Has anyone ever BRRRRed their primary residence?

[Jason Polykoff]

OK OK, I know that if you live in the property it technically wouldn't be a traditional BRRRR in the way that we know It. It'd be more of a:

Buy

Rehab

Reside (in it)

Refi

Repeat

I watched a YouTube video of someone who explained that he did this using FHA and 203k loans. He fixed up a house at $350 all in, had it reappraised for $550, and was able to refi at 80%. In the end he made out with $100k after only putting in $10.5k, and lived in the home with his GF.

Has anyone else ever done this? Obviously things had to go right for this guy (the market worked in his favor), but even if it didn't, if you work it right (the FHA and 203k loans at clutch), you could end up in a very nice place for very little down and no PMI. Thoughts?