How To Successfully Fund Your Deals Using AI

Hello everyone and welcome to the Raise Capital Legally podcast and YouTube channel where we talk about topics of interest to real estate syndicators and fund managers with an opportunity for live questions and answers before we sign off. I'm Krisha Young. I'm the co-host and business development director for the firm, and this is attorney Kim Lisa Taylor, founder of syndicationattorneys.com. Now, before we get started, please note that audio and video from this event will be posted on our podcast platform, YouTube channel, website, and social media, and will be made available to the public. You can go ahead and ask questions at the end of the broadcast by raising your hand or typing it in the Q&A. Information discussed during this event is of a general educational nature and should not be construed as legal advice. Now, today's topic is how to successfully fund your deals using AI. with Blake Janover of janover.co. In this episode, we sit down with Blake, founder of janover.co, to explore how artificial intelligence is transforming the world of deal funding. Blake walks us through the suite of services his company offers, from streamlining financial options including loan sourcing, crowdfunding, and investment, investment management tools while leveraging AI for faster, smarter decisions. If you're looking to fund your next deal more efficiently, this conversation will provide actionable insights and cutting-edge tools to help you succeed. Tune in to discover the future of financing in the AI-driven world. Hello, Blake. Hello, Kim.

Hey there. Thank you for having me.

Hello.

You're coming. Hey, thank you everybody for being on the call today. You know, we're in the cutting edge of AI. In fact, I've been just going through a little course on AI myself and starting to use it in a lot of different ways for our firm. And it's just, it's, it's both, I find it fascinating and terrifying.

Yeah.

Yes. Chris says it's, you know, her boyfriend. Yeah.

ChatGPT.

I don't know what that means for the future of humanity, but, you know, there could be some issues. Anyway, thanks for coming. We deviate, as I said.

I'm all for it. I feel outclassed here. 2 very pretty ladies and very average me. Well, you described AI really well. I think it's like, you know, exciting and terrifying. So agreed.

Yeah.

Well, tell us about Janover and, you know, how— what you formed it for, what, you know, how— what's your overall vision for your company? I know you offer A suite of services. We'd love to hear what those are. You know, just tell us how you got here and what it's about.

Just talk about myself? Yeah, it's my pleasure. That's my superpower. So vision, what we do. So the grand vision is connecting the commercial real estate industry. So multifamily, office, industrial, retail storage. When I say connecting the industry, I think about all the disparate parts. So there's, in equity, there's GPs and LPs, and among those LPs are family offices, individual credit investors, institutional investors, and what have you. There's startup syndicators and big middle market shops. On debt, I think about all the banks, credit unions, debt funds, REITs, life cos, private lenders that, that make senior loans, and there are hundreds of thousands of employees through the country. And in insurance, we, you know, we kind of think of markets. So, so it's how do we connect this super complex web? And to answer the second part of your question, the way we do it is we kind of have these, these verticals. So for the debt vertical, we have, which I think we'll talk a little bit about today, Janover Pro, which is 10% of the banks in America, 35% of the top 100 credit unions, 2,000 other commercial real estate lenders give us their data, and we use that, and we license out that platform. So if you, if you own property, you're buying property, if you want to fire your debt broker, or if you're a debt broker and you want to do your job better than those big incumbents, that you can use this software to take your deal to market. On the equity side, we have Connect, which is an investor portal and investor management tool that GPs use for their investors to log in, review deals, sign docs, send investments, get distributions, get K-1s, et cetera, et cetera. We have a GPLP marketplace where GPs raising with 506, only select GPs, we've been really choosy about who gets on the platform for now, Because we have 40,000 LPs in our database, 20,000 of whom at a minimum are self-accredited. And we're— we've just recently entered into the insurance space as well, where we're doing kind of larger policies right now. So large construction, excess and surplus, stuff like that. So that's all of it. And like underneath it all, because this is kind of what we're talking about today, Is AI has been like the biggest contributor to our growth over the last year. So it was very long-winded. I apologize.

No, that's okay. I want to explore some of these products a little bit more, just kind of put it in the plain English that our audience is used to hearing from us.

So yeah, sorry for making things complicated that ought to be simple.

That's okay. We're the translators. That's our job. You know, I translate it and then Christian translates it even more. So everybody—

Maybe you two can follow me around during the week. I could use some of this.

Happy to.

All right. So the debt, the Janover Pro is— so this is really kind of— you created this suite of services. It looks like you have 5 different products that you're offering right now. One of them is this, your access to the commercial lenders through your AI. Is this replacing somebody's mortgage broker?

Yeah. So it's interesting. Think of it totally a much smarter way to describe it. Our start was as a, was as like a technology-enabled commercial mortgage brokerage. And essentially, and we still provide that service. So if you, so if somebody's building a $20 million property and they want to get their debt, they can still come to us and we'll do it. But we just took all the software that we built for ourselves and packaged it up and are now licensing it out. And I think we've only been doing it for a few months, offering it to the universe, and it's been very well received.

So what do you mean by licensing it out? Like, if I'm a commercial mortgage broker, can I, you know, white label your platform and start using it to find mortgages for my clients?

Totally. It's not even a white label because your clients don't see it. All they see is your pretty face, assuming you're the commercial mortgage broker. So, yes. So we have big companies with their capital markets advisors using it. We have independent shops, we have residential shops that are getting into commercial, and then we have owner-operator developers that source their own deals. And now they can just— now it's on steroids.

So if somebody wants to access that platform, let's say they want to, and it's mostly funding multifamily, is that correct?

No, we, there, we have, there happens to be a lot of multifamily, but office, industrial, storage, self-storage, retail, hospitality, SBA 7, SBA 504, single-family portfolios, pretty much anything that's not the house that you live in.

So, so all in the commercial realm. And so let's say if I have a project and I need a loan, then how would I access your platform and get to all those brokers, all those lenders? So you could—

the easy way is you could send me an email. And this is probably for the end of the conversation, but the easy way is you could send me an email, blake@janover.co, and you say, Hey, I'm friends with Kim, and we'll put you to the front of the line. We'll give you a demo. The subscription's super affordable, and, and, you know, you could, you could try it out. Essentially, where a debt broker was making a $20,000, $50,000, $100,000 fee, if you want to in-house that, you could do it yourself and save 90% of the costs. So.

Yeah.

So do you guys act as the mortgage broker if somebody feels like they need one to help them, you know, negotiate with these? And so I think, I think at one point you told me if I were to, you know, put in an application for a loan that I might get back hundreds of offers. How in the world am I going to sort through hundreds of offers? Is that something you can help me with?

Yeah. So we'll, so we'll either— so we don't have a hybrid right now. We'll either run the whole process for you or you can run the process by yourself. I actually had the conversation conversation today with somebody about what a hybrid might look like. Also, you don't have to have hundreds of offers. So if you have a niche deal, for example, you can go through our platform and say, I'm going to send it to these 10 or 20 select lenders and get their feedback. And then there's— I don't know if we've launched this yet, but coming soon, or it might already— it might have just gotten live, but there's a tool where lenders can submit all their quotes and it builds into a matrix. So where you can kind of analyze the opportunities. So lots of cool functionality around that. But if you want to do it the old school way, we still do that debt placement business, but we use the backend. We use the same exact software that we're giving you. So it's a function of like, what's your bandwidth and appetite for doing the hard work?

Okay, so we can hire you to kind of screen those offers and help you know, negotiate those terms and get this deal finalized. Okay, that's good to know. All right, now let's talk about your Connect. So that's your investor management platform is what we call those, or the investor portal where the investors get to log in, see their deals. Tell us about your portal and, you know, how it works.

Yes, ma'am. I like this game. So The way we thought about the investor portal, so it was, we actually bought a company called Groundbreaker last year. And we really liked that. We really liked the software. What we really liked about it was that it was slick, simple, not drowning in bells and whistles. It could be delivered affordably and it was really, really easy for LPs to use. Because a lot of the GPs or syndicators I talked to are like, listen, I've got, you know, you know, this guy, my friend's grandma, and this older gentleman, and this guy that's been in these deals with me forever, and I just need it to be easy. So we optimized for easy. So think of like, there's kind of like Juniper Square, which is, you know, super fancy and expensive. It's like, you know, a Bugatti or something like that. And, you know, I would think about us as like a fast motorcycle. I wish I knew motorcycles, like a Ducati. So goes just as fast or faster, but simple and more affordable.

Okay.

And easy to set up for the GPs?

Oh yeah. So I would say even better than software is our customer experience team. So you get a dedicated person who's going to do all of the work to set it up for you, handhold through the whole process. If you want to transition from another company, we'll roll out the red carpet, do the exports. We'll, you know, we'll get our hands dirty. When K-1 season comes, we're figuring out how do we make that as easy on you as possible. So all the technology in the world, Can't replace high-touch, great service. So that's kind of like a cornerstone of everything that we offer.

Yeah, that's huge that you get that dedicated person because I know a lot of the platforms is kind of like, okay, here's the platform, here's your demo, here you go, you know. Yeah, right.

Yeah, you got these, you got these 2 things. It's like $99 a month, it's got all these features, good luck figuring it out, or it's $30,000 to $100,000 a year and you've got like 7 people that, that, that are account managers. You're like, who do I talk to? So we tried to solve for both of those things without overcomplicating anything.

I like that a lot. And then is that one also— so you mentioned that the debt service, is that a subscription to use that or can you pay like one time as you use it or? How's that work?

Both subscriptions, you could pay one time, but one time is going to give you access for the year. So there, and then if you're, if you like on the debt side for Janover Pro, if you're planning on doing deals, you know, for the rest of your life, which I think a lot of people are, then we offer discounts if you subscribe for 2 years or 3 years or what have you.

Okay, excellent. And then same then with the Connect with your investor portal. Okay. And then now you guys are launching this GPLP Marketplace, which is really just a crowdfunding platform where you can— somebody can post their 506 deal and you guys will push it out to your group of accredited investors. Is that correct?

Yes.

That's amazing.

Okay. Thanks. And, you know, we have some clients that have worked with other crowdfunding platforms before with a lot of success and some mixed success. success, and then some just, you know, kind of got weird and they stopped using them. But my experience with the crowdfunding platform— so if you're a listener to this podcast, you— the podcast or the platforms have to be picky about who they allow on their, you know, to be marketed to their group. Is that right, Blake? You guys are— Kind of picking and choosing who you're gonna allow to use your services.

Yeah. So, you know, I don't know one that's similar to ours. There's like interesting competitors out there where they take the deal, they charge a fee, a percentage of all the capital raised and like a platform fee and all this stuff. And then they guarantee to raise all the capital or maybe they try to raise all the capital. The way we've thought about it, so, so like the 2 examples I like to use, and you'll, you'll make it easier, is so we treat it like a listing. So like a CREXi or a CoStar where you're putting your listing up. And we do market it to our crazy database of LPs. And we do get like a million visitors a year across all of our websites and everything else. We kind of expose it. to all of that. But then it's very much on the GP to, or the syndicator or the person to kind of do the work that a broker would do if you were listing a property for sale. Like, Zillow doesn't guarantee that your property is going to sell, but you know that you have to get it on Zillow to get the exposure. So, it's a great pipeline-building exercise. We don't take success fees. We just take a subscription to list on the platform. We're incredibly choosy. So far, it's been like the highest caliber syndicators with deals that pencil and look great. We've turned down way more than we've accepted. Maybe we'll figure out how to change that or loosen it up in the future. But we think about it like we're Sotheby's or Christie's, in that we don't take a success fee, but It's like, it's the premium content and it's not a crowdfunding platform like some of these wonderful services like WeFunder or Republic or StartEngine or what have you, where they're kind of like agnostic as to the product. We are, you know, real estate, 506. It looks like most of the checks on the platform, like the average deal size is kind of like that they're raising is Kind of like $2 to $50 million. And yeah, so to answer your question, yeah, I think you have to be choosy. And I think our LPs respect that. And I think our GPs do too.

Yeah. So we've had some clients that have had experience with RealCrowd, which I think are similar, or at least were initially set up to be similar than what you guys are offering. And, you know, they've— their experiences. So I'm just kind of bringing it back to reality for the audience here is that don't expect you're going to put your 506 deal on Blake's platform and you're going to raise $50 million. Okay? Because that's probably not going to happen.

All right?

You might be really lucky and raise like $1.5 million. So you still need to be out there raising money on your own. This isn't, hey, just stick it here and, you know, forget about it. It's not going to work that way. And then I think I heard you say, Blake, is that if you advertise somebody's deal, they don't come back to you guys. They go back directly to the issuer of those securities. And you have to have the team and the, you know, people answering the phones who are able to answer all the questions that those investors might have. I would caution every single person who's listening to this that if you don't take the time to establish a relationship with those investors that come through this third-party platform, you will regret it later. That's been the experience of our clients, is that when they didn't have the relationship with those investors, the investors felt like they had the relationship with the platform. They were quick to complain, quick to criticize, and quick to, you know, try to malign the issuer because they just didn't have that interpersonal relationship where they understood what was happening or they, you know, felt like they were being taken care of. So We always, always suggest get to know your investors before you let them into your world. You know, don't go to a bar, get married to the first girl you see. Probably not going to end up well. Right. So, or a guy, or a guy. Yeah.

So, right.

Yeah.

So I totally agree that I— the way I like to think about it is that it's like, again, hopefully everybody in here is kind of doing this for the long term. So it's a pipeline builder and it's your investors. So we try to do things like set up calendar links, you know, help get some automation set up. And we're very encouraging for chasing and following up with these customers because with these potential investors, because at the end of the day, you could get somebody that's got a huge net worth and maybe they want to cut their first check for $10,000, but maybe their next check is $100,000 or $1 million. We've seen interesting stuff. And by the way, Janover doesn't want to own that LP. We don't want a piece of anything. We want the relationship with the LP, the relationship with the GP, and to kind of be there as a connector for a long time. And everything we do is kind of subscription-based. So I think your points are really valid. It's not a magic bullet by any means. It takes work. And some people are going to raise $50,000. Some people might raise a few million. It's going to be up to the person. It's going to be based on the deals. It's going to be market dynamics. But all of the, however many LPs you meet over this few-month period, whether it's 1 or 50 or 100, like we've had people get like 150 or 200 introductions, they might not even invest in this deal. They might invest in your next deal. So yeah, just food for thought.

Have those conversations pre-vet with investors. Talk to them about things they've invested in before. any, you know, good or bad experiences they've had in other deals, you know, the same as you would if you were pre-vetting them for a 506 offering. It's really important that you establish those procedures and just get to know all your investors before you let them in, you know, because letting in the wrong investors can really create havoc in your world.

Well, they also have to, like, I don't know if it has to be independent, you know, the rules because you're an attorney, but they have to verify the accreditation. Like, we don't, you know, We haven't done a third-party accreditation service yet, so still on the GP to make sure that those LPs are accredited before they let them invest.

Yeah, and they can do that in a variety of ways. We actually have— there's multiple services out there that will do it, but when we do a 506 offering, we'll provide with the subscription agreement a form letter that the investor can take to their own CPA, attorney, or investment advisor, preferably someone with a license that can vouch for them. So that's one way you can get it done, or they can go to one of these third-party services. We actually even have a page at our website that's called Get Verified, where we've developed a relationship with one of these crowdfunding verification services, and they will do that for them. We don't keep that information either. It just goes directly to them, and then they provide the letter. And so the, the rule is for 506, if you're the issuer, you have to have a reasonable assurance that the person is accredited at the time they make the investment, and that, that initial verification has to have been done within 90 days before they make the investment. So they can't really provide you with a letter from last year from another deal that they did. They need to get a current letter and, and provide it to you. But once they do invest with you, their verification is good for 5 years. So if you do subsequent offering, you can just go back to them, and instead of them having to go out and get that letter all over again, you can just ask them to reaffirm that everything they told you before is still correct. And as long as they do that, they're good for 5 years. So, so that's, you know, one of the nuances there.

Okay.

Thank you.

I'm always saying to people, like, you know, even if you're doing a 506 offering, you want to treat it— treat your investors as if it's a 506 offering because it's such great practice, you know, to have that relationship and to have those conversations and to really get to know the people that are coming into your deal. You know, it's not like this panacea of just like random people just showing up and giving you money. It's like people are coming into your precious deal here. And, you know, like, they are going to be with you for a period of time, and you want to vet them. You really do. You know, you're going to be in a relationship with them for a period of time. And so I think this is really good practice.

Well, one of our—

I also— go ahead, Kim.

Yeah, one of our top clients has used crowdfunding platforms before. They actually have a pre-vetted list of 300 accredited investors, and I've seen these guys raise like $10 million in a week. It's the same investors that invest with them over and over and over again. So, you know, if you want to hear more about that, we have a podcast that we did with Bill Brancucci. We've done it, we've interviewed him twice. So it was the later one that we did with him where we talked about how they raise capital and how many investors are in their database. And it only took them 6 years to build that list. But, you know, and 300's a good start, but, you know, 3,000 would be even better, right? So, and 40,000 may be better, but again, you really need to vet the people. You want to make sure that you really want them in your deal, that they're not predatory or nervous or, you know, that they're just going to, you know, maybe, you know, call you every day and wonder what's going on or that they're going to be unreasonable if there's a— Yeah. You know, deals, there's a lot of deals out there right now that are, in need of extra cash. You know, they've been in progress for several years. Things got delayed, things cost more, and, you know, they need infusions of capital right now. So if something like that happens on one of your deals, you want to know that your investors aren't going to become unreasonable and make demands that you can't comply with. So you want to know they're reasonable business people. So can't stress that enough. We talk about that every week on our masterminds with our clients. about developing those investor relationships and making sure you know who your investors are. All right, so—

The other— wait, one thing. Yeah, just the other side of— I agree with all of that because it's all correct. And then the other side of that coin is if somebody you don't know is investing $10,000 or $25,000 in your deal, chances are they have— chances are they have a lot more behind that, that they're not putting 10% or 5% of their net worth into your deal. And the way to kind of extract the future value or the total willingness to invest is through developing trust in the relationship. So it does cut both ways. There's a lot of— there's downside protection and upside creation.

Well, and that brings us back to your, uh, Janover Connect, your investor portal, right? Because—

It does.

You're gonna use that, you know, you're gonna vet the investors before you let them invest with you. And, you know, and think about that. It's not— you're gonna let everybody that has money, you know, throw it at you. You're gonna let people invest with you that you think are worthy. And then once you get them into your fold, then the way that you're gonna build that trust is through, uh, regular communication. And you do through your investor portal. It gives you that credibility. You're a professional. This isn't something you're, you know, doing with a, you know, a PC and an Excel spreadsheet in your back office. You know, you're out there actually, actually, you know, being transparent. You're posting information. You're regularly communicating with your investors. And if there's problems at your site, one of my recommendations, a little deviation here, but is is step up your communications. You know, you don't do it quarterly. If you're having problems at the site, start talking to people monthly or even maybe, you know, every other week and letting them know what's going on and how you're handling it. And, and, you know, a lot of these people are great business people, could be great business advisors. They may have some excellent solutions for you that you hadn't thought of.

Yeah. And, and like, it's actually, it's okay if you're a dude with a spreadsheet. And for, like, not that much money, you could look like much more than that while you develop your business. So that's like one of the nice benefits of an investor portal, whether it's Connect or some other one. It instantly gives a serious kind of institutional vibe to what you're doing, regardless of if you've got $300 million under management or $3 million under management. Like, like a portal is kind of an equalizer in the eyes of LPs.

Absolutely.

Yeah.

Okay. So tell us about your last product. That's the insurance. So you said you do primarily large commercial policies. So large being, you know, $2 million projects or $10 million projects. What is it?

Right now it's $10 million plus. So we've been focused on premiums over $300,000 where there's construction or excess and surplus. So, you know, your office building or apartment building on the coast of Tampa, Houston, somewhere in Louisiana, anywhere in South Florida. So these are super complex, and it's where we've so far found that we're able to add the most value. I'm not a licensed insurance agent. I just own, or Janover owns the insurance, the insurance business. But that's where we've kind of put our toe in the water. We've said, look, we've developed all these expertise, all this expertise in marketplaces and connectivity and kind of like disaggregating and organizing like complex markets. Let's try it for insurance. So far, we've had a very, very high success rate. So we're— what we want to do is we want to improve coverage and save money. And so far, so good. Once we get a good cadence with it on the larger, more complex policies, then we'll start moving downmarket to kind of offer it to everybody.

So are you using your AI In the insurance industry also?

So we've been using our AI everywhere inside the organization, from general administrative through engineering, sales, marketing, vetting, connecting. So I think like it's everything that's in the company right now is a byproduct of kind of how we've been using AI. There's a lot more we could do. You know, the future is, you know, you said it in the beginning of the conversation. So, you know, coming full circle, it's like somewhat frightening, very exciting. So, so the, the, there's a lot of white space ahead.

Well, and what I've heard, and I believe this to be true, is that, you know, AI won't replace people, but people that use AI will replace people who Yeah, we've—

I see that. I see that.

We've seen it supercharge our employees. We, you know, we like very sadly let, you know, let some people go earlier this year. And I could tell you that, but the company has improved sales productivity and everything in between with less humans. Just, just with, you know, our best people being augmented in some capacity by artificial intelligence, that the results are very tangible.

Yeah. So at some point we won't need our computer and our keyboard. We'll just have the chip, right?

We'll just think.

Elon Musk is on it. He literally built it because he's got free time, apparently.

He's going to be busy for a while, I've heard. Alright. So let's think about— we've kind of covered a lot of our questions that we already had, and we want to let the audience know we've got quite a few people listening. We'd love to have you guys ask questions of Blake. Certainly, he's— like he said, he's integrated the AI into all aspects of his business, which is something that you all should be thinking about doing too. It's something we're definitely doing. So, you know, if you have any questions for how he uses it in any aspect of his business, I'm sure he's happy to, you know, help answer those questions.

We do have one question here. I'm happy to ask if we're ready for that, Kim. Yeah. Okay. This is from 19044, maybe an AI robot. I don't know. How many— how often may a qualified GP present deals? Will Janover and its LPs consider new construction from simple-to-build To suit deals to more complex proposed lodging or residential horizontal development with takeout agreements in place to deliver lots to builders. You get all that? Sure.

Yeah.

Okay.

So, so, dude, about— do you— can you fund development deals? That's what I got.

I, I've got it. I'm also, I'm also cheating because I see some of it on the side of my screen. So first, I almost named my daughter 19044. So I think, you know, great name.

Great name.

Yeah. How often could a qualified GP present deals? If you mean presented to our team to see if it's eligible for a list, as often as you'd like, unless, you know, all the deals are bad, then please stop. But if you're a good GP with good deals, like, show us everything. And, you know, we're We're anxious to put as many good deals on the platform as possible. You mentioned simple construction, complex deals, lots with contracts, all of that, hospitality, all that theoretically works fine. I generally prefer simplicity. I think most LPs do. So no matter how complex the deal, the more simply you could tell the story, the better. And kind of at the end of the day, an LP IRR is an LP IRR and everything else is, you know, in the description, the bullet points and the subscription agreement and PPM and what have you. So yeah, we'll look at everything. We're opportunistic.

Hmm.

And, you know, interesting, one of the things I have on my plate for the holidays is, you know, usually there's kind of a lull here in, you know, people doing deals, is to actually use AI to improve our documents, right? And to, you know, search out clauses that can be written better in plain English, search out redundancies, get rid of them, try to streamline the documents, make them, you know, more user-friendly. Not just for our clients, but also for their investors. And then, you know, trying to condense those into a format so that we can, you know, put them out quicker, you know, using AI to help generate the documents faster. And, you know, maybe, you know, replacing some of that, you know, old technology that we had used in the past just to try to get better, faster, you know, maybe cheaper. And try to deliver a better and more satisfying product for our clients. So, you know, hopefully we'll be able to roll some of that out in the new year, but that is the current plan. Definitely using AI for book writing. Okay, so writing some books lately and, you know, using it to take the things that I've written and put it into AI and say, okay, keep my style, but make it better. Right. And if you don't say that, what happens is, you know, you think you wrote 4 paragraphs and you get back a bullet list. Yeah, you gotta be specific. You know, this is gonna be a really short book.

It's true.

So it works amazingly. And, you know, the things that the AI did, it's like, oh yeah, that is better. And, you know, of course then you forget, you know, what you wrote and what they wrote. But I think that there's some limitations too. Like, you have to be cautious if you are using it to write content about where did that content come from. And, you know, are you plagiarizing something that somebody else wrote? You know, I think there are some safeguards you can use to make sure that's not happening, such as AI that you can run the article you just created through to find out if it's plagiarizing somebody else's article. So—

There is, there is an AI that does that. And also, not to, not to interrupt you, sorry, but just like Like 2 quick comments, because I'll forget both of them. When you're talking about writing, it's really good at transcription. So instead of sitting and writing for hours, you could just pick up your phone and talk to it and, you know, record something for 45 minutes and have it transcribe it for you and then have it grammar check it for you. So, you know, the longer the recording, the more complicated. And you were talking about plagiarism. The other thing that's worth, you know, consideration is fact-checking. So since AI is a probabilistic kind of model, meaning that its outputs are based on what's like what it determines to be probably what an output should be, that means it's not deterministic. So it's not like You know, pulling data and dropping it in. It's taking the data and kind of making its best guess as to what the answer should be. So, I mean, it's getting better and better, but it'll— it's still based on probabilities versus zeros and ones.

Well, that and the sense among the legal community is it's about 75% correct. So it's the 20% They can be really, really wrong. And I've had it transcribe some things where it's, you know, said I said something, you know, Kim said do this, and it's like, wait a minute, I said not to do that. So sometimes it misses like that key thing, like, don't do it. And, you know, if you don't proof the work that the AI created for you, then you could end up regretting it later. And somebody—

It's always calling me a lawyer. Attorney. Yeah, I'm like, nope, not an attorney, just play one on TV. I like using ChatGPT, just slightly off, a little bit of topic here, but, um, for finding recipes. Um, because like when I Google something, then it gives me like each of the recipes, and then I have to go in and trawl through it and all that. Whereas if I go into ChatGPT, I'm like, you do that. Like, I'm like, you, yo chat, like you search the internet and find me the best recipe for this particular thing. And give it to me in here. And then it does, and I'm like, sweet, I didn't have to like click on every single one of these links and like read through, you know, like it reads it for me and aggregates it for me. That's what I like it for.

Well, if you want to be off topic, my, my, my, my wife gets so mad at me because I'm not like good at dressing myself. I'm generally just like a jeans and a white t-shirt guy, and she wants me to dress like a human. So, and when I ask her, she's got like, you know, it's not always constructive feedback. So, and if I'm not with her, so I was recently traveling internationally and I like put on these clothes and I took a selfie and I said, does this match? I'm going to an event where I'm supposed to be casual, sophisticated, breezy. What is that? Do I look— is this— and it gave me the feedback. It's like, well, if you changed your shoes to loafers, You know, now you're breezy. Yeah, that makes you more breezy, and then your jacket is sufficiently sophisticated. Anyway, it's very, it's very funny.

I've never heard of that style before, honestly. Oh, it's like interesting.

It's something like that. It was like, it was verbose, um, but like didn't give me any, any details.

Well, but you could have asked it to. You could have said I really want you to tell me what to wear. Oh, it did.

GPT told me the instructions were just very vague. Like casual, sophisticated. I don't— those sound like 2 different things to me.

Yeah.

Oh, that's funny.

We do have a Q&A here. What is the price range for Janover Connect?

That's a good question. I think it starts at— Like $399 a month, maybe. Maybe our starter program for first-timers is a little less, and then it goes up to, golly, I think maybe like $15,000 a year depending on the suite of services and additional things. But you could run, I think, like a whole, like, Multi-product portfolio business for like $400 a month, I think.

Wow. Okay. All right. Well, we won't hold Blake to that because he has people that know how to do that. Yeah, that's what I said.

I wanted to give an answer. I'm gonna get reprimanded later. You could feel the uncertainty in my voice. So the price is somewhere in the vicinity of what I described. And it's either more or less.

And to go to your website and schedule a demo to get accurate pricing, or go to— right, and, and go to Trusted Vendors page because you guys are on there. You're a trusted vendor of ours, um, and you can go through there to schedule a demo, I believe.

Yeah, or you can email me and you could say that you're a, a friend of, uh, of, of syndication attorneys and But, you know, we'll, we'll roll out the red carpet.

I put your email in the webinar chat for everyone, blake@genover.co. And everybody make note that it's co, not com.

Right.

Com is so '90s.

We are talking about AI. We involved— have just kind of signed up for an AI crash course, I think it's called. There's a guy, Jeff Woods, G-E-O-F F. Woods. I just put it into the chat also. He's written a book called The AI-Driven Leader: Harnessing AI to Make Faster, Smarter Decisions. And he has a whole suite of, you know, training programs and videos and things like that that make you get smarter about AI. I just did a little 10-minute thing last night, and I was pretty impressed with, you know, what, what I was able to do after Because, because not only can I ask a question, I can actually say, hey, here's my question. And when you're done answering my question, tell me how I could have asked the question better. And it will come back and tell you, oh, you could have been more specific about this or, you know, or that. And so you'll get better at prompting the questions. And I know ChatGPT just came out with a new function where it will actually prompt you with new questions. If you ask it a question, it answers it, and then it will say, do you want me to do this or this or this? Which are like 3 steps, and you look at it and go, oh yeah, well, I didn't think of that, but sure, you know. So pretty soon we're all going to be really stupid and all we're going to know how to do is ask questions of ChatGPT.

I don't even think anymore.

I'm just like, you know how to type.

Well, speaking of AI, we have a brilliant AI legal mind here in the house with Kim, who's written 2 bestsellers, and you can get your hands on one if you text the word syndicate to our phone number, 844-796-3428. So that's texting the word syndicate, S-Y-N-D-I-C-A-T-E, to 844-796-3428. Um, you can also go to our website, and there should be a link there that says free book. And if you click on that, if you've never raised capital before, then you will grab our first book here. This is fantastic. It's a starter guide, but so full of like really important information to know when you're first starting out. And if you have raised capital before, then this is more of our desktop reference here, like an encyclopedia that really goes into depth with regards to how to do this legally. And Kim, your brain is absolutely brilliant, and no way can AI ever replace that.

I'd say that those 2 books were pre-AI, so there's no AI in those. I wrote every word, you know, had some editing help, of course. But yeah, I'm not sure I'll do that again. I can be so much more So I'm learning my own limitations through AI, I guess. So do we have any other questions, Krisha, or anything else?

I don't see anything in chat or in the Q&A. If anybody does have any questions, please feel free. Just hit that Q&A button, or you can write your question in the chat. Yeah, I was so resistant to AI at first. I don't know, Kim, you might remember. I was just like, no, it's weird. And now I'm like in it constantly. I pay for ChatGPT now. I've used the Otter AI to transcribe because I'm very verbose. I like to record audios. That's my way of doing things. And so having it all transcribed and then putting that into ChatGPT, it's like, I'm getting so much more done now in my day to day because I'm leveraging this, you know, technology to be able to move things in my life, like, forward at a faster pace than I ever could just on my own, you know. And I'll use it also, like, if I'm writing out an email and I'm like, it's clunky. And I'm like, this isn't saying what I want it to say, you know. It's like, it's not matching somehow. I'll, like, type the thing out, put it in ChatGPT. And I'm like, make me make sense, you know, please make me make sense. And then it regurgitates something that it's like, oh, yeah, that's what I'm trying to say. Thank you. And then I sound professional. And then I'm getting responses. I'm actually getting like responses from, from things now because it's like, okay, it's, it's understanding what I'm trying to say.

Yeah, the like quick comments, the paid version on GPT or on all of these products is much, much better than the free version. I think Google's got it all for free though. The— you don't need Otter anymore. If you have an iPhone, Apple, you can record voice notes on Apple and they auto transcribe, or there's like that little black button on GPT where you could just talk to it for like 45 minutes and it'll transcribe it better than Otter. So sorry, Otter.

I did not know that.

It's funny because these, you know, new businesses crop up and then they get replaced with something better and better. It's an exciting time to be in the technology space and we're a technology-based this law firm far more than a lot of other law firms are. You know, we're not brick and mortar, we're virtual. We've been a virtual law firm since, uh, you know, since I started doing this in 2007. Um, you know, so we, we, we've built out our systems. You know, Krystal lives in Vancouver, uh, Canada. I have a home in Idaho. I have a home in, uh, currently at my home in Yuma, and I also have a home in Florida. So I'm able to, you know, live and work from wherever. And, you know, I have staff all over the country and even somebody in Italy. So with all of this technology that has, you know, been born over the last 20 years, you know, we've, we've just been able to create and run a successful virtual business. And any one of you can do it as well. You know, it gives you the freedom to live and work where you want, to build whatever business you want to build. So I think it's exciting times. Blake, we want to thank you so much for coming today. Again, if you want to reach out to Blake, reach out at blake@janover.co or janover.co and, you know, look at their suite of services that they have there. Please do mention that you came from us. We do, you know, make a little benefit from that, but we also try to negotiate some special deals for, uh, for you, um, whenever possible with any of our vendors. But also you can check out our trusted vendor page, uh, not just for Janover. We have a lot of different, uh, vendors there that are people that we've interviewed or people that we know, we've known for a long time, that can provide services to your investing business and syndication or fund as you grow. So, you know, just the things that we've amassed for you, you know, check out the books. If you already do have one of our free books, you can buy the others on Amazon. Just look up my name, Kim Lisa Taylor, and you'll see both of those books. We are working on some other books. Also working on a conference that's gonna be coming in June, tentatively scheduled for June right now. It's virtual. Called— it's, it's the whole concept. We don't have an exact name for it yet, but the whole concept is beyond multifamily. What can you do besides multifamily? Because you really are a real estate investor, you're not just a multifamily investor, and you want to be able to, you know, shift into different asset classes as the market changes around you. And, uh, you know, as we can see from this call, your ability to shift and grow and adapt is, is going to be critical for success in the future. So I think that's where we're all headed. Blake, any parting words?

I'm grateful to, to have been invited. We refer our 506 requests for people that want to run a 506 syndication to syndication attorneys and Kim. So we believe in you and I dropped my, my contact information in the chat and, you know, reach out anytime. I hope everybody's having fun with AI and getting ready for the real estate industry to turn back in our favor and ride the wave again. So, yeah, thank you for having me.

We, you know, things were very slow for a couple months before the election. It seemed like everybody was just holding their breath. And now that the election is over, literally like the 3rd week, After the election was over, people are like, okay, let's go. And, you know, deals started coming in the door and more clients started coming in. So people are finding deals now that actually work. You know, there's definitely a much bigger feeling of hopefulness amongst the people that we're talking to, the conferences that we're going to and things like that. So yeah, I think we're in exciting times of the market and Can't wait to see where it goes.

All right. See you.

Absolutely. Thank you, everybody.

I put my email address in there as well, krisha@syndicationattorneys.com. So if anybody wants to contact us, I'm happy to respond to any emails and pass on any of this information. And I put Blake's email address back in the chat as well because 19044 asked for it.

And go to our website at attorneys.com because we've got all kinds of resources there for you for free. Again, we've got our trusted vendor page, we've got this podcast, all of our previous podcast episodes can be accessed. When I'm interviewed on other people's podcasts, then those are there too. And those are kind of good because a lot of times they'll just ask me like the whole gamut of how do I structure my deal, what kind of securities compliance, you can get it all in an hour. But yeah, so just Check it out. There's a zillion FAQs. Every time someone asks me a question and I'm writing a long answer, I'll post it as a frequently asked question. So if you have a question, could, could well be there. But all right. Thank you, Krisha. Thank you, Blake. Thank you everybody for coming. Thank you.

Thanks, Blake.

Thank you everybody. Thank you so much.

Bye everyone.