Falling real estate prices may have you thinking it's a great time to apply the Golden Rule of wealth creation -- buy low, sell high.

It's always good advice, but deceptively simple because it assumes you have money available to snap up under-priced assets.

Today, prospective real estate buyers are faced with the opposite problem they had a few years ago. Then, credit was easily obtained but bargain-priced properties were scarce. Now, deals abound, but debt is hard to secure.

Of course, not everyone's having trouble. A borrower with excellent credit, high income, few debts, and a large down payment typically has little trouble getting a loan. Applicants who don't meet those criteria, however, are finding they need creative strategies to secure loans in today's credit-constrained environment.

If you're interested in profiting from the down market -- either as an owner-occupant or investor -- the following five tips may make it easier to finance your next property.

1. Scrutinize personal resources: Take an orderly approach. See how much you can borrow right now. Are there assets you can sell (a car, a boat, that old baseball card collection) that would boost your down payment? Can you tap equity from another property? Could friends and family members help with the financing or co-sign a loan? If so, keep in mind that there are ways to formalize these agreements -- such as through Virgin Money USA, which sets up payment schedules and interest rates -- and thus lessen the risk of strained friendships and familial relations down the road.

2. Get down to business: Considering the challenges most people face financing just a first or second home, how do serial investors keep getting loans? A big part of their success stems from presenting banks with a compelling business case for why an investment will succeed. "The lender wants to know that you've got a viable deal on the books that will make sense over a long period of time," says Frank Gallinelli, founder of RealData, a real estate software company, and author of several investment books. For investment properties, prospective buyers need to demonstrate that the cash flow from the building -- the rent minus mortgage, tax and maintenance costs -- will cover the costs of ownership over many years, says Gallinelli. Even buyers who intend to live in the home would be well-advised to consider cash flow should they plan to resell or rent the property in the future.