$8500 Disposable Income - How to Invest in Real Estate

[Sam Beiki]

Hi everyone. 

My partner and myself are corporate slaves, we work long hours in stressful jobs. We live frugally and our personal expenses are $1500 a month combined excluding rent. Our monthly income after tax is $10000 combined, this will likely go up to 12k in the coming years. We want to use our money to make our lives easier and be able to supplement our income so that we don't have to work on jobs we don't like. 

We have a simple plan as of right now. Buy a $500000 property here in Vancouver, which will be a 500 to 600 sqft 1 bedroom apartment with a 20% down payment. Put $8500 a month of our salary towards the mortgage, pay it off it 5-6 years. Buy another property afterwards in the exact same way and pay it off, this time it would be easier because we also have a tenant paying rent. At time point we could stop as we don't have a rent/mortgage to pay and a few thousand a month passive income. Or, we could repeat the same process again and it would be easier each time because we have tenants paying rent which we could use towards paying the mortgage of subsequent properties.

What do you think of our plan?