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.
Mike Savage bought his first investment property, a $49,000 Charleston home, using a loan against his paid-off truck.
Mike Savage, a former firefighter from South Carolina, started his real estate journey with a $10,000 loan against his truck. He used this loan to purchase his first rental property in Charleston, South Carolina, in 2015. Savage's strategy involved using home equity lines of credit (HELOCs) to finance additional property purchases.
He borrowed against his primary residence and later a townhouse in downtown Charleston to acquire more rentals. Savage's portfolio grew significantly, and he eventually left his firefighting job to focus on his real estate business, SynergyStays. This business specializes in managing short-term rental properties. By leveraging various financing options and adopting a strategic approach, Savage was able to build a substantial real estate portfolio and achieve financial independence.
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