I've been investing in real estate for over 22 years and this might be the most powerful tool I've ever used and it costs less than $1 per day. As you've probably guessed, that tool is AI and specifically for me, that's chat GPT. Now this isn't going to be a tech tutorial where I share my screen and share all the prompts I'm using. Although if you're interested in that kind of thing, let me know in the comments below. This is a Friday edition of the podcast.

I call it Coaches Corner,

where it's more informal,

and I just riff on topics that are on my mind.

And in this case,

I want to walk you through how I'm using Chat GPT as a real estate investor every single day to help me make better, faster, and more creative decisions. I'm going to explain this in five different areas where I find myself using Chat GPT the most in my real estate investing business. Number one, acquisitions, so buying new properties, evaluating new properties.

Number two, property management, including maintenance. Number three, insurance and legal documents.

Number four, systems and administration kind of running your day to day business.

And then number five, portfolio and kind of big-picture

thinking, big-picture strategy as a real estate investor. And we're going to start with number one, acquisitions. As you probably know, acquisitions is one of the ways you make the most money in real estate investing. This is how you buy new deals, making sure you evaluate them well, analyze them well. So I want to give you a few examples of how I've used it. And I feel like I'm just scratching the surface with acquisitions.

But one way I've done it is in market analysis.

So I invest in Clemson, South Carolina, and areas around me. So I know those areas pretty well,

but I do a lot of coaching and RPM in our community with other investors. And so, for example,

recently I had an investor who I was coaching. He was looking at both Louisville, Kentucky, and also Lakeland, Florida. And he lives near Lakeland. And we were trying to decide he was looking at new construction, kind of turnkey rentals at both locations. And Louisville was a little bit more of a cash flow market. The rent to price ratios were better than Lakeland, which was in more of a growth market. It's right between Tampa and Orlando. And there's no right or wrong here. Like there could be reasons to invest in either one. But on the surface, it looked like, hey, Louisville is better. I'd have to go long distance. But I think I could get a better rent to price ratio, at least at first. And but we looked at several things just by asking chat GPD to give us

a quick analysis. And so it went through and I asked prompt questions like, can you give me the last

10 years of appreciation rates in Louisville and then compare that to Lakeland? And then I even went back

20 years and asked them about that. And then I asked more general questions to chat GPT about what are some of the growth prospects? Give me the pluses and minuses of Louisville, its current economy, talk about its current population growth. They did the same thing for Lakeland. And when we summarized all this, just a series of questions, it kind of came down to Lakeland had a much better long-term growth prospect in the next five to 10 years

than Louisville did. Louisville actually was very solid as well, but it could be a little bit more

flat. Population was either going to be flat, maybe even going in certain parts going down a little

bit. And so in his case, because he was local, finding a deal that might have been a little bit

worse on the rent-to- to price ratio, but it was local

and had the tailwinds of some really good growth fit his strategy better. He was a super busy

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