How This Investor Flips Houses in Just 24 Hours | Jon Steingraber
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What is the main idea behind 24-hour flips?
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.
That's right.
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.
Yeah.
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 is up, The Science of Flipping family? I am back with an impressive guest. I've actually known this gentleman for well over a decade. He and I kind of grew in the trenches together. He on the East Coast, me on the West Coast. But this man is a TV star. He is the star of 24-Hour Flip and is an impressive realtor, owns a brokerage, and flips properties in 24 hours. John Steingraber is here. What is up, dude?
What's up, man? Thanks. You're more famous than I am, even though I have a TV show.
I don't know about all that, dude. You're on Netflix and Hulu. I mean, you're all A&E. You're all over the place, right?
Glad to be on.
Man, I'm excited because I have flipped a lot of properties in my career. I have no idea how the hell you were able to do it in 24 hours. Now, let me just ask a quick thing. Are we talking about you buy it, you paint it, you list it?
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.
So why isn't that reality? As someone that basically I adjust for somewhere between four to six months.
Yeah.
For my underwriting, hard money, so I want to make sure my economics are all right. Why? That's the reality, right? It's not, obviously, is what you're telling me, but why?
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.
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