Jon Schaff: Buying a Jet With Bitcoin

Jon Schaff’s HondaJet has become a vital resource for expanding his business empire and investment ventures. Following, we’ll delve into his story, from his early career at Capital One to his foray into the world of cryptocurrencies, his ascent in the real estate sector, and, ultimately, his strategic use of the HondaJet as a catalyst for business growth and prosperity.

The path to becoming a successful entrepreneur has been anything but ordinary for Schaff. Despite an educational background in economics and pre-medical studies, life took an unexpected turn when he found himself working at Capital One. Here, he played a pivotal role in designing the company's mobile app.

During his tenure at Capital One, Schaff gained firsthand insight into the challenges associated with credit cards, chargebacks, and payment processing; experiences that would later prove invaluable in shaping his future business decisions.

"I encountered numerous issues with credit cards and chargebacks... but it became evident that this wasn't my true calling,” he shares. “In hindsight, it was perhaps the best decision I've ever made, recognizing my unsuitability for that field."

Schaff's journey took an exciting twist when he and a friend ventured into the world of sports gambling and discovered the transformative power of cryptocurrency, particularly Bitcoin. They recognized that Bitcoin's one-way transaction nature provided a secure and irreversible method for receiving payments – a stark contrast to the uncertainties of traditional payment methods.

Fully embracing Bitcoin, Schaff embarked on a venture to install Bitcoin ATMs in Philadelphia and New Jersey, immersing himself in the burgeoning cryptocurrency arena. He even developed a margin lending bot, further solidifying his presence in this innovative sector.

However, Schaff's ambitions extended beyond cryptocurrency. In 2017, he diversified into real estate, broadening his investment portfolio.

The Intersection of Real Estate and Aviation

While Schaff's investments in Bitcoin and real estate were already promising, his decision to incorporate aviation into his business strategy would prove to be a game-changer. His aviation journey began in San Francisco, where he learned to fly and initiated co-ownership of a Mooney aircraft.

This was only the beginning, and he soon progressed to a Beech Bonanza. Yet, the most pivotal moment in his aviation journey transpired in 2020 when he turned some of his Bitcoin holdings into a HondaJet, a move he describes as “probably the best deal that's ever been”. 

The HondaJet, renowned for its cutting-edge technology and efficient design, swiftly became an indispensable business tool in Schaff's quest for success.

Schaff primarily invests in short-term rentals in vacation hotspots, utilizing platforms like Airbnb and Vrbo to attract customers.

“While you may hear that short-term rentals are declining in popularity, it's essential to recognize that certain vacation destinations have thrived long before Airbnb and Vrbo,” he says. “This is where I specialize – in locations like Coeur d'Alene, Idaho, Sedona, Arizona, Lake Tahoe, Big Sky, Montana, and Bozeman. These areas continue to perform exceptionally well.”

Schaff’s focus is on offering an approachable luxury experience. “Even in economic downturns, people will still vacation and seek cost-effective options,” he explains.

Schaff primarily invests in short-term rentals in vacation hotspots like Montana, Big Sky and Lake Tahoe (pictured above)

“Large groups, such as two families vacationing together, prefer renting one of our houses instead of booking multiple hotel rooms. Our properties are designed for families and gatherings, offering a luxurious yet accessible experience, typically around $1,000 per night.”

The HondaJet as a Business Tool

Schaff's strategic use of the HondaJet as a business tool goes beyond the exhilaration of flying. With a sharp eye for real estate investment opportunities, Schaff often finds himself on whirlwind trips across the United States, showcasing his properties to potential investors and partners.

The HondaJet's exceptional performance empowers him to cover vast distances in a single day, making multiple stops for meetings, property viewings, and networking. One noteworthy instance was a single-day journey from Bozeman to Salt Lake City, Lake Tahoe, Seattle, and Coeur d'Alene – a feat made possible by the convenience and efficiency of the HondaJet.

These attributes were pivotal in expanding Schaff’s real estate portfolio and forging robust relationships with investors and partners.

He acknowledges the immense advantage of being able to dictate his own schedule and adapt to shifting circumstances. Whether it's delaying a flight due to adverse weather conditions or optimizing routes to reach areas devoid of commercial airports, his private jet provides the flexibility necessary to seize opportunities and manage risks.

Though Schaff relishes piloting his aircraft, he occasionally enlists another pilot to share the workload. His ownership of both a Piper turboprop and the HondaJet stems from a strategic choice.

"I select properties that are close to airports, even if they are not commercial,” Schaff explains. “For instance, in Sedona, Arizona, the house is a mere 10 minutes from the airport, and you can see the airport from the house.

"The HondaJet does require a longer runway compared to the turboprop, but each serves a slightly different mission. The Piper provides a more hands-on, enjoyable flying experience. The HondaJet, meanwhile, is exceptionally smooth, with redundant systems and two engines, making it faster. It caters to a distinct purpose."

The Future of Schaff’s Business Ventures

Looking ahead, Schaff harbors ambitious plans for his business ventures. While he currently specializes in short-term rental real estate in the western United States, he envisions expanding internationally.

International real estate investment presents unique challenges, though, such as securing financing and establishing a physical presence in foreign markets. "In the United States, real estate forms the bedrock of our economy with property ownership providing unmatched security,” he notes. “Venturing into international markets introduces added complexities and risks.

“As for my next aircraft, I don't mind refueling stops,” he adds. “The Embraer Phenom 300 appears to be the logical next step – an impressive aircraft with additional seating.”

In the world of cryptocurrency, Schaff believes in the long-term potential of Bitcoin, viewing it as a reliable store of value and envisioning countries incorporating Bitcoin into their reserve currencies. His belief in Bitcoin's durability stems from its longevity, security, and the increasing recognition of its role as a settlement currency.

Schaff's journey from finance to Bitcoin and real estate, coupled with his strategic use of the HondaJet as a business tool, highlights the importance of adaptability and seizing opportunities in the ever-evolving business landscape.

His story serves as an inspiration to aspiring entrepreneurs, emphasizing the value of diverse experiences and the right tools – and especially private aircraft – in achieving success.

Watch Fabrizio's interview with Jon Schaff here:

Find private jets for sale

Read more Fabrizio Poli articles on AvBuyer