Need at least $15,000 a month on $2 million investment (1031 exchange conversion)

[Srinivas Reddy]

Hi All,

I'm totally new to this so bear with me (acronyms!). We own 2 homes - we live in one and rent the other. We plan to sell the rental home which is valued at $1.8m - $2m. We plan to sell our current house and net $500,000 in proceeds which will help payoff the mortgage on that rental. We figure we will have roughly $2m to make a 1031 exchange so we can sort of live off of it because we are nearing retirement. We don't mind living in a nice apartment!

Is it possible to invest our nest egg (no other income source other than social security and a little bit of 401K) in a safe manner so as to fetch between $10,000 to $20,000 a month. Just throwing numbers out there! A friend of mine suggested investing in a warehouse but that didn't work out.

Any info or ideas are appreciated. We plan to move to LA to be closer to family.