No doubt you’ve heard about ChatGPT, the artificial intelligence software that can answer questions about anything, write essays and documents and solve life’s deepest mysteries. Artificial intelligence (AI) has steadily matured over the past several decades and its usage is peeking into everyday life.
Artificial Intelligence
ChatGPT doesn’t stand alone in the AI arena. There is also Voice.ai (imagine making calls using Morgan Freeman’s voice), and AI image generators. In fact, ChatGPT can be integrated into your Gmail account and draft emails simply by following your instructions.
I’m not completely sure if this information age has made us a smarter society or a dumber one. Maybe it has made us lazy, but in some cases it has advanced people and careers faster than in previous generations. Like anything, there are positives and drawbacks, but I believe advances are great as long as individuals use it to increase and enhance their productivity instead of replacing it.
ChatGPT Can Be a Time Saver
So how can ChatGPT help note investors? I decided to ask Mr. or Ms. GPT him/herself. In fact, ChatGPT wrote the following when I asked “How can you help real estate investors?
ChatGPT’s response:
Time-saving: ChatGPT can automate repetitive tasks and answer frequently asked questions, freeing up valuable time for real estate professionals to focus on higher-level tasks.
- Improved accuracy: ChatGPT is trained on a massive amount of data and can provide accurate and up-to-date information quickly and efficiently, reducing the risk of human error.
- Increased accessibility: ChatGPT can be integrated into websites and apps, making it easily accessible to a large number of potential investors.
- Personalized experience: ChatGPT can provide personalized responses based on the user’s location, preferences, and past interactions, leading to a more enjoyable and effective investment experience.
Cons of ChatGPT in Real Estate Investing:
- Limited creativity: ChatGPT operates based on pre-existing data and patterns, meaning it lacks the creativity and critical thinking skills of a human.
- Bias: The data that ChatGPT is trained on can be biased, leading to the dissemination of inaccurate or discriminatory information.
- Limited empathy: ChatGPT lacks the ability to understand and respond to emotional and personal situations, which can negatively impact the investment experience for some users.
- Dependence on technology: The effectiveness of ChatGPT is heavily reliant on technology and internet connectivity, which can limit its usefulness in certain circumstances.
In conclusion, while ChatGPT offers many benefits in real estate investing, it is important to consider both the pros and cons before fully adopting the technology. A human touch and critical thinking remain crucial in the real estate industry, and ChatGPT should be used as a supplement rather than a replacement.
Not a bad response from GPT, eh? Of course, as it stated, it’s compiling information and data that is already active on the internet. The impressive part is that it doesn’t spit out or respond in data form, but in complete sentences as a well-thought out response.
At this point, I’m now intrigued and decided to ask ChatGPT another question. “Hey ChatGPT, where can people buy mortgage notes?”
This was the response:
You can buy mortgage notes through several channels:
- Directly from the borrower: Some borrowers may sell their mortgage notes directly to individual investors.
- Online marketplace: There are several online marketplaces that connect buyers and sellers of mortgage notes, such as NoteInvesting.com and Paperstac.com.
- Private lenders: Private lenders, such as hard money lenders, may sell mortgage notes they have originated.
- Banks and financial institutions: Banks and financial institutions may sell mortgage notes that they have acquired through loan servicing or securitization.
- Brokers and advisors: Brokers and financial advisors may offer mortgage notes as an investment option for their clients.
It’s important to carefully research and assess the risks and returns of mortgage notes before investing, as they can be complex and may not be suitable for all investors.
Of course, I already wrote a blog about this topic. But I can also say that ChatGPT kinda wrote this blog because I posted all of its responses, which it could have gotten from information I have posted. Hmmm…so maybe I wrote it and ChatGPT pulled the information and gave it back to me. Well, you can’t have AI without HI (human information).
How Does AI Make Me More Productive?
My next task was to have ChatGPT draft an email for me in Gmail. I downloaded GPTChat for Gmail by CloudHQ. I typed the instructions for my emails and said “type an email promoting my upcoming note investing course and tell the benefits of note investing.”
This was the email that was drafted:
Subject: Learn the Benefits of Mortgage Note Investing with our Upcoming Course
Dear [Recipient’s Name],
I hope this email finds you well. As a financial professional, I wanted to reach out and introduce you to an exciting opportunity to grow your investment portfolio through mortgage note investing.
At our upcoming Note Investing Course, we’ll show you how to take advantage of the opportunity to invest in mortgage notes and achieve significant returns. Mortgage note investing is a lucrative way to diversify your investment portfolio and provides numerous benefits, including:
- Passive Income: By investing in mortgage notes, you can earn a steady stream of passive income without having to actively manage the property.
- Reduced Risk: Mortgage note investing is generally considered to be less risky than traditional real estate investing. You don’t have to worry about property management, vacancies, or property damage.
- High Returns: Investing in mortgage notes can yield high returns, often much higher than other types of investments. It’s a great way to grow your wealth over time.
- Diversification: By investing in mortgage notes, you can diversify your portfolio and reduce your exposure to market fluctuations.
Our Note Investing Course will teach you everything you need to know to get started with mortgage note investing, from understanding the basics of mortgage notes to finding, buying, and managing them. Our experienced instructors will guide you through the process and answer any questions you may have.
I encourage you to register for our Note Investing Course today to take advantage of this exciting opportunity. This course is perfect for anyone looking to diversify their portfolio and earn passive income. You can learn more about the course by visiting our website or contacting us directly.
Thank you for your time, and I look forward to seeing you at the course.
Best regards,
This is actually a great email and saved a lot of time. I don’t have to spend time drafting emails or thank you messages. Just provide instructions and it’s done for me. This is a huge time saver, especially if a good portion of your day is spent responding to emails.
Conclusion
Ultimately, I see the time-saving benefits of using AI. It can help find realtors in local areas, search for builders (which I recently did in order to start a new construction build in Maryland), draft emails or create a work of art for your office. It doesn’t replace human interaction, but can increase productivity and help maximize your time in order to do more deals.
