ChatGPT Hack for Investors 🤯🤖

Unless you've been living under a rock, you've probably heard the hype about how ChatGPT is the greatest tool ever created and will put us all out of a job in the next 5 years.

Well, I've found a little hack, and hopefully, it will help you quit your job and live off some passive wealth before that day comes.

I use ChatGPT several times a day and in new and interesting ways as it has become more complex. But I want to share with you how to use it to get more deals.

QUICK RECAP: So, What Is ChatGPT?

ChatGPT is a highly advanced AI (Artificial Intelligence) that is capable of understanding and even generating human language, speech, and now translating images into useful code and explanations.

Because ChatGPT has been trained on a really large dataset of text from the internet, it has knowledge about a wide range of topics.

It can be used in a variety of ways, including:

• - Answering questions and providing information

• - Having natural and engaging conversations

• - Writing stories, articles, and even poetry

• - Summarizing large amounts of text

• - Helping with research

• - Doing sentiment analysis, and more.

But...

ChatGPT is only really as smart as the person using it. If you don't understand how to feed it the right information, it can become challenging to get anything useful back.

So, here are 3 examples of how I've used it to improve my deal flow.

Let's dive in.

Use case #1: Better Hook Lines

One of my favorite ways to use ChatGPT is to generate more compelling hooks for engaging with off-market deals.

But you can't simply ask it for a hook. Providing it with background context and asking it to do very specific tasks makes the results significantly better.

For instance, we do text messaging campaigns directly to sellers, and we use ChatGPT to come up with different variations of text to see if we can get better responses.

Framework:

1. Specificity: Clearly define what you're looking for. Vagueness can lead to generic responses.

2. Context: Provide some background information. This helps in tailoring the response to your specific needs.

3. Guidance: If you have a preferred format or tone, mention it in the prompt.

4. Limitations: If there are things you don't want, it's often helpful to specify those too.

Examples based on the framework:

1. For Crafting Messages:

• - Prompt Idea: "Provide a brief, professional text message targeted towards commercial real estate owners in their 50s and 60s about selling their property off-market."

• - Framework Adaptation: Specificity (brief, professional), Context (targeted towards commercial real estate owners in their 50s & 60s), Guidance (text message format), Limitations (off-market properties).

2. For Property Valuation:

• - Prompt Idea: "List the five most important factors I should consider when evaluating the price of an off-market property in a suburban area."

• - Framework Adaptation: Specificity (five factors), Context (off-market property, suburban area).

Use #2: Summarizing Leases/Legal Contracts

If you do real estate, you will most certainly spend a small fortune working with attorneys. As someone who hates reviewing contracts and legal documents, ChatGPT has been a godsend. I am able to copy entire leases in and have it give me detailed breakdowns and lease extracts. Additionally, as I am reviewing legal documents, I can have it give me detailed summaries of what is being discussed and also highlight other ways in which I can protect myself.

Note: this does not eliminate an Attorney, as ChatGPT is still pretty wonky with some things. But it can surely save you hours of billable time to cut down to the heart of these contracts.

Use #3: Get Smarter

You can use ChatGPT to collaborate with almost any smart person out there. Let me give you an example.

Prompt: I will provide you with an investment opportunity, business idea, or opinion of mine. I want you to criticize it as if you were

Person = Ray Dalio, Howard Marks, Warren Buffett

Investment/Opinion: 

And then, boom! Just like that, I can get criticism and investment advice from some of the smartest people in the world in seconds. As these LLM (Large Language Models) know a lot about famous people it works much better with them versus your uncle Joe.

This is also helpful if you wanted to ask these famous people for business advice. But just like with lawyers, it does not replace professionals who know your unique situation, but it can quickly shoot holes and stress test your decisions. Try it out upload one of your investment deals or opinions using this prompt and see what it comes back with.

In Summary:

ChatGPT is a pretty amazing tool. I personally believe the exponential return will be when harnessing automated workflows customized to your business or investing.

I use some part of it each week in my content creation strategy.

As we get closer to 2024, I think one of the most important skill sets will be understanding how to prompt ChatGPT to give you the best information possible, but also connecting the dots on those automations and workflows.

I actually used it to help edit this newsletter.

How have you used AI or ChatGPT this year that has blown your mind?

Jake