Question on the BRRRR Method

[Eugene Cho]

Im reading David Greene's book on the BRRRR method and had a question. Let's say I have some cash and want to buy a property for$50K + $15K for rehab (total $65k). In 6 months I want to do a cash out refinance. Let's say the appraisal comes back at $90k and the bank loans me 70% of the ARV which comes out to $63k. I now have less cash than when I started and only have enough cash to do 1 more house. If I keep doing this I'll only have enough money to buy 1 property in series. How do I grow exponentially? Brandon Turner always talks about "the stack", growing exponentially year after year. If I only have enough cash to buy one property at a time how do I get enough cash to buy 2 the next year, and 4 the year after that? I am also reading Brandon Turner's book on low and no money down investing and I'd like to avoid using hard money or an FHA loan (which would defeat the purpose of BRRRR investing) and only use the cash I currently have. Thanks for your help in getting me started.