Can someone break down the refinancing "R" in BRRRR

[Lowry Coe]

Can someone breakdown refinance best practices in the BRRRR method for me? It's one of those things I hear on the podcast or read/conduct research on and like I hear it and I get it..... but it's just not clicking for some reason.

Can someone give me an explanation like I'm five? Or can I get a real world example with some numbers so I can visualize it better? 

Thank you!