All Forum Posts by: Colin Young

Electric City Commercial Group, LLC operates in the Capital Region, NY with a track record of successful fix & flip projects. We are looking for investors who are seeking double-digit returns on their money backed by valuable real estate to invest with us on our next few projects. We have a comprehensive Private Lender Program which can be shared with anyone interested in putting their money to work on exciting deals in Upstate New York. Reach out to connect with us, we love to talk real estate!

If you are looking at the "Tri-City Area" (Albany-Schenectady-Troy) then please give me a call.  New York is tough, but there is still huge potential for cashflowing properties and/or flips.  If I cant help you, I can put you in touch with someone who can. I know this area like the back of my hand, this is my specialty.  Outside the Capital Region I would help you find someone else.  Best of luck my friend! I hope to hear from you soon.

Hi Steven, I commend your interest in Southern markets (me too).  At the same time, I also think there are many places here in Upstate NY that will meet your investing needs. Schenectady may have a bad rep., but in the coming months I foresee a lot of opportunity.. Also, Albany, Troy, Watervliet, Waterford and beyond.. have a lot of opportunity for investors looking for an inexpensive barrier-to-entry cashflow property.  If you are interested in meeting your financial goals here in Upstate NY, feel free to reach out. Otherwise, best of luck in your endeavors and please let me know how it all works out!

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $111,000
Cash invested: $23,000
Sale price: $200,000

I purchased this property as a live-in flip while also renting out 2 of the 4 bedrooms. Expenses were covered while my wife and I made updates and repairs to the house. We sold when we saw fit in order to roll the proceeds into a small multi-family investment property.

What made you interested in investing in this type of deal?

My wife and I needed a place to live while also having an opportunity to build equity, cashflow, and eventually sell for a profit. This house was in an area which we saw up and coming, and has since almost doubled in value from when we purchased the property.

How did you find this deal and how did you negotiate it?

I was looking actively for the better part of a year. We were originally looking for 2-family properties to house hack, but none were in areas we actually felt happy living in. This single family came on the market and we went to the open house and it was love at first sight. The house was dated, not flashy, but in great condition. The foundation was solid, floors were level, the original wood work was well maintained and it was in an ideal location.

How did you finance this deal?

We used an FHA loan to purchase the house. We had to actually go in to fix some chipped and peeling paint and install hand rails before we closed in order to pass FHA Appraisal, but it all worked out.

How did you add value to the deal?

Add - Central A/C Coil to existing gas forced hot air unit. Replaced 60A with 200A service/panel. Finished attic into a large 450SF bonus room. Touched up the kitchen by improving the countertops, cabinet pulls, light fixtures, and added more outlets. Installed snap-and-lock LVT in the 1/2 bath along with new vanity. Updated paint color scheme throughout majority of house. Updated light fixtures. Cleared grubbed major overgrowth on property. Build storage shed. Landscaped/sealed driveway.

What was the outcome?

We were able to live in the home virtually for free for 3-years, and sell for a substantial profit in October of 2020. The area we were in became more desirable, and the market in general was hot so we decided to sell and take the cash into the next deal.

Lessons learned? Challenges?

The major lesson learned was to stick to a plan when it comes to real estate investing. When I set out to buy an investment property, my plan was to purchase a 2-4 unit property. I ended up getting emotionally attached to this house (partly because it was awesome and partly from desperation of need a place to live) and although it worked out well, I spent a lot of time and effort forcing this single-family to meet my investing goals when it wasn't ideal for that.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Jean Singleton - Lic. RE Assoc. Broker at Capital Realty Experts
Mark Favaloro - President of the NY Assoc. of Realtors - Owner of Aamtrust Mortgage

I worked with an agent, Jean for the purchase of the home. She was terrific and definitely recommended for a first time home buyer.
I also worked with Mark for our lending needs, and he is also highly recommended for mortgage financing.
Both are true professionals that I now work with as an agent at Capital Realty Experts.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $111,000
Cash invested: $23,000
Sale price: $200,000

I purchased this property as a live-in flip while also renting out 2 of the 4 bedrooms. Expenses were covered while my wife and I made updates and repairs to the house. We sold when we saw fit in order to roll the proceeds into a small multi-family investment property.

What made you interested in investing in this type of deal?

My wife and I needed a place to live while also having an opportunity to build equity, cashflow, and eventually sell for a profit. This house was in an area which we saw up and coming, and has since almost doubled in value from when we purchased the property.

How did you find this deal and how did you negotiate it?

I was looking actively for the better part of a year. We were originally looking for 2-family properties to house hack, but none were in areas we actually felt happy living in. This single family came on the market and we went to the open house and it was love at first sight. The house was dated, not flashy, but in great condition. The foundation was solid, floors were level, the original wood work was well maintained and it was in an ideal location.

How did you finance this deal?

We used an FHA loan to purchase the house. We had to actually go in to fix some chipped and peeling paint and install hand rails before we closed in order to pass FHA Appraisal, but it all worked out.

How did you add value to the deal?

Add - Central A/C Coil to existing gas forced hot air unit.
Replaced 60A with 200A service/panel
Finished attic into a large 450SF bonus room.
Touched up the kitchen by improving the countertops, cabinet pulls, light fixtures, and added more outlets.
Installed snap-and-lock LVT in the 1/2 bath along with new vanity.
Updated paint color scheme throughout majority of house.
Updated light fixtures.
Cleared grubbed major overgrowth on property.
Build storage shed.
Landscaped/Sealed driveway

What was the outcome?

We were able to live in the home virtually for free for 3-years, and sell for a substantial profit in October of 2020. The area we were in became more desirable, and the market in general was hot so we decided to sell and take the cash into the next deal.

Lessons learned? Challenges?

The major lesson learned was to stick to a plan when it comes to real estate investing. When I set out to buy an investment property, my plan was to purchase a 2-4 unit property. I ended up getting emotionally attached to this house (partly because it was awesome and partly from desperation of need a place to live) and although it worked out well, I spent a lot of time and effort forcing this single-family to meet my investing goals when it wasn't ideal for that.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Jean Singleton - Lic. RE Assoc. Broker at Capital Realty Experts
Mark Favaloro - President of the NY Assoc. of Realtors - Owner of Aamtrust Mortgage

I worked with an agent, Jean for the purchase of the home. She was terrific and definitely recommended for a first time home buyer.
I also worked with Mark for our lending needs, and he is also highly recommended for mortgage financing.
Both are true professionals that I now work with as an agent at Capital Realty Experts.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $111,000
Cash invested: $23,000
Sale price: $200,000

I purchased this property as a live-in flip while also renting out 2 of the 4 bedrooms. Expenses were covered while my wife and I made updates and repairs to the house. We sold when we saw fit in order to roll the proceeds into a small multi-family investment property.

What made you interested in investing in this type of deal?

My wife and I needed a place to live while also having an opportunity to build equity, cashflow, and eventually sell for a profit. This house was in an area which we saw up and coming, and has since almost doubled in value from when we purchased the property.

How did you find this deal and how did you negotiate it?

I was looking actively for the better part of a year. We were originally looking for 2-family properties to house hack, but none were in areas we actually felt happy living in. This single family came on the market and we went to the open house and it was love at first sight. The house was dated, not flashy, but in great condition. The foundation was solid, floors were level, the original wood work was well maintained and it was in an ideal location.

How did you finance this deal?

We used an FHA loan to purchase the house. We had to actually go in to fix some chipped and peeling paint and install hand rails before we closed in order to pass FHA Appraisal, but it all worked out.

How did you add value to the deal?

Added Central A/C Coil to existing gas forced hot air unit.
Replaced 60A with 200A service/panel
Finished the attic into a large 450SF bonus room.
Touched up the kitchen by improving the countertops, cabinet pulls, light fixtures, and added more outlets.
Installed snap-and-lock LVT in the 1/2 bath along with new vanity.
Updated paint color scheme throughout majority of house.
Updated light fixtures.
Cleared grubbed major overgrowth on property.
Build storage shed.
Landscaped/Sealed driveway

What was the outcome?

We were able to live in the home virtually for free for 3-years, and sell for a substantial profit in October of 2020. The area we were in became more desirable, and the market in general was hot so we decided to sell and take the cash into the next deal.

Lessons learned? Challenges?

The major lesson learned was to stick to a plan when it comes to real estate investing. When I set out to buy an investment property, my plan was to purchase a 2-4 unit property. I ended up getting emotionally attached to this house (partly because it was awesome and partly from desperation of need a place to live) and although it worked out well, I spent a lot of time and effort forcing this single-family to meet my investing goals when it wasn't ideal for that.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Jean Singleton - Lic. RE Assoc. Broker at Capital Realty Experts
Mark Favaloro - President of the NY Assoc. of Realtors - Owner of Aamtrust Mortgage

I worked with an agent, Jean for the purchase of the home. She was terrific and definitely recommended for a first time home buyer.
I also worked with Mark for our lending needs, and he is also highly recommended for mortgage financing.
Both are true professionals that I now work with as an agent at Capital Realty Experts.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $111,000
Cash invested: $23,000
Sale price: $200,000

I purchased this property as a live-in flip while also renting out 2 of the 4 bedrooms. Expenses were covered while my wife and I made updates and repairs to the house. We sold when we saw fit in order to roll the proceeds into a small multi-family investment property.

What made you interested in investing in this type of deal?

My wife and I needed a place to live while also having an opportunity to build equity, cashflow, and eventually sell for a profit. This house was in an area which we saw up and coming, and has since almost doubled in value from when we purchased the property.

How did you find this deal and how did you negotiate it?

I was looking actively for the better part of a year. We were originally looking for 2-family properties to house hack, but none were in areas we actually felt happy living in. This single family came on the market and we went to the open house and it was love at first sight. The house was dated, not flashy, but in great condition. The foundation was solid, floors were level, the original wood work was well maintained and it was in an ideal location.

How did you finance this deal?

We used an FHA loan to purchase the house. We had to actually go in to fix some chipped and peeling paint and install hand rails before we closed in order to pass FHA Appraisal, but it all worked out.

How did you add value to the deal?

Added Central A/C Coil to existing gas forced hot air unit.
Replaced 60A with 200A service/panel
Finished the attic into a large 450SF bonus room.
Touched up the kitchen by improving the countertops, cabinet pulls, light fixtures, and added more outlets.
Installed snap-and-lock LVT in the 1/2 bath along with new vanity.
Updated paint color scheme throughout majority of house.
Updated light fixtures.
Cleared grubbed major overgrowth on property.
Build storage shed.
Landscaped
Sealed driveway

What was the outcome?

We were able to live in the home virtually for free for 3-years, and sell for a substantial profit in October of 2020. The area we were in became more desirable, and the market in general was hot so we decided to sell and take the cash into the next deal.

Lessons learned? Challenges?

The major lesson learned was to stick to a plan when it comes to real estate investing. When I set out to buy an investment property, my plan was to purchase a 2-4 unit property. I ended up getting emotionally attached to this house (partly because it was awesome and partly from desperation of need a place to live) and although it worked out well, I spent a lot of time and effort forcing this single-family to meet my investing goals when it wasn't ideal for that.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Jean Singleton - Lic. RE Assoc. Broker at Capital Realty Experts
Mark Favaloro - President of the NY Assoc. of Realtors - Owner of Aamtrust Mortgage

I worked with an agent, Jean for the purchase of the home. She was terrific and definitely recommended for a first time home buyer.
I also worked with Mark for our lending needs, and he is also highly recommended for mortgage financing.
Both are true professionals that I now work with as an agent at Capital Realty Experts.

I am putting the pieces together on my first flip and I am trying to figure out the best way to utilize capital from an investor who is interested in working with me.  He would be providing 15-20k to assist with renovation and I am looking at a 4-5month timeline to close, renovate and re-list (/sell).

Can someone steer me in the right direction for structuring this so that it works out for both of us?  I have heard of real estate funds, hard money lending etc.. This would be a first for the investor as well so I want to make sure it's worth it to him so we can work together on future/larger deals. Any insight would be appreciated!