A former firefighter started buying property with a $10,000 truck loan. He shares the strategies he used to grow his portfolio and quit his job.
Source: Business Insider ·
Mike Savage bought his first investment property, a $49,000 Charleston home, using a loan against his paid-off truck.
From the source
Mike Savage and his family reside in South Carolina.Courtesy of Mike SavageFormer firefighter Mike Savage bought his first rental with a $10,000 loan against his truck.He used home equity and other financing tools to grow his real-estate portfolio.Rental income and his business, SynergyStays, eventually let him leave the fire department. Mike Savage didn't let a modest salary or limited savings keep him from buying real estate.He cycled through sales roles in his 20s before becoming a firefighter and EMT. His wife worked as a teacher. There was "not a whole lot of money between us," he told Business Insider.Still, the couple managed to buy their first home in Massachusetts in 2010 using a USDA rural housing loan, which allowed for a 0% down payment, and an $8,000 first-time homebuyer credit available at the time amid the housing crisis. When work brought them to the South about three years later, they converted that home into a rental and bought another primary residence in Mount…
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