Tyrone Shum of Property Investory Delves Into My Journey as a Wife, Businesswoman and Property Investor – Part 2
If you haven’t already had a listen, make sure to check out part one of the interview with Tyrone.
What I love about this interview is Tyrone’s ability to ask questions that unpack ideas that lean towards being subtle; and shine the torch on where alternative investing fits into portfolio building in the world today.
Connect with Tyrone:
Twitter: https://twitter.com/tyroneshum
Website: https://propertyinvestory.com/
LinkedIn: https://au.linkedin.com/in/tyroneshum
Instagram: https://www.instagram.com/propertyinvestory
Facebook: https://www.facebook.com/tyroneshum
00:00:00 – Intro
00:01:21 – Salena’s journey towards the alternative space
00:04:56 – Salena’s 3 step process and dive into the alternative market
Read MoreQ: You’ve shared the challenges you’ve faced, but we also want to hear about an amazing moment you’ve experienced.
- There are probably many moments where things went really well.
- We got involved in a development in Melbourne that basically got us a half a million dollar profit in a very short space of time.
- On the surface, that was a great win. But it was actually a really painful experience.
- The builder went bankrupt just before completion, and I was flying down to Melbourne every week to try and push it along.
- Overall, it was a great outcome, but it also taught me a lot about defining success as an investor.
- I made the decision from that moment onwards that I wasn’t going to expose myself to that level of risk again.
- So, I have done various small scale developments since, but with significantly lower risk.
- There is such a spectrum of investments that require virtually no effort through to those where you’re super active.
- In 2009, we had a really good portfolio at that point with a mix of commercial and residential property. And I started to use my accounting skills to figure out at what point we were going to be financially free.
- We had a high net worth (we’d been investing for nearly a decade at that point) and when I did the numbers, I realised that in order for us to replace our living expenses and have that freedom to step off, it was going to be another 25 years.
- Around that same time, we had just bought a commercial property in Canberra and the banks had said they weren’t going to give us any more money right now.
- At that point, I had a choice: we could sit on what we’ve got and wait that 25 years or ask the question, “what else?”
- I think one of the skills that really good investors have is that capacity to be tenacious and determined to ask the question, “what else?”.
- So my amazing moment was recognising that driving up my net worth wasn’t going to get me closer to my dreams around financial freedom, so I started to explore other opportunities and other ways of doing things.
- That’s how I stumbled into the alternate space.
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