Unlimited BRRRR?

[Jed Devine]

I have been searching the forums for a while so I thought I might ask it.  

Is there a limit to the number of refinanced properties you can own through traditional lending?  I called my lender and he said there isn't, just wondering if anyone has experience or can confirm.

As an example - I have $100K and I purchase a property for $80K, rehab it with $20K, and it is worth $125K when I am done.  I refinance my $100K out and do it again...Can I do this 20, 30, 40, 100 times?   My lender says I can buy up to 6 properties with 20% down, just trying to figure if the refinance part is different.  Thanks!