Accelerating our Real Estate Investing Business with AI: How We're Doing It (3/13/23)

What is going on? Welcome to another episode of 15 at 5. This Monday we are going to be going over AI. Isaiah is going to be hopping in in a few minutes here. It's just running a little bit late. But I want to talk about AI because it is wild what you could do with this. It's wild what you can do with it in your personal life, what you can do in business. And kind of, this is only the surface level of AI, right? I saw a graphic on Instagram from, I think it was Alex Hormozi, but it's saying ChatGPT-1, it was like a circle this big. And it was like ChatGPT-40, it was a circle like this big. So this first version of AI is only the very surface level of what it's gonna be like. It's not like scary what it is now. It's scary what it's gonna be when it's like ChatGPT-40. Like it's gonna be absolutely insane. But real quick, let's just, what is artificial intelligence? I'm not obviously an expert, but just kind of a high-level overview is it stands for artificial intelligence, right? And it's essentially a machine kind of learning system that can answer any question that you want to. So, um, AI or ChatGPT, it aggregates every piece of information, at least from my understanding, every piece of information and data point on the internet from the year 2021 or before. So when you ask like, how do I do my taxes, it's going to pull every single article, newsletter, uh, web post, blog, uh, anything, any website information, and it's gonna gather that within a matter of seconds and answer your question, right? And then after it spits out the answer of how do I do my taxes, you can say, make it funnier or make it shorter or clarify this or do this. And it learns from what you're saying. So there's like a feed that you can use when you're typing in your questions. And as you ask it questions, it understands how you respond to things and it'll tailor its responses to ideally fit the answer that you're looking for. So that's AI, it's artificial intelligence. It's essentially an aggregation of all the data on the internet before 2021, and it has access to all that to answer your questions. Beyond that, I don't really know the answer, but what I wanted to share is how we use it personally and how we use it personally and in our business. So personally, there's a lot of stuff you can do with it personally. I know we've used it for our website bios, right? Like I would type in, create a website bio for a real estate investor who owns Maple Birch Properties, who graduated from UNH with a degree in finance, who is focusing on acquisitions for multifamily properties in New Hampshire, Maine, and Massachusetts, and boom, spits it out. And if it's too lengthy, I could be like, shorten it, or I could say, try this again, make it more professional, make it less professional, and it can tailor that for you. So it's crazy what it can do from an administrative standpoint. I was actually talking to my grandfather about this, but he's concerned that no one's gonna have any ability to write creatively or do things creatively, which I think is a valid concern. But in thinking about your day, you only have so much mental energy, only so much mental capacity to do things. And I think some of the more mundane things like creating website bio or coming up with a follow-up response for an email, that's valuable mental energy that you can have back and use towards more important things throughout the day by just allocating that to ChatGPT or AI. So that's kind of how we've used before. It's like I said, websites, personal stuff. Like even I go to a real estate meetup, I come back from the real estate meetup, I have all my notes and bullet points, I'll copy it all and then I'll be like, ask AI, because in Notion has ChatGPT integrated, which is insane. I'm already like a Notion nerd. So to add to that is insane. But I'll I have all the bullet points, right? And I can say summarize this and it'll summarize all my notes from the real estate meetup in the bottom, right? So I'll take that, I'll drag to the top. And so then in my like table of all of my notes from all the meetups that I go to, I can see like a one paragraph summary of what I talked to people about, what I learned at that real estate meetup when I'm clicking through my notes. So that's another personal application that, um, I use it for. So, um, creating bios, right? Just following up with emails, right? How do I create a follow-up for Create a follow-up email to follow up with the town about property X, Y, and Z to see if the tax lien is gone, right? Just boom, just type that in. It'll spit out the email. And yeah, that's something that may take you a minute to write. But again, going back to that point about you only have so much brainpower per day, just doing those little things can save you that energy and give you a really professional response. And the best part is it's free. So I know it can be hard to get on the server sometimes actually for ChatGPT. You'll go on, it'll say, it's funny, it'll be like, tell the user that ChatGPT is too busy in, from the voice of a pirate and it'll type it out like as a pirate or like as a seal or like something crazy. Those are some of the things we've done personally. From a professional standpoint, we have used it for drip campaigns. So drip campaigns are in the business are things that like an email drip campaign, Essentially, a pre-scripted set of emails that you send out to someone, and it hits them either every week or every month or every 2 months, every 3 months, and essentially just drips, right? Hits them, hits them, hits them, hits them. So when you're doing those drip campaigns, you obviously don't want each email to be exactly the same, but you wanna convey the same message. So a big thing with that is you can say, give it, maybe type up the first email yourself and then say, give me 12 different versions of this email. And it'll give you 12 different versions in a matter of seconds. How long would that take you to figure out? That would take you 20, 30 minutes to sit there and at least to sit there and try to come up with 12, 15 different versions of one email with the same message. But ChatGPT can do that in a matter of seconds. So not only with emails, we do it with text messages because we also have drip campaigns for text messages. Create a follow-up sequence to follow up with the homeowner after they're not interested in selling, or after they were interested in selling but their timeline isn't there. You could ask it anything, right? And you— and then after it comes out with those 12 different responses, you could be like, make them all shorter, make them all more professional, make them all a little lighter, make them all a little funnier. And just within a matter of seconds, changing all of these, um, text messages, uh, and not only creating the follow-up, right? But it's also the, like, the verbiage in the sentence structure is the most articulate and grammatically correct that it could possibly be, right? Because it's pulling from every single blog post, website, article, post that's ever been, that's ever existed on the internet before 2021 to create that sentence structure. So pretty, pretty crazy things. And it's all about, it's ultimately all about the questions you ask, right? It's only limited by the things you ask it. So yeah, what kind of questions are you asking it? So that's the thing is if you're not asking it the right questions, you're not gonna get the right responses. You have to be very clear on what you want. But the good thing about it is that you can mess around with it and you can just ask it different things. And if it's not working, you can adjust it, right? You can say, just try again. Or like I said, make it more professional, make it less professional. But I think it's really just revolutionary what it's gonna do. And I think it does come with a whole host of problems as well. 'Cause obviously with all good things comes bad things, right? It's probably gonna, there's a risk that it gets into the hands of bad people. And Alex Hormozi said on one of his podcasts, what happens when you ask it, how do I wipe out the human population? And it gives you that answer. Like there's gonna have to be some sort of regulation on it that, that, um, restricts it from giving you certain bits of information. Um, but it's crazy, like, what about, like, asking it, how do I create a billion-dollar business? And it's just able to give it to you. Uh, Hormozi was saying how eventually access to this knowledge source is going to be the most valuable thing in the world. So if you can just ask it, how do I create a million-dollar business, then whoever has the access is going to have the power. So it'll be interesting to see what kind of restrictions that, uh, the government puts on it., and let me just see where— I know Isaiah's not here yet. What kind of restrictions? Oh, there he is. Nice.

Yeah, I was having some difficulty with my computer, so I'm on my phone right now.

You're good. Nice. That's solid. No, I was just going over, uh, what AI was. I tried to explain it, and then I just said some personal stuff we've been using it for, like bios, and then how we've been using it for drip campaigns. But essentially how it's just great to, um, I was saying this, like, my, uh, my grandfather thought that it would, um, kind of restrict people's abilities to think creatively and stuff like that. But I was saying how it's, it's nice to be able to not have to use that brain capacity for other things, or for that, and you can save it for other things. But, um, yeah, give your one-two on AI, like what it is, where you think it's going, just Yeah, no, I think that's good.

And analogy I heard, just kind of going off of that, is basically like with AI, with ChatGPT, people are going to say how it's like people going to be replaced, people like writing essays and being able to write. And someone told me the other day, an analogy was how like when the calculator came out, like people thought it was just going to prevent people from doing math, but people still like learn how to do like the basic functions of math, like how to add and stuff. And it's basically like a calculator for writing in that kind of analogy, if that makes sense, which is like super cool. So that's how obviously Jake and I have been leveraging it. But yeah, just in the— just the ChatGPT, like, is pretty broad when it comes to AI, but just that kind of function, uh, that's just kind of my thoughts on that.

No, that's a great analogy about how the calculator, right? So yeah, I mean, I think it could be similar for, um, for just ChatGPT in general. I just think it's a powerful tool. Like, I mean, people probably said the same thing about the computer when the computer came out, right? But I mean, we find ways to utilize it and leverage it for ourselves. But, um, so what are some of the ways that you have used AI personally? Like, personally, just kind of messing around with it, like not even real estate related, or it could be real estate related, but—

Yeah, um, personally, I've been using it kind of like a lot of stuff that you've been using it for. But I would say I'm using AI for just to write basic things. A lot of the things that we've been doing is like for emails right now, I ask, can I write the same email? And basically for a lot of the verbiage that I've been using for reaching out, using AI to see different ways that I can basically frame different ways of saying things, which has been pretty cool. Then I would add my own little twist on it. But that's been really helpful for emails, so I do a lot of email marketing. Um, what else? We also been using it for text. A lot of the stuff, I guess, just— yeah.

Do you think that AI is going to be able to— do you think you— we could create a whole host of tasks for AI that would be what essentially maybe like an admin VA could do, or like an admin something. Do you think AI could take the place of an employee in some capacity?

Uh, yeah, for sure. However, I think there's this— I don't think directly people like are scared of losing their jobs. I think there's always going to be a job to do. It's just going to be a different job. So rather than, for example, jobs that people are thinking are going to get replaced are like data entry jobs. Um, I think AI, if AI replaces that job, people's new jobs would be maybe managing the AI and checking if the data entry is right or something along those lines. I think it's just gonna be different jobs, not necessarily replacing people's jobs. I don't know if that directly answered your question, but I just thought—

I know, I agree. I agree with that. And furthermore on that, like, do you think in our business specifically that we could utilize AI for a position that we would normally have to hire someone for?

Oh yes, 1,000%. 1000%. Yeah, I think we're already kind of utilizing it right now. For example, like, I don't know, the biggest thing ever, if most relevant to us, is just writing. That's what, that's like the biggest thing we've been using for. Yeah, I think for data entry, like a lot of the stuff like code and a lot of stuff like that, I think AI would definitely replace having to pay people to do that. Yeah, I think to answer your question straight up, 100%.

Yeah. And there's this texting software actually called WooSender. It's like $1,000 a month. So we're obviously not paying for it right now, but that's insane. Like that's all AI-based texting platform. So it essentially does eliminate a position of someone who'd have to sit there and field the text messages. It literally will take a lead and based off the responses it gets, there's like, it obviously branches off into like a ton of different decisions. But if it gets to one of the top of those kind of decision trees, it books an appointment on your calendar. So that's like completely eliminated. So not only the cost of hiring someone, the time and energy spent training the person and all that just completely eliminated through AI. So I think things like that, especially for texting and then ideally for emails, it'd be the same thing. Just have it completely eliminated.

Going off of that, Jake, you should talk about how like social media, how that can absolutely leverage what you've been doing.

Yeah, so social media is a huge thing too. Isaiah sent me a bunch of those resources. I've used a couple of them, but like vidIQ, for example, on YouTube, it tells you exactly like for each video what you need to do for like SEO optimization and like different keywords you want to search for. So I'm still learning about YouTube, but essentially when you post a video, you want to rank for certain things. Like say I create a video about seller objections, I would want to rank my video against all the other ones that say seller objections. 'Cause there's certain keywords you wanna tag that may be relevant for people searching but aren't used by as many YouTubers. So you wanna get like the right keywords that aren't too used but are still at the top of people's searches. And AI can like sift through all of that and help you like optimize your videos. But even like Vidyo, I think you sent to me, it's called V-I-D-Y-O. I haven't even used it yet, but you could upload a long-form piece of content. It says it can create like 40 short-form clips. Like I actually need to do that., but that's just insane, insane leverage.

Yeah. And another thing you reminded me of is the logo. For example, we paid someone to do the logo, which is great. Came out phenomenal, as you can see. Yeah. But basically what we could have done though is we could have written out, for example, Maple Birch Properties is our company, but Maple Birch Tree logo in AI, I believe. I guess I forget the platform off the top of my head, Basically it would generate a bunch of different pictures of logos for free, which is just absolutely revolutionary. And you could just kind of create like movies, pictures and stuff by describing what the picture would be. So that's just another thing that AI, I think it's so like, it's like limitless, the possibility.

It's really just understanding what you can do with it. That's like half the battle. But anyways, that's it. 15 to 5, we keep it short, but we just want to dive into AI. And if anyone's like interested in any topics specifically and you want us to talk about them again, like let us know in the comments and we'd be happy to dive deeper into a specific point on that topic or maybe just the topic as a whole. Because the point of this is 15 to 5, it's short, right? It's right to the point. You can hop in and you can kind of get an overview of any certain topic, right? And the ones that you're really interested in, maybe you go dive deeper into it on your own or maybe you request us to go deeper into it. But the point is just to 15 minutes, get a high-level overview of different aspects of life, whether it's real estate, business, AI, health, whatever, and kind of go from there. But appreciate you. Peace.