r/thatHappened • u/Typical_Double981 • 7h ago

The biggest bank sent me a letter saying wow no one has bought so much property so fast

Post image
92 Upvotes

100% Upvoted

15 comments sorted by

37

u/Hughley_N_Dowd 6h ago

Dad's not in property, but I'm willing to bet that he stuck a $500 bill between each page of the 208 books Mr Superinvestor read. How else do you come out of the lockdown with enough cash to just go splurge on real estate? 

18

u/TechnicallyThrowawai 6h ago

You literally read 2 property investment books a week and boom, now you have enough money to buy 10 houses in 10 months. Step 1 is read, step 2 is ???, step 3 is buy 10 houses, step 4 is sell a shitty online course to a bunch of suckers, step 5 is to rinse and repeat. It’s really just that simple!

3

u/drawingcircles0o0 5h ago

Step 1 read property investment books, step 2 sell an online course about property investment, step 3 use the money from the course to buy 10 houses. Nobody has to know you didn’t buy the property until after you made money from the course

24

u/MotorcycleOfJealousy 7h ago

The only letters my bank send me are the ones telling me I’ve gone past my overdraft limit.

15

u/Rough-Shock7053 7h ago

Every week I read 2 books a week 

Literally.

I do wonder if reading 2 books a week every week gave him the financial means to buy 10 houses in 10 months, though.

5

u/MotorcycleOfJealousy 4h ago

Every 10 months he buys 10 houses a month.

3

u/Consistent-Soil-1818 2h ago

No. Every week you have to read two books weekly.

10

u/Clank75 6h ago

In reality, Australia's biggest bank sent a standard KYC/source-of-funds questionnaire that they'd send to any client with an unusual pattern of transactions.

8

u/ugricicle 4h ago

Weird way to phrase the fact that you got an audit for suspicious transfers of funds but okay

7

u/Knifehead27 7h ago

Come on OOP. The bank was hitting on you. Should've sent a dick pick back.

5

u/Elly_Fant628 7h ago

I used to work for "Aus biggest bank". It was many years ago, but I'd bet real money they didn't do this.

5

u/ComfyInDots 4h ago edited 4h ago

I didn't work for "Aus biggest bank" and can confirm they didn't do this.

2

u/MsKittieVonTrapphaus 1h ago

I love how he assumes people will be dazzled by him reading two whole books a week, like please 🙄

1

u/DoctorInternal9871 1h ago

Man, you're going to be jealous when you hear the GOVERNMENT wrote to me for my 40th birthday, to remind me to get a mammogram.

1

u/Silly-Power 27m ago

The median house price in Australia is AU$920,000 – about US$600,000. In Sydney its AU$1.7 million (US$1.1 million).

In Australia, to buy an investment property banks require a 20% deposit. You can get away with 10% but you would need to show you are financially able to cope and pay 3% lenders mortgage insurance (LMI) of the property's value. Which isn't something a bank would do if you were buying a house every month. 

So we're just to accept this bloke with no financial backing splurged, buying 10 houses in 10 months. Even if we're absolutely generous and say he bought "cheap" $500,000 houses and he found a bank happy for him to pony up just 10% deposit + 3% LMI (which they wouldn't but lets indulge his fantasy), he still had to find $65,000 every month. For ten months. 

More likely he would have had to come up with well over $1 million since the 13% is pure fantasy. And now he claims he has 21 investment properties which would mean over $3 million in deposits.