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About The Guest(s):
- Tyron Hyde is the CEO of Washington Brown, a property depreciation expert.
- Steve Palise is the founder ofPalise Property, a property investment company. He is also the author of two books on property investing.
Summary:
Tyron Hyde interviews Steve Palise, a property investor and author, in the first episode of his podcast series, "Ten with Ty." They discuss various topics related to property investing, including Steve's background, the benefits of investing in commercial property, and the importance of leveraging and time in building wealth.
Steve also shares his best and worst investment experiences and advises young investors. The conversation concludes with a discussion on the legacy Steve wants to leave and the definition of success.
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Key Takeaways:
- Steve's best investment was his first property, which provided a significant return and served as a springboard for his portfolio.
- His worst investment was a low-priced apartment that required cash payment, and missed out on leveraging opportunities.
- The most valuable investment advice Steve received is that no one becomes financially free by working for someone else.
- His ideal portfolio mix includes property, business ownership, and tangible shares.
- For a 20-year-old with $20,000, Steve advises investing in property or starting a business to gain experience and learn from mistakes.
- With $500,000 at 50 years old, he suggests investing in low-risk commercial property and focusing on a pay-down strategy.
- Steve believes success is being true to oneself and finding happiness in personal passions and experiences.
- Losing money can be a valuable learning experience, especially in the younger years, as long as lessons are learned and applied.
- In commercial property investing, incentivising tenants can increase the likelihood of them taking up lease options.
Quotes:
- "No one becomes financially free from working." - Steve Palise
- "You can achieve a lot in a short amount of time." - Steve Palise
- "Success means being true to yourself." - Steve Palise
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Tyron Hyde is the CEO of Washington Brown Quantity Surveyors
