SoCal newbie needing general broad introductory advice

[Rodney Mullen]

Greetings bigger pockets community,

I am a long time BP lurker, first time poster. I was wondering if a newbie could get some general introductory advice from all you intelligent successful people. My long term goal is to obtain some rental properties and retire on their cash flow when by the time I reach age 59.5 (easier said than done I know, especially in socal).

I little bit about background

Real Estate = my wife and I currently live in a 4 bedroom single-family detached home bought in Ontario California at the end of 2009. We have 12 years left on a 15 year 2.875% fixed conventional mortgage with $197k loan balance left, $284k equity in house. Total monthly payment around $2097 (tax, HOA, HAZ, principal, interest).

Personal details = I’m 33 years old, wife is 28. We plan to get pregnant around July 2020. Plan to do homeschooling or private school. Don’t want to move out of Southern California because of aging parents and nearby family. I’m thinking once we retire we can live off around $60k-$75k (in today’s money) household income assuming no debt. We consider ourselves more risk averse, fiscal conservative.

Financials = household income $155k a year, no debt except mortgage, cars paid off. $66k in reward checking accounts earning 4% interest. $95k in traditional Roth IRA, $68k in 401k. Equifax credit score around 731.

With everything said above what would you recommend I do if you were me and the long term goal is to obtain some rental properties and retire on their cash flow by the time I reach age 59.5?