Member JT Olmstead Shares Land Academy Success (1021)
Transcript:
Steven Butala: Steve Butala here, welcome to the Land Academy Show. Today we have JT Olmstead, a long time member, I think, JT, right? At least two years?
JT Olmstead: Sorry, I think probably a year or so, actually.
Steven Butala: A fellow Arizonian, right?
JT Olmstead: I am, yeah. Phoenix.
Steven Butala: Awesome, man.
Steven Butala: Just before the show you were saying you just took off for about a month, and you've got just a crap load of stuff to do because you just got back.
JT Olmstead: Yeah, that's exactly right. Got to catch up on all of it.
Steven Butala: Tell us where you were, and what you were working on? More importantly, after that, tell us ... It makes us all feel better when really successful members go through pain, so I want to hear your pain today.
JT Olmstead: Yeah, I'll deliver on that.
JT Olmstead: I like to take vacation. I think the thing that attracted me to Land initially was the fact that you can do it on your own schedule and on your own time. That really ... I took advantage of that, took the last four weeks off. Took some family travels, went international and domestic.
Steven Butala: So, you said Oregon and London?
JT Olmstead: Yeah, yeah, exactly. Yup. A nice mix of personal and business, just good to get out, reset your mindset before you get back to the grind.
Steven Butala: Awesome, man. What are you working on land wise or house wise?
JT Olmstead: Yeah, on the land front, right now a mix of things, actually. I'm spending a lot of time vetting other people's deals, I've got a couple of deals I'm funding for other people right now.
Steven Butala: Great.
JT Olmstead: Working on funding different deals for myself, and bringing outside investors as well, so a mix of stuff we're approaching.
Steven Butala: You know, that's fantastic. I didn't actually realize that. I love that you're doing that.
Steven Butala: We run out of money, literally, every month funding other people's deals for what we've allocated. I wonder if there's a way we could make some money together on the funding side, because we get more deals in than I know what to do with.
JT Olmstead: Yeah, honestly that's the thing I love about land is the fact that there's so many opportunities going around, you've just got to find the right way to either partner them or find a way to keep those deals moving. Yeah, I'm definitely actively looking for people to fund at the moment. [Land Tank 00:02:06] has been a fantastic tool for that.
Steven Butala: Okay, great. You are using LandTank.com as an inflow, or a source of inflow, anyway?
JT Olmstead: Yeah, yeah. Some of my deals ... I just funded one this morning, actually, right off Land Tank, so Land Tank has been good. Just the community, in general.
Steven Butala: Great. We're going to release House Tank here in about 60 days. It's being developed right now. It's the same kind of thing for houses, and it's the same financial structure. We review a deal, we decide to fund it 100% on loan to value plus closing costs as a 50% partner. We haven't done as house deal on our own yet, but we've got a lot of financial backing to do it. I don't know, is that something you want to dabble in?
JT Olmstead: Yeah, houses are an interesting option. I love the fact the buyer pool is so much bigger, and the turns are a lot quicker. They're also a much higher price point, right?
Steven Butala: Yeah.
JT Olmstead: My typical land deal is somet...