BRRRR Newbie Questions

[Alex Huang]

I understand the over-arching principles behind the BRRRR strategy, but I have some questions that i was hoping some experts could answer below.

I've purchased my first property in cash. I expect to be all-in at right around $55-$60k on the property and for the appraised value to be in the neighborhood of $85k-$90k.

Would the proper steps be:

1. Rent out the property. Get a tenant in there.

2. Once a tenant is in, go and get refinancing.

3. Have the house re-appraised (how do you do this, do you just order an appraisal?), and expect to get between 70-80% of the appraised value in cash out of the house.

4. Use that capital to find a new property

Am I missing anything here?