Clear up my equity question

[Deak Smith]

In the BRRRR book it is stated more than once Traditional Tom has zero equity after 15 years. I'm not arguing that Mastery Mike has a larger portfolio and potentially more equity. I'm just very unclear how Tom's 25% down payment coupled with his loan pay down has yielded the zero equity claimed in the chapter. A friend posed this question to me after reading the passage and asked me about it. This comes across as misleading and I'd like to be able to provide an accurate and educated response.

[Steve Vaughan]

@Deak Smith  yeah, I don't bother reading that stuff.  Half of the book is trying to convince you to try the method.  

The big takeaway I hope you get is seasoning requirements. There should be an S in BRRSRR. You'll need to own for a year before a conventional lender will give you cash out at ARV.