5 Questions Beginner Wholesalers Can Ask ChatGPT
In this video, we're going to ask Chat GPT five real estate wholesale questions to help us get our first lead.
Ariel Herrera 0:00
Are you looking to get into real estate wholesaling? Maybe you're looking for a foot in the door in real estate or seeking high returns with low money down. Either way, Chat GPT can help you get started. Chat GPT is an AI model designed to understand and generate human like text. You can ask questions and receive insightful responses. In this video, we're going to ask Chat GPT five real estate wholesale questions to help us get our first lead. My name is Ariel Herrera, your fellow data scientists with the analytics Ariel channel, where we bridge the gap between real estate and technology. Please like this video so that we can reach a wider audience and subscribe to this channel so you don't miss out on the latest content. All right, let's get started.
Right now I'm on chat GPT homepage. Once you sign up, you'll be able to add chat GPT any question? In this use case we're going to ask GPT five different questions related to wholesaling. We're coming in on the assumption that we know nothing about wholesaling. So for our first question, we're going to ask what is wholesaling in real estate chat GPT is now going to generate a response. It states wholesaling and real estate refers to a strategy, where an individual or company contracts to purchase a property at a discounted price, and assigns that contract to another buyer for a fee. Essentially, the wholesaler acts as the middleman between the seller and the buyer. The goal of wholesaling is to find motivated sellers willing to sell their property at a discount. Wholesaling can be a good strategy for individuals who don't have a lot of money to invest in real estate, but still want to make a profit in the industry. As you could see, wholesaling can be one of the best ways to get your foot in the door for real estate. Maybe you don't have the capital yet saved to start your first house hack, meaning that you're going to live in the property for only 5% down and then rent it out. As well. Wholesaling can be a great strategy for networking, because you're going to be talking to different motivated sellers with different homeowners and agents. So now at this stage, we can ask our next question to chat GPT, which will be how to find distressed or motivated sellers and wholesaling real estate chat GPT will now list a multitude of ways and strategies that we could find motivated sellers. This includes direct mail, online advertising, like Facebook ads, or Google ads, networking, driving for dollars, so going around a neighborhood and looking for properties that need repair or are vacant, as well as public records. This includes foreclosure notices, or tax liens, and can provide valuable information for properties that may be distressed or in financial trouble. Let's imagine now that we want to focus on public records. We want to find those properties that are behind in their taxes. So our next question to chat GPT will be how to find tax liens in wholesaling. There are several different strategies we can take to find tax liens. First county records, we can go in person to the county recorders office to look at tax liens, and we could even usually search online for the database. This can allow us to actually invest or wholesale in tax liens that are out of state. Next auctions where a property owner fails to pay their property taxes, the county may hold a tax lien auction where investors can purchase the liens and wholesalers can attend these as well to find distressed properties. Lastly, title companies, wholesalers can work with title companies that specialize in tax liens to find properties with outstanding tax debt. Chachi PT also notes that it's important to conduct due diligence and assess the property's condition and value before entering into a contract. So let's imagine we've gone to our online resources for our given county. In my county, it would be Hillsborough County within the Tampa, Florida area. Say if I find a particular homeowner that I now want to go reach out to Well, one of the next steps I would do is maybe go to their property, assess it and then calculate the after repair value. This would allow us to go back to an investor and also formulate the number that we would use in the negotiation. So let's ask Chachi PT how to calculate after repair value. Based on chat GP T's response, calculating ARV requires several inputs, one researching the local real estate market. So again, it As to what properties are similar in size, style and locations to the property we are considering. Second look at recently sold comps. This will help to determine the price the property can be sold at, after making the repairs, then adjust for differences. So say if we see properties that are slightly larger, maybe 200 square feet larger, or the age is maybe 10 years older, and the location may be on the other side of the highway, we want to make sure we're adjusting the price downwards or upwards for estimate the costs of repairs. This is where we may need a contractor to help us to understand what the cost of repairs would be. This step calculate the ARV. So once we've estimated cost of repairs, we can subtract this from the estimated sale price to arrive at ARV. For example, if the estimated sale price is 300k, an estimated cost of repairs is 50k. The ARV would be 250 K. Now there are tools, I can help us calculate this. So we don't have to keep all the math in our head. And I'm going to have future videos using property radar, on how we could utilize the tool to find deals and to be able to evaluate them as well. But lastly, we want to ask Chad GPT one more question. Now we have the property owner, and the scenario. But what if we actually didn't go out to their property yet? What if we just wanted to reach out to a list of property owners? Can we skip trace them? So let's ask Chad GPT Can you help me skip trace property owners? Chart GPT starts with saying I can provide you some information on a person for skip tracing. However, as we start to go through the list, we see it's not actually going to give us a phone number or address. It's just giving us ways or skip tracing services that we can go out for and possibly use. However, when we use property radar in future videos, we'll be able to get skip trace numbers, mail address, as well as other contact information all within one single platform. So I hope this tutorial has been useful and how you can take a concept may be that you're brand new to like wholesaling, get some insight as to what wholesaling entails, what are strategies to take to find motivated sellers, and ultimately how you can calculate certain metrics that you'll need when evaluating these deals. If you're using chat GPT for other use cases, please share in the comments below. as well. If you haven't already, please like and subscribe. Thank you
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