Don't Overextend Yourself when Buying a Home

I recently read an article about not overextending yourself when buying a home. And my only answer was, duh, right? As an investor I love to buy property because I think with my head and not so much with my heart. That's why the money rolls in. A home doesn't have to be a money pit. First of all, too many people generally spend far too much for far too little. Secondly, they take that debt burden on all by themselves.
When I buy a place, a discount is the first thing I look for. If it can work for clothes, or electronics, or whatever, it can work for your home. A large number of foreclosures are appearing because people simply overspent and could not keep up with the payments. Even if a financial institution "says" a borrower can supposedly afford a more expensive home, who says you have to buy it? Whatever happened to the term, "living within your means?" Anyway, their loss can be your gain. Many realtors have bank or government foreclosures and all you have to do is ask. Or, simply find out from banks in your area. Specialty financing often be arranged because banks do not want "bad debts" on their records and you can buy a property for less than its assessed value. I smell a "win - win" situation, don't you?
Another idea to consider is why not have another person or persons renting from you? It could be a student downstairs, a retired couple in your 3 - plex, and lenders are happy to lend residential loans up to 4 units. How would you like to have up to 75 % or you mortgage paid? Buy a 4 - plex, rent three, live in one. Save even more if your suite is smaller or less desirable that the others, and build up your equity thanks to your neighbor renters. The wealthy think fundamentally different than the rest of us, for the opportunities exist.