Real Estate Investing Secrets: How to Avoid Financial Disasters (howtobuyrealestate.com.au)

There is the belief that homeownership can lead to a better life and is an expression of success and security.

Some say that owning a house is expensive, not worth it, stressful and a waste of money. Others say that homeownership builds wealth and equity over time, and allows homeowners to deduct the mortgage interest from their tax obligations.

Whatever it is, homeownership is not for everyone and it has to be aligned with our individual strengths.

Apart from investing in properties, there are other options available to generate a stream of passive income for us.
(1) Develop our own business systems.
(2) Buy existing systems (e.g., franchises, websites).
(3) Buy into or become part of an existing system (e.g., network marketing, eCommerce).
(4) Investing in shares, gold and commodities.

Each option has its pros and cons, and will suit different people. Yet each ultimately does the same thing. When managed properly, each of these options will generate a steady stream of passive income for us.

The key takeaway is that we have individual strengths that are unique to us. If we can use our strengths to win the 'game', then we should select that revenue generating option.

If I have personal strengths that will enable me to acquire the right property for renovation and sold for a profit, then property renovation is the option I will take. If I have no interest in property renovations but I am good with technology, then acquiring an existing but profitable website may be the preferred option for me, more so when I do not have enough downpayment for the house.

The message is clear: only start businesses (including real estate investing) when the core skill needed to win is a strength of yours.