Poll: How long did it take you to quit your day job from passive rental income?

[Vincent Crane]

Curious to see what the average time frame is. It seems to be about 7 years from what I've seen so far.

[Dawn Anastasi]

I originally thought it was going to be 10 years when I started, but I did it in just 3.5 years. I saved a lot from my job to start investing and the first 2 properties were through partnerships and bank financing. Then I used peer to peer lending to buy 3 houses in cash. The rents from those paid down most of the loans while I saved money to invest in another 4 partnership properties. Then with the additional income I could show I got another bank financed property with just 15% down. Then I left my full time job. I sold one of my properties and bought two more in cash. I also took a loan from my 401k to buy more properties.

So I did it using several methods of financing. Whatever gets the job done; if I wanted a property I had to get the money somehow. Saving for it is the best way. Personally I like having things paid off.