The Science of Flipping
How This Investor Flips Houses in Just 24 Hours | Jon Steingraber
Fri, 21 Feb 2025
In this episode, I chat with Jon Steingraber, TV star of 24 Hour Flip, to discuss how flipping properties in as little as two 12-hour days is achievable through strategic planning, efficient logistics, and smart renovations. We emphasize the importance of reducing profit-destroyers like holding costs and over-renovating while focusing on quick, impactful upgrades that meet market demands. Jon shares practical tips, including creating a detailed scope of work during the contingency period, pre-ordering materials to eliminate delays, and coordinating trades to work simultaneously. With insights on hiring project managers, leveraging private capital, and tailoring renovations to local trends, this episode offers actionable strategies to increase profitability and reduce stress in property flipping. -- Connect with Jon! Instagram: - @jon_steingraber Watch Now: 24 Hour Flip on A&E, Hulu, and YouTube Learn to Flip Faster: Check it out Here -- About Justin: After investing in real estate for over 17 years and almost 3000 deals done, Justin has created a business that generates 7 figures in active income through wholesaling and fix and flipping as well as accumulating millions of dollars of rental properties including 5 apartment buildings, 50+ single family homes, and 1 storage facility Justins longevity in real estate is due to his ability to look around the corners, adapt to changing markets, perfecting Raising private capital, and focusing on lead generation which allows him to not just wholesale and fix & flip, but also accumulate wealth through long term holds. His success in real estate led him to start The Entrepreneur DNA podcast and The Science Of Flipping podcast and education company, where he has coached and mentored thousands of aspiring and active investors over the last decade. He is a nationally recognized speaker and is on a mission to educate as many people as possible on becoming a successful dynamic real estate investor.
Chapter 1: 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?
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Chapter 2: How can you reduce holding costs when flipping houses?
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.
You're not necessarily trying to skimp, per se. What you are trying to do is create efficiencies. I mean, this isn't a TV show or a strategy of like, here's how you can skimp and still profit. This is like, here's how you become efficient and still profit and profit more, most likely. Because think about your holding costs. You go and flip in a seven days turn, right?
Let's just say it took you seven days to put it on the market. It takes you 45 days, 60 days to close the end buyer if you find a good property, right? You just cut out three to six months of what I would underwrite towards of holding costs. And market risk. And market risk and volatility and whatever, interest rates and all this other stuff. It is so much smarter.
So I think the third takeaway, which I really liked, What you were just mentioning really comes down to being able to understand the value of the materials and to be able to pre-plan around the materials. Yeah. I like that. Right? Is to just understand the market, know what county does what type of remodel, what are the color schemes that are popular, what's moving.
Understanding the market creates efficiency to know I can go after this type of material.
Yeah.
We can move faster. Let's go.
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Chapter 5: How to avoid profit destroyers in property flipping?
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.
You're not necessarily trying to skimp, per se. What you are trying to do is create efficiencies. I mean, this isn't a TV show or a strategy of like, here's how you can skimp and still profit. This is like, here's how you become efficient and still profit and profit more, most likely. Because think about your holding costs. You go and flip in a seven days turn, right?
Let's just say it took you seven days to put it on the market. It takes you 45 days, 60 days to close the end buyer if you find a good property, right? You just cut out three to six months of what I would underwrite towards of holding costs. And market risk. And market risk and volatility and whatever, interest rates and all this other stuff. It is so much smarter.
So I think the third takeaway, which I really liked, What you were just mentioning really comes down to being able to understand the value of the materials and to be able to pre-plan around the materials. Yeah. I like that. Right? Is to just understand the market, know what county does what type of remodel, what are the color schemes that are popular, what's moving.
Understanding the market creates efficiency to know I can go after this type of material.
Yeah.
We can move faster. Let's go.
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