How much in reserves would I need if I want to buy 20 houses at once with mortgages?

[Ellie Narie]

I'm wanting to 1031 exchange my one property into 20 different houses in a low cost state. If each house costs around 80k and I get a mortgage for 80%, how much would I need to have in reserves? How much would you recommend? 

[Lien Vuong]

You'll need to account for 25% down payment for these as you'll have to go commercial because of the amount of doors which lands you at $400k with reserves and closing costs, you'll likely end up closer to $500k liquidity to execute this plan.