Business Insider·4 min read·easy

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.

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.
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Former firefighter Mike Savage shares his journey of building a real estate portfolio starting with a $10,000 loan against his truck. He explains how leveraging assets and creative financing allowed him to transition from public service to full-time real estate investing.

Why it matters

This story provides a practical case study for personal finance and wealth-building strategies for individuals with modest initial capital.

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Mike Savage and his family reside in South Carolina. Courtesy of Mike Savage Former 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.

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