>$500,000 Passive Income/Cash Flow
Hey! Im slightly confused on what the fastest way to accumulate >$500,000 a year in passive income would be. As of right now, I have a plan to acquire 3-4 fourplexes over the course of around 5 years. I would buy them individually, renovate them, build equity, have renters pay off part of the mortgage, save all cash flow and then sell them all and use the profits as a downpayment for a smaller apartment building ~24units. I would then do the same thing....renovate, build equity, get renters to pay off part of the mortgage and save all cash flow. After a few more years, I would sell the complex and use the profits for a large ~75 unit apartment complex. This complex will be brining in substantial passive income but not enough to meet my personal goals of >$500,000 yearly.
My question is, what do i do now? What should i have done? Whats the fastest way to get to where i need to be? Do i start the process all over again with fourplexes? Do i use the profits from the 75 unit building as a down payments for another 75 unit building ~5 years later once i have saved up all the profits/equity? Do i go into commercial real estate? What do you all think i should do? What do the wealthy and experienced investors do? Any advice would help!
Thanks, Ryan