biophase
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Your plan is sound, but that is a savings plan. I would be totally ok with this "if" this is your behind the scenes passive plan. Saving $3k a month is great for, but if you can do that in 2018, then saving $3k a month in 2029 means that you are falling behind. I would hope that you're savings would go up to at least $5-$10k a month.
I have real estate and most of it is paid off. I went a similar route. I put $40k down on a $200k place in 2005. I rented it for $1600/mo and it cashflowed about $500/mo at the beginning. Then as my income grew, I paid the loan down in $25k to $50k chunks. Today it cashflows about $1100/mo and rents for $1900/mo.
If your $3k/mo is solid and the housing market is decent. I would save up $12k, then get a $48k loan. Your cashflow would be probably $0-$50/mo. But instead of waiting another 17 months to buy, you purchased in month 4. If you want to be a little risky, you could purchase a second place in month 8 and a third in month 12.
Now let's look at your numbers:
Property 1 - $150 cashflow/mo
Property 2 - $150 cashflow/mo
Property 3 - $150 cashflow/mo
Your savings - $3000/mo
If all 3 properties went vacant, you could still float them all.
Now let's compare month 20's
Method 1 - All cash
You just purchased 1 $60k place (it could be slightly higher by now, $65k?) - cashflow $400/mo
$0 in your pocket
Low Risk
Method 2 - With loan - 3 properties worth $180k - cashflow $450/mo
Roughly $26,000 in your pocket
Med. to High Risk
I have real estate and most of it is paid off. I went a similar route. I put $40k down on a $200k place in 2005. I rented it for $1600/mo and it cashflowed about $500/mo at the beginning. Then as my income grew, I paid the loan down in $25k to $50k chunks. Today it cashflows about $1100/mo and rents for $1900/mo.
If your $3k/mo is solid and the housing market is decent. I would save up $12k, then get a $48k loan. Your cashflow would be probably $0-$50/mo. But instead of waiting another 17 months to buy, you purchased in month 4. If you want to be a little risky, you could purchase a second place in month 8 and a third in month 12.
Now let's look at your numbers:
Property 1 - $150 cashflow/mo
Property 2 - $150 cashflow/mo
Property 3 - $150 cashflow/mo
Your savings - $3000/mo
If all 3 properties went vacant, you could still float them all.
Now let's compare month 20's
Method 1 - All cash
You just purchased 1 $60k place (it could be slightly higher by now, $65k?) - cashflow $400/mo
$0 in your pocket
Low Risk
Method 2 - With loan - 3 properties worth $180k - cashflow $450/mo
Roughly $26,000 in your pocket
Med. to High Risk