Struggling To Find The Path To Passive Income

[Steven Rosenfeld]

I did W2 for 30 years as in corporate IT. Dabbled in real estate but never went for it big time - bought and sold a few primary residences and a couple of condos over the years. Now I'm 56 and hoping to never work for anyone again. I've got $2 million in an IRA (invested in mutual funds), $300K in investable cash, and $200K in reserves. I'd love to take that $300K and build up some passive income of $50-100K annually. I also got my real estate license during the pandemic but I am not into being a real estate sales agent. My wife has a great income and covers half our costs but we live in the NYC metro area, so expensive. Considering all of these variables, WHAT WOULD YOU DO IF YOU WERE IN MY SITUATION? Would you invest in some cash flowing (if they still exist) properties and start up the road of passive income from real estate? Is it too late for someone like me to make this happen?