22, no funds and just starting out!

[Account Closed]

Hey guys, a young future investor here. As you guys already know I am 22 and currently have no funds and just studying the real estate market. I am a college drop out!

I am thinking of learning home renovations, like tiling, installing dry wall, plumbing and painting. I have watched enough home renovation videos now I am ready to practically learn.

So as far as I have planned is that, I assist a professional contractor or a handyman for few years. Learn the skills. Collect enough money to put down as a down payment to buy my first investment apartment.

My plan is to flip the property myself, which would save me money on repair and construction.

Please let me know what you guys think about my plan. I live in France, and here according to the law, if we want to flip and sell multiple houses in a year we need to pay big fat % as tax.

So, I will be sticking to buying and holding. Also I have always been keenly interested in interior designing, decorating, renovating. So I hope it all would be as interesting as it was before and not a burden.

[Yoni Benimetzky]

Hey @Account Closed

I think you have solid plan to start with. If you have spare time you can also get a real estate license. 

They say a jack of all trades is a master of none but honestly you should learn from every angle. 

Regarding the taxes, you only need to hold on to the property for one year to avoid the paying the "big fat % as tax" 

After one year the property will be taxed as a capital gain (20%) and not based on your personal tax bracket.