Does this sound like a good plan?
Hello, I am new to real estate investing. I am 35 years old and I am looking to buy my 1st rental property. There are many types of homes and neighborhoods in my area but I am leaning towards the $100,000 price range homes but any advice would be great. There are also many $50-60,000 homes within the area also but the rent is probably only around $650-700$. My plan as of now is to eventually have around 10 properties in the 100,000 range. Right now I only have around $30,000 to start up with, so I am going to have to take it one property at a time. Based on my research, it looks like I can rent out an average 100,000 home, 3 bed, 1 bath for around 1000-1200$ per month. If I put 20,000 down on a 15 year fixed loan, the rent should cover the mortgage payment and perhaps a couple hundred extra to put towards repairs or other things on the house. I also plan on doing the managing myself as I am pretty handy at fixing things. After 15 years, The house would be paid for and would most likely be worth around 150,000$, now if I get 10 of these going, Im thinking in around 15 or 20 years ill have 10 houses that are worth around $150,000 each all paid for free and clear, Also wondering if putting more than 20% down is just wasting my own cash since im not the only technically paying for the mortgage anyway. Mainly just looking for some re assurance that im heading down the right road and My thought process isn't far fetched