Everyting hinges on knowing the value. Am I wrong?

[Jerry Ellis]

I decided a while back that I want to supplement my income and retirement with rentals. I've set some goals and have been working on the details of the landlording and am working on a business plan but I'm hazy on one aspect.

I'm aware of the BRRRR strategy for buy and holds. Buy, rehab, rent, and refinance pulling your money back out so that you can repeat. It seems simple right?

I'm on MLS and craig's list pretty much every day and have been analyzing all sorts of properties. Most pencil out to $100 to $150 per door with 10% for vac, maint, & capex, etc. If I buy any of these properties I've analyzed, I feel like they'll cash flow but then I'll have to save up for another down payment for the next one and that'll take a while.

I've been looking at single family and multifamily up to about 6 units. I've yet to come across a property I'd consider undervalued in price or rents that I could apply the BRRRR strategy to. At least, nothing obvious. As a consumer, my process is usually to educate myself on all the aspects of the thing I want to buy so I know a good deal when it pops up and I would assume it's the same when it comes to real estate.

I hear of people going from 0 to 10+ properties in a short time. So how are they going from uneducated to recognizing and securing these deals? Is it that they are putting in a crap-ton of low offers that the occasional seller accepts that leaves room for a cash out refi?