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Hey I am new to the real estate game. I'm looking to buy my first house and I am really liking the idea of the BRRRR Strategy but I am having some trouble completely understanding the Refinance part. I don't have any debt payments and I never have had to take out a loan (Luckily). So when it comes to dealing with banks all I know is depositing cash and checks. Can someone try to help explain how the refinance works? Do they just write you a check for a percentage of what the appraisal was? Do you owe them any money when they do that? Is it basically another loan?
Thanks for the help,