Best way to get to $400k p.a. in 20 years?

[Warren Dresner]

I have an aim to retire in 20 years time with $400k of annual passive income.

I currently own a home worth $1.5M with a $700k mortgage. I have one investment property worth $700k with a $400k outstanding loan that generates about $8k per year in cash flow.

I also have about $150k cash that i can use to start to invest more in property.

What would be the best way to reach my goal? I’m not sure about single family homes, because based on my current investment property i would need to buy 49 more to reach my goal.

If i pay off the loan in full on the investment property, it would generate about $22k annual cash flow today. Maybe in twenty years time that would become about $40k. So would the strategy by to buy 9 more similar properties that i hold free and clear?