Jon Steingraber
speaker
128 appearances
1 recordings
1 series
first heard Feb 2025
last heard Feb 2025
Jon Steingraber’s voice in public audio — every appearance, attributed to the second.
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Appearances
The MORE Show · How This Investor Flips Houses in Just 24 Hours | Jon Steingraber · 21 Feb 2025
podcast
You know, the idea is not necessarily to do a flip in 24 hours. It's to inspire people to do a three-month renovation in seven days.
Right? Just, you know, reduce your holding time, reduce the amount of stress, and not for nothing, but when you have the plumber, the electrician, the framer, and everybody on site on your property, what happens? If you have an issue, you're like, hey, you call him, he's in the other room. You're just like, hey, come over here.
You're not scheduling him, getting him here the next day before that guy can move on to his piece of the work. Right. You get things done.
What's up, man? Thanks. You're more famous than I am, even though I have a TV show.
Glad to be on.
Nope. I mean, it's all documented. It's on A&E, Hulu, YouTube. You guys can check out the episodes. We do full kitchens. We do bathrooms. We do flooring. We paint the exterior. We do roofs. We do windows. We're talking about... 24 hours. In 24 hours, yeah. And we'll get into why we kind of came up with this idea and this business model and how other people can do it. That's why I'm here.
I just want to share, kind of reprogram, reset people because we've been kind of taught that it takes three months, four months, six months, and that's not reality.
Yeah.
Yeah, I mean, profit destroyers, you have to look at your profit destroyers, right? One of them is holding costs. Another one is, you know, over-renovating. So those are two out of the five that I kind of focus on. And, you know, I lost money on two big flips where we were doing these huge additions that were taking forever, you know, multi-step permits, right?
Some permits have three or four stages. And I looked back at my track record and my history and I said, okay, you know, which are the ones that I've made the most amount of profit and most margin on and were the least stressful on? And it was the ones that we actually did the quickest, right?
You know, reducing our holding costs, but then also that we were very strategic on what it is that we did for renovation, right? There wasn't that, you know, we weren't doing additions. Those are the ones that I've lost money on. So some people are very successful with those, but that's how we came up with this 24-hour flip business model.
And you don't have to go nuts renovating an entire house and knocking down walls, and the kitchen's not perfectly placed, the sink is here, it could be over there. All those things are going to add to the inefficiencies of a project. And most people, the way that they actually do a flip is... You know, they get an offer accepted. They go through due diligence. They close on the property.
You know, then they go inside the house and they go, OK, you know, let's hire the architect. Right. Right. And he takes two or three weeks. Right. And then, you know, once you have the plans, then you're having your contractors bid it out. You know, then by the time you actually hire the contractors and have them sign and seal the permits, you submit it to the town. That's another three weeks.
Just for them, at least in Jersey, it's 21 days by law that they have to get back to you with permits. That's if they don't want to change. And then before you know it, you're not even starting the job until two and a half to three months out.
Yeah. So once, so you get a house under contract, what you should do, this is what we do. You get a house under contract, your past contingencies, right? Title's clear. You know, you're closing on this damn house, right? I've never had past due diligence and I'm never past due diligence and title is clear and I don't close.
Right. So I still typically have three or four weeks to close because people don't move out right away. Right. Right. So I schedule my closings typically 45 to 60 days out. So I still have 30 days. So in those 30 days, I put a clause in my contract when I buy it that you're gonna allow me access to the property with 24 hours notice for my architects, for my contractors, et cetera.
So we go in there, we start measuring everything. We start doing the detailed scope of work all the way down to the doorstops behind the doors, right? And we purchase all the materials before we even close on the house. I'm ordering windows way ahead of time. It takes four, five, six weeks sometimes for windows. Yeah.
So 100% being ready to rock and roll when you actually close on that property is going to reduce your holding costs significantly. But construction, if you really think about it, there is a sequence of construction. You've got to frame before you put up sheetrock. But there's a lot of things that are also able to be done simultaneously on a property. And you see that on the show, right?
If you're taking down a fence and you're doing the roof and you're painting inside and the plumber's doing his rough and the electrician's doing, you know, replacing outlets, they can all be doing that at the same time. But that's not how investors work, right? Investors hire plumber on Monday, plumber's on Tuesday, I'll be done Thursday.
And then he comes by himself or maybe with one guy and construction all comes down to planning. And it also comes down to man hours, right? And what a lot of people don't realize is that multiple things could be getting done at the same time. And if you ask the contractor to bring more guys, for example, a painter, instead of having two guys painting, you have 10 guys painting.
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