Generating rental income for newbies

[Tahira Haider]

My husband (40) and I (37) are working towards FIRE. Our goal is to make it to 1 million in total assets by the end of 2023. We currently have about 600K in different investment accounts (no separate retirement accounts).

We wanted to know how many real estate properties we need to own to generate a minimum of 5k a month in rental income ? We don’t have a specific target timeline but would be nice to do that in the next 5 years or so. I know this can depend on the location and type of property but we live in the Bay Area and own our first newly constructed home (purchase price was 1,150,000$) and would like to use some of our cash to generate this passive income.

Are there any resources available out there to help us with our search or getting expert advice. We would greatly appreciate any tips and recommendations.

Thank you so much!