New guy needing guidance.

[Carmen Giamartino]

Hello BP community! 

I have been interested in REI for a long time. But never really financially had the means to take the risk. I work full time making ok money (80k year), which i want to stay employed. Have good credit (825) last it was checked, and have about 40k equity in my home. But no actual cash I'm willing to part with to get started. I would like to use the BRRRR strategy to get started, but start very small (maybe a 40-60k purchase). And then keep reinvesting. How would you start?

Also can someone please explain the refinancing part in very easy to understand terms, I'm having a hard time grasping that concept of getting the money back to reinvest? 

Sorry for the long post and thanks in advance for any help.