My Plan: Turn 10K into 3 duplexes

[Brandon G.]

If this is in the wrong forum please advise and I'll move or repost in the appropriate place.

I'd like to explain my plan and see what everyone's opinion is.

I have been researching real estate through bigger pockets for about a year and a half. My wife and I want to start investing in multi-family. Currently, we manage one single family for the owner. It took my wife and I about 1 year to save up 10K and we have 6K in a reserve emergency fund. I was somewhat disappointed in thinking that it isn't even enough to beat the PMI on our first duplex and once we plopped down that savings it would take us a long time, though slightly less time if we have some cash flow to help fun our savings for the next property, to save up for the next. Then I began to consider our situation. We have an acquaintance that is wanting to sell a duplex. It brings in 600 per side and our rough calculations are we may get close to 500 per month cash flow. He wants 68K for the property and it was appraised not long ago for 100K. It currently has good renters and maintenance has recently been done and to our currently knowledge doesn't need anything at the moment.
I began thinking that if we were to go ahead, forsake beating the PMI, and purchase this duplex for 68K with 10K down we would have 40K instant equity, which we could then use as two down payments for two more duplexes.  Because we aren't seasoned, I would want to wait and learn as much as we can from the first duplex before purchasing the second, then own the second long enough to try to learn to streamline managing the 4 units and then move on to purchasing the 3rd.  Hopefully, this could all be done within a year's time.  This seems to me the best way to leverage our 10K.

Thanks,

Brandon