networth of $1M by buying 1 100k house a year for 10 years?

[Jason Schmidt]

The book i am reading said that if you take into account a 5% appreciation rate of property, you can potentially become a millionaire by buying 1 100k house a year with 10k down payment for 10 years.

my math is awful, and i have tried to cut this every way possible - is this true, or not? If so, how?

This is from the book "The Millionaire Real Estate Investor"

[Jon Holdman]

Nope, I can't get there either.

The math is straightforward. Lets just look at the first house you buy.

After 10 years at 5% appreciation, its now worth $162,889. The loan balance is paid down to $77,231. That gives you equity of $85,658, of which $10,000 is your original investment and $12,768 is the paydown on the loan.

Figure that out for all 10 houses, and add up the equity. I get $483,614.

To address the other comment, the houses are actually worth $1.32 million, with the appreciation. But you still owe $837,000 on them. Doesn't make you a millionaire in my book.