Please help, more loans?

[Ryan Davis]

Im in dire need of some advice. 

What is better, to pay off one loan or pay off multiple loans as fast as possible?

Just a little background before we get into the details. I currently have a condo. We have lived here for 10 years, and during the last 3 years I have been paying about 3k per month extra to the principle. I'm trying to see what route will be more beneficial over the next 10 years, pay this property off and get another and another one at a time OR just start trying to get as many properties as possible right now. From the people Ive talked to and stuff I've read, it seems like option 2 is the better route, but I just can't figure out how. So here is the breakdown below. Someone please critique my work, please. :-)

OPTION 1

Current home value - 425000

Extra payments - 4000

Total interest spend over the loan - 85000

Resulting equity - 340000 (425000-85000)

Time to pay off the remaining loan in months by paying 4k extra per month - 28 months

Next loan amount - 540000 (600000 - 60000 10% down)

Extra payments - 8000

Estimated home value after 10 years - 625000 (modest evaluation)

Total interest spend over the loan - 60000

Resulting equity - 565000 (625000-60000)

Time to pay off the remaining loan in months by paying 8k extra per month - 56 months

Next loan amount - 540000 (600000 - 60000 10% down)

Extra payments - 10000

Estimated home value after 10 years - 625000 (modest evaluation)

Total interest spend over the loan - 50000

Resulting equity - 575000 (625000-50000)

Time to pay off the remaining loan in months by paying 10k extra per month - 47 months

Over 10ish year I will have a total equity of 1.48M which is an average monthly increase in personal net worth of about 12,000 over this timeline

OPTION 2

Current home value - 425000

Extra payments - 1000 (it would drop from 4k because 2k would go to the other loans principle and I would lose 1k as an expense for the extra loan)

Total interest spend over the loan - 95000

Resulting equity - 330000 (425000-95000)

Time to pay off the remaining loan in months by paying 1k extra per month - 64 months

Next loan amount - 405000 (450000 - 45000 10% down)

Extra payments - 2000

Estimated home value after 10 years - 500000 (modest evaluation)

Total interest spend over the loan - 100000

Resulting equity - 400000 (500000-100000)

Time to pay off the remaining loan in months by paying 2k extra per month - 131 months

Next loan amount - 405000 (450000 - 45000 10% down)

Extra payments - 0 (money is being used for other loans)

Estimated home value after 10 years - 500000 (modest evaluation)

Total interest spend over the loan - 330000

Resulting equity - 170000 (500000-330000)

Time to pay off the remaining loan in months  - 360 months

Over 10ish year I will have a total equity of 1.29M which is an average monthly increase in personal net worth of about 9,800 over this timeline

I know this is very detailed and you would probably have to spend a few hours figuring this out, but If you could help me by providing some benifits to option 2 that would be helpful.

Thank you