Question about BRRRR - Don't you go DEEP into debt with this?

[Peter Martinson]

Hi, this is something I figure will get answered the more I study (reading Greene's BRRRR book now), but thought I'd take the shortcut with you good people.

I feel like BRRRR is pulling a fast one. Third R is refinance, so you get your cash out to reinvest. Doesn't this just load you up with a mortgage loans? In other words, since you keep the property you just bought, rehabbed, and rented, the money you "get back out" is really just a loan, right?

So, if you go nuts and BRRRR like 100 properties, doesn't that equal a ton of debt servicing? How are you making money, if that money's really just loaned to you?

Thank you for taking the time to answer this remedial question!