Cannot understand the Refinance portion of BRRR

[Mike Finn]

Hey everyone! I'm very new to the BP community. I currently have two rental properties that net me positive cash flow. I am trying to figure out the next steps. I like the BRRR method but, despite reading a book on the subject, cannot seem to grasp the refinance portion of the BRRR model.

I understand traditional Refi’s and have refinanced both of my properties. I do not understand how you can refinance a rental property, get better rates, and then…get money? I cannot seem to wrap my mind around the actual mechanics of how this works. What am I missing here? Am I a moron?