BRRRR Strategy New York

[Samuel M.]

Hey everyone. Newbie here. I just wanted to know in regards to the BRRRR strategy when it comes to the refinancing part I am a little confused. Is this only worth doing for cash deals? I feel like if I would do this with a purchase-rehab loan I am going to pay closing cost for the original loan then closing cost again for the refinance and it is possible that the rate might be higher than the original rate. Am I missing something?