I am concerned the competition might be quite high here.

@Hai Loc I've never been but heard they are competitive.

Where I am buying it is a competitive yet but not like it was 6 months ago.

The best alternative is to negotiate a deal where the seller pays your points/costs so you get the tax deductions and no mortgage insurance if the market is competitive enough to allow for this or if your real estate is a great negotiator.

Education is an ongoing requirement in this business to stay in business, be competitive and stay out of trouble.Again, I apologize for my tone and getting aggravated. :)

Also the rents are even a ways off from even 1% of purchase price.Did you already have an inspection or perform one yourself as It would seem that a defect free property would have more competition from buyers and with you using financing it is not like you have a slam dunk purchase from the seller's perspective either to like your offer more than others.

We haven't to date experienced any competition from foreign investors when purchasing.We do tend to by very run down properties that need whole teams in place to be able to turn them around.Most foreign investors are only interested in turn key.I must say tho that a few fellow Australian investors have tried buying wholesale and doing the work themselves from overseas.I am sure you can imagine it didn't turn out to good for them :(Thanks and have a great day.

Easier to find, maybe, with less competition for them.

I did not get a quote yet.I'd get the name of the agent/company the owner deals with and see what they can quote you at (maybe they have very competitive rates or maybe the owner is full of $h!

And even if you do have to draw on it, the interest rate is going to be at least competitive, if not better, than a 30 mortgage.So no your approach is not crazy.