All Forum Posts by: Tyler Rayman

There are a few ways that a language model like GPT (Generative Pre-trained Transformer) could potentially benefit a real estate business:

1. 1. Content creation: GPT could be used to generate descriptions of properties for listing sites or for marketing materials. For example, if provided with information about a property, such as its location, size, features, and nearby amenities, GPT could generate a detailed and appealing description of the property.
2. 2. Lead generation: GPT could be used to generate personalized emails or messages to potential customers, based on their location, budget, and other relevant factors. For example, if you have a list of potential buyers in a certain area, GPT could generate tailored messages inviting them to view properties that meet their criteria.
3. 3. Customer service: GPT could be used to answer frequently asked questions from customers, such as "What is the process for buying a property?" or "What documents do I need to provide to apply for a mortgage?" By answering these types of questions automatically, GPT could help free up time for your team to focus on more complex tasks.
4. 4. Market research: GPT could be used to gather and analyze data on market trends and consumer behavior. For example, if provided with information about properties that have recently sold in a certain area, GPT could generate a report on trends in home prices, types of properties in demand, and other relevant factors. This information could be used to inform your business decisions and strategies.

    If you made it this far, I'm obligated to say that everything above was written by ChatGPT... in less than 30 seconds.!

    I'm just beginning to explore the power of this AI tool, but already blown away at the amount of applications it can be used towards.

     I'm curious:

       a) Have you heard about ChatGPT yet? If so, in what context (or what for industry)?

       b) Do you actively use ChatGPT (or any other similar AI) to further your real estate business?

      c) How do you think ChatGPT and other AI software will change the future of the real estate industry?

(Here's ChatGPT's response)

It's difficult to predict exactly how AI software like GPT will impact the future of the real estate industry, as it will depend on how it is adopted and used by businesses and individuals. However, it's possible that AI tools could significantly change the way that real estate is bought, sold, and managed.

For example, AI tools could potentially be used to streamline and automate many tasks in the real estate industry, such as property appraisals, contract negotiations, and marketing. This could make it easier and more efficient for businesses to operate, and could potentially lead to cost savings for consumers.

AI tools could also potentially be used to gather and analyze data on market trends and consumer behavior, providing valuable insights for businesses and individuals. This could help real estate professionals make more informed decisions and better understand their target market.

However, it's worth noting that while AI tools have the potential to be very useful, they should be used in conjunction with human expertise and judgment. It's important to carefully consider the potential consequences and ethical implications of using AI in the real estate industry.

Awesome tips! Thank you @Jean H. 

 Thanks for your insight @Bee Moore ! Out of curiosity, when you travel to new cities for work, are you basing your search for housing on a certain mileage, or walking distance, from the hospital you’re working at? Do you find that most nurses you work with bring their own car, or mostly stick to walking?

I suppose what I’m trying to figure out is: if my property is 1.5 - 2 miles (30+ min walk) from the closest cluster of hospitals, how much will that impact the units desirability for most nurses?

 @Travis Timmons thanks for sharing your experience! Have you ever considered hiring someone that uses software (like Matterport) to 360 map and image your unit for prospective tenants to do virtual tours?

The property is in St Louis..

Hey BP, 

I’m on the verge of starting a month to month, furnished rental (traveling nurses being the target audience), and hoping to connect with investors that have utilized a similar strategy. 

The property is a 4-unit building, in a good location for the aforementioned play. Currently all 4 units are occupied by long-term tenants. Initially I would keep 3 of the units on 12 month leases, and utilize the 4th as the furnished month to month, for proof of concept in the area, before converting the other units. 

As an out of state investor, I’m curious how management companies might view this type of strategy. I would think it depends on the company, and their tolerance and experience with it. Or perhaps it would require self-managing.. Does anyone have any experience they’d be willing to share, managing out of state? 

Any insight, positive or negative, would be immensely helpful. Thanks!

@Aaron R Brown @Carl N. 

Aaron, great question. I recently (June 2021) bought 2 assisted living homes (20 beds total) in Aurora, CO. I can only speak to my experience, but I would say the amount of time spent managing ALR’s (from an owner’s perspective) is directly proportionate to the quality of people and systems you have in place on the ground. When I first took over my homes, we had neither the system nor the right people in place to properly keep the ship afloat, per say. I have had to hop on planes (as I’m an out-of-state investor) to work shifts when caregivers call out, and everything else falls through; the downside of owning a business that relies of staff to be present 24/7, 365. In the last 6 months however, we’ve improved our systems and support, bringing on a new administrator and management team to oversee the day-to-day, and things have changed significantly. I estimate I’ll be spending no more than 4-5 hours of work per week on the homes, most of which revolving around “managing the manager”. Please feel free to reach out if you have any questions. Best of luck!

Hey @David Bilandzija I have a couple of assisted living homes and am actively exploring refi options to eventually add more homes to my portfolio. Would you mind referring me to the lender you work with? I’ll send a PM as well.. thanks! 

Thanks David. Leverage, leverage, leverage.

I just listened to the recently new MultiFamilyMentors YouTube video “100+ Units at 25” with Alessandra Thompson and it inspired me to change. Change some of my thought processes; change some of my actions; change my routines.

Like Alessandra, I too am 25 years old, and in the beginning stages of my career in MFR investing. Unlike Alessandra, I have not yet taken that leap and committed to consistently using social media and real estate forums as a means to communicating with like-minded individuals, providing value to others, and subsequently growing my network as a by-product. But that changes now.

I started my career in MFR a little over 1.5 years ago. While I'd consider it a successful start, I feel like I'm just scratching the surface. My first acquisition was a 20-bed Assisted Living Facility (ACF/ALR), split between 2 different converted single-family homes outside of Denver, CO. I partnered with 2 family members to take that deal down in May of this year. The second addition to my portfolio came in the form of an 88-unit in Wichita Falls, TX that I helped raise money for in exchange for part of GP. Currently I'm working on my 3rd acquisition, with an LOI out on a 37-unit townhome in West Virginia, hoping to get under contract this week.

While I’m proud of what I’ve accomplished thus far, I can’t help but point out some fatal flaws in how I’ve been operating:

1. 1. I’ve never consistently followed through on engaging other investors on forums/sites/groups like BP/etc
2. 2. When I have periodically reached out to others, I’ve been more of a ‘taker’ as opposed to a ‘giver’
3. 3. I’ve used my age and experience-level as excuses, often telling myself “I don’t have anything to offer them

I’m still working through these flaws.. and trying to create actionable steps to help get over those hurdles. Outside of creating specific daily/weekly routines and goals, I’m still a little fuzzy on how I plan to proceed forward. I think a key ingredient is being disciplined with time; making myself set aside the appropriate time to write/read posts, ask/answer questions, and overall engage others. (This alone took an hour to write ha). But let this post be a step in the right direction, and a commitment to myself that the time to change.. to grow.. to evolve.. is today.

Investment Info:

Other commercial investment investment.

Purchase price: $2,100,000
Cash invested: $450,000

Rock Creek Assisted Living is a business that we bought in conjunction with two converted single-family homes that it operates out of. In total, we have 20 private beds (rooms) that we offer to both Medicaid-funded, as well as private pay, individuals. The specific niche that we cater to are adult males, 40-65 yrs old, that suffer from varying degrees of cognitive impairment. We have found that this is an under-served demographic, and one that results in very little resident/caregiver turnover.

What made you interested in investing in this type of deal?

The unique ability to offer higher returns to our investors, in addition to helping provide a safe, secure home and care to those that need it most.

How did you find this deal and how did you negotiate it?

Broker relations

How did you finance this deal?

Syndication

How did you add value to the deal?

We brought on a better-equipped management/administrative team that has allowed us to cut expenses, while simultaneously providing more support for staff.