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
We have a renovated home that's not at the top of the market. And that's what people love. People love that because there's not a lot of inventory out there.
Speed up. So logistics, right? So we bought a 36 foot trailer. You know, if you're in the business, it's not a bad idea to do this. And we put all of our supplies there. Now, look, I didn't have a 36 foot trailer when I first started doing 24 hour flips. I rented a 24 foot U-Haul.
Right. So we would literally put everything there. And then the U-Haul is in front of the house. You open it like it's a storage facility. You can even do a pod.
Right. And you have all the materials there for the whole job. So you have an inventory list.
Right. And you have everything there and you have some extras of stuff. Right. Yeah. Right. So just so you're not constantly running back and forth. You're always going to have to go to the supply house store. That's why we have our runner. You know, but the idea is that you think through everything. Right. And you plan it. And then when you're a lot of people are waiting on material.
So, you know, if I know that my windows are five weeks out, I'm going to order them before I, you know, when I know I'm going to buy the house, I'm going to order it ahead of time. A lot of times people tend to close on a property. And then they're ordering stuff. And then they find out, oh, this specific cabinet is six weeks out. It's like, okay, but what is the cost of that?
Hold time and market risk. Because it's not just the holding cost. Interest rates go up. Things change, right? If some sort of global event happened, it's going to affect you negatively. And you're putting yourself at risk.
I'm guessing some of you... That's the cheapest, right? You could get a Home Depot line of credit. You can put stuff on your credit card. You have a 28-day grace period. If you're a new business owner, you can get a 0% credit card for 12 months. I mean... I agree with you, right? That's the least... The materials are the least of your capital raise, right?
Yeah. 15 or 20 grand. Yeah. Right.
Here's the thing. Divide your after-renovation value by your profit. You know, when I do my numbers, when I buy a house, it's a minimum of 10%. You know, if I'm going to resell a house for 800 grand, I need to make a minimum of $80,000. That's right. Because God forbid anything were to happen, right? You know, and you might go over on construction a little bit. The market might shift a little bit.
You might go over. It's almost always in my world. Yeah, I mean, it depends. I account for it.
Yeah.
Or you add something or you change something because you're like, oh, I'm going to get a good ROI on this.
Right. So you're going to do it, you know?
No, it's not. And I don't renovate just in one city. It's one state, but a few different counties. And New Jersey is the most densely populated state in the country, and it's very different from town to town. So the way that I make decisions on stuff is not necessarily systematic. It's what has sold in that geographic area over asking price Um, and you know, what is the trend in that area?
What do people want in that geographic area? And then I make my decisions by just looking at what the data is. Yeah. And then I make the decisions on what we're going to do in that house based on that. So I don't go and buy, you know, 20 toilets, even though most of the time I use the same toilets.
I don't do that and warehouse it because the discount that I'm getting, you know, for that is first of all, there's logistics, there's headaches, there's stress. Um, this breaks that you're past the refund period, et cetera. It's not worth it. Right. And then the cost of warehousing it. Yeah. It's, you know, it makes no sense.
The only thing that I've done a little bit is I'll buy like five appliance packages or something on the 4th of July sale. So that was like a really good sale. And I'm like, all right, I'm saving 10 grand if I do this. And then Home Depot store it for me for three months. And within three months I'll do it. That's a huge takeaway. Yeah, so little things like that.
But I don't store everything or buy anything from China or import it.
Yeah.
Showing 61–80 of 128 · page 4 of 7
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