Retirement with 3 houses paid off

[Nicholas Daniels]

Hey guys, sorta new to BiggerPockets.

Was wondering: Let’s say I can live on ~$17,000-$20,000/yr

Let’s say I purchase a $100,000 property and I knock out the mortgage in two years. Let’s say this property nets me $650/mo (this assumes $150 property tax, $50 insurance and I’m assuming 5% repairs, 5% CAPex, 7% vacancy and the 10% property management fee.

Let’s say I repeat the process again and purchase a second property. I purchase another single family $100,000, pay off the mortgage in two years. Now I’m negging $1300/mo.

Then lastly, I purchase a third property for $100,000, and I pay it off in 1.5 years. Now I’m earning ~$1,50/mo or $23,400/yr.

Have I not just retired in 5.5 years? I own 3 rentals free and clear and earn more than enough to cover all living expenses.