BRRRR & Refi Dollars

[Hunter Ross]

I'm sure most of you have seen the recent article about the BRRRR method. In case you didn't this is the article I'm referring to:

https://www.biggerpockets.com/renewsblog/40000-brrrr-real-estate-investment/?utm_source=newsletter

My question relates to the refi aspect of this article.  Everything leading up to that is straight forward.  However, with the refi part of this article where is the money coming from to repay the investor?  My confusion comes from that this article only has one year of payments towards the loan.  The first few years are dominated mostly by interest so where is the equity coming from that allows the author to pull that much money out of refi?

Sorry if this a stupid question I’m just not connecting the dots on where he’s pulling the money from to repay his investor.