BRRR Strategy For Dummies

[Garreton Smith]

Hi Bigger Pockets Family, 

I had a few questions regarding the BRRR method in Real Estate Investing. Looking to have some dialogue with someone who is experienced with it.

Let's say your project is appraised at 200K and you're all in 150K (acquisition and rehab). What happens with that extra 50K?  Are you allowed to only take out the 150K that you are all in? Does the mortgager cut you a check for the 50K? How do you receive that additional 50K? 

I've listened to stories where investors say "I left my BRRR deal with 20K" etc etc. I want to know how does that work. I'm looking to do my first BRRR and want to figure everything out before I jump in. Please feel free to reply here of PM me.

Thanks, 

Garreton Smith