5 Years to 100K a year income

[Samantha Klein]

Hey BP family,

I wanted to share my current plan to acquire enough real estate in the next 5 years to have a 100K salary after taxes, I am currently 21 years old and I love real estate and the power it has to make you a millionaire. I am self-employed making approx 35k a year and I have a great lender, I currently house hack a duplex, with 35k a year income and 400 a month in child support income, I can have up to $1426.16 a month in debt and be within the 43% DTI limit, the duplex I live in, the mortgage is in my husbands name with his income, and he can only have 1 mortgage with his income. My lender will also add 75% of any rental income I am getting to my DTI. I also have over 100K in savings to invest

2016 - Buy 2 duplexes for 80K each, putting down 32K for both, rents for 1300 a month each, cashflow of $800 a month on both

2017 - Buy 4 duplexes for 80K each, putting down 16K each, rents for 1300 a month each, cashflow of $1600 a month on all 4

2018 - Buy 6 Duplexes for 80K each, putting down 16K each, rents for 1300 a month each, cashflow of $2400 a month on all 6

My goal is 12 duplexes right now. I understand after 10 mortgages, I have to get a commercial loan, so I will pay cash for the remaining 2. After I get all 12, I will use the snowball method to pay off the mortgages and live debt free with over 100K a year in income after they are paid off, let me know your thoughts, all opinions welcome. Thank you!