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Updated about 8 years ago,

User Stats

5
Posts
1
Votes
Mickey Braithwaite
  • Investor
  • Pittsburgh, PA
1
Votes |
5
Posts

Brrr Strategy Experiences

Mickey Braithwaite
  • Investor
  • Pittsburgh, PA
Posted

In the past two weeks,  I have put in 5 offers on properties in suburbs of Pittsburgh, Pa. (Steelers Nation).  My strategy is to buy multi units paying cash for the property and using the Brrrr.  Most of them have been bank owned and I seem to keep dealing with the same thing.  I put in the offer, bank says they are accepting highest bidder by a date and time, which has been taking at least a week to get an answer on. I feel like I'm analyzing them as tight as I can but I still keep missing out on them.  The last property  I even offered $500 over listing price and the bank still accepted a higher offer. Any advice you can give on my experiences so far and what I could do to increase my chance of having and offer accepted?

Also, it seems that most of the properties I'm interested in end up having a tenant in one unit and sometimes even full vacancy.  And the rents have been way too low because of tenants having been there for a long period and still paying the same for rent.  At my mind set,  this makes me feel like this will ruin my plan with the Brrr Strategy and hold me up on the refinancing to be able to continue to move on to another property.  Should I steer clear from these situations or is there ways to make sure its a smooth transition?