Buy Refi Die? Refi 'Til Ya Die! Etc...

[Stephen Torti]

I've heard about this and I find it interesting but I haven't been able to get my head around the payback.  Is anyone practicing this strategy either locally in New England, Providence, Boston, etc. or nationally?  It seems NE and Ohio have similar markets so maybe someone from Cleveland, Akron or Columbus as well?

My question is about this financing strategy that I've heard called "Buy Refi Die."

The part of this I’m not getting is the payback.

For example If I refi a fully paid off $300k house that nets me $240,000

I take $80,000 /year to live my life or buy more.

That gives me 3 years with a mortgage payment north of $7000 before taxes, insurance, repairs, vacancy. The house only brings in $3000.

So my question is, is this just a volume game were you have to do it with multiple properties?

Thanks for the help... 

Steve