BRRRR Reality Check for a Newbie

[Emily Register]

Hi All! I have 2 rental properties that I purchased this summer (yay!), neither of them were BRRRRs. Just getting my feet wet in real estate. Now I am shifting to targeting a good BRRRR property. I am in need of some help understanding the numbers behind a BRRRR. I have read most of the BP books, listened to many podcasts, read countless articles and posts about successful BRRRR properties. But when it now comes time to crunch my own actual numbers I can't seem to repeat any of the success stories I am hearing (maybe that's my problem, high expectations?). I keep hearing/reading of using the BRRRR method to use the same sum of money over and over and over again, thus leaving little to no money in a property. I have yet to find an analysis where that actually works. My biggest hangup is in the 75% LTV refinance amount that is standard for most lenders. (Yes, I know commercial lenders may have a higher LTV, but also higher rates). That 75% LTV refinance usually has me leaving ~$10k-$20k in a property. A lot more than what I keep reading stories about.

Help me understand what I am missing! Am I reading too many 'home run' BRRRR deals? Have I not found a property cheap enough yet? Do I need to find a different lender who can refinance higher than 80% LTV with low rates? For context I am located in Raleigh NC, looking in the Greenville NC market.