Best option to invest 700k into rentals

[David Lant]

Looking for advice.
I have flipped around 20 properties and have previously owned four rental properties so I have a good amount of experience with the rental world.
But I need wisdom and advice. I've always believed in buying properties outright with cash, but this scenario I see will not get me to own a lot of rentals fast.
I have 700k in cash to buy rentals. What I'm thinking of doing is using the money to purchase a bunch of properties and work to pay off the mortgages as fast as possible? With this scenario, I could get seven buildings worth 300k each and put 90k down on each unit and pump all of the money left over after paying costs back into paying the mortgages off as fast as possible. They all have around a 10% cap rate.

Is it better to use the money left over after paying costs to purchase more properties and build up a portfolio that way? One issue I have is that I'm 46 years of age and don't want to be in a situation where everything is paid off and one foot in the grave.
I would love to hear people's thoughts and opinions on what is the best route to go.
Thanks.

[Brian Garrett]

Since you have both experience and capital I would suggest a 5+ unit value-add multifamily.

Buy something that needs some TLC, rehab the units, rent them at market to increase NOI and refinance or sell and then 1031 into something larger until you reach the cash flow that you're looking for.

You don't necessarily have to find something that needs rehab you can also look for something with under market rents that you can push up as the units turnover. 

The key is just to drive up the NOI which ultimately increases the cash flow and value of the building.