AI for Real Estate Investors: What Smart Capital Builders Know That Others Don't - Live Q&A

Ladies and gentlemen, thank you so much for your time this afternoon for joining us. And we're fortunate here to have Scott Duffy back. He's going to continue a little bit with his, the information he gave us on Tuesday for AI and how AI it benefits investors and how investors and entrepreneurs are using AI. He's founded AI Mavericks, which is a training organization for AI. And he's also formed a company called AI Tools. What is it? AI Tool Setup, which is a managed service provider helping entrepreneurs and other companies in the enterprise space start using and creating and setting up AI tools. So I'm just going to stop you at rambling and turn it over to Scott Duffy.

Thanks, Jim. No, it's so great to be here. It was awesome to be with you guys a couple days ago. And really, I think the purpose of today, what we wanted to do was answer some questions that we've had over the past 48 hours, kind of following up on our original presentation, which was really built around kind of the future of AI and what it means to you and what it means to investors in their business. And so again, so we walked through kind of a presentation and we walk through kind of where we've been with AI, where we are today, what's coming next, and again, what that means to you, and if you're ready, how to get started. And after that, we got a whole bunch of questions that came in. What I did is I actually took those, Jim sent them over to me, I took them, I put them down in document here. And I'm just going to kind of take a look to, to refresh it with the questions were. And then, you know, I also want to give you my email address. If you have any more questions after this specifically around AI, you can shoot an email to scottimvericks, AI, Scotti, Mavericks, AI. The other thing that we're going to do today, in addition to answering these questions, is one question I got from a couple of people was, hey, would you mind hopping on a call and just teaching me how to kind of move around chatbots, kind of teach me the fundamentals of how, how, how to use it. So instead of just doing a couple of calls, I want to share this with everybody. And in a bit, Jim's going to share a screen and I'll just take you guys through a brief, you know, a five, ten minute overview of chatbots and how you can get the most, the most out of it. So. All right. The first question that I got actually was, it was actually the question I got the most was okay, cool. I, I saw the presentation and I'm ready to get started. What's the number one thing? Like what should I do first? And the answer is something that we talked about the other day and I just kind of want to go back to it. I really think there's only three things that you need to do right now in order to position yourself, to really, really transform yourself, transform your business using AI. And the first is this. Learn how to use ChatGPT. It's super simple to use. It's as simple as using Google. Learn how to use ChatGPT and why that tool? Why ChatGPT? Well, first, it's the most popular AI tool used in the world today with over 800,000 weekly users. The odds are that the people you know who use AI are using, so it's easier to pick up, it's easier to talk to others about. You're going to find more information out there about it, much easier. So again, I would learn how to use ChatGPT, most popular tool. It's going to be around for a long time. The second thing is this, to learn how to prompt. And why is that? What is prompting and why is this so important? So prompting is think of going back to kind of like Google and search. When we go to Google, what we do is we search, we ask it a question and the results that it gives us are a bunch of links. And it's our job to go in and to find the information that we're looking for. So it takes time and energy to click link after link after link. On the other hand, ChatGPT, instead of asking a question, you give it an instruction. And you give it an instruction in three ways. First, you give the role. So say, for example, you went to Google and you said, I'm looking to create a social media strategy. It would give you a bunch of links and the first links you'd see would be the people who are advertising that want you to hire them to create a social media strategy. If you went to ChatGPT, you used AI by prompting. You give the instruction. You would say, first of all, your role, number one, a role is to act as the number one social media manager in the world for, let's say, for example, real estate investors. Then what you would do is give it an instruction. You would say, I want you to create a 30 day social media plan for me. I want to run this social media plan across LinkedIn, across TikTok, across YouTube. I want you to create all of the topics that my target customer is the most interested in learning about. And I want you to create a 60 second post that I can do on video for each one of these, write the script for me, do all of that work. Then what you do is you give it context. So you give it a role, you give it an instruction, and then you give it context. And the context is to help it to understand more about who you are, who your company is, who, who your customer is, what it is they want. So the way I structure this with the context, I'll say this is my name or my company, here's what we do, here's the market that we serve, here's how they benefit, here's a couple of examples and anything else. What I also do on that first time I do a social media post is I'll say, hey, you might want to take a look at my website and I'll give it the website address and it will go, read that. And then once you hit go and enter, and it's going to give you that 30 day social media plan. Every post that you want, for every one of those social media channels that you called out, like I said it was, I think a 60 second post that we talked about, it will give you this script for each one of those, it will do all the work. So the first thing we want to do is learn how to use ChatGPT because it's the most widely used tool going to be around for a long time and it's like a Swiss army knife, it can do so many things. The second thing is we want to learn how to prompt, we want to learn how to talk to AI in a way that it's going to give us the answers that we're looking for. And the third thing we want to do is if we have a team, we want to train that team not to do things that are super fancy or not to go out and find a whole bunch of tools that we can start playing with. We want to train that team, number one, to use ChatGPT and number two to learn how to prompt. That's what we want to do. And if you can do that, you're going to be ahead of 99% of the market. One of the stats that I shared a couple days ago was this. About three weeks ago, the owner of ChatGPT, OpenAI, announced that 5 million companies around the world are paying for its service. There's 360 million companies in the world. That means just over 1% of all companies in the world are actually paying to use ChatGPT just by being in this conversation right now, you are so far ahead of the competition. We talked about the misperception that people have out there today because of what they see in the media, that everyone's using AI. And the fact is that's just not the case. So again, by participating now, you are so far ahead of the competition. Second question I got just in terms of how many times I got it was, which is better, ChatGPT or their competitors, Grok, which is Elon Musk's company, Claude Perplexity. The other large LLMs are large language models, which is better? And the answer is this. They're all great and they're all a little bit better at doing different things. I recommend ChatGPT as the place to start because most people use it and so it's going to be the fastest and the easiest to learn. But I recommend this, play around, you know, with all of them and see which one you like best. What's really cool is that they all work in the same way. Meaning? Meaning you go to their site and there's a bar that looks just like the Google search bar. And in there, that's when you're going to, where you're going to type your prompt, give it the role and the instruction in the context. That's what you do. They all work the same way. They just, they look a little bit different, you know, their, their interface, they feel a little bit different. They answer a little bit different. So, you know, go, go and play with them. What I will tell you is this. Today Chat GPT owns about 80% of the market. I believe that Grok owns 2% of the market, 2 1/2% of the market. So again, Chat GPT is the most popular. I recommend that you start there. The third question that I got from people was this. If I already have a system that works, why should I change it? And here's the thing, you really don't have to change everything. What you want to do is use AI to enhance what's already working or to solve a problem that you have in your business. So what I always recommend is just identify one problem, one company in your problem that you want to solve, and let's focus on solving that. One thing. I, I use this metaphor, hammers and nails. What I say is this, if I were to give you one hammer and one nail and your job, so all you need to do is take that hammer and bring it back and just like strike that nail, drive it into a piece of wood. Now let's say I do that and you miss the first time, the second time, the third time I'm going to bet on you, I'm going to bet that you're going to nail it. So let's say give you two hammers and two nails, you've got a problem. Who's going to hold the nails? Now let's say you find somebody crazy enough to do it. Think about this. You have to hold a hammer in each hand and at the same time you got to bring them back and you got to strike and think about how clumsy that is. And you may miss the first, the second, third time, you may never get it right. So let's say I give you 10 hammers and 10 nails. You get the point. The biggest issue I see with companies that are trying to implement with AI is this, they're focused on doing everything at once. So what I say is this, focus on one thing, this simplest thing, let's really nail it and then let's move on to the next. The next question I got was real estate specific and in the question was can AI really help me as a veteran real estate professional, can it really help me in a deal? And the answer is absolutely, yes, Absolutely. From running comps to analyzing financials to doing red flag analysis, you're able to get faster and cleaner insights by using AI. And let me just give you an example. AI isn't a lawyer yet, but every time I get a contract around a deal, let's say it's a real estate deal that I'm working on, every time I get a contract, what I do is I put that into AI. So I'll show you how in just a minute. But like I'll go to chat GPT and I'll give it a roll and I'll say act as, you know, the number one evaluator of, of self storage deals in the United States. And the instruction is to take a look at the documents I'm about to upload. And what I want you to tell me is everything that I need to know. What are the things that you like? What are the red flags? What are the things about this deal that maybe don't make sense for me, that I want to get out of the deal? What are the things that I want to negotiate for it to be better? And what I do is I throw that in and I give it some context. In the context is all of the documents that I upload and then I hit go. And within just a few seconds, instead of spending hours reading all of this or spending thousands of dollars sending it out to someone else to analyze. I get all those results back. And so even though it might not be the place I end, it's the place that I start when I'm taking a look at something. The next question I got was, how secure is ChatGPT? And that's a question that comes up all the time. Whether I'm in ChatGPT or any of its competitors, how secure is my data in any one of these tools? So the answer is that all of these tools promise that your data is secure. But is it really? And is there ever what they call leakage around AI data? And the answer is yes. So every one of these platforms, and we'll use ChatGPT as the example, has different levels of subscription and the more money that you pay. So for example, when you go from an individual plan to a business plan, that's going to promise more security, a business plan to an enterprise plan will have the highest level of security. There are also different tools within ChatGPT that we're told offer different levels of security. So for example, if you just go to the main page and use the main chat bot, that data is going to be used to train ChatGPT's model. If you click the share button, you want to share the results. As soon as you click that share button, you don't even have to share it. But as soon as you click that share button, that data is shared and that link can be found, whether it is through somebody on your team, whether it is through somebody that you send it to. And so once there's a link out there, I just want you to know, you kind of lose control of the data that was inside of that chat. And then finally there's what are called custom GPTs. And custom GPTs in terms of kind of level of security, are considered the most secure tool on chat GPT. And in a custom GPT, we're told that we can upload all of our data, including our most sensitive data, and the model isn't going to train on it and we're safe and secure. But, but the truth is it was reported this summer that there was leakage, data leakage found inside of these, of chat, these, these custom GPT. Now why is that important? The reason that's important is I would, I would say, I would say that most, most, most of the time does, you're fine. But in the event you have really sensitive data and you want to make sure it is absolutely, totally secure, what I recommend is putting non identifying information on the documents or the data that you put in there. So instead of, for example, a real investment name, you may want to put a fake name or you want to put, if it's, if it's a bank account, you want to maybe take the name off of it and put a different like name on it or something like that so it's non identifiable. That's, that's what I would recommend. And then finally I got, like I said, three or four guys called me and reached out to me through Jim and they wanted some training on how to use Chat GPT. They said, could you just spend a few minutes with me? So if Jim is cool with it, what I like to do is just open up my Chat GPT and show you around because it's one thing, it's one thing to just go to the page@chatgpt.com and start to type. But if you understand some really basic things about how you can use it, it can be absolutely transformational. So Jim, are you okay if I share my screen?

Absolutely, go ahead.

Okay, so here we go.

I think you're ready to do that. I think you've got permission.

Okay, what I'm going to do is I'm also going to pull in just a little bit with a white background and thin black type is a little bit difficult to see sometimes. All right, can you see that, Jim?

No, we're still looking. Maybe I have to stop sharing.

It says I'm sharing my screen. You're, you probably just need to hit a different tab in zoom.

Let's see what.

Okay, up there at the top.

I'm looking.

Okay, I think we're good to go. So I'm going to keep going. So when you go to Chat GPT, this is what you're going to see. You're going to screen, see a screen that looks just like this. Now some of you, when you get to Chat GPT, if you're a regular user, you're going to see something like this, a sidebar here on the left. We're going to talk about that in just a minute. When you get here, you're going to, you're going to see this, this bar right here on Google, this bar is called the search bar. In AI, this is called the chat bar or the chat box. And this is where you would ask AI anything. Now before I actually type, type anything in here, what I want to show you is I can type, I can type a question. What are the three keys to being an exceptional real estate investor? I can do that, right? And if I click enter, what's going to happen is ChatGPT is going to look over all the data it's trained on and it's going to give you an answer. Now here's what's cool. Let's say so again, it's answer. Master the math. Know the numbers like a pilot knows their instruments. Build your network. Relationships are greater than real estate. And stay market wise. Adapt faster than the crowd. Those are the three steps. So let's say go back to creating a new chat. By the way, the way to create a new chat is over here on the left, this little box right here. And let's say I don't like to type or I'm just sitting at my desk, or I'm on my phone. I can hit this dictate button right here, this microphone, and when I click on that, I can ask ChatGPT, hey, can you give me three examples of what I need to do to be a great investor? And then when I'm done, I just click this check, this check mark. And what it's going to do is it's going to transcribe that, which is what it's doing right now. Boom, I hit enter and here you go. It's going to do the same thing for me. Now I'm going to stop that just because we don't have a lot of time. I'm going to do a new chat again, all in the same chat box. And let's say I like to talk to. Yeah, I have a conversation. Hey, Marble, how are you doing? Hey there. I'm doing great and ready to chat. So feel free to dive in with whatever you've got on your mind. I have a question. What are three things that anyone that wants to be like an exceptional real estate investor needs to know? Absolutely. Let's break it down in a simple and relatable way. Think of real estate investing like building a really cool tree house. First, you need a solid blueprint that's understanding the market, knowing where to invest and what kind of property match your. So again, I'm just gonna get get out of that because we don't have a lot of time. But what I wanted to show you is most people don't realize that in this box you can type, you can dictate, or you can actually have a conversation with the AI. Also, there's this plus button. If I click on this plus button, there's some really cool things I could do. First, to any chat that I'm having, I can just upload photos and files right here. I can connect ChatGPT to lots of different Tools to my email, to my drive, to my canva, to whatever it is. I can ask ChatGPT to conduct really deep market research. So if I really want to understand a market, I'm going to click Deep research and I'm going to type something in. For example, I'm going to say, can I please, Can I? Or create a market analysis of the Austin, Texas area for self storage. And I'll hit enter now, because this is deep research. This answer could take up to an hour, two hours. It is going to look through everything it can find all across the Internet, all across its training data. It's, it's really, it's really super cool. So that is, that is deep research. I find that a lot of investors really lean on this deep research mode. You can create an image, you can give it tasks using agent mode. You can also study and learn. So as an investor, you may want to learn about a new property type. You may want to learn about how to do a different type of investment. You may want to learn how to open a fund. If you click Study and learn, you tell ChatGPT exactly what it is that you want to learn and it will create a course for you in real time in that particular topic. I actually use this to tutor my kids. I don't pay for tutors anymore. Instead we click Study and learn. We teach ChatGPT what it is that they need help with, what textbooks they're using, they upload their homework or their study notes. Study and Learn helps them out. What's really cool is it learns as it learns with you and it learns how you learn. So it can adjust how it's doing things. You can do basic web search or canvas. And this is the last thing I'll show you here. What's really cool is let's say I want to, I want to write an article on, on investing in self storage. I don't know where to start. Can you help? I'm going to hit go. And what's going to happen is ChatGPT is going to start writing an article for me. I've given it almost no data, like no information, no background. What's really cool is that when we're in Canvas mode, what you can do is you'll have your whole article. It's still being written down here. I can go to this top right corner. I can hit copy and then paste it into my Microsoft document or as a Google Document or whatever. I can download it as a PDF or I can hit edit and I can literally go right in here and I can start editing right in this document. Super cool, super easy way to use the tool. Most people don't know any of this exists, so we've. I've showed you how to use this chat bar real quick. If you take a look at the top right up here, there is a. It looks like a cartoon, kind of like where I think it's a circle with dashes. What that is is temporary chat. And so sometimes people don't want a browser like Google or Safari to remember any of the information. It wants to be anonymous when they're doing searches or they're browsing the Internet. You can do that on Chat GPT too. So if I click this, everything's going to turn black. I can have a conversation and then as soon as I'm done with the conversation, it's going to delete. It's not going to remember it, it's going to hide it so that it will. It can't be found. Last, I'm going to go over here to the left. I'm going to open this bar. So this is your sidebar. I'm just going to show you really quickly on your sidebar. And again, the way I did that, you can see this thing right here, this thingamajigger. I'm going to close it. Go to the left. I can open it. Click here. I click to do a new chat here. I can search all of my chat history. Super cool. Here is a library. And what that means is if I'm creating videos or I'm creating, I'm creating images, all of that will be kept in my library. If I want to write code, I hit Codex. If I want to find custom ways people are using Chat GPT, I go here to explore. And people have basically built apps that are free that you can just click on and sign up for. And now there's all kinds of stuff, in fact, real estate deal. And now and a. Oh, let's see if somebody has created a custom program around this. And it looks like not yet. There's an opportunity. So we're going to go back here, I'm going to show you projects. Basically think of projects over here like a file cabinet. So what I can do is I can start a new project by just clicking there. I name it, and I'm going to name it James Blakemore. I'm going to hit create the project. It's going to do that. It's going to list it over here in my file cabinet. There it is. And now any new chats I do in here will be Saved in here related to gym. So if I'm looking at a specific deal, or if I'm looking at a specific asset class, or if I'm raising capital for a fund, I would create separate projects for all those things and keep everything together. Almost done here under Chats. Here's what's really cool. Every time you do a chat in Chat GPT, every time you ask it to do something for you, and you look here on the left, it's going to keep those chats here for you. So you can go back and you can reference everything or you can search for it up top or say, I want to file it in the Jake Jim Blakemore file folder. I click these three bottom dots, hit add to Project James Blakemore. Boom, and it's moved. And then the last thing I want to show you is this. If you go to the bottom left hand corner of your your Chat GPT, you're going to see personalization and settings. I recommend if there's nothing else that you do after watching this, you start by going here, go into personalization and it is going to ask you how you want Chat GPT to behave with you. You're going to enable it to yourself, to customize it, turn it on. You're going to pick a personality. Do you want it to be cheerful? Do you want it to be a cynic? Robotic? A listener, A nerd? You choose and all the answers will show up that way. Then you can give it custom instructions. I want it to be a straight shooter. Then you tell it what your name is, your occupation, tell as much as you can things that you want it to remember about you. And it will do all those things. And then the last thing I want you to do is go into the settings same area over here. And when you go into settings, you're going to go to personalization. And again, another way that you this is another way that you can personalize. I want you to hit apps and connectors and this is a way to connect things that you work in every single day. And there's a bunch of these directly to Chat GPT. So you can do the actual work in Chat GPT. Or for example, it needs to get a file because you want to pull that over to help with a prompt. It can go and do it because it's automatically connected to where that file is. So I would recommend you do those things. So anyway, that is a really quick look at how to use Chat GPT. And if you want to take it one final step further, I've given to Jim, this URL for you guys, he's going to send it out. This is my company, aimvericks AI forward slash, AI slash Workshop. And if you go to this page I've given to Jim, what we've done is we have helped you. When you go into that customization area of ChatGPT, and you're going to click on this tab, and this is going to be a guide for you to answer the questions in Chat GPT, you literally just copy it and paste it in chat GPT and then you, you'll see areas with brackets, and you just make those personal to you. But if you really want this to perform in an optimal way for you, that's where you start. If you want to learn how to prompt, click on fun prompts. Copy and paste these, and you'll learn how to do it. If you want to learn how to do image and video prompts, you click here. If you want to create prompts for your business or your businesses, you click on this. And what I've done is I've created the ultimate head of every major department in your company. So you can have an AI assistant in each area. So you can copy and paste an ultimate sales department prompt. One for marketing, one for customer service, one for product development, one for operations, one for finance, one for legal, and one for social media. And the only thing that you need to do is copy these, put them in chatgpt in that chat box. I've already given it a role. I've given it an instruction. The only thing you need to do is go to where it says contacts, my business details are, and you're going to insert things like who you sell to, biggest challenges you're having right now, I told you exactly what to fill in. That's all that you have to do. And you've learned how to prompt. Finally, one of the things that I've done that's been the most helpful for me is I've created in ChatGPT a personal board of directors. And if you copy and paste this prompt right here, you give ChatGPT a role. And the role is I want you to act as my personal board of directors. I want you to help me assemble a group of extraordinary advisors that guide me through bold decisions, massive growth, and big challenges. Here are the instructions. Here are examples of people that I want to be on my board. And here's the context. If you do that and create a board of people, they're the people that you would like to be involved in your most important decisions. For me, from Elon Musk to Ray Dalio to Steve Jobs. Every time you put this in and you give it the problem you're trying to solve, it will give you each person's perspective on what they think you should do. And then they will act as a collective board and they will say, here's what we think. So again, this has been just a game changer for me. So that is all I have got. So we've answered questions, we have shown people at a really high level how to move around ChatGPT, and we've given you a tool to start that will help you to customize ChatGPT, creates exceptional prompts for you and enables you to create your own personal board of advisors.

Thank you, Scott. That was just an amazing presentation. Again, your email address is Scott Duffy.

At AI Scott S C O T.

T at AIMavrics AI Scott@AIMvericks AI. Yes, my email address is jamesblakemore.com we will put the link to Scott's document, to the instructions in the show notes. So look in the notes below this video and we you will have access to all the information that Scott has provided you. And one la one last thing, I'd like to promote Scott's Mastermind or AI Mavericks. That is an absolutely incredible event that will put you on the cutting edge of AI as it's being as. As it is whenever the the next one is. When is the next AI Mavericks?

Well, Jim, what I would say is this is the most popular thing that we do right now is we come into companies and do workforce training and we either come to you or we do it virtually. And so what we do is we teach your teams, as a group or department by department, the fundamentals of how to use tools like ChatGPT. We teach them how to prompt and then we create custom ways and custom prompts for their job, their role for their department and we teach a culture of how to use AI. And so what I would recommend is go to aimvericks AI and you can learn more. But these courses are truly, truly hands on and transformational.

They are every bit of that. I have seen Scott work and it's amazing. So thank you, Scott. You are an amazing friend and an amazing advisor for me. I thank everybody. Thank, ladies and gentlemen, thank you for spending a little bit of time with us. I hope Scott has been beneficial to you and if you have any questions, email me or email Scott. Thank you very much and everybody have a great day. Bye bye for now.