Is this a good expansion plan?
For 2014 I have already acquired one property a duplex that I live in. I told myself that I would get one more before the end of the year. I have been making offers that last few weeks on SFHs in my neighborhood. So the plan is to have 2 in 2014, 4 in 2015, and 4 in 2016. After those three years I will slow down and focus on debt pay down using the debt snowball method. I will be managing these properties myself because they are close to my personal residence.
Is this too ambitious to acquire 10 houses in 3 years? I am buying SFHs in the $50k-100k range. For safety I am keeping 5k in reserve cash per house that I acquire. I make decent money at my job and plan on staying with them for another 5 years while I carry out this plan and pay down some mortgages. I am thinking through all the what if scenarios if and when Murphy's law kicks in.
Come one come all shoot holes in my plan. :)