>$500,000 Passive Income/Cash Flow

[Ryan McElroy]

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

[Ryan McElroy]

@Sean T. 

Thanks for the response! Would you mind developing your advice a little more? What do you mean by having multifaceted plan? What types of investments do you suggest i look into in that case? Also, why do you suggest cashing out for millions? Isn't the point of having apartment rentals to generate cash flow month in and month out so you can retire and live ofd the income? Obviously having millions would be great, but it doesn't generate money every month. Once i spend it, its gone...

Im new to the investing world which is why i'm asking hahah. 

Thanks Ryan!