Can someone clarify the BRRRR strategy

[Gus Mardoni]

The buy, rehab, rent, refinance, and repeat is understood what's not is the potential of refinance. Cash-out refinance opportunities of varying LTV rates with the most generous, that I'm aware, of 85/15. The length of time necessary to build enough equity to make refinance worthwhile for a new investment is not short duration, it's years. When I run the numbers on an amortization schedule over a couple years the potential for cash out opportunities are not significant.

Not sure if I'm looking at this strategy the wrong way... Clarifications? (Number examples very welcomed)