living off rentals
not for sure if i posted this in the appropriate forum .
i would like to hear yalls opinion about how i should proceed .
my current status is im 37 have wife and 3 kids own our home .bring in around 35 to 40 k a/yr as a full time maintenance/ janitor. we own 7 rent houses 5 are paid for . we put as much of the rental income towards the loans of the other 2 with the plan of getting another as soon as those are paid for . day job income go to health ins , Walmart , and to keep the lights on in that order , with nothing left to save .
our dream is to have enough rental to live totally off that income and i quit the day job . at current rate ' the way life likes to kick you when your down' its going to be 5 to 10 yrs before i can quit unless i go insane first.
should i continue to take out loans to buy houses or save up and pay cash ?
would there be any financial benefit to quitting the day job now ? we could maintain current life style just would not be able to buy more houses as fast.
if i quit the day job could i get on welfare ?