The Essential Guide to ChatGPT for Property Investors (yes, even you!)

In this episode, I’m breaking down exactly how property investors are using ChatGPT to save hours, cut costs, and make smarter decisions - from drafting legal letters and analysing auction packs to writing snagging reports and creating your own QS.

We’ll cover:

• What AI actually is (in plain English)
• Why ChatGPT is the most powerful place to start
• And 9 real-world use cases that are already transforming how investors work

Whether you’ve never touched ChatGPT or you’re using it daily, this episode is your practical, no-fluff guide to making your business better with ChatGPT.

Want to train ChatGPT to sound exactly like you? Grab the training here >>

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Transcript

SPEAKER_00: 1:07

Okay, today we are talking all things AI on the podcast. Actually, that's maybe not true. We're going to be focusing specifically on ChatGPT, but I figured it was time to have this conversation with you because AI is getting harder and harder to ignore. It is everywhere now, every conversation, every episode. ad I see on social media is about some way to implement AI or chat GPT into your business to make it more streamlined and faster. And everyone else seems to be jumping on the trend, the bandwagon. It's far more than a trend. It's a phenomenon. It's a tech revolution. It's a gold rush. So I wanted to shed some light to those of you who are perhaps not sure about it yet. You're not convinced or you haven't dabbled with it as to why maybe you want to consider it. And for those of you who are actively using it, I think this episode will be just as valuable, if not more so for you, because I've got some great tips and ideas of how you can use it in your business that maybe you're not doing at the moment. Now, personally, I would class myself as a fairly heavy user. Hi, my name's Mike, and I'm a chat GPT addict. Victoria said to someone the other day, Mike can barely brush his teeth without checking with AI, first of all. And I mean, she's exaggerating a little bit, but there is some truth. My phone status, I was having a look the other day at my screen time, and the most pickups, so the app that I go to most frequently after picking up my phone is not Instagram. It's not WhatsApp. It is... chat GPT. So I would say I use it multiple times a day in my personal life. I use it for things like diet tracking, workout plans, travel and holiday itineraries, and at least half a dozen, if not a dozen times a day in a business sense as well, both for the property business and then for IPI and the podcast and everything that that encompasses, helping me to make decisions faster, to write better content, to analyze deals quicker. It's gone from a novelty, and I was actually kind of reluctant to jump on ChatGPT for a while because I'd found this other tool that I was using, and I was like, oh, this is great. But when I made the switch to try ChatGPT, I was just blown away. It's moved from that like, oh, this is fun, let's see what it can do, to it almost being like my right hand in my property business. And it's an essential tool. Like email or spreadsheets, like I don't think I could cope without it. I couldn't be as productive. I couldn't get as much done. I don't think I would be as good. I'm willing to put a stake in the ground there and say that. I think it is a phenomenal tool. And if you're not using it yet, maybe today I can persuade you to give it a chance. Now, why this episode? Why now? Well, I figure, like I say, it was time to have a proper conversation about it. Not just how I'm using it. This isn't self-indulgent, although I will tell you a few ways that I do see big value in it. But how it's being used across the industry, I've been speaking to some friends, some colleagues, some people within our network to see how they're using it in the most effective ways they're getting value from it as well and how you could start using it too, whether you're a developer, a landlord, a sourcer, or you run a letting agency. So if you're on the investment side or you've got a property trading business, a lot of us have got both, there is value and scope for it to work. make your life easier across the board. So I ran a poll asking how much are you using AI in your property business right now? This was to our Instagram audience. We've had a couple of hundred responses. So a decent poll, a decent sample size, just property investors. And I gave them four choices. So here's... the results that came back, we saw 30% of respondents saying they don't use it at all in their business. 40% say they use it occasionally. So less than 30% of their tasks, they would say they reach out to ChatGPT or AI for some help with. 20% say they use it fairly regularly. So 30 to 60% was the bracket I gave, although I know it's kind of difficult to quantify, but just to give you a sense. And then only 10% classed themselves as heavy users, relying on it for 60% or more of the tasks that they do within their business. So 30%, not at all, 40% occasionally. So 70% of people are using it infrequently at best. Then 20% use it fairly regularly and only 10% are using it as much of an addiction or a crutch as I am. And honestly, I thought adoption would be significantly higher than that by now, especially in the property world or in the business space where I think typically we are quite forward thinking and fast to adopt things. But actually those results, despite surprising me, I think show something different They show that you haven't missed the boat if you haven't integrated it into your business yet. Most investors are still fairly early stage users or they haven't touched it at all. One in three people haven't made that jump into signing up for a ChatGPT account yet, which means there's still massive opportunity to effectively become an early adopter in chat. industry, to move faster, to make smarter decisions, to streamline your operations in ways that most people haven't even considered yet. Now, to be clear, this episode isn't about self-driving cars or robots laying bricks. It's about practical, real-world ways that property investors like you and me can use AI and specifically ChatGPT to to save hours and time in our business, to cut costs, and to effectively level up how we run our businesses. So just to kick things off, let's start with the basics. What is AI? And I want to keep it super simple. So artificial intelligence is about machines or computers doing things that would normally require human levels of intelligence. Obviously, we've had computers for a long time and machines for a long time, but historically, they have only been able to do what we have specifically programmed them to do. Whereas artificial intelligence learns from data, it finds patterns, it can make decisions or predictions based on the data that we give it, the data that it can find, the patterns and past experiences that it has been through. So it can effectively learn and adapt and become more intelligent as it evolves. So just some real world examples of where you might have come across it in everyday life. You go into your iPhone and you go into your camera roll and you see that you can search for photos based on specific people. So it might be that you can find an album of pictures just of you or just of your kids or of your husband or your wife. That's AI that is identifying facial recognition effectively. It was pretty cool. I did the Spartan race a few weeks ago. I just had to drop that in, humble brag. But Within an hour of me finishing, I had an email in my inbox saying, here's all the pictures from you. Now, this was across probably 30 different photographers. They'd all taken their pictures, uploaded them, and some sort of AI program had gone through all these pictures of the hundreds of participants and identified all the pictures of me. So that's a use of AI in everyday life. Netflix recommending... what to watch next based on your past viewing preferences. That's artificial intelligence. So it's already there in our everyday life. We're confronted by it almost, if you want to use that term, on a daily basis. Even if you don't think you're using AI, chances are it is in some way present in your life on a daily basis. And that's one of the reasons that it's so powerful. The best AI doesn't feel like it's a robot talking to you. It just quietly makes your life easier. It's working behind the scenes to speed things up, to reduce friction, and ultimately to improve outcomes. So more and more big businesses are adopting it to drive consumer behavior, but also to make our lives easier. Now, I mentioned specifically this episode is about ChatGPT. So that's a specific kind of AI, if you like. It's called a large language model, which basically just means that it's been trained on billions of words from books to blogs to academic papers and articles, podcast transcripts, effectively anything online it could learn from. It has been trained on. And so it's taken all of that content plus any additional content or context that you provide it. And I'll talk about that in a second. And with all of that information, it can write, it can summarize, it can translate. We were in the process, it's not happening, and I'll tell you about this when I stop crying about it, but we were in the process of buying a house in France recently. And yes, I could go into Google Translate, but the ability for... AI not just to translate, but to interpret and advise almost on these documents that was being sent was phenomenal. It can brainstorm and ideate with you. It can calculate, it can problem solve and all in a fraction of the time that it would take a human to do it. So it's not pre-programmed with static answers. It's not like an Excel sheet where it's a formula and A plus B equals C. It can think about things in a more rational human sense and go beyond basic formulaic calculations. It's conversational. You can chat with it, hence chat GPT. It can iterate and refine. It can remember context from past conversations and keep evolving its responses. You can train it effectively to be more like you or more how you would like it to operate. So someone said to me, when I was first starting to play with it. Think of it like the best research assistant you've ever had. Talking about using it in my personal life for, you know, things like personal training and nutrition. I could go out and read a textbook on nutrition or diet, and it'd maybe take me a couple of weeks to read through that, you know, read an a couple of pages a night or whatever. And by the time I got to the end of it, I'd probably forgotten half of it. So I'd have one opinion on one topic and I'd have to try and make notes or remember that myself and then come to my own decisions. This research assistant has read virtually every book, every blog, every study, and it can recall all of it in seconds. And unlike you or me, it doesn't forget what it's read two pages ago. So it's just this huge wealth volume of information, but information that it can interpret in an almost human sense. Now, part of the catch or the downside is it's only as good as how you use it and the prompts that you give it. It is incredibly powerful, but it's not magic. And I see a lot of people struggling with it because the prompts that they are using, are garbage and you put garbage in you get garbage out so if you ask it bad questions or the wrong questions you will get bad answers or the wrong answers if you're vague you will get vague responses so the more specific you are with your instructions the better the outcome and one big topic of conversation right now that i see all over the place is prompt engineering which is effectively becoming better at the prompts that you feed into it so that you can get better responses out of it. And I'm not going to go deep into that today, but just know that how you ask is just as important as what you ask. There is one caveat that I want to make before we dive into this too much. And I am fairly bullish on the idea of AI having a positive impact on our lives. You can come back and say, Mike, I told you so 10 years from now when Was it cybernetics? The Terminator is here. But I always say please and thank you to it. So it's going to save me come the revolution. So I'm okay. But we are starting to see some signs already that tools like ChatGPT are not just changing the way that we work and that work gets done, but they're also changing the way that our brains work and not always in a good way. So while the short-term benefits are real and apparent now, we've got faster output and fewer bottlenecks. We also have to weigh that up against potential long-term consequences and make a decision about, is this something that we want to commit to? There was a recent study done. I only heard about it for the first time about a month ago. So it was published fairly recently by MIT. And they looked at how ChatGPT affects cognitive engagement and critical thinking. So they took a number of participants, they split them into three groups, and each person had to write three essays on things like ethics and philanthropy. And one group was able to use ChatGPT, one group used Google to research, and one just had to use pen and paper effectively and just write it from their own knowledge and expertise now the alarming thing is that maybe this doesn't surprise you the chat gpt group consistently underperformed they had the lowest brain activity across a bunch of different measures and tests that they were doing the essays were rated as soulless which is pretty damning. So they got independent teachers to come in and grade these papers. They said that they lacked originality, they were soulless. So there was some awareness there that it hadn't been written by a human. And effectively what happened is that the students who had access to ChatGPT were just copying and pasting the output. So they'd ask a question and they'd just copy that into their essay. The Group who just used their brain had the highest neural connectivity on their charts and their tests. They had more creative thinking. They had better recall of what they had written afterwards, obviously, because they'd written it. And they had higher personal satisfaction as well, which I guess is a more kind of philosophical thing, right? Like, how do we feel about the work we're doing? Not just does it get done, but are we satisfied with it? And obviously the Google group were kind of in the middle. They performed better. Their brains were more engaged. Their writing showed more variety because they were still involved in the process. They weren't just copying and pasting. But the concern is from this study that relying on software applications like ChatGPT is going to reduce our ability to think critically, to retain memories, and to have creative... independence, to think creatively on our own and to have new and novel ideas. So it is something to think about. I don't think the risk is that AI is going to replace us, but it could replace how we think and our ability to think independently if we get too used to just trusting it and relying on it for everything that we do. It's easy, it's fast, but We need to stay mentally active ourselves so that we still know how to create and how to be unique. Because I think as property investors and as entrepreneurs, that's the thing that sets us apart, right? It's our own thought process and our own ideas. And if we lose that, then we're not really bringing a huge amount of value to the table. So I think it's inevitable. AI is only going to become more embedded in how we work. So I'm not here to say don't use it. Like I say, I use it frequently and regularly and happily. But it's about how you use it. I think the investors who can thrive in this new world that we're entering aren't the ones who are going to outsource their thinking. They're the ones who will use it as that A-plus research assistant. They're the ones who will use it as a kind of brainstorming partner. They will learn to ask better questions and use AI in a way that makes the best use of AI's capabilities whilst we continue to be the creative thinkers thinking, how can we use this? We think about how things should be done, and then we can allow ChatGPT to go away and do some of the heavy lifting for us. So I don't think the answer is to avoid AI and go back to pen and paper and unplug from the internet, but I think we need to stay intentional. And just know that there are risks involved in using it as well. That was a bit of a longer rant than I expected. But I think we need to look at it from a balanced point of view. It's not the savior. It's not some messiah. It's possibly our downfall as human species. I genuinely believe there is a risk of that. But again, that goes beyond the scope of today's discussion. And hopefully, any discussion you ever have to have with me, if I ever go down that path, just slowly step away. But what I really want to get into for the rest of this episode is looking at some of the most powerful ways property investors are already using tools like ChatGPT to buy back your time, to use one of my favorite sayings from Dan Martell at the moment, and to move faster. So getting practical. These aren't theoretical benefits of AI. They are real use cases from our own business, from our network, from investors that I've spoken to directly about how they're using it and implementing it in their business. Some are just time savers, some I think are beyond that and game changers for property and the industry that we work in. So in no particular order, these aren't ranked or hierarchical. The first use case to inspire you as to how you could use ChatGPT within your business is its ability to summarize complex and lengthy documents. So one example of this is legal packs for auction properties. It used to be the case that you either needed direct experience of reviewing legal packs from a convincing point of view in order to look for red flags on your own for properties that were going to auction, Or you had to pay a solicitor for every property that you were potentially interested in bidding on. And that put off a lot of new investors. It's part of the reason I think that newer investors are scared of auctions because there's that commitment. The hammer falls and you exchange and you need to go ahead and buy it. And it's buyer beware. It's at your risk. And if you don't know what to look out for or you don't put your hand in your pocket to pay for a solicitor to review that legal pack, you could be getting into a whole heap of trouble. What we've done several times recently with pretty good success is feed in those legal packs to ChatGPT, ask it to summarize it, and to give us a steer on any red flags, anything out of the ordinary, anything that may be a risk to us as a buyer when we're buying that property for X specific purpose. It's pretty damn good. it's flagged most of the issues that we would have identified. So we did a kind of side-by-side review where we went through them manually, not as a solicitor. So this was me personally as a, as an investor looking through them for issues and chat GPT looking through it for issues. And I'd say in, in, in all cases, um, the biggest downside or negative, if there was one, was that it flagged more things than I did. So things that I would look at and initially say, yeah, okay, that's fine. It's not an issue because it's so old or we've seen this before and it hasn't been a problem. It doesn't have that, like my own context. It flagged everything that it thought could be a potential risk. And then you'd have to go through that and understand each of them individually. But it was taking hundreds of pages of documents and giving me that report back within, two or three minutes versus me taking hours to read through it. And then if all I need to do is read that summary and say, yeah, this is a problem, let's check into that. No, this isn't an issue. This isn't an issue. This isn't an issue. That's a massive time-saving right there. It's not going to replace legal advice. I'm not suggesting you start scrimping on some of your service providers, but if you go to your solicitor and say, hey, here's two or three things I've got questions on. versus can you review these hundreds of pages of documents? And I don't think it'll be too long before solicitors are using this anyway to do it on your behalf. So it will get to the stage where they trust it enough. But that in itself, the cost saving of getting them to answer a couple of questions versus review an entire legal pack is going to make it a lot more feasible. For experienced investors, it's going to save you time. For new investors, it's going to, I think, open up the risk or de-risk auction properties for you. Another example of this kind of document summarization where we've seen a lot of success is interpreting things like article four directions, local development plans. If you've ever read your local development plan, you'll know that's a lengthy document and it goes into a lot of detail about a whole bunch of different opportunities and risks within your local council area for development projects. What's coming down the line, what they're in favor of, what they don't like, their local housing targets, and a whole bunch of stuff that could potentially help you identify opportunities for making money in the property world. They're often 100 plus pages long. They reference a If you prompt chat GPT with keywords like brownfield sites or subdivision of family homes or whatever it is that you're interested in doing, it can pull out the relevant sections almost instantly. It's like having a planning consultant do an appraisal for you, but in 30 seconds. I've been using this in particular with our HMO students. So obviously one of the things I'm passionate about, I guess the strategy I'm most passionate about is HMOs. We help a lot of people invest in areas that I have never stepped foot in. I've never reviewed or appraised before. And I would historically, quite happily, help them understand local planning policy, any Article 4 restrictions that are in place. Other applications have been approved and rejected and tried to help them understand why they were. And I still do that, but now... we can upload the local development plan. We can upload HMO guidelines and Article 4 policy, as well as decision notices from approved schemes and rejected schemes. And we can get feedback on the likelihood of successfully securing planning for specific projects or in a particular area and what we need to consider in our plans to meet the local authorities' guidelines and requirements and use that as a real strong basis, a starting point for area analysis and deal research. Now on the flip side, rather than summarizing documents, something else we've found it particularly powerful for is creating documents, specifically formal letters, complaints, disputes, letter before action style letters, if you like. And I think this is a big one where as Investors, we might be a bit quicker to do the right thing because we're not faced with a decision between doing the right thing and incurring an expensive legal bill. If a contractor is playing up, if a tenant isn't complying with the terms of the tenancy agreement, we might historically have thought, you know what, let's just wait and see. Do we really want to throw a thousand pounds at a solicitor to draft a letter for me? But Myself and a lot of other people I've been speaking to have been using ChatGPT successfully to draft letters that they would normally have paid a solicitor for. One really silly example, I ordered boxer shorts, my underwear, as if we're talking about that on the podcast, from... You don't need to know where I get my boxer shorts from. But anyway, I ordered them and I ordered a size medium. There you go, another piece of information you didn't know you needed. And bizarrely, they showed up packaged, sealed, but in my multi-pack of three pairs of boxer shorts, medium. Two of them were extra large, and one of them was medium. And then the second pack, one of them was medium, one of them was XXL, and one of them was extra small. How bizarre. I emailed the supplier, the retailer, and I said, What's going on? Where are my medium boxer shorts? You sent me double XL and extra small. And they were like, oh, we'll just stick them in the post, send them back to us. We'll process it within three weeks and then we'll send your new boxers out. And I was like, hey, I paid for these. That doesn't feel right. I went to chat GPT, pasted in the email thread and said, you know, again, thinking about prompt engineering, like given my rights under UK consumer, whatever, like what can I ask for? What can I demand? But I need to stay in terms of consumer law and all that sort of stuff. And it came back with this response. I pinged it off. And within five minutes, their customer support rep came back to me and said, don't worry about it. Hang on to the ones that you've got. And I've already dispatched two new pairs or two new boxes of boxer shorts out to you. Now, I could have done that myself. But I would have had to research it. It wouldn't have been strongly worded. It took me 30 seconds. versus me spending an evening kind of half watching Netflix, half writing out this letter. And I might not even have written it because I'm British and polite, and I maybe would have just ended up sending them back. But we have used it to deal with contractors who haven't been, you know, they haven't been sticking to their end of contracts. I've spoken to people who have used it in tenancy disputes, in planning disputes, Complaints to lenders. Yeah, a whole bunch of different scenarios where historically, like I say, we maybe would have had to make a difficult decision between not doing it because of the cost implications or doing it and incurring those costs. The interesting thing is, though, you know, this isn't just that, oh, yeah, it's written the letter, but everyone I've spoken to said they had a positive result from those letters. Contractors back on site. after weeks or months of delays, contractors agreeing to pay on various different issues, tenant disputes resolved, a whole bunch of different examples without ever going to court. Now, Chad GPT couldn't come and represent us in court, not yet anyway. I'm sure it'll get to that stage. But if it can avoid us needing to get there because it's doing things the right way in the right order, I think that is... Something to think about. Next time you're struggling, you're maybe involved in a dispute and you're not sure what to do next. And you think, do I really want to incur the cost of legal advice? It's maybe worth running a past chat GPT and seeing what it says. A couple of examples from being on site as well, or project specific. So I was at a property a couple of weeks ago. I was running through, kind of final works and snagging. And I recorded probably a 10, 15-minute voice note as I walked around the site room by room, noting anything I spotted that needed fixing or finishing, hadn't been done to a suitable standard, and any mentions of who I thought was responsible for it. Now, historically... That probably would have been either me on my iPad with my kind of Apple pen, or it would have been me with pen and paper or writing notes in a WhatsApp as I went around. And then I would need to go back and review it all and structure it and put it into a Google document and split it out by trade and all that sort of stuff. So longer on site doing the actual report, and then an hour or two's work as I get back to the office to tidy things up. I did that 15-minute walkthrough. The voice note goes straight into ChatGPT because you can upload text, images, PDFs, voice notes, any media format effectively. By the time I got back to the car, and this is probably 20 steps from the front door of the house that I'd just come out of and locked up to my car parked on the street, I had a fully structured report broken down by trade, by location in the house, ready to send to the project manager to say, I've done my review. Here's what you need to go and work on. It turned what used to be multiple hours into 15 minutes, just the time it took for me to do a voice note. And it was far quicker for me to do that voice note than it would have been for me to write out all those notes manually. It got more of the context. I went into more detail because I could just talk as I do in this podcast. If I was writing this, it would be a lot shorter but i can i can kind of go off on tangents and share anecdotes and give a bit more insight into my my thought process as we go so that for me now that is just every every site visit every project update is a voice note from me walking around sites and then whether i want to turn that into an email to send to investors whether it's a report to send to a contract or my project manager I can give CatGPT the output that I want and just let it do its thing. Something else, another great example that was shared with me recently. So a planning application had a condition to submit a landscape scheme for the front and back gardens. So planning had been approved for a new build development, but the local authority requested a full landscape design scheme and said one of the conditions was this needed to be submitted and approved within six months of the build starting or something like that. Anyway, they had some quotes of about between 500 to 1,000 pounds professional design fees to do this landscape scheme. It had to be plants and materials that were complementary to the area and native species and all that sort of stuff and planting density. He shared this report with me and I'll maybe put some details of up on Instagram because I was blown away by the level of depth that it went into. But he went to chat GPT, they uploaded the location, the site plan, gave a description of the setting, the requirements, the wording from the planning decision notice with that condition in it. And not only did it generate the planting scheme and the number of the species and the number of plants that were required in the spacing per meter. And this should be planted at this time of year. And this is what the first year's maintenance should look like. Like a phenomenal report, honestly. Not only did it get this report, the main thing is what was the result? The planning condition was discharged without any questions from the local authority. So yes, it can do things. We all know it can do things. but it can do things well. And I think that is what some people are a little bit unsure of. Can it actually do things that get me the results that I need? Or is it just generic dross? Again, it comes back to the quality of the input, but the outputs can be extremely valuable. Saved this developer somewhere between 500 and 1,000 pounds on those design fees. A simple example. Actually, I'm going to flip this on its head, actually. One example that I want to give first, because this one for me is possibly the most valuable, I think. This came up at a mastermind discussion that we had. We had our quarterly in-person retreat a couple of weeks ago, for anyone who's not familiar. We've got a mastermind group of experienced developers, usually doing 10K a month, 100K a year revenue, looking to scale, systemize. They've got a successful portfolio. They want to continue growing it, but it needs to be run more like a business. We help them run it more like a business. Part of that process is we get together for a two-day face-to-face event where And we build out our business plans and strategies for the next 90 days. That's part of what we do. We also have a lot of interesting discussions and trainings and things like that. We were doing a round table on uses of AI. One of the guys at the table shared this, which just blew my mind. I've been kind of doing it to an extent, but full credit to him for this idea. He's effectively created his own personal QS from his own historical refurb data. It's a complete game changer. Anyone who's done any number of projects and has past invoices and quotes, you can take all of that and share some context around the scale of the project. Was it a house into an HMO? How many en-suites did you add? Bring the data, bring the numbers, the invoices to life. He did all of this. He's done a lot of past projects. He's actually, part of his business is a construction. He's got his own investment company and also a construction business. I'm not going to name names just now, but if he listens to this and he tells me he's happy to, I'll give him some kudos on Instagram because he deserves it. But I haven't run it past him yet. So all of that data goes into ChatGPT. All of his past projects. he can now use it as his own cost estimator. So he's trained chat GPT on how he prices jobs. So he can now give a quick brief floor plans, type of property, square footage, the spec level, and he gets back a full costed schedule of works like you would get from a QS. But instead of him having to go to that QS with all that information and then wait a week, two weeks and pay 500 pounds for a project, a couple of thousand pounds on a bigger project. He's getting it back in two minutes with pricing from his own past projects. So he knows it's accurate to his location, his trades, what they cost, his material prices. It's not guesswork. It's not asking on Facebook. It's taking his data. It's analyzing and interpreting it based on. So it's past information applied to future projects with 90 plus percent level of accuracy. He can still sense check it. He goes through it and he's like, oh yeah, maybe this has been misinterpreted or I didn't give enough context there. But on the whole, it's changing the way that he can price jobs and analyze deals. And I think that's something that we could all do. We could spend an hour pulling past invoices and quotes. And then every time we price a job going forwards, it's got the answers for us. Now, a simpler version of this, the one that I was going to start with was another friend who I was chatting to about this. Ben won't mind the mention, I am sure. And he said, you know, it's just a simple example, but it was a fun use case. He needed to get a new roof on one of his properties. He didn't have a picture of the roof. So he went on Google Earth, took a screenshot of the roof and And he asked ChatGPT for a cost estimate to replace that. And it gave him an assessment of the roof with all of the valleys and the ridges and all that sort of stuff and gave him different price options for slate, for concrete tiles, for a couple of different material options, gave him the number of tiles that he needed and a ballpark figure for him so that he can now make that decision. Does he want to go ahead and get the whole roof done? That one he hadn't validated. He hasn't had prices back yet. It'll be interesting to see how close that is to reality just from a screenshot of a roof. But from what I've seen in other use cases like this, it's going to be pretty close. So useful as a sense check or just a quick sanity check when you're on site and you're not sure about something. Hey, ChatGPT, the gutters on the back of this property are all... damaged it's a five meter length and then we've got down pipes into two different drains whatever how much would that cost to replace like on site you can have that information in front of you back at your office with your own past pricing data it can give you significantly more accurate information and i'm just going to give you one more example uh one way that i use it regularly is writing content that actually sounds like you. I've mentioned several times, generic prompts give generic output. Hopefully that's hit home for you tonight. But once you train ChatGPT in the same way you can train it with data and past cost estimates and quotes and invoices, you can train it with your tone of voice, past emails that you've written, posts that you've shared on social media and captions. transcripts from podcasts that you have been on. It can become a ghostwriter for you, but not just a bland generic ghostwriter. It can write and talk in your tone of voice with the words that you use in a way that's almost impossible to recognize from the real thing. It has its own quirks and foibles and you need to, you as an editor need to understand what to look for to DAI it. if that makes sense. But I fed it a bunch of data, a bunch of information on my writing and my speaking style. And now it is a super powerful writing partner for me for some of the newsletters that I write, for some posts on social media, property descriptions, using it for spare room adverts with our brand personality. And I don't use it to write for me, but I use it as a writing partner to write an idea with me so that I can often, you know, one example, I'm out running, listening to podcasts or just lost in my own thoughts and I have an idea about, I think this would be an interesting post to share with our investors. I think this would be an interesting insight to do as a post on Instagram. And I'll voice note it and I'll give it some context around the output that I want. And it will give me a few different options to bring that to life as an email, as a post. So that by the time I'm home, if I've had two or three ideas out there, I've got 80% of the way there on some posts for social media. It's still my idea, my thought process. but because it knows how I speak and how I write, it can take those thoughts that are in my head and it can put it into words for me far quicker than I would be able to. And in a far more passive way as well, because like I say, usually I have these ideas whilst I'm out running or I'm in the car listening to a podcast and I can just set it to work whilst I'm doing other things. Now, for anyone who's looking to raise finance, for anyone who's looking to build a brand, if you've got a trading business that you're looking to grow, social media, whether that's Instagram or LinkedIn or threads, if you do YouTube videos, if you send an email newsletter to prospective investors or actual investors, this can save you a whole bunch of time in your content creation. It's still you, it's still your words, it's your ideas and your thoughts, but it's a helping hand from the best research assistant that you can find. So I shared a training with our mastermind group a couple of weeks ago at that session on how to train chat GPT to speak like you, how to clone your voice in chat GPT. I will put a link to that in the show notes or if you're on Instagram listening to this, just send me a DM with the word clone and I can send you details of that training so that you can train your version of chat GPT to talk and write. and sound like you so that it can become your writing, content, marketing partner as well. Now that's just a handful of use cases. We are barely scratching the surface here. The key point is it's not just about saving time. It's about making better decisions faster. And I think the investors who figure that out early are going to have a massive edge. And go back to what I said at the start, those stats. 70% of people are either not using it at all or are just dabbling with it. So this still is early. You are still an early adopter by jumping on it now. And hopefully a year from now, you're coming to me saying, Mike, look at what you can do with ChatGPT and my mind will be blown because all of these things are new to us. Nobody was doing this a couple of months ago. So there's gonna be a whole bunch of stuff we don't even understand or can't comprehend yet that it can do for us in our property business. Previously, it was like, oh, Hey, make me into an action figure. That's kind of cool. But what's the real world value of that? And now it's analyze this deal for me and tell me how much I should offer on it. And it's probably going to be more accurate analysis than you can do yourself. So look, AI is not going anywhere. It's not a fad. It's not a trend. It is an evolution in technology. It's the new internet. And we do need to stay mindful of how it affects the way we think and work. But the real advantage lies in how you use it, not whether you use it. Most investors are still sleeping on this. They still see it as a gimmick, a toy, something to play with for fun. And they're still doing everything the long way as a result. But the smart investors, the ones who figure out how to combine their own experience, expertise, worldview, and context with this tool, they're the ones that are going to move faster. They're going to waste less time and they're going to out-compete the rest of the market. So if you've got a clever or unexpected way that you're using AI in your property business and you're happy to share it, I'd love to hear it. Maybe we'll do a follow-up episode or maybe I'll share them on Instagram, but drop me a DM. It's probably the best place to get me, Inside Property Investing on Instagram. Or you can get in touch with us via the website, email helloinsidepropertyinvesting.com. Lots of ways to get in touch with me, but I would love to hear those stories from you. If you want some info on that training that I shared with the mastermind group to train ChatGPT to sound exactly like you, to take the heavy lifting off your content, without it sounding generic and robotic, then I'll put a link to that in the show notes. Or as I said, you can DM me the word clone. I'll send you the details of that training. This tech isn't going to do your job for you, but it will multiply the impact of what you already know. And for me, that's where the real power lies. So I hope this was Interesting, useful, enjoyable, an eye-opener for you. Just got you thinking about it in maybe a different way, a bit more excited about how you can use it in a positive sense. I hope I delivered that for you and I hope I'll speak to you in the next episode.