12-Week Year to House Hack & BRRRR

[Elin Trinh]

On Episode #427 of the Bigger Pockets Real Estate Podcast, Brian Moran was the guest where he talked about the 12-Week Year. One of Brandon & David’s suggestions was to send this to someone with experience to review your list. So I thought I would post it to get some feedback.

I currently have two real estate goals:

1. House Hack (I live on Oahu)
2. BRRRR (Locally or Out-of-State)

Here is my plan for the next 12 weeks. I am don't have steps #8-#11 – do you have any suggestions? Is there anything you would change/add/delete? (I already analyze one property a day so I didn’t add it as a step)

12-Week Plan to House Hack

1. Post My 12 Week Plan to House Hack & ask for feedback
2. Contact 3 Lenders & Get Pre-Approved
3. Identify the area I want to live & define what I am looking for
4. Contact other Real Estate Investors/House Hackers and offer to pay them to meet with me to discuss the area I am interested in House Hacking
5. Interview 3 Real Estate Agents
6. Interview 3 Property Managers
7. Interview 3 Contractors
8. ??
9. ??
10. ??
11. ??
12. Make 3 Offers

12-Week Plan to BRRRR

1. Post My 12 Week Plan to BRRRR & Finish Reading 'Long-Distance Real Estate Investing'
2. Contact 3 Lenders & Get Pre-Approved
3. Identify the area I want to invest & define what I am looking for
4. Contact other Real Estate Investors and offer to pay them to meet with me to discuss the area I am interested in BRRRR
5. Interview 3 Real Estate Agents
6. Interview 3 Property Managers
7. Interview 3 Contractors
8. ??
9. ??
10. ??
11. ??
12. Make 3 Offers

I really appreciate you help with this. Thank you in advance for your help!!

[Brenden Mitchum]

Hey @Elin Trinh, welcome to the BP community!

I love this plan but I definitely think you can be making offers in less than 12 weeks, as long as you have your financing in order. I also think the first couple weeks should focus on goal setting, planning and education (unless you've already done a ton of this). The next couple weeks after that (and forever), you'll want to network your butt off. I recommend attending @Duc Ong's virtual meetup on the 12th. 

Pre-approval is a great first real action step because it shows agents that you're serious about buying. However, you also want to be sure you have strict criteria so that you can tell them exactly what you're looking for. 

Contacting three of each team member is also a great idea so definitely stick to that! Don't be too quick to "choose" one either. It sometimes takes a while for someone to show their true colors. Many agents, lenders, etc. are just looking for the best return on their time and will eventually get impatient/frustrated working with a new investor. So don't overwork these people before paying them but also keep an eye out for those who aren't really interested in helping you but rather just want that quick paycheck. 

Really the key here is to have a good understanding of what you want and why, then go after it! And please, feel free to reach out anytime if you have other questions or just want to chat.