> Pay peanuts, get monkeys.

This, this and this.

There's isn't a dearth of good talent out there. Please just be willing to pay a fair price (not just for the hours worked but for the fact that he's available to you on demand, cc Adam Smith).

As an aside, I do believe freelancer.com should do a better job filtering candidates (and gigs). Can maybe turn into a premium service like toptal.