I'm looking for advice. I'm 26 years old, make 155k/yr working part time. All four homes are in my name and are on the same street. My wife makes 120k/yr full time and has no debt including mortgage debt. (We have a prenup). I have the dti ratio to purchase a fifth home on my own. I would like to replace my working income completely with passive income in the next 10 years. I've also managed to max out my Roth IRA every year since I was 18 and would like to continue doing that. My current plan is to purchase one more home similar to the homes below by the end of the year. After that, I would like to begin using the snowball method to pay down my highest interest rentals until they are payed off and then put them into individual LLCs. Using working income over the next 10 years, I would like to pay off my single family homes enough to have equity to purchase and 20 unit apartment building. I would then use the cash flow from apartment building to pay off the remaining SFRs and apartment building. I currently don't have aspirations to keep investing in real estate after that point. I would like to just keep my cash flow, raise my family (currently no kids), and travel. I live a very minimal lifestyle with my partner. We don't need or want a lot and ideally would like our kids to grow up thinking we're an average American household. We obviously have our lives to let our income continue to compound. I believe that more money only amplifies who you are and I'd like to be able to help others that are struggling. I would like to hear opinions on this method.
Current portfolio:
House 1: 105k PP, 165k ARV, 93k loan @ 2.85% fixed 30yr, $1700 rent
House 2: 160k PP, 190k ARV, 156k loan @ 3.0% fixed 20yr, $1700 rent
House 3: 180k PP, 210k ARV, 178k loan @ 5.30% fixed 20yr, $1700 rent
House 4: 155k PP, 210k ARV, 150k loan @ 6.20% fixed 30yr, $1700 rent