I am absolutely impressed with all the prompts that they presented with AI at the convention. That alone paid for the cost of the event.

For those of you who saved a dollar and elected not to attend, you cheated yourself. I would strongly urge you to reach out about buying an audio copy of this event. This is nuts and bolts how to implement technology

Oh Ray don't make me cry. We so wanted to go, we were one of the firsts to sign up, Barb told me. But a kind-of crucial medical test got screwed up on dates and June 8th was the next available, after that scheduling into end of July - August...so had to take it.

Oh Ray don't make me cry. We so wanted to go, we were one of the firsts to sign up, Barb told me. But a kind-of crucial medical test got screwed up on dates and June 8th was the next available, after that scheduling into end of July - August...so had to take it.

If you are an investor and do any of the following- screen tenants, market property, complete monthly operations, have people pay rent, fill vacancies, complete turn over maintenance or routine maintenance, please understand that others in the field will be using AI

I actually gave a presentation on using AI last month to a conference of Housing Directors. Went very well and most of those who thought they'd never use it changed their minds pretty quickly.

That being said, I hope they went over the pitfalls too! Don't forget that current AI is very bad at math! As an example, here's a prompt that I gave ChatGPT:

"The rent on an apartment is $700 per month. Each month, you must pay the full $700 in rent even if you only live there for a part of the month. If you live there for 3 months and 8 days, how much must you pay in rent?"

This is simply math. The answer should be $2800 for 4 months worth of rent. But this is what ChatGPT answers:

"To calculate the total rent you need to pay for living in the apartment for 3 months and 8 days, let's first convert the 8 days into a fraction of a month.

Since there are typically 30 days in a month, we can calculate the fraction of a month:

8 days / 30 days = 8/30 = 4/15 months

So, you lived in the apartment for 3 months and 4/15 of a month.

Now, let's calculate the total rent:

3 months * $700/month + (4/15) * $700

= $2100 + (4/15) * $700

= $2100 + $186.67

= $2286.67

Therefore, you must pay $2286.67 in rent."

So, it pro-rated it even though I told it not to. So then I pointed that out with this followup prompt:

"I said that partial months have to pay the full month's rent."

ChatGPT responds: "Apologies for the oversight. If partial months require paying the full month's rent, then regardless of the duration within a month, you'd still pay the full $700 for each month you occupy the apartment.

For 3 months and 8 days (which we'll consider a full month for simplicity):

3 months * $700/month = $2100

So, you must pay $2100 in rent."

And it STILL does the math wrong! HA! :)

I think it can be handy for helping to write letters, notices, and so on. As long as people are aware of current limitations...

Mind blown!

"I would strongly urge you to reach out about buying an audio copy of this event"

Noted. Thanks, Ray.

Jerry, how much was the package?

Jason, if it's full of mistakes, and it is, why would you use it?

Plenty, after learning about it, why do you still not want to use it?

Here NE. Information on Housing Directors.

John, thank you for the example.

It appears that AI didn't necessarily get the math wrong, but rather doesn't fully understand the questions being asked.

Here's my previous post re-written with AI (haha):

The benefits of this tool significantly surpass any drawbacks. It is essential to review the output for accuracy. I also find it valuable for drafting emails during my work hours when I am pressed for time to compose a detailed message myself. (Confidentially, of course!)

Yes, I thought the AI presentation was a good one. I'll use any tool that will make my life easier and plan to incorporate starting with documenting SOPs.

Yes, I thought the AI presentation was a good one. I'll use any tool that will make my life easier and plan to incorporate starting with documenting SOPs.

The speaker at the conference mentioned that AI was getting better daily. I believe him on that.

I can see it being a handy tool and the fact that you can keep using it for more things as time progresses makes it even better.

The fact that you need to proof read everything should not be an issue. I try to proof read everything that I do... although I still miss stuff.

Fun little side note. My son is teaching summer school to online seventh and eighth grade students. He had a disclaimer before the essay portion of the tests about using AI. The school has something that they can use to check for AI usage, plus the fact that kids at that grade level who have to take summer school don't write as well as maybe some of the AI out there, even dumbed down.

Well they had one that came back as 100% AI. That kid will be taking seventh grade again next year.

I do not have the details on all of it. Just what I mentioned. I do want to see what else they can check for.

What happens when tech breaks?

I concur with you NE,

We have shifted from a knowledge based world to an informational based world. The question is when will the majority of investors hop on to that informational train. My grandmother used to get the World book annually all the way up to about 1974 or so. That one book talked about happened in the world in that one year. It was awesome reading as the world was placed in a time capsule format.

Hey, I bend nails.

Truth is it takes all types to make rentals work. I think everyone should know how to do some of the routine maintenance. It is a valid part of the business.

Depending where the real estate and economic cycle are at, not only is it viable but there is good money in it. But then you bought more of a job and less of an investment. Still valid, work is still required but following just the contractor model limits your growth to 20 to 40 doors.

I tried teaching my kids as much as I could in all kinds of tasks.

While they have never put a roof on they know the actions needed behind it.

How many times do you hear about someone getting ripped off because they put all their trust in a person only to have that person do the wrong thing?

Not just in construction. Maybe a book keeper doesn't track expenses per property, or an accountant doesn't run a Schedule E. I do not do my own taxes, but I know some of what needs to happen.

I feel that the people that do not use technology are falling behind. Some feel they are too old. My mother-in-law is past 80. She has never used a keyboard. Might have used a manual typewriter when she was in school. We got her a semi-smart phone and she took to it like a fish to water. No internet but texting. Oh the emoji's.... but she can communicate better and faster than before.

I was a skeptic on using AI for RE. Then I went to this con and opened my mind to the possibility.

So many real estate trainings are nothing but sales pitches. This convention was absolutely different - I saw that out the gate.

While at the convention I went into a zone. I broke up what landlords do into categories. It is a bit silly around here for me to find a "property manager" that is fully qualified to do what I need them to do when I don't have what I need them to do written down or in the form of a check sheet.

So what have I done in the past - after going to Jeffery's boot camp I had a starter set of check sheets. These checks sheets were a bit clunky if you were outsource only some of the task to someone and split the others. I split these task up because I could always push off specific task to someone else but keeping track of the entire process what difficult. As for splitting up the task, I do that so others don't steal my fully trained employee.

The AI training was rather straight up - type in the following into anyone one of four platforms and then add the following other strings to it to improve your outcomes. In total you are adding maybe 45 words in total and bam, you have a check sheet that you can add or subtract to on one task group involved in property management. Since you are content doing it all, are young enough that you will not ever get sick and plan on never getting old - I get it

I honestly understand. When I retired from the military, I really didn't like this who idea of texting. I wanted people to call me instead since everyone knew that texting was just a fad like online videos or email. After all we all know - Nothing will make a fax machine obsolete. I can get fax while listening to my 8 tracks.

Change has to be managed. It is so easy to live in a time warp. The good news is I left my MC Hammer pants at home instead of bringing them out last weekend. The thing that makes our country so great is Free Will. You are allowed to become a dinosaur while in your 30's. There are tools out there that will allow you spring board back.

Now if I can some how learn to work on "The Google" - FWIW: AI is as hard as google on steroids.

6x6 (and others):

The thing to understand and remember about current "AI" like ChatGPT and Copilot is that they are not "thinking" at all. That is why they can't do math.

Put very simply, the current AI models are systems that look at a ton of written data -- and then, when prompted, generate a list of words based on how statistically likely they are to be together in a sentence related to that topic.

So, AI isn't "thinking". It's basically a really, really enhanced version of your auto-correct keyboard on your phone that tries to guess what word you want to use next. It's just stringing words together that are statistically likely to be together.

That is why it can give a long, detailed report on a topic -- but can't do simple math.

Even if you make the math just plain math without any story to go with it. The problem is NOT with it misunderstanding the question. Here's another example:

Prompt: "What is 200 times 400?"

ChatGPT: "200 times 400 is 80,000."

Prompt: "What is 2332 times 4534?"

ChatGPT: "2332 times 4534 is 10,572,088."

Note that that second one is wrong. 2332*4538 is actually 10,573,288. ChatGPT was slightly off.

That is a key point to understand. It didn't get the math wrong because it didn't understand the question. It got it wrong because it knows very little about actual math. Instead, it is looking through its database of conversations that it has been trained on -- and trying to find numbers that match. It happens that no one has stated that exact math problem, so it statistically tries to find words that are close -- and then tries to extrapolate from there. So, maybe it found a place where it had seen a sentence CLOSE to what we asked, so it fudges the numbers a bit hoping to get it "right." But it is wrong. It was just a guess. It knows little about actual math -- it just tries to find words in its past learning that are similar and statistically likely to be close to the answer.

I made a minor typo in the math. I wrote:

"2332*4538 is actually 10,573,288."

I meant:

"2332*4534 is actually 10,573,288."

Everything still makes sense, just noticed I typo'ed on what I wrote. (I did the math correctly based on what I meant though -- so everything still stands as ChatGPT getting the math wrong.) Point is the same.

The largest Apartment Association in Pa published what AI can do. If you want to focus on what it can't that is also good - just understand that more than 2,800 investors with 17,000 units read. The article was long but here is the summary of capabilities.

Some of the main advantages of AI in real estate

include:

• Enhances usability of property management

software.

• Automates routine tasks.

• Anticipates costly issues before they arise.

• Reduces costs.

• Saves time.

• Lowers overhead expenses.

• Helps reduce vacancies.

• Enhances tenant satisfaction.

• Improves team productivity.

• Scales seamlessly with business growth

without necessitating major system overhauls.

Ray you just sort of lit a fire for me. I've been fighting with DH for a couple of years now - sometime real arguments - about our policies and procedures manual. Our non-existent policies and procedures manual which I am somehow in charge of creating.

Moving to Buildium has helped a lot with training my son, but there's a lot more to teach. AI may be the way to go - meaning I might actual do it if I have an "ASSISTANT."

John, thank you very much for explaining that.

Ray, is there a link to that publication?

NE, it almost seems like you don't know what you don't know because you don't know it.

I am not advocating dropping anything and using AI instead. The speaker even said that it was fallible. But he also said that it was getting better literally daily.

Don't slam it until you play around with it. Doesn't cost you anything but time and learning takes time.

Fair enough NE. I try and at least peek at new stuff just to see if it lights a fire for me.

Morning! Great Convention,

I came home an have already implemented a veritual assistant and had CHATGTP write me many letters and emails.

Im obsessed

Had ChatGPT write up a test rent increase letter. I purposely left stuff out so I could have it added after.

It worked out pretty well, although my original letter was fine to me.

More testing is in order.