BRRRR Question on Capital Invested

[Ashley Wynn]

Most of the books, blogs, podcasts, etc...that I've read and listened to suggests not purchasing a property for BRRRR more than 70% ARV less the rehab costs. I understand that once you refinance, most lenders will loan up to 70% of the value which allows you pay yourself back the capital you invested or pay off your private lender/hard money loan. However, if you purchase and rehab costs are 70% of the ARV, how do you recoup the costs for closing and carrying costs to truly make these deals "no money invested"? It seems like because of these costs, you truly never get back 100% of your capital invested.