Newbie Looking to Learn and Finally Make it Happen
Real Estate Agent · Orem, UT · Member since 2017 · 36 posts · 13 votes
Newbie Looking to Learn and Finally Make it Happen
Most Popular Reply
Real Estate Agent · Memphis, TN · Member since 2024 · 250 posts · 71 votes
1yWelcome aboard, Justin!
Real estate can be scary to jump into but VERY rewarding!
What investment strategies are you looking to do? Have you considered Turn-key?
11 Replies
- Real Estate Agent · Memphis, TN · Member since 2024 · 250 posts · 71 votes1y
Welcome aboard, Justin!
Real estate can be scary to jump into but VERY rewarding!
What investment strategies are you looking to do? Have you considered Turn-key?
- Real Estate Agent · Orem, UT · Member since 2017 · 36 posts · 13 votes1y
@Meghan Carson i'm considering long term rentals and am not opposed to turnkey. I supposed I'd just need to learn how to make the financing work and all. I don't have a ton of cash right now so figuring how to do it all creatively is definitely in my priority list. How long have you been in investing ?
- Realtor · Provo, UT · Member since 2020 · 374 posts · 270 votes1y
Justin, let's connect offline and strategize how we can get you into your first deal
- 1yTerrance HillPro MemberRealtor · Memphis, TN · Member since 2010 · 425 posts · 117 votes
Hi Justin!
To get started, I would suggest focusing on **finding deals, funding them, and getting them under contract**. Look for distressed properties through **driving for dollars** or by connecting with **wholesalers**. Use **hard money lenders, private lenders, or creative financing** to fund your first deal. When you find a property, use a **simple purchase agreement** and work with an **investor-friendly title company** to close. Your next step: **identify 10–20 distressed properties and connect with wholesalers**. Keep it simple—take action and learn as you go!
- 1yChristopher RayPro MemberMember since 2025 · 14 posts · 5 votes
Quote from @Justin Lewis:
Hi there!
I'm Justin Lewis. I've been listening to Bigger Pockets off and on for years but have always wanted to get into real estate investing. For a while, I've felt like I just couldn't find the pieces that fit any given situation. This time around I'm coming at it with a mindset to learn everything I can. In my day job I do SEO for a digital marketing agency and I am more than happy to talk SEO with anyone who has questions.
I'm interested in Long-term rentals, though admittedly, finding deals below market value and funding those deals (not to mention I honestly have no idea have to put the deals under contract in the first place), are problem the first things I'll need to learn. I think in the past, I've let what I "know" get in the way of what I can learn so this time, I'm just going to learn everything. Happy to meet you (though also working on getting past being shy) and talk.
Welcome to the group!
Provo could be a good spot for a few STR as well as LTR. The Mcwane Facility there could draw STR for projects or upper management. Good luck with your journey.
- Specialist · NJ · Member since 2022 · 1k+ posts · 650 votes1y
Justin, getting into any new sector will seem overwhelming and you'll always feel like the dumbest person in the room for a while but that is ok. You can get a decent education here pretty quickly. Utah is an upper echelon market generally speaking. The distressed houses will be 250k+, I don't know for sure but I did look at setting up a network in Salt Lake City a few years back and I remember the price to play being very high and it was a competitive/active market with a ton of cash transactions.
The minor leagues to this REI thing is:
1) Get yourself ready by opening an LLC. These loans will be Biz to Biz loans, not Biz to individual. You will come across lenders that will let you close in your name, but it's rare. Remember, anyone in business for themselves out of an LLC in this country has to pay a 15% self employment tax. This goes for people that flip as well or make short term gains in RE. To avoid this you file with the IRS to be designated an S-Corp for tax purposes. An S-Corp can have employees as W2 workers (which are the owners) and they can be paid by company check and now they just pay their normal taxes, they are no longer "self-employed". They are an employee of the company. Talking to an investor who is a lawyer and an investor who also is an accountant is SUPER helpful. There's a few of those hanging here.
2) Credit and Capital. The dreaded C - C. I know what the podcasts say, and yes, you can find private money ...maybe. I mean but really with no track record, who will lend you their private money? If you have a rich uncle/brother/parent then borrow 75k from them. With 75k you can buy in the 90k - 120k range with financing and safely cover the costs of the project with a cushion. A deal like that will cost 30k to close, maybe 10k -15k deposit to contractor, and maybe 10k in holding costs. And if you have the credit and the capital, even as a 0 you can play.
3) Let's say you get 1 and 2 set-up. Great. You have a brand new S-Corp and 75k is parked in its bank account. Now you need to build a team. Who is going to find, analyze, sort, cherry-pick, and send you the creme de la creme? Who is going to coordinate all the subs/procure all the materials/manage the rehab team? Who is going to sell this beautiful new house when it is done. Who is the agent with an endless reach on buyers? Getting a team of strangers to work in unison is difficult and then you have an expiration with people. If your agent or GC underwrites three deals for you and then you pass on all three, guess who is not getting their phone call answered any longer. In this biz ppl view their time as money more so than others.
4) Let's say you get through 1, 2...and 3! You have the brand new S-Corp are filed with the IRS, you have 75k just sitting in the account, and now you have the team. You have a property funnel coming in, a GC on call to visit sites and provide estimates, and you have your exit agent with his big white teeth ready to market the property everywhere. Now, you gotta make a move. You have to act now and hope the agent underwriting for you isn't off in his calculations, you gotta pray that the GC can do a good job in the time he said and that he can get the job done to the quality of the comps we need to be at, and you can only wish that the exit agent ain't lookin to list and then reduce big and make the sale easy for him and he can just collect his 3% and hit the beach in Florida. If anyone of those team pieces fails, the entire process fails.
This can be done and it can be done well and be profitable, but there is a secret sauce to the BRRRR and if you do not know what it is and you're in the arena just playing with fire then you will get burned, but on the other hand show me a fire handler with no scars so it works both ways.
Good Luck, if you have any questions do not hesitate to reach out.
- 1yBill HamptonBusiness MemberAccredited Investment Fiduciary, AIF®, Financial Planner, Tax Strategist, Real Estate Investor · Atlanta, GA · Member since 2012 · 2k+ posts · 977 votes
Quote from @Mike Klarman:
Justin, getting into any new sector will seem overwhelming and you'll always feel like the dumbest person in the room for a while but that is ok. You can get a decent education here pretty quickly. Utah is an upper echelon market generally speaking. The distressed houses will be 250k+, I don't know for sure but I did look at setting up a network in Salt Lake City a few years back and I remember the price to play being very high and it was a competitive/active market with a ton of cash transactions.
The minor leagues to this REI thing is:
1) Get yourself ready by opening an LLC. These loans will be Biz to Biz loans, not Biz to individual. You will come across lenders that will let you close in your name, but it's rare. Remember, anyone in business for themselves out of an LLC in this country has to pay a 15% self employment tax. This goes for people that flip as well or make short term gains in RE. To avoid this you file with the IRS to be designated an S-Corp for tax purposes. An S-Corp can have employees as W2 workers (which are the owners) and they can be paid by company check and now they just pay their normal taxes, they are no longer "self-employed". They are an employee of the company. Talking to an investor who is a lawyer and an investor who also is an accountant is SUPER helpful. There's a few of those hanging here.
2) Credit and Capital. The dreaded C - C. I know what the podcasts say, and yes, you can find private money ...maybe. I mean but really with no track record, who will lend you their private money? If you have a rich uncle/brother/parent then borrow 75k from them. With 75k you can buy in the 90k - 120k range with financing and safely cover the costs of the project with a cushion. A deal like that will cost 30k to close, maybe 10k -15k deposit to contractor, and maybe 10k in holding costs. And if you have the credit and the capital, even as a 0 you can play.
3) Let's say you get 1 and 2 set-up. Great. You have a brand new S-Corp and 75k is parked in its bank account. Now you need to build a team. Who is going to find, analyze, sort, cherry-pick, and send you the creme de la creme? Who is going to coordinate all the subs/procure all the materials/manage the rehab team? Who is going to sell this beautiful new house when it is done. Who is the agent with an endless reach on buyers? Getting a team of strangers to work in unison is difficult and then you have an expiration with people. If your agent or GC underwrites three deals for you and then you pass on all three, guess who is not getting their phone call answered any longer. In this biz ppl view their time as money more so than others.
4) Let's say you get through 1, 2...and 3! You have the brand new S-Corp are filed with the IRS, you have 75k just sitting in the account, and now you have the team. You have a property funnel coming in, a GC on call to visit sites and provide estimates, and you have your exit agent with his big white teeth ready to market the property everywhere. Now, you gotta make a move. You have to act now and hope the agent underwriting for you isn't off in his calculations, you gotta pray that the GC can do a good job in the time he said and that he can get the job done to the quality of the comps we need to be at, and you can only wish that the exit agent ain't lookin to list and then reduce big and make the sale easy for him and he can just collect his 3% and hit the beach in Florida. If anyone of those team pieces fails, the entire process fails.
This can be done and it can be done well and be profitable, but there is a secret sauce to the BRRRR and if you do not know what it is and you're in the arena just playing with fire then you will get burned, but on the other hand show me a fire handler with no scars so it works both ways.
Good Luck, if you have any questions do not hesitate to reach out.
Do not follow Mike's advice to create an S-corp for real estate investing. You should never use an S-Corp or C-Corp for real estate investing, for a number of reasons. Please speak with an accountant who specializes in real estate taxation before you do anything. A paid consultation will save you thousands of dollars in taxes and save you from bad advice.
Good luck.
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- Specialist · Krakow, Europe · Member since 2019 · 87 posts · 25 votes1y
Hi @Justin Lewis — welcome to the club! You're in for a wild ride ;)
As both a digital marketer and investor, I’d seriously consider trying to morph your SEO skills into off-market lead generation — and think about buying properties off-market or wholesaling/flipping them.
Lead generation is the holy grail of the real estate business, because the majority are at the mercy of the market and agents. This can also be a good segue for you to partner with experienced investors, do a few JVs, and learn the investing craft that way.
- Member since 2025 · 194 posts · 140 votes1y
Welcome to the group!
As you begin your real estate investing journey, one of the smartest things you can do early on is focus on tax planning and asset protection. These two areas often get pushed aside in the rush to close deals—but they’re essential to building a strong, sustainable investment strategy.
A solid tax plan helps you take advantage of deductions, choose the best structure for your business, and ultimately keep more of your income. With the right approach, you can reduce your tax bill and create more financial breathing room as your investments grow.
At the same time, protecting your assets is just as important. Real estate comes with risks - lawsuits, accidents, and creditor claims can put your personal finances in danger. Using the right legal structures can help separate your personal and business assets, limit liability, and make it harder for others to come after your wealth.
To do this right, it’s worth working with experienced professionals: a tax advisor who knows real estate and an asset protection attorney who understands your goals and risk tolerance. Getting the right team in place early can save you time, money, and stress later on, and give you peace of mind as you build your portfolio.
Here’s to your success and smart investing ahead!
Disclaimer: This message is for educational purposes only and does not constitute legal, tax, financial, or investment advice. No professional relationship is formed by this message. Please consult with qualified professionals about your specific situation.
- Real Estate Coach · Chicago, IL · Member since 2020 · 171 posts · 64 votes1y
Hi Justin! Congrats on making that first step in your journey! I know that first investment property can be quite scary haha but I'd be happy to help you along the way. Please don't hesitate to reach out!
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