To find good homes priced under $100K, use real estate information websites such as Zillow.com, Trulia.com or Realtor.com and sort prices according to "cheapest first" or "low to high" so that the cheapest homes are the ones that appear on the first results page, recommends BiggerPockets.com.
Other places to look are real estate auctions conducted by local trustees and sheriffs. Notices of such auctions are usually available in the classified ads section of a local newspaper. If the home is being sold "as is," confirm that the auctioneers allow the home to be inspected prior to bidding, advises About.com. Evaluate the house to confirm that the cost of repairs are within budget. Foreclosed homes sold by banks are another good source of cheap real estate property. Banks are often willing to give huge discounts to buyers who are interested in a bulk purchase package.
Looking at a lot of houses for sale can help you find great deals, as well as identify good houses from bad ones. Set a schedule to tour as many open houses as you can in a day, and take note of the houses that you like. Make a lot of offers on homes for sale to increase your chances of landing a cheap house. Take note of the 100-10-1 rule upheld by many real estate investors, which means you need to look at 100 properties, place an offer on 10 of them and buy only one, explains BiggerPockets.com.