I have these props like you, i still count them as part of my NW. but if the assets are not productive i just lump them generally as non-investable assets. Reason being if circumstances change, say for some reason u are short of cash, you can still liquidate your props and go the rental route. In fact reverse mortgage may even become a norm in the future

Been there done that. I have live the LEAN FIRE life covered by my options income. My options income already 2x my annual salary already. Only suitable for single person. I walked away from a toxic Chinaman company without any job. That's why my supervisor was surprised. She said you can survive without job meh? I told her the truth and she said I have never seen someone so financially secured as you. My dividends already covered like 6 months of my pay already. AKA I am getting free 6 months bonus every single year.

The key is be aggressive in savings and investing. Invest in high quality asset and not high yield stock. Rinse and repeat. Every money you have, whether it is salary or dividends or option income keep reinvesting it. Let dividend growth do the heavy lifting. Who is going to increase your payment at 10-30%p.a?

I wouldn't get to where I am today and if I am not frugal to the max.

You can still live frugally when fire. Like my RM20k I don't need to spend that RM20k. I can survive on say RM5k. If you live lavishly suddenly you are asking for trouble.

Just because you can earn that much doesn't mean you need to finish spending it. It give you options to spend if needed.

A very good example. I don't need to change my phone every year even if I can afford it. I can use it until obsolete or until it kaput. Same with car. Just because I can get new car every year at RM20k/month doesn't mean I need to get new car every year.

I think once you are frugal for a long time, it will become a habit, it is hard to change the habit. Some people with frugal habit, even have 10million saving, if they are used to spending 3k per month, if a month over-spend extra rm10 they might feel guilty or uncomfortable.

While I'm not sure how getting loan will avoid raising red flag in LHDN, I personally don't think getting loan nor pay cash will cause the red flag. Almost every time of my big ticket item, I will get another audit from LHDN. Even the most recent my car also raising the red flag. I'm just employed and max out most of the reliefs, so almost no case for them to waste money on me. I'm not sure raising the red flag is called for audit or whether there is any other example of this.

if you pay cash RM500k for a car, i think that is a red flag to LHDN.
i wont  pay cash 500k,, too risky unless you are paying tax that amount also  every year.

mind i ask how much cash you paid when buying a car, 1 car.

you are in different league bro,
you are paying LHDN in hundreds of k a year
you are ok
but not most of us here.....

i believe many in here also can buy car cash RM500k
but they wont dare do it if paying tax below RM100k a year