refinancing to get all cash out

[Julie Jenkins]

Hi,

I own three properties and am looking to purchase my fourth.  This new one, though, is the first one in which I am going in with an investor approach.  We purchased our first home with a conventional mortgage and then moved out and is now a full time Airbnb.  The second house we bought and fixed up so we had somewhere to live now that our first home is an Airbnb.  Then we refinanced it as a primary residence at 80% of the appraised value.  The third property was purchased in cash and is a long term rental and all cash still remains in the house.  I am running into financing trouble with this fourth one.  We are going to purchase the house in cash and finance the renovations in cash and then get long term tenants.  We think there will be 75-100k in equity when we are done.  However, it seems as though equity doesn't matter and that the lender will only lend 80% of the total cash in amount (purchase price plus renovation expenses).  Note, we are doing a personal loan (30 year, fixed rate) and not a commercial loan.  It will be our third personal loan.

So, how is it possible to get all your cash back out? I have listened to a good number of Bigger Pockets episodes and wanted to follow the BRRRR approach but I am obviously missing something as it seems it is not possible for me to get all of my cash back out. Is it possible to refinance based on appraised value? If so, can someone point out my mistakes in my approach to refinance? Any advice would be appreciated.

Julie