Brothers Reveal How They Turned $1 Homebuying Business Into $200 Million Real Estate Empire

A couple of brothers from Syracuse, NY, struck gold after turning $1 homes into a $200 million real estate empire.

Greg and Colin Cleghorn, founders of IronHorn Enterprises, now own a portfolio of warehouses and industrial facilities in 17 states.

The brothers told NYC Empires that they started buying run-down $1 homes in 2014, remodeling them and then rented out the homes. Over a span of six years, the duo bought up 120 properties housing 200 apartments—most acquired through foreclosure auctions.

The success throughout those years inspired the brothers to venture into commercial real estate. Colin, who was working as a commercial real estate agent, said he saw a rise in warehouse demand as e-commerce grew, so they sold their residential portfolio for $15 million.

"These guys were making the most money,” Colin told NYC Empires. "They buy these big box buildings, lease them out, and when a tenant leaves, they just put in another one."

There were fewer "headaches." The brothers said, as landlords, there were no clogged toilets and no middle-of-the-night calls from apartment tenants. They said their "big boy tenants" signed five- to 10-year leases and took care of the property themselves.

They bought their first commercial property for $1 million—a vacant building, which they now rent to an electrical contractor.

“In six short years, Colin and Greg established a company that grew to 188 residential units, spanning 100+ properties,” according to their website. In 2018 they expanded into the commercial market and now own over 1,000,000 sq. ft. of commercial space valued at over $130 million.

Selling Syracuse

Syracuse’s residential market made that growth possible. In the first three months of 2025, the city saw its median home price rise roughly 18% year over year to $234,300, according to the National Association of Realtors®—the largest annual home price gain in the U.S.

Nationally, the median price for existing single-family homes reached $402,300 in the first quarter, up 3.4% from a year earlier. That’s a slower pace than the nearly 5% growth recorded in the previous quarter, suggesting appreciation is moderating even as prices remain near record highs.

Realtor.com® senior economic research analyst Hannah Jones notes that the city’s inventory has dropped dramatically in recent years, from 1,500 homes in 2019 to just 560 listings in early 2025.

Greg, who has closed more than $1 billion in commercial real estate deals across 25 states, focuses on “real estate solutions for fleet maintenance, distribution, and other heavy-duty industrial users,” according to his bio on IronHorn. Colin, IronHorn’s president, has overseen more than 150 property renovations, ranging from residential flips to industrial build-outs for national clients.

IronHorn attributes its growth to a hands-on, aggressive acquisition culture. The company now has more than 60 employees and encourages team members to grow within the business.

“IronHorn has a younger feel that comes with certain challenges, but we’ve seen it to be our strength. It’s a key reason our company has repeatedly broken growth barriers. In May ’23, we hit $100 million in assets.”

Industrial expansion and major deals

The brothers’ pivot to industrial properties reflects the nationwide surge in e-commerce, which has increased demand for warehouses and distribution hubs.

IronHorn purchased the former Rite Aid distribution center in Clay for $27 million—their largest acquisition to date—according to Syracuse.com. The facility sits just five miles from Micron Technology’s planned $100 billion semiconductor plant, which is expected to bring thousands of jobs to the region.

“All of a sudden, Syracuse has kind of hit the radar with Micron coming,” Greg told Syracuse.com. “You’ve got national tenants coming into the market fighting over industrial space that’s in limited supply.”

In another recent purchase, IronHorn bought an 80,000-square-foot warehouse on Hiawatha Boulevard East for $2 million. After renovations, including a new roof, they leased the property to Beak & Skiff Apple Orchards. “We’re doing kind of a classic what we do,” Greg told Syracuse.com. “We take an old, beat-up building. Now we’re putting a new roof on it and we’ll put Beak & Skiff in there.”

The brothers are sticking to the formula that made them millions. "Buy properties cheap, fix them up, lease them out, then refinance to buy more. Occasionally, they sell properties to fund additional purchases," according to NYC Empires.

IronHorn’s acquisition team works tirelessly to find off-market properties—making over 200 cold calls a day looking all over the country for off-market properties for the brothers to buy and lease to companies.

"There's no such thing as no forever," said Greg.