Jon Steingraber

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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

And the reason why I have a project manager and not, you know, just do subs or not just do a GC is because we all have to understand that contractors are inefficient. So by actually having all the materials, you're making them more efficient because they typically will send a guy or two to like help to Home Depot for hours out of the day, multiple times. Yeah.

Just think about how much is lost during that. That's right. And over and over again, compounded over the job. And you're paying for that. That's right. Even if you're not paying people per day, you're still paying for that.

Everything adds up and you have to reduce your profit destroyers. Like my business model is a little bit different than yours. And, you know, my goal is to do 10 to 15 flips that net a hundred thousand dollars or more per year. Or per deal, right? So if I can, I'd rather do one $100,000 profit deal than three $35,000 deals. That's right. You know, it's just an efficiency thing, right?

And I go after more affluent areas. Why? Because less people are marketing to those areas because most people are buying in the lower priced areas. So I have less competition. I buy in the higher end areas and private lenders, which is what I use, like to invest in high-end areas because they're like, oh, I know that town. That's a great town. I'm like, yeah. And they're like, yeah, let's go.

It's just all around, it's different. So you have to decide on your business model and how you want to do it. And I don't leverage the fact that I'm on a show and all that stuff, and that's why people lend me money. I've been borrowing private capital since 2007, when I was 21 years old. So anybody can do it.

And if you need to start out with a hard money lender, putting 10% down and taking the construction draws, whatever, you get a couple of deals under your belt. But if you show that this level of efficiency, even if it's a 30-day... right now that's better than what most people are doing that's right and the model makes more sense

I always had that same concept too. And then, you know, when inflation started getting crazy, this is just my opinion. Sure. Yeah. Affluent people are less affected by inflation.

And people that are in the $200,000, $300,000, $400,000 range, and in New Jersey, that looks like a $500,000, $600,000 range because the prices are so high. At least in my area of New Jersey, they're a lot more affected by inflation. Yeah. So, and the interest rates being at 7%, which they are right now. Right.

So that was always, you know, the idea, because I don't see a slowdown in the $1.5 million, $1.2 million, $2 million homes.

Yeah, most people are buying cash.

Right, or 50% down or something like that. Yeah. So, you know, and look, they all work. You can, it's not, you know, this is the only way to do it. There's a million ways to make money. It's just, what do you want? What are you excited about?

private private i do 50 private right so i still like using hard money because then i don't have as much need for the private um neither is wrong no and i used hard money like yeah and on the 24-hour flip there was a you know one of my private lenders was like hey i'm actually buying a property i'm not lending money on this deal and and he had earmarked that money for my deal

So I went to my local hard money lender, right? Alpha Funding. Okay. They're awesome. And, you know, they closed that deal in less than 10 days. That's great. Right? So, you know, hard money is another form of capital, right? What I dislike about hard money is the monthly payments. There was a time I had 26 properties at once and my bills were $65,000 a month.

So I would flip a house, make money, and then that would pay next month's bills. That's right. Right. So, you know, the chokehold is really that monthly payment. If you can do it with private capital, you know, I do it where you invest the money and then you get the money back plus your interest at the end of the deal when we close. That's where there's no monthly payments.

And God forbid that you're in a market where things go sideways and then you're stuck holding the bag and then you're like, shit, all the profit that I just worked for. That's right. You know, is in these deals and now they just all went down.

Yeah.

Um, I mean, the inventory is very low. I think that has a lot to do with New York City, even though New York City is bouncing back. I think the Trump administration has definitely helped from a perspective of hope and, you know, the areas that had high crime and stuff like that, like some of the areas in New York City, people feel a little bit different now.

Meaning in a more optimistic way. Sure. So, you know, we might see a little bit lower of an influx in New York, but then it'll bounce right back and we get kind of the overflow. Why? Because when New York is doing well, their prices go up. And when their prices go up, people seek to find other, you know, properties. And they go to New Jersey. That's right. And if you are...

If you're selling like a $1.5 to $2 million house in New Jersey, 90% of your buyers are Jersey City, Hoboken, right? Which are people that work in Manhattan or people in Manhattan or Brooklyn, right? In the nice areas of Brooklyn.

They're buying in the suburbs. They want good schools and they have, you know, their wife is pregnant. They already have a kid and they want more space.

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