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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The MORE Show · How This Investor Flips Houses in Just 24 Hours | Jon Steingraber · 21 Feb 2025
podcast
You can get it done faster. It's just on how you plan and how you set it all up.
Well, not necessarily because if he had two guys, they would just be there longer.
So he would be paying those guys over five days, right? Which is 10 days.
And it's all percentage of profit, right? If you're making a $200,000 profit, it's different than if you're making a $50,000 profit.
Yeah. Yeah, I mean, it all comes down to pre-planning, purchasing. And, you know, I don't hire general contractors. I hire a project manager. I typically pay them a percentage of the profit. Or I do a flat fee.
okay so the project manager is hiring directly the subs they're organizing everything and i i'm doing it with them and then you know but we're choosing everything ahead of time i think one of the most important things is people get caught up in i want this to be in a magazine you know and i'm dramatic but like they just want it to be the best thing yeah it's not necessarily what's the best for profit it's it's what's going to look the best on instagram i think that is such a big thing is people need to think about profit first right and no pun to the book but like
Yeah, you buy a house that has mold all over it, you have to gut it to the studs. That's right. I mean, you're not going to provide an unsafe property, right, for somebody. So not every property will qualify for the 24-hour flip business model. And to clarify, it's two 12-hour days. Right. So the first 24 hour flip that I did was literally 24 hours. And that's, you know, that's it.
Yeah, that was that was I'm glad you said that. I mean, we almost we almost died that day. Yeah. And it was horrible. So we just do it in two 12 hour days. Can you do it in three eight hour days? Yeah. 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. Yeah. Getting them here the next day before that guy can move on to his piece of the work. Right. You get things done. Right. And it's it's very unique. And the contractors freaking love it, Justin. Yeah.
So, you know, I always, a lot of people ask me because, you know, I do have a coaching program for New Jersey students only.
No, just Jersey.
They can go to flipwithjohn.com.
Yeah, so I always tell my students when they go, well, how do you do it and what do you pay people? Well, it depends on how many deals you're doing. If you're doing one deal a year, you're going to probably pay a project manager a higher percentage of the profit. If you're doing 10 or 15 flips a year, then you could do a smaller percentage of the profit, okay?
What I've done recently is just pay a flat fee, right? So they're actually getting paid to do that job and it depends on the scope of that job. So it'll be anywhere between like $10,000 to $20,000 flat fee, but then they're managing all the subs and doing all that, right? Yeah.
So you, I mean, if you're making a hundred grand and you're paying them 15, then you're paying them 15%, right? That's right.
Yeah.
So number one is having the most detailed scope of work you possibly can. And that includes pictures and videos. Right. So I do a Matterport of the before and I'll literally sit in my house for a few hours going through the whole entire Matterport. And for those of you that don't know, Matterport is just like a 3D tour of the property.
And I will write down every single little thing that needs to be done.
okay everything by room and by trade i you know i categorize it then step two is going to i do 24 phases each phase is one hour so i go okay what's going to be done in phase one right demo cleanup you know depending on what you're doing we're taking down the fence we're throwing this out everything if you have a flagpole that's rusted we're taking that out you take that down
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