Why do I need to get rents up-to-market for BRRRR method?

[Jimmy Lieu]

Hi,

I am learning more about the BRRRR method, but I don't understand why it is important to bring rents up-to-market to get refinancing? I thought how the refinance step works is that when you get a refinance, there is an appraiser who comes to the property and says your property is worth $XXX,XXX. How does me bring rents up-to-market have to do anything with his appraisal of the property?

For the refinancing part, do I need to have tenants in the property or can I use estimated rents for the refinancing?