I can’t say this strongly or often enough:
You make your money on the buy.
“Well, that’s fine and dandy,” you say. “But isn’t everyone looking to buy a dollar with fifty cents? How am I going to get my hands on the bargain-priced listings first?”
There are a few different ways to find that unbelievable deal and close it: Use your connections, make a low-price offer (in-elegantly called “lowballing”), or bid on a property riddled with a problems that other buyers would find too daunting to take on.
There is a fourth way to potentially score a deal, which is to buy a house in bankruptcy or foreclosure — pre-foreclosure is an even better option if you can find it because you save the owner in potential default from completely ruining their credit with a foreclosure in their history by bailing them out before the bank takes over!