Retirement in 15 years from any age.

[Nelson Kaeb]

I have recently been rolling around an idea for early "retirement". I'm sure I am not the first person to have considered this so I am looking for other opinions or potential pitfalls I have not considered.

The idea would be to retire in 15 years through only 15 properties. The plan would be to purchase a property priced slightly above your desired annual income. If you wanted a 100k yearly income, focus on properties in the 120k price range. After finding a property that makes financial sense, purchase the property on a 15 year fixed rate. Stabilize the property and get a quality tenant in place.

Year 2, repeat the process.. year 3 repeat the process and so on to year 15. At year 15, the first property is paid off with 120k in equity available. Refinance the property withdrawing 100k tax free cash for the years expenses. Year 2, refi the second property.. continue as an endless cycle.

Now of course you would need to hold a steady job to handle a good down payment for the first 15 years.

Is there a major issue with such a strategy?