Pour the 3 cups water into a small pot and bring to a boil. Remove from heat, add the tea bags, cover, and allow to steep for 5-8 minutes. Remove and discard the tea bags.
Stir in condensed milk and sugar to taste.
Pour the tea between two heat-safe containers, preferably over a sink and with gloves if needed. Increase the height with each pour, repeating about 6 times until the tea is smooth and frothy.