How much equity would I have from BRRR in this example?

[Mike Brown]

Say I buy a $100k property, put $40k of my money in for the 25% down payment, rehab, holding costs, etc. The ARV comes out to be $150k and the bank gives me 75% LTV, which is $112.5k. I pay off the original $75k loan and am left with $37.5k to repeat (we'll just say $40k for this example). So then I do it two more times for property #2 and #3 without using my own money.

So now I paid off the original loans for the 3 properties (each valued at $150k), but still have three new $112.5k loans because of the refinance. Now my question is, how much equity would I own total right now after BRRR'ing the 3 properties? Would I just simply multiply all three properties and then subtract with the new refinanced loans ($450k - 337.5k = 112.5k equity)?