Advice on re-directing 401k to investment in real estate

[Alan McCracken]

My wife and I currently maximize contributions to our employers 401K plans investing $30K per year above the amount needed for employer matches. I'd like to re-direct this money to invest in rentals rather then mutual funds where I've historically had less than 8% ROI per year.

Problem is I'd pay ~$15K in additional taxes (Federal Income + State Income + Loss of Federal Education credits phased out above $180K in income) and only net $15K in after tax $ to invest in rentals.  

Any suggestions on how maximize the amount of this $30K per year I can get working for me in real estate investments?  

Appreciate your help.