How can I borrow more for property investment?

How does any of this get you closer to what you want to achieve?

BTW, if you rent to a related party below market rent and claim all expenses on tax..... you'd want to speak to a lawyer.

 

I am shopping at aldi and the fruit and veggie market each day. Cost of living is insane now. Aldi was 40% cheaper on many items. The difference used to only be 10-15% between them and Woolies.

It makes me really sad house prices have run up 30% despite benefiting from it, as I no longer want to live in a city I know we would not even be able to afford to buy and live in now.

It makes me sad because just about everyone in the Gold Coast, and Australia, save the exceptionally well off, are going to struggle. It should not have to be this way. And I'm certain things will start getting done and the governmental level to fix this. But I also don't see the median house price going down, but our wages haven't gone up. So now, southeast Queenslanders can now all live like those who were suffering in Sydney and Melbourne.

Not the end of the world, but it kind of sucks imo.

 

This wouldn't amount to fraud. Paying cash for living expenses and not declaring it to the lender is fraud as it would induce them to lend more than they otherwise would.

Yes it probably would have.

This surprises me!

 

Way to cut right through it all. I now have $1m in the bank, can afford to work a job I enjoy, can afford to take time offer to spend with my daughter, was able to fill my roof with solar panels, so I don't care that our electricity prices my now rise 50%.

I probably sound completely out of balance, and I feel that way under the microscope. But it really would be nice at 50 or 55 in 10 to 15 years to be able to shrug my shoulders, and keep driving Uber, or travel the world or whatever I want to do.

There was a psychology study that really stuck with me. Basically it found that even lottery winners were not more happy long run after having more money.

However, there was a subset of people who, upon coming across people who either had a significant pay rise or salary boost, we're significantly happier with say a $100k salary boost or receiving a large inheritance. It did not show up in the overall stats, because by enlarge most people are happier for 3-6 months and go back to baseline.

However, this subset of people did something with the money. Not just conspicuous consumption, but did something that matter to him. The example I remember was a person who was able to quit their regular job, and instead start a wedding photography business, and do something they had always wanted to, but could not afford to either start the business or survive on the 50% pay decrease. The money made this difference.

So my attitude is the same. I like investment, I get genuine joy from this. I like saving money. I like developing security. I like giving money to charity, amounts of which will become larger and larger, the more excess I have. I like being able to ensure all of my family members live in financial dignity. I like being able to stay home and spend time with my daughter.

All of this is because investments stuff, is stuff I have done my whole life, is stuff I have done from the age of 13 when I bought $500 of stock saved up from my summer job. I love my work, I love my home, I love my life, I love me God, I love my country, I love my family. I am blessed beyond measure. And even were I financially struggling, I would be blessed beyond measure living in Australia. And there would be things we would miss out on. I do not depend on money for financial security, but it brings me comfort trying to always save for a rainy day, and invest so those savings grow, so that there's hopefully something there when the inevitable disasters occur.

@Trainee. Ty so much for the question. Trainee. I don't know if my rambling answer is useful/interesting, but dam that question... we just had a daughter 3 weeks ago, my first. That question gets to the heart of everything. And has been really hard these first weeks, plus just trying to buy a house for my wife's father.

Agree 100%. No chance we'll try claiming this on tax. Must be rented at an "economic" rent I believe, which is not $200 when worth $500. Bank gets more interest, government gets extra stamp duty. And no, PPOR for 4th property wouldn't have serviced, else of course that would have been the better solution.

 

Yeah. Oh well. I've literally had banks / brokers imply or directly tell me to do this. Current broker asked if I'd been a good boy with my last 3 months living expenses.

I get my behaviour is perhaps more egregious. I'll wear that. But the supposed victim I guess is the bank, that is happy for me to do this, so long as I never default.

Yeah, Uber drivers have a habit of counting their gross income as their earned income. Last shift, $650 income - $65 gst - $50 fuel - $25 (car wear tear) = $52.7 per hour. That was a public holiday. But I never gross less than $40, meaning I always take home at least $30. I do drive nights though, as in literally like 1pm to 1am, 5pm to 5am, whatever. No, the day drivers will be struggling to make even $20-25 after costs. I also drive for Uber, Didi, and Ola simultaneously. Means I never have downtime and can choose the best trips (mainly poach the long trips off Didi and Ola).

Granted that was a public holiday, but I shoot for grossing $40 per hour minimum. Granted I go hard for 12 hours. I leave the air port immediately because it's not worth sitting around for 2 hours for a $30 gross fair, but guarantee the airport lot is full, with lots of drivers sitting around talking and doing nothing.

I also bought my two year old Mirage for $8k in 2016 (2014 model) specifically to due uber, 6.0 liters per 100k. I will actually make money switching to an $80k+ Model Y in 2 years, because my $8k annual fuel bill will be paid in full each year by our 20kw solar system, and the 40kw system I'm going to get installed on my family's next door house.

I love my job. I used to be self-conscious about it, still am a bit, but I literally just listen to books or music or whatever I want for 10 hours. Or slowly mull over real estate investments, and basically get paid to do something, that only minimally requires active attention. A normal job usually requires endless active attention. So I'm kind of working two jobs to a degree doing Uber, driving and planning my next investments.

I am a wreck after 12 hours driving, but then I get 4 days off each week.

 

Is there any non-ironic or non-facetious way of saying you might want to talk to someone to sort out your thoughts? Clearly there are a lot of things going on.

 

Yeah I'm out. Typical small minded Australian tall poppy syndrome. Anyone share any of their soul, anything their proud of, and there will always be someone within earshot waiting to tear you down. Good riddance. Don't need this crap. Peace. Enjoy your life.

 

I'm not seeing any of that in Trainee's post. If anything, I see genuine concern.

I know a psychologist that told me that all psychologists at her work are required to see a psychologist.

You know a lot more about mental health than I do. Take that knowledge and take some stock of yourself.

I too read it as though there might be something to be resolved there. This is nothing to be ashamed of either, I think the majority of people would benefit from seeing a psychologist.

And while it seems our worldviews differ massively (I'm a fairly far left atheist that believes in big government), I do wish you all the best and I hope you find contentment.

 

This is an investment forum. The experience is with loans and property, but experienced investors know that psychology is a big part of it.

when we talk to newbie investors, for example, we can read between the lines. Like when they say they want to invest, but really have issues about borrowing money they need to work through first.

Your posts suggest this is not simply a technical how do i borrow more question. As someone more knowledgable about psychology than us amateurs, you should see that. Especially in how you are choosing to interpret the comments. If you dont, then you might need to talk to someone.

dont think you fully understand what tall poppy syndrome means. Or havent read this forum enough. This place generally celebrates success.

 

I was struggling to determine what the post related to other than blowing off steam ? Driving 12hrs and a new daughter = Sleep deprivation.

 

Hi Cattails, thanks for sharing your journey and experience with the forum.

I was wondering what's your experience with BC Invest so far? Would you recommend going through with them via Reduced?

 

It's important to ensure you do declare your incomes and liabilities to lenders when applying for a loan. Failure to do so is in essence mortgage fraud. Also important to declare incomes to the ATO. Wouldn't want to be committing taxation fraud.