Obtaining multiple REI's in a short period using heloc

[Marcus Cason]

Hello it is i ... the new member,

So ive been reading all over the web, watching youtube videos about this magical tool homeowners can utilize once equity in the home permits of course called an HELOC. I think i have some sort of an idea but i need some clarity. I want to devise my master plan of retiring early via REI's. So a little bit about me 25 yo, navy, first time home buyer in sept 2018. The property i purchased is 3 miles from the "highly" proclaimed St johns town center located in Jacksonville, Florida (Go Jags!), it is already scheduled for expansion so "yay" to appreciation. No equity at the moment because i used a VA loan last year which didnt require a down payment and then i just refinanced for a lower interest rate (went down 1.25%). I purchased the house with all intentions on renting it out by january 2021 when i transfer to my next duty station. Im paying 200$ extra towards the principal each month from the time of this post until i cant anymore. The goal is to build as much equity as possible, as fast as possible to open a HELOC on the home. So say for instance within the next 4-5 years i get a decent amount of equity built up, i can open a HELOC with 80% LTV, and use that as a down payment for my next rental. my question is will the bank loan the rest without question (as long as my credit score is decent) for the next REI? to make this all work .. i just need to make sure whatever REI i get next covers the cost of the HELOC and mortgage right? also, not sure if this is a dumb question but since i would be buying the 2nd REI with a 20-25% down payment .. that instantly gives the home equity .. and in theory i can leverage the 2nd REI using another HELOC and purchase the 3rd REI? Am i on the road to riches or what? Of course i know all the expenses that come with tenants, im currently house hacking with roommates paying a combined 1200 a month. using that extra money aggressively pay down debt and get ahead on payments on my car. One last thing, say the supply line for a toilet caused 10k worth of damage and now insurance is paying me for all new laminate flooring in the entire home (previously old carpet) that will raise the value of my property substantially or just a teeeenny bit? All advice will be greatly appreciated, cant wait to hear what you all have to say!