 2011, a “tsunami” of distressed properties will pour onto the U.S. market. Don’t run, he told the assembled brokers, grab a pail. “There’s a market there,” he said. “Savvy brokers will be making revenue, and I encourage you to do the same.”

The first chance to profit from the recent economic catastrophe already got away from most U.S. real estate players, he contended. “Investors bought properties at 6-16 cents on the dollar 12 to 18 months ago,” Mosca said.

But then Mosca, the president and founder of BAK Communications Inc. in New Jersey, outlined steps that can be taken from this point forward. He talked about the characteristics of a wholesale market, which occurs “when there’s a dark cloud over the economy.”

Many of the distressed assets will end up in the hands of institutional or syndicate owners, he said, and these people are likely to have little knowledge of the market or the assets. “These wholesalers likely won’t be from Iowa. They’re going to look to each and every one of you in this room” for local knowledge and expertise, he said.

We’re entering a “liquidation and stripping” phase in which lenders will be highly motivated to get rid of non-performing assets, Mosca said, and he repeatedly assured his audience that it’s a golden opportunity for deal-makers.

We don’t claim to be experts in the field Mosca was describing, but we sure hope he’s onto something. Especially because he emphasized that salvaging distressed assets keeps businesses alive, supports employment and keeps the community strong.

This would be the best possible outcome.