I have always been intrigued by the money that people can make with all of those no money down type deals but as we all know they are incredibly hard to come by. The trouble with no money down is that there are not that many people out there that are willing to sell you their house far enough below market value that you are taking over the mortgage without having to put money into the deal.
One other option is to buy property that has been seized by banks and other lenders. There is an active market for seized property and one of the maxims that you need to remember is that banks and other lenders are not in the real estate sales business so they are not as savvy at selling and often lose some money on the deal just to get our of property ownership.
I have run across a website that has lots of seized real estate properties. The trouble is that there is a cost for access to the site. Seized Real Estate.com has a lifetime membership of $39.95 and if you know anything about my attitude on buying memberships then you know that I think that any way that you can automate your systems for cheap is a great investment of your time and money.
So check out this site if you are looking at finding cheap real estate and stay aware of the fact that lending institutions hate to be holing onto properties for any length of time.