In this episode of Multifamily Investing Made Simple, we explore the ways in which artificial intelligence (AI) is set to revolutionize the world of real estate investing.
We delve into the potential future applications of AI in real estate investing, such as the use of virtual assistants to help with property management and the possibility of using AI-powered algorithms to predict market trends and identify profitable investment opportunities.
We also discuss some of the potential challenges and drawbacks of relying on AI in the real estate industry, including the need for proper regulation and the potential impact on employment.
Overall, this episode offers a comprehensive overview of the ways in which artificial intelligence is set to shape the future of real estate investing, and how investors can prepare for and leverage these changes to their advantage.
— Alright, are you ready to have your minds blown? I actually used ChatGPT to write this episode description, and to find this week’s tweetable quotes! I’m telling you all, this is going to change the world.
Tweetable Quotes:
“A month ago if you’d asked me, I’d have been like, we’re really far away from AI having a meaningfully impactful. I’ve completely changed my tune after what I’ve seen, and I’m scared.” – Anthony Vicino
“The tough part now is that there’s, it’s not entirely accurate all the time, and you might not be able to spot the inaccuracies if this is creating something for you that you don’t fully understand yourself.” – Dan Krueger
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*Transcript*
AI In Real Estate Investing
[00:00:00] Anthony: Hey, welcome to the podcast. Uh, Dan. Yes. I’m scared. Are you? Little bit. Ooh. Like why? And I’m saying this kind of jokingly, but like legitimately, I’m like, I’m, I have not feared. as, okay. So back up. Hmm. You know, I used to write science fiction, right? Mm. Not for long. Okay. So the, the story that I’m probably most well known for is about the rise of ai.
Oh, geez. Okay. Is
[00:00:42] Dan: that a time heist? Yes. Oh.
[00:00:44] Anthony: And so I’ve, I’ve spent a lot of time thinking about what happens when AI becomes sentient and just, you know, starts kicking our ass. . Um, it happened like a week ago. It happened a week ago. But what’s funny is like, as I was writing those books, like back in 2014 to 16, I never really thought that this was gonna happen.
This is [00:01:00] so far
[00:01:00] Dan: out there. Yeah. Hundreds of years from now. Right. But
[00:01:03] Anthony: I swear to God, like a month ago, if you’d asked me, I’d have been like, we’re so really far away from AI being meaningfully impactful. Mm-hmm. , I’ve completely changed my tune after what I’ve seen, and I’m
[00:01:14] Dan: scared. Well, what are you talking?
Well, our listener, I mean, are there robots outside? Robots are coming iRobot like with lasers in their eyes, shooting like, what’s happening? They, they
[00:01:25] Anthony: take over Minneapolis first people. They always do. We’re ground zero. Um, because we are the hub of, um, the Midwest. And so if you control Minneapolis, you pretty much control the high ground because if you look at us on a map, we’re, we’re above everybody else.
At least we think we are. Yes. Um, I don’t know how maps work, obviously , so last week. Open AI, released, uh, chat, G P T, and I’m, I’m sure their listeners are probably like, I’m sure you’ve heard or seen something at this point because literally everybody’s talking about it. [00:02:00] Um, and we’re gonna get a little bit into chat, g p T today, um, and just generally AI and maybe what it means for the future of real estate.
And full disclosure, I don’t know a ton about. Yeah, we don’t, I’ve just been kind of putting my head in the
[00:02:13] Dan: sand. Yeah. I don’t know about you, but I, I know very little. I started hearing about, uh, Chad, g p t, like maybe a month ago on the All In Podcast when it was like, um, oh yeah. Uh, if you guys don’t listen tonight, you should check it out’s for, to like invest in finance.
Um, stuff like that. Who’s your favorite? My favorite? Bestie. Bestie. Geez. Um, I’d say the, the, the guy I like. Oh God. That’s tough because they’re all kind of dicks sometimes. They’re all dicks. Yeah, they’re all dicks to each other. But I, you know what I’ve noticed, I feel like they’ve been leaning into that more lately.
Yeah. Because the drama, it gets, I, I wanna say Friedberg is probably the nicest guy. Friedberg is the nicest for sure. Uh, I don’t know if I’d really be able to talk them much because he is interested in like a lot different things than I am. I feel like I’d be most [00:03:00] interested in talking to. Uh, Chamath, if I can get over his arrogance.
Chamath.
[00:03:05] Anthony: I can’t be in the room at Chamath. I think I couldn’t do it. He’s got a lot
[00:03:08] Dan: of info in his head. I’d be curious to get out. I just, he’s, he’s so arrogant. He is very arrogant. Uh, and Jason Calcan, I, he’s, he’s probably next one. Jason’s
[00:03:18] Anthony: very arrogant as well, but I actually like Jason more likable.
Yeah. Yeah. I’ve read his book. I’ve been in, I did his, um, he did a course a number of years ago about angel investing. I took that. . Um,
[00:03:29] Dan: yeah, if you guys haven’t read Angel, if you’re all interested in angel investing, that’s Jason’s book. Check it out. It’s pretty good. Mm-hmm.
[00:03:36] Anthony: but not, uh, UMAX. Sax . He’s not on the list.
I
[00:03:39] Dan: don’t know a ton about it, about the guy. Um, I mean he gets like really heated on political stuff on is I’m like, alright, here we go again. He got on this rabbit hole again. He’s always the political angle with him, but you know what’s really interesting? . That’s like his thing now. Yeah. Like he’s getting on with a lot of networks, a lot of TV shows
[00:03:55] Anthony: for that.
Well, he wants to be like the Secretary of State
[00:03:57] Dan: or something like that. Right? Well, he said he didn’t. [00:04:00] But he also said he wouldn’t say no if the president asked him. Yeah. So yeah, the president, that’s a very, um, humble way of saying that he wants
[00:04:07] Anthony: to be there. Please ask me, the, uh, the thing I find really interesting about that podcast and then we’ll, we’ll circle back to the AI stuff.
Don’t worry, don’t worry listeners. We’ll get there. We’ve never been focused.
[00:04:16] Dan: You
[00:04:16] Anthony: know, this, you know this. Yeah. It’s a Sunday. So we’re, we’re, we’re bringing the Sunday ener energy. So, um, the thing I find really interesting about that show is usually on. shows with smart, brilliant people. I find myself having a hard time disagreeing with them, where let’s say it’s, it’s like two hosts and they’re both very brilliant usually because they, they get along well enough, they can both make really compelling arguments, right?
Mm-hmm. for things, and you, you walk away and be like, oh yeah. Um, I don’t, I didn’t really think about that until the other guy pointed it out, whatever. With that show, I almost always am like, I agree with this, with them. I don’t agree with that at all. From the same person in the same sentence. Mm-hmm. [00:05:00] like multiple times.
I’m like, what? I’ve, I, I don’t agree with you at all. But then two seconds later I’m like, I agree with everything you say. This is a very weird dynamic.
[00:05:09] Dan: Yeah. There’ll be like one little aspect where you’re like, oh God, what? That kind of one did the whole thing for me. . Yeah. Yeah. No, they’re all very opinionated.
Anyways, check it out guys. It’s good podcast. Great podcast. Really good theme song I’m very jealous of. And then, um, yeah, that was like the first place I heard somebody bring it up, uh, like maybe a month ago, maybe two months ago. The most. And since then I’ve done, I’ve watched a couple YouTube videos just done, like to kind of see.
is this that like, what’s everybody freaking out about? Cause all the tech geeks, all the Silicon Valley people are like, oh my gosh, like this is amazing. I’m like, what is it? What does it do?
[00:05:41] Anthony: Well, a little bit of clarity. Well actually, let’s put a pin in this and I’ll talk, I’ll talk about my experience with it.
Cause I have played, I spent probably an hour playing with it so far. Um, let’s just put a pin in that and talk about our bad investing advice for the week because, . I, I feel like the universe will maybe unravel [00:06:00] if, yeah, we don’t, I know
[00:06:01] Dan: we need, we need to put more, this is
[00:06:04] Anthony: the glue that binds the reality.
It is. We
[00:06:06] Dan: need more misinformation, disinformation, fake news. And that’s what I’m here for, is to bring the bs. However, today I don’t have a nice little, uh, tongue in cheek package for this. I don’t know how to spin it in a way that sounds like it’s good advice, but it’s so, I’m just gonna say it. Um, I can give,
[00:06:22] Anthony: I can give you.
I got it. I got one. All right. I’ve been, I’ve been, I’ve been running all my, uh, my investment questions through chat, G p t, ,
[00:06:30] Dan: and what have you learned?
[00:06:32] Anthony: Um, uh, not a lot. . I haven’t, I haven’t made a ton yet. Um, he’s had some pretty questionable investment advice. Yeah.
[00:06:41] Dan: That’s one of the things I was gonna talk about when we get into it.
Oh, okay. Keep going. It’s some winters. Well, mine’s not related to ai, AI at all. Mm. Um, I came up with this earlier before we sent Gotcha. A podcast episode, but mine is that, uh, CAPA rates matter. . Um, and really what I mean by this is cap rates. Um, equity multiples, like the [00:07:00] valuation of of things. They’re gonna be investing in matter again.
And for the last like 10 years, uh, while money’s been free, uh, you could get away with increasing valuations indefinitely on things and everything was gonna be okay. Like you go by a building, a two and a half cap, and it would probably still work out somehow for you. . But now that there’s actually a cost to capital again, uh, that stuff doesn’t fly.
So cap rates matter. Again, equity multiples matter again. It’s gonna actually take some work to find good deals. Mm-hmm. , and it wasn’t like that 12 months ago, so
[00:07:32] Anthony: it’s funny. Yeah, you usually do this tongue in cheek. So like, I, I was listening, being like, wait, I feel like this is actually, yeah, I don’t
[00:07:39] Dan: know.
I don’t know how to spin it. Yeah, I don’t know the inverse of it. Caps don’t matter. Yeah, I mean, that just sounds
[00:07:46] Anthony: stupid though. Caps don’t matter when you go in because you’re gonna be changing the operations. You’re gonna be increasing the valuation, increasing the, that could have
[00:07:54] Dan: been a spin. Yeah. Caps don’t matter because.
we’ve got X, Y, and Z business
[00:07:58] Anthony: plan. And, and, and that has been the [00:08:00] rationale for a lot of operators for a long time. Yeah. Um, and honestly, you could you, for the last 10 years, you could be shielded, so Yeah. Yeah.
[00:08:06] Dan: I mean, you could, you know, buy something that’s some pretty skinny cash flow on it and still hit your debt service coverage ratios these days.
It’s, uh, challenge to hit those even with a great building. So, um, yeah, that’s, that’s the world we’re in. And I’d say get used to it because I don’t think we’re going back to free anytime soon. I think we’ll be back to something reasonable, uh, which is not far below we’re at now, but, you know, this is probably where we should have been all along.
[00:08:33] Anthony: Yeah. We just got term, not even term, but like just a soft, um, feedback right from like six and a. Yeah, so
[00:08:41] Dan: we’re a five year local regional bank. It’s not terrible. No, I mean, when I first started, my, my rates were uh, five and a half. Five, yeah. Um, five and a half. And I was brand new when I first started, so I wasn’t getting the best rates, uh, somebody experienced at that point with a good relationship with the bank.
Probably got, I’ve gotten four and a half, four and a quarter, [00:09:00] but I mean, I made, I made it work at five and a half and six and a quarter isn’t that far off. So you can do it.
[00:09:06] Anthony: I concur. So let’s talk to the, let’s talk about the existential danger that is AI in maybe what role it’s gonna play in real estate in the near future.
But, okay. So if you’re not familiar with chat, g p t, I’ll just give you like a little bit of my experience with it. It’s a, it’s a first of its kind as far as I can tell in terms of how easy it is to use. It’s a text-based interface where you just type in your. and the, the AI is able to understand the nuance of the question.
It’s able to remember past questions that you’ve asked it, and it can just do incredible things. And so one thing that’s really interesting about it is as a person who does not have any coding experience or any formalized coding logic, I can go in there and say, Hey, chat G P T, I want you to create for me an.
In that app, I want it to be able to, [00:10:00] to do X, Y, and z and chat. G p T can then create the code and then I could just embed that into my website and have this running app. Or I could say, Hey, chat G G P T, write me an article on syndications versus REITs. And it will pump out a, a pretty good article. It’s not gonna be written with like a ton of flourish and voice, but it’s really.
and I saw, I saw somebody, people are doing all sorts of tests with it and being like, what, what could we do with this? What was push the bounds, and there’s a couple of use cases I think are really interesting. One, somebody used it to create a psa. One was like, Hey, I want you to whip me up a legally binding, uh, purchase agreement for the state of blah, blah, blah for this, this.
and it did, it was, it was a pretty good contract, which I would not personally use for that. But, um mm-hmm. , there’s just all these interesting use cases and I, I kind of wanted to talk through it and see like, okay, what’s, what’s this look like for the world of real estate? [00:11:00] Maybe nothing, maybe everything.
Yeah. So what do you think? Well,
[00:11:03] Dan: and I think one use case that I saw that, that was, uh, extremely useful and, uh, valuable to a lot of people. And also probably one of the, the simplest examples was, uh, uh, taking. Uh, a poorly written, kind of broken English email from somebody and, uh, saying, Hey, chat g p t turn this into a well-written, uh, professionally formatted business email.
And it took like an e an email that said like, hi, um, sir, and this is like really broken English. Like I start my. I’m, I gotta break it up more. It was like things were in the wrong order. Like most people who don’t speak English will do. They’ll put things in different orders and say, I will work, start on Monday the 15th.
Like, and the command was, Hey, take this and put it into a professionally written business email. It said, dear so and so, I hope this email finds you well. I’m gonna begin working for you on [00:12:00] this date. And they had like five, uh, sentences were really well written in perfect English, very business professional.
It had the intro, the body, and then the the closing. all perfectly written. Uh, which I thought that was something that would be extremely useful for people who are gonna be like virtual assistants or something. Mm-hmm. . And they want to take, you know, their kind of garbled, uh, version of what they wanna say, put it into the thing and have it come out coming, uh, across extremely professional.
But then there’s a lot of things where it’s like, Hey, chat G B T, uh, create a picture of Anthony Vino riding a horse in the moon with a cigar in his mouth and. It could,
[00:12:33] Anthony: I can do that too. Really well. It, it’s crazy. It’s, dude, it’s getting really scary on that dark, uh, that kind of like, um, what do they call?
It’s the deep dark web Dark? No, the, the deep fakes. Oh. Where they can take like video footage or, or photo content and like make a person say or do different things because there’s so much content down there. Um, you know, one thing that I thought about, which would be really interesting is if you could pull a.
of properties and you could give it to [00:13:00] chat G P T and say, Hey, here’s my list of properties. Find the owners, find their owner address, like their contact information, and then draft a custom email for each one saying I’m interested in their building. Would like to, to talk to them. Mm-hmm. , that would be pretty cool.
Yeah. Right. That that would be a step up from like just kind of having to do that yourself or sending a kind of a boiler plate email. Yeah, to everybody. That would be pretty interest.
[00:13:23] Dan: it would be the, the tough part now is that there’s, it’s not entirely accurate all the time, and you might not be able to spot the inaccuracies if this is creating something for you that you don’t fully understand yourself.
So I think that’s a big risk. That is, because there were some, um, examples where people would, uh, say, Hey, write me the directions on how to do this thing. And they knew how to do the thing, and the directions would come out. It would sound very professional, very confident, and they’re like, this is not, Um, well that
[00:13:54] Anthony: was actually another use case I was considering, which was, you know, for a company that’s trying to systematize and then like, have [00:14:00] processes that they can train new hires on or virtual assistants, um, to, to be able to take like kind of a crappy, Hey, here’s, I just wrote out like real quickly, high level, um, tasks or how to do like this thing like maybe do payroll or, um, post a video to Instagram.
Mm-hmm. . , I bet they could take that information and get it close enough, as long as it’s not high. As long as you’re okay with it being a little bit wrong. Yeah. Yeah. I
[00:14:29] Dan: think, you know, for stuff like that, it could work, but, um, yeah, I mean, if you’re, you know, writing, uh, if you’re trying to get a bunch of like letters or emails or something sent to people, um, and you, you honestly don’t wanna sit there and check all that, that could be.
I could be annoying, not being confident. And then another
[00:14:48] Anthony: big thing I notice that’s is like, don’t, don’t use it to that you just like use it and then, uh, send out the information without double checking it. Cause I think one of the things that I was using it for was like to come up with ideas for content or frameworks or [00:15:00] outlines of things.
I was like, Hey, gimme some ideas for a podcast episode. Um, and that’s kind of nice to get you started so you’re not dealing with a blank page. Mm-hmm. . But then that’s I think where you gotta
[00:15:09] Dan: deviate. Yeah. And the other thing that’s gotta be worked out is, , there should be a, um, uh, a, uh, mechanism to keep people from, uh, getting dangerous stuff out.
Like, um, you shouldn’t be able to ask it. Hey, chat G B T, uh, teach me how to make a malt off cocktail. Why not? Uh,
[00:15:32] Anthony: what, why, why not? I’m of legal drinking age. Why
[00:15:35] Dan: can’t I do that? Well, they’re, they’re supposed to be, um, not like the weapon. Oh, like you stick the Right. How, how do you make one of. . Uh, I don’t have, I’ve seen in movies you stick rags in light on fire and your throw, but there’s probably a, a, a way to do it really well.
This was one of the use cases that someone tried to test because it’s supposed to keep you from like, let’s say, Hey, uh, gimme the directions on how to make a pipe bomb, right? Mm-hmm. probably don’t want that. And [00:16:00] initially it’ll stop you, but what people have found is you can ask the same kind of thing slightly different ways, and it’ll eventually just give you the thing.
asking for, despite the fact that there should be these little safeguards in place to keep, um, uh, unnecessarily dangerous information from being shared widely. So that’s some, a kink they’ve gotta work out still.
[00:16:19] Anthony: One, one of the things that kind of, um, bothers me about it is it is now entirely possible, and I know this because I had a, somebody I was talking to the other day on the, on the phone, and he was really excited that he had did this, was he just went and created a bunch of article.
the, then he posted on his website and had to like, they were SEO optimized and it was all around things like, Hey, what’s a passive investment? Blah, blah, blah. All that stuff really just prepopulated an entire blog with like 50 articles that were written by the ai. Um, and, and so the reason this bothers me is that as this gets more sophisticated, we’re gonna see.
original thought [00:17:00] and content being create not original thought, but content being created through chat, G P T, and it will be used. as a way of creating thought leadership platforms. Mm-hmm. for people who maybe are not actually the ones generating the thoughts. Yeah, I was gonna say it a little bit nicer, but yeah.
Maybe they’re just not very
[00:17:17] Dan: smart. . Well, I mean, that’s, that’s an issue, right? Because personally, I wouldn’t feel good if I had a website made up of articles that were written by ai and I put my name on there and said, oh yeah, I did all that. Like when people read ’em and they’re like, that was great. I’d feel like a dick.
Mm-hmm. like, oh, thanks. . But one thing I’ve heard discussed quite a bit, I think more so, uh, in line with like the deep fakes, but probably for this as well, is, is having some sort of like watermark feature where everybody knows, Hey, this is ai you’re looking at. This is not a real video of Tom Cruise writing a shark.
[00:17:50] Anthony: on. I mean, that is gotta be some kind of safeguard there because that’s scary. But to even think about this then, like, and, and I do think that this like kind of fake thought, thought leadership platform [00:18:00] isn’t so much an issue now, but I do, I do see it in like five years being an issue where, yeah, you could be like, I, I just go and record a bunch of content in front of the camera.
I give it to the AI and say, okay, make me talk on this topic like nuclear physics and make me sound like Tony Robbins really. . And so now I’m able to put out content where it’s on a topic I know nothing about and I’m able to perform it at a level that I personally could not mm-hmm. . And so now I’m gonna be able to bamboozle people, so to speak.
Right. Yeah. And so like, and, and this is a problem for us in this, this sector where we raise capital. Mm-hmm. , that’s the part that con that concerns me, especially with everything that we’ve seen in the last month with, you know, bank frauds and whatnot, that you. , there are people out there that will take advantage of the system and take advantage of, of unsuspecting
[00:18:49] Dan: investors.
Yeah, there’s, there’s always gonna be those grifters, and you could go and you can rent a yacht, you could rent a car, you can get a really good photographer, a good, a good writer, and you can, you know, post some content that looks [00:19:00] like you know what you’re doing and you’re, you’re really killing it. But then, you know, the one thing people could always fall back on is, Hey, can I talk to this guy and have him not sound like an idiot?
But if. That goes away and you’ve got all these eloquently written articles and all these videos of you. Um,
[00:19:16] Anthony: what if the AI could talk to you in real time? Because that’s probably not too far. If you could do it, if you pick far away, yeah. It, it wouldn’t be too hard to do
[00:19:22] Dan: that then. That’s probably Q2 next year.
Oh God. Yeah. It’s, I think it’s, it’s extremely powerful and it’s gonna be really useful, but I think it’s gonna change a lot of things because there’s gonna be a lot of things that can all of a sudden be really quickly. Even if you’re not trying to, you know, grif someone, uh, or anything like that, if you’re just, you know, running a legit business, there’s, there’s a lot of things that you used have to pay a person for i e programming, coding that maybe you could just type in a really simple request and all of a sudden that’s done.
That’s, that’s a job that’s, uh, not needed. So I, I
[00:19:51] Anthony: do think that that chat AI will replace Google if Google does not do something. You think Google
[00:19:59] Dan: is? [00:20:00] shitting their pants right now. Like what? Well
[00:20:02] Anthony: chat g p t is so interesting because it’s kind of like having, you need Google for a really smart virtual assistant.
Yeah. You can ask it anything and it can give you really more thought out answers, more nuanced answers. Yeah. It’s not perfect yet, but um, but that’s the wor that’s the way a search search is gonna go. And you know, it’s go, it’s already changed the world for k for, uh, high school students. Right. Because now.
They, there is no such thing as an English essay, right. at all. There is no such thing. I
[00:20:35] Dan: never write a paper
[00:20:35] Anthony: again. Yeah. There’s no such thing as a, as a a take home math assignment. Cuz now it’s like chat G p t, here’s my math assignment, show me the work. Mm-hmm. . Right? So those things are now, okay, well how do we, how do we change the education system?
Because homework is a very different thing and I’m not saying people shouldn’t use Chap, G P T. it, it’s a tool. Use it. But I think it’s,
[00:20:56] Dan: I think they’re probably just gonna have to create some really weird rules. [00:21:00] Because I was talking to our nanny the other day. She’s going through the process of getting, um, her, uh, her visa cuz she’s from Brazil and they have this weird thing where they, there’s this test she has to take.
Um, but she’s, she does it remotely. She doesn’t do it in a facility. Um, but what she does is she’s gotta take it, uh, on a laptop with the camera. and if she ever takes her eyes off the screen, once she failed, she’s gotta come back and start again. Cuz they’re kind of assuming, oh, she might have answers over here to the right or to the left or something.
And I was like, why don’t they just have you come in a room and take it in person? She’s like, I don’t know. It’s stupid. But I’m like, I feel like that’s probably stressed the extent that Yeah, because she botched it. She accidentally looked like at the clock or something. Uh, anyways, I thought like it’s probably gonna be some like weird stuff like that where if there’s at-home work that needs to be done, there’s gonna be some pretty extreme measures taken to make sure you’re not having assistance.
[00:21:52] Anthony: Yeah, yeah, totally. It’s, it’s super interesting. I’d hate to be a teacher right now because the, the, the crazy thing about the, the content [00:22:00] that it is able to generate is that it’s completely original. It’s not plagiar. . It’s not just pulling other content that’s been out there. It’s taking it, it’s putting it together in new, new ways.
And so as an English teacher, you’d have no way of knowing, which is honestly in the grand scheme of things, like doesn’t really matter. Cuz kids were gonna cheat anyway. Like Yeah. The kids that gonna cheat, they’re gonna cheat anyway. , it’s just getting a little easier. Yeah, this is, the bar just got a whole lot lower and
[00:22:27] Dan: when we were in school, like, and just factor out college, but like high school, junior high, like we didn’t like.
Like, we didn’t have Google. We had like ask Gs and like really shitty search engines. Yeah. So I’m just thinking like, get rid of ai, just like having like the current internet, like a year ago cheating would’ve been entirely different than my experience growing up. Yeah, I, I didn’t think about that. Like, I’d actually go to the library when I was a little kid, get books and try to search through them.
And then the search engines we had were not ideal. YouTube was like, not a thing, like just the amount of information, get your hands on as a kid. [00:23:00] Ridiculous.
[00:23:01] Anthony: So do you think that chat, G p t or these ais are gonna change anything fundamentally in real estate? And if they, if it does, what, what areas do you think are right for some takeover, some improvements in real estate?
[00:23:12] Dan: Yeah, I mean, I feel like there’s some combination of like, um, like I buying but not like the way that like Zillow and some of these like, uh, other companies were doing it. Like there’s probably some combination of I buying and AI. Where like the need for like a real estate agent kind of goes away. Sure.
Like do you need a person to play matchmaker? Like if you’ve got a really good ai, like the only reason you’d get a real estate agent now is to like filter through all the crap on Zillow. Yeah. Slash maybe find something off market. But like if you get really good ai, like you don’t need a person at all.
Mm-hmm. . ,
[00:23:56] Anthony: you know, that’s interesting. I hadn’t thought about that, but yeah. But definitely
[00:23:59] Dan: like lead gen, [00:24:00] like if you’re trying to find deals and you’re trying to do like the outreach, like the letters, all that stuff, like that’s the, here,
[00:24:04] Anthony: here’s one thing that could be interesting is, you know, we deal with a lot of legal documents.
Yeah. And I don’t like reading legalese and there’s a lot of stuff I’m sure I miss. And so just being able to give it to the AI and saying, Hey, can you simplify this? Hmm. And like, put this in English.
[00:24:21] Dan: Yeah. If we this get the language, this point where we can trust it to actually produce accurate results, like 99.9% of the time.
Um, because right now, like the only reason, like we could read through every legal document and we do, you know, we peruse it, but like we don’t fully understand all the concepts. So we always have a lawyer look at him and be like, explain this to us. Is there anything we need to ask questions about? Is this legit?
Is this what we want? Um, cuz we trust that person. Mm-hmm. . But I feel like even like the best lawyer. There’s still a little bit of a margin of error. So if we can get up to like high nineties as far as like, um, uh, efficacy. Yeah, yeah. High nineties and efficacy, then, then I’d feel like, okay, [00:25:00] um, I could run this doc through chat, G P T or whatever it is that we’re using and maybe not have to pay 500 bucks an hour.
[00:25:06] Anthony: Yeah. I don’t think we’re there. I think, but honestly, I wouldn’t have thought we were even remotely there, uh, two months ago. Yeah, that’s sounds good. So things are happening really quickly. Who knows, maybe in a couple years we will, we’ll find some use cases, but I do, I do think chat G p T right now in its current, uh, configuration is not as useful as it will be if they ever open it to the internet.
And what I mean by that, right now it’s a closed system. It’s just a language learning model where they fed information into it, but it is not connect. And sourcing information in real time from internet and the database like in real time. And so if they ever do open it, then that’s where it gets really interesting because then you really can in real time ask it for things like, Hey, go pull, um, you know, owner information for everybody that owns a building on this.
Right. And it can go pull that information right now, [00:26:00] it would need to be fed that information and then collate and maybe pull, like do information with that data.
[00:26:06] Dan: But So it’s like working off like a fixed database right now or something? Yes. Yep. From when
[00:26:10] Anthony: and where? Well, from the internet, they fed it, the internet as of, oh.
From like, like they just like fed it, the internet effectively. They had like crawlers from like, when, um, I don’t know the dates. I don’t know any, I don’t know that deep. Um, because it’s got a
[00:26:22] Dan: lot, I mean, the stuff I’ve seen is amazing. So it’s obviously. Robust database it’s working
[00:26:26] Anthony: off of. Yep. But it’s only gonna get better.
Ah, it’s just crazy. I don’t know, like, I don’t even know what the use cases are for real estate, honestly, cuz real estate is such a technologically backwards resistant industry in a lot of ways. It’s a lot of like paper documents, a lot of face-to-face human interactions and slow, slow. And so that there, there’s certainly a lot of areas that are ripe for improvement.
But for whatever reason, real estate has just been so resistant. Technological innovation.
[00:26:55] Dan: Yeah. I still feel like the, you know, there’s some, some good blockchain, uh, applic [00:27:00] specifically just with like the amount of paper and like tumble work. So, I mean, I don’t know if like AI is gonna change real estate drastically.
I feel like it’s gonna have a bigger impact on like creative industry, uh, like type jobs, like writing art. Um, you could probably throw coding in creative as well. Um, you know what’s so fascinating
[00:27:17] Anthony: about this is for the LA for decades, you know, as we’ve been looking at AI takeover, everybody assumed that AI and robots would come in and first replace the blue collar.
and that it was gonna be impossible for AI to replace the creatives. We always thought like the artists were gonna be the ones that were safe cuz they were the most human of all of us. And yet the very first thing that AI is coming in now and like genuinely posing a threat to are the creatives. Mm-hmm.
It’s fascinating and, and technically like we’re still really far away from replacing the blue collar workers, right? Like the plumbers of the electricians. You guys are fine. Like our robots are not coming for you anytime. .
[00:27:54] Dan: Yeah. I don’t know. I mean, Amazon’s leaning into robots pretty hard, but those are just like, [00:28:00] pick things up and move ’em around.
Not really completing technically difficult tasks, but all you need is opposing digits. Right? Once you those opposing
[00:28:08] Anthony: digits, I mean, you guys talk to blasted dynamics and be like, Hey, you guys just need some opposable digits, something. You need a thumb. Like, what’s that real wrong? Why is this so hard?
Well, it’s so interesting because we’re at the phase now of making the jump from AI into like practical robotics. Is that it’s, it’s just a hardware engineering issue. It’s just like the science is there. The theory is there. Yeah, you would think so. , you’d think that’s the easy part. But turns out like it’s the engineering bit that’s uh, it’s.
It’s
[00:28:33] Dan: hard tell hard must have stopped focusing on Twitter and built some good robots or something. Well, he
[00:28:38] Anthony: was actually, um, one of the original owners of OpenAI, um, back in 20 18, 20 19. I think he was kicked out or, I don’t know. They’d never really gotten into like the details of what happened there, but yeah.
Um, I think he was kind of like, I think he’s scared of AI as well.
[00:28:52] Dan: Yeah, it’s, I’ve heard him say that in a few interviews. Mm-hmm. , he’s, he doesn’t sound like, um, like frightened. I think he’s like [00:29:00] concern.
[00:29:01] Anthony: Well, this is one of those things I read a lot. I’ve read a lot on ai. Um, and then, and then AI is like a, there’s a good, really good book called Super Intelligence.
I recommend it for everybody to go if they’re, this is our book recommendation for the week. This is my book recommendation for the week. It’s called Super Intelligence. If you’re interested in learning about AI and the applications, cuz AI is a very broad term and when we talk about this, you know, like right now we have very specific ai.
What we’re trying to get to is like a very generalized ai. There’s things like oracles, like these all mean very different things. And um, It’s just, it’s one of those things that now is the time to build in the stop gaps and the protections and the regulations around this stuff. Because there comes a point where you tip past the equilibrium and you’re no longer the creator.
Now it’s just create, it’s just creating inside of its own little network. Mm. And so
[00:29:54] Dan: that’s where it gets scary. Yeah. I’ve got a movie recommendation. What you got? Uh, x. Have you [00:30:00] seen that? Yeah. Yeah. It’s a good one. Yeah, it’s a good one. You’re in the AI concept. Go watch that. It’s pretty cool.
[00:30:07] Anthony: That’s with, um, Phoenix Queen.
Am I thinking the right? No, that’s her. Yeah, that’s her. I’m thinking of her. You’re think of her. Scarlet Johansen?
[00:30:16] Dan: No. X Machina. You haven’t seen
[00:30:17] Anthony: that? No. That one. I do know that one. I just can’t think of who’s in it.
[00:30:20] Dan: I don’t think there’s anybody like, um, it’s all machines. Oh, spoiler alert, . Uh, no it’s not.
Spoiler alert, but, um, uh, yeah, I don’t think there’s any like, big name Hollywood types in there. Okay. So maybe that may, that’s probably why it’s good. Dick, that
[00:30:38] Anthony: Hollywood. Ha. All right, so that is, that’s everything that we know on the topic of AI and real estate wasn’t very much so. Don’t know what you’re expecting.
Just know that real estate is full of some of the smartest and stupidest people I’ve ever met in my life. And we may be more on the stupid side. So ain’t got much for you [00:31:00] on the AI front.
[00:31:01] Dan: It’s a free podcast. What do you want? Just .
[00:31:03] Anthony: This is what you get. It’s a free podcast. All it costs you is your time
Well guys, we do appreciate you as always for being here. Um, if nobody’s told you this yet today, you rock, you’re beautiful, and you got great healthy. Um, except for you, Darren. Darren, you’re gonna wanna get that mole looked at. I, I say that cuz I care about you. An ointment of some kind. Yeah, anointment.
And that’ll do it for us. Everybody else, you stay juicy. We’ll see him in the next episode.
