Hello everyone and Welcome to another
episode of selling Greenville what I
like to call your favorite real estate
podcast here in Greenville South
Carolina I'm your host as always Stan
McCune realtor right here in Greenville
South Carolina, you can find all of my
contact information in the show notes if
you need to reach out to me for any of
your real estate needs please like this
show if you're in YouTube I now and
and broadcasting the show on YouTube
that will get better as we as we
continue on because I've never done the
YouTube thing before so just bear with
me on that but for those that want to
watch please go to YouTube search for
not selling Greenville search for my
name's Stan McCune McCune and you should
be able to find me on there and like
those please subscribe to the show on
Apple podcast on Spotify whatever
podcast app you use please go ahead and
leave us a five-star rating please go
ahead and leave a short little review if
you can to get the show out to as many
people as possible I'd appreciate if you
guys could do that and I've got a lot
of very exciting things for the show
coming up here in the next few weeks and
I think you guys will enjoy it but today
I'm going to do something a little bit
different
and I'm hoping to really as I'm getting
more into this this video thing I
want to make sure that we always keep
this as I said last week audio friendly
but I also want to make this engaging
for those of you that are watching on
on YouTube and so that has really got me
thinking with a whole lot of new
creative juices as it were
and it could be difficult sometimes
to come up with new content for a
very Niche podcast such as one that's
focused on real estate just in the
Greenville area I do sometimes Branch
out into some other topics that are
that are more generic with real estate
or more generic with Greenville
but today I want to discuss something
that has really taken the World by
storm and that is chat GPT
it is one of the most interesting
things to me that's come out
technologically in quite some time maybe
since perhaps the iPhone that might be
the the closest thing that I can recall
like being some kind of a major
technological breakthrough and some
people if you're really into Tech
You probably don't think it's very
remarkable but for those of us that are
not super duper tech savvy and I'm
decently tech savvy but but for those
of us that don't do programming and and
whatnot which I don't
this chat GPT software is pretty
remarkable and for those that don't know
I'm not going to give a very
technical definition of what it is it's
some kind of language related
software but essentially you can have a
conversation with a chat bot like if you
go on like a support desk you know
let's say that you're with Verizon and
you're having issues with your phone and
so you go to Verizon support online and
they set you up with a chat bot it's
like that except it's a chat bot that
knows like a ton of stuff and can do a
lot of a lot of data aggregation
and can even do fun stuff like you
can have it write a song or write a
write a poem about your dog in the form
of you know Edgar Allan Poe or
something you know just different silly
things like that but you can just have a
conversation with it and sometimes it'll
be wrong and you can point it out and
just be like hey No actually that's
that's not correct and they'll say oh I
apologize yes you're right
I got my information screwed up
I like to read it back in the voice
of C3PO I'm not going to do that for the
purposes of the show
but I was thinking what if we could
try to utilize this for the purposes of
of real estate specifically in the
Greenville area like what are some
potential uses for this and specifically
through the lens of okay people that
don't know how to program that don't
know python which I think is like a
programming language that's one of the
the core ones that that you want to use
if you're really trying to harness this
GPT technology
and and again I don't program so this
is practical for me I wanted to to to
Think Through okay
what how can I utilize this technology
potentially to to help myself or
potential clients or just listeners
to be able to do searches on here for
Real Estate now I want to preface this
that really anything that your search
searching for this on you could use
Google for right at the end of the day
what is kind of different about this is
that whereas Google will tell you what
you know 10 million people thought about
something or or it'll give you 10
million results chat CPT just gives you
one simplified result that's kind of an
aggregate of what you might find all
across the web so it just kind of
simplifies some things but with that
Simplicity it will be wrong so it's not
nearly at the point of replacing any
sort of professionals
it's it's nowhere near that
technologically advanced
but I think at some point it could it
could get to that point
but I wanted to have a little bit of
fun with this episode and actually in
real time so if you're watching on
YouTube You're Going to see me doing
this in real time
communicate with chat GPT and ask it
questions related to real estate so I'm
going to on YouTube I'm going to go
ahead and share my screen
for those of you that have interacted
with chat GPT you will be no stranger to
this so I am sharing my screen right
now on YouTube
and I'm just going to be using for those
of you that are are kind of into the
software I'm just going to be using the
default GPT 3.5 I do have access to I
did pay the upgrade to Plus for gpt4
but it's just a little bit too slow
right now gbt4 is for the purposes of
of doing the show this show would go on
for hours
and so I'm I'm not going to mess
around with that at the moment
but I am going to just in real
time here just ask it some questions and
just kind of we're just gonna see what
happens I I did I did test some of
these questions out
to start
but it does not always answer
questions the same way if you ask them
multiple times so I have no idea what
it's going to say so this is gonna
be fun so again I have already asked
some form of these questions to this
software at some point in the past but
I'm going to go ahead and do it again
and see what happens so we're going to
start with this again just having a
little bit of fun but this will be this
will be practical
I'm gonna ask
this software have you ever heard of the
podcast selling Greenville right because
that's that's what we're doing right now
says as an AI language model I don't
have the ability to hear or listen to
podcasts but I am familiar with the
podcast selling Greenville it is a
podcast that focuses on real estate in
Greenville South Carolina and is hosted
by Michael mamau a real estate agent
with Berkshire Hathaway Home Services
cedan Joyner Realtors the podcast covers
various topics related to buying and
selling homes in Greenville as well as
the local real estate market and
community events this is hilarious
because when I asked it before it
actually knew that that I was a
podcast host so I'm gonna actually
correct I'm going to say
um actually this podcast
is hosted by Stan McCune
it says I apologize for the mistake of
my previous response you are correct
that the podcast selling Greenville is
hosted by Sam McCune a real estate agent
with Keller Williams Greenville Upstate
oh boy oh boy no
actually
Stan
McCune is with Burke Shire Hathaway
Home Services
I apologize for the mistake in my
previous result you are correct
okay all right so so we fixed that
all right
so that's interesting so so that kind of
gives you an indication of of what the
software could be like I I literally
asked it the same question yesterday
when I was prepping for this and it got
everything correct and now I ask it
today and I got something incorrect
maybe maybe Michael with I don't even
apologies Michael
I don't know Michael mamau
I've I've never heard of him if he is
with my company and my company is quite
large
I wonder if he's trying to hijack
my brand no I'm just kidding I
don't know who Michael is but I'm sure
he is or was a good real estate agent
all right so let's get let's get
more practical here now that I've been
insulted
by this chat bot that doesn't know
who I am or you know the fact that I
do this podcast let's Jump Right In what
are some common mistakes people make
when buying a home and these are some
things that one thing about the software
is nothing in it is going to be
completely Earth shattering but at the
same time it will sometimes provide some
kind of thought-provoking responses to
things so here is what it said
there are several common mistakes that
people make when buying a home including
overextending on the budget one of the
biggest mistakes that home buyers make
is stretching their budget too thin it's
important to consider not just the
purchase price of the home but also
other costs such as closing costs
property taxes and maintenance good
thought there number two skipping the
pre-approval process now if you're a
client of mine you are not getting by
skipping the pre-approval process
I'm gonna skip over the explanation
for that not researching the
neighborhood good thought it's important
to research a neighborhood you're
considering including the local schools
crime rates and amenities this will help
you make an informed decision and avoid
unpleasant surprises down the road
that's great advice right there and I've
told you guys before due to steering
laws
me as a realtor and other Realtors at
least the good ones we have to be very
careful with what we say about specific
neighborhoods where Realtors with my
company we are told not to look at crime
statistics so that we're not liable for
those things we're told not to give
commentary on school districts outside
of just what's factual
and so so we can't give opinions on
these types of things because that could
be a violation of steering laws
that said I can direct you and and if
you want to use chat GPT it can also
direct you to to where you can get
information on those things
number four oh I like this I didn't
ask it to do this not hiring an
experienced agent wow chat GPT is just
doing my work for me a good real estate
agent can help you navigate the home
buying process and provide valuable
insights and advice it's important to
choose an experienced Agent Man hot off
the press here who knows the local
market and has a good track record of
success how about an agent that has a
podcast that's been going for over three
years do you think that you know I might
ask you that all right we'll come back
to that in a second
not getting a home inspection a home
inspection can cover potential issues
with the property that may not be
visible to the untrained eye skipping
this step can lead to costly repairs
down the road I almost never
recommend skipping the home inspection
there are a few very unique situations
for like investment properties where I
have someone that's very
experience with understanding what
you know what property conditions look
like and whatnot that a home inspection
would be Overkill but 90 probably 98 of
my closings I'm telling my clients to
get a home inspection done
even even if they're I have
closings with with General Contractors
and people like that and we still go
through that step because you never know
what you'll find
number six oh this is great too
letting emotions take over buying a home
can be an emotional process but it's
important to remain objective and avoid
making decisions based solely on your
emotions it's important to consider the
Practical aspects of the home such as
its location size and condition great
advice also I will say that emotions are
an important part of this process I've
said that over and over again
you can't let them take over but at
the same time emotions you can't
ignore your emotions buying a home is an
emotional process if you ignore that you
will lose sleep at night you will regret
your home purchase if you're purchasing
a home so that's something to really
consider just for just for fun I'm going
to ask it
would you consider
a real estate agent
who has had a real estate
podcast
for over three years to be an
experienced
agent
let's see what it says
hosting a real estate podcast for over
three years can certainly be a valuable
experience for a real estate agent as it
indicates a deep knowledge and
understanding of the real estate
industry however it's important to note
that having a podcast doesn't
necessarily equate to being an
experienced agent experience is
typically gained through years of
working with clients negotiating deals
and navigating complex real estate
transactions when choosing a real estate
agent it's important to consider their
experience in track record of success in
the local market you may want to
consider their credentials such as
whether they are a licensed real estate
agent or broker as well as their
reputation client testimonials
and then it says a few other things by
the way if you guys ever want to look
up my client testimonials and and
those things those are out on the major
websites however
I do it a little bit differently I
don't solicit reviews on Zillow and
whatnot because it's just inefficient if
you get them on Zillow you don't get
them on the other websites I use
software called testimonial tree which
doesn't translate into a traditional
Zillow review but translates as a
testimonial you can find it and
it's on the other websites as well it's
just you have to to do it a little bit
more digging but if any of you are are
interested in looking for that
just let me know I'd be happy to to
direct you towards that
I have I don't know I think
70 or so testimonials on there
all right let's ask it what are some
common mistakes people make when selling
a home
let's see what it has to say there are
several common mistakes that people make
when selling a home including over
pricing the home oh man yeah we've
talked about this one before if you
overpriced your home I have a podcast I
did a couple of years ago that showed
that if you overpriced your home on
average you will sell your home for
twelve dollars a square foot less than
the market that's a lot of dollars for a
2 000 square foot home that's 24 000 you
don't want to overprice the home chat
GPT thinks that setting the price too
high can turn off potential buyers and
lead to the home sitting on the market
for longer than necessary it's important
to work with a real estate agent of
course to determine a fair and
competitive price based competitive
price based on the local market yes
neglecting to Stage the home staging
a home this is number two for chat GPT
staging home can make it look more
attractive to potential buyers and help
them visualize themselves living there
neglecting a stage at home can make it
look cluttered or uninviting I will say
it's still very much a sours market
and if you have this came up recently in
discussion if you have a home that is
on the
cheaper end of the spectrum it's not a
luxury home
and it's completely empty
you don't need to feel like you need
to leave Furniture in there or bring
Furniture in there to help people
visualize what the home looks like in
most cases
it's just it's the market there's so
little inventory it's not necessary for
you to do that additional step there are
some options for virtual virtual staging
that can be done
that is kind of a Midway Point
I've had mixed responses to that
from seller clients in the past but
those are just some things to consider
number three failing to make necessary
repairs buyers will often request
repairs before closing so it's important
to address any known issues before
putting the home on Market that's a
great idea because also if you have
known issues and you don't fix them then
you have to disclose them in the
seller's disclosure you don't want to
have to do that if you don't have to
number four not working with an
experienced agent yes selling a home can
be a complex process and working with an
experienced agent can help you navigate
the process listen I so these two quests
questions here where it keeps harping
back to experienced agents these are two
of the questions I did not ask it ahead
of time so I did not know it was going
to say that so I think that's very
interesting
I don't know if it's it's trying to
give me responses that I think it wants
but but it's interesting
neglecting curb appeal says first
impressions are important neglecting the
exterior of the home can turn off
potential buyers before they even step
inside simple fixes like fresh Panda
Landscaping can go a long way in
improving curb appeal yeah I would take
it a step further and consider
consider what the when when you're
selling a home what is the buyer going
to first interact with like for instance
are they gonna go are you going to
direct them through the front door or a
side door
and if so how do those look is the
lock difficult to handle to open to
close is there are there issues there is
it not well painted what what is that
first impression does matter
and you need to think about it not
from your standpoint you know you as if
you're selling a home you've been
you're used to certain quirks and there
are some things that are really
bothersome to you that you haven't
gotten around to fixing right this is
the case for every homeowner we all have
things that we've created workarounds
for that we are just used to having to
to deal with and there are some things
that just irritate us but that we know
are never going to get fixed anytime
soon
you need to set all of those things
aside and think like a first-time
homebuyer what are those things that are
going to stand out to you if you're
the buyer of that house you've never
thought you've never stepped foot on
that house before
number six not being flexible with
showings buyers can often have busy
schedules and they need to view a home
at a time that's inconvenient for the
seller failing to be flexible with
showings can make it difficult to sell
the home yeah absolutely probably the
biggest issue that I have with this
is
sometimes with clients that have
that have pets that can sometimes create
some challenges for showings and so my
recommendation if you have if you
have pets that you try to find someone
that can that can pet sit for a time at
least during the first few days you've
got a home on the market if you've got
elderly people living with you family
members whatever the case may be it's a
good idea to try to just get them out of
the house the first few days of showing
try to figure out a way to do that
because oftentimes those first few days
are the busiest so some good thoughts
there I like what I like what chat GPT
is is doing again nothing groundbreaking
but these are are accurate things it's
it's saying things that
that are are helpful and and
and accurate at the end of the day all
right I'm going to ask you when people
are searching let's get more specific
when people are searching for homes in
Greenville South Carolina what types of
searches are they making
it can this is one of the interesting
things about this software is that it
can scour aspects of the of the
internet and it's aware of some aspects
of the internet and it can it can
provide results and actually tell us
what people are searching for
and so here's a few common examples it
says location-based search many people
may be searching for homes in specific
neighborhoods or areas of Greenville
such as Downtown Greenville North Main
Augusta Road or the East Side
interesting that it selects those four
areas Greenville North Main Augusta Road
or the East Side downtown Greenville
or or those others those are some
interesting options
obviously
like North Main is like essentially
like a subdivision Downtown Greenville
is kind of a distinct area where if
you're getting residential it's going to
primarily be primarily be historic homes
or condos I guess the road is is a kind
of a catch-all term for you know one
of the more expensive areas of
Greenville typically
that is kind of south of downtown and
then east side is kind of a catch-all
for kind of what I would consider to be
like greenville's oldest suburban
area as it were where there's a lot of a
lot of subdivisions in that area
and that are you know 40 50 60
years old and and it's obviously a very
nice area but much cheaper than those
other areas mentioned by chat GPT so
that's very interesting
number two on here price Ranger
search buyers may be searching for homes
with any specific price range that fits
their budget such as homes under 200 000
good luck between 200 and 400 000 or
over 500 000 not super helpful
property type search some buyers may be
searching for specific types of
properties single family homes
townhouses condos or apartments
feature-based search
buyers may be searching for homes
with specific features or amenities such
as number of bathrooms bedrooms
pulley a large yard or a garage
School District search families with
children may be searching for homes in
specific school districts or areas with
Highway rated schools new construction
search number six
number seven investment property search
investors may be searching for
properties that offer rental income or
potential for appreciation and value
over time
so those are those are kind of
generally generic I like that first one
the most because it kind of revealed a
little bit about
some of these areas that apparently
are are pretty heavily targeted by
people when when they're doing online
searching for the Greenville real estate
market
let's ask it can you give me a list
of the top 10 things people are trying
to avoid in Greenville based on
historical searches let's see what it
comes up with this
it gives a standard prompt that it
doesn't have access to to historical
data but based on common concerns here
in in the Greenville area here are 10
things that people may be trying to
avoid high crime areas
obviously heavy traffic greenville's
population has been growing rapidly in
recent years which has led to increased
traffic and congestion some people may
be trying to avoid traffic flooding
while Greenville is not located in a
high risk flood zone some areas may be
more prone to flooding or have a history
of of flood damage I just realized
one second that my computer is not
plugged in so let me fix that real quick
all right there we go environmental
hazards people may be trying to avoid
areas with known environmental hazards
such as polluted water or air poor
schools families with children may be
trying to avoid areas with low
performing schools or lack of
educational resources expensive real
estate cost of living in Greenville has
been rising and some people may be
trying to avoid areas with high real
estate prices limited job opportunities
extreme weather poor air quality
that's kind of a duplicate
noise pollution
so those are kind of the the
options that it is
that it's saying there
I'm gonna ask it
are those
search results generic
or specific
to Greenville
I want to see what it says because they
seem pretty pretty generic it says the
search results that provider specific to
Greenville South Carolina these are
common concerns
okay all right fair enough
perhaps the the concerns of
Greenville are just the concerns of
everywhere
all right let's ask it which schools
are being searched for the most
and I need to add
in Greenville
County
it gives it standard prompt that it
does not have access to real-time data
by the way chat GPT my understanding as
of this recording which is March of
of 2023 that all of the data that's
in here is current as of September 2021
so that's something to consider so
but that being said some of the most
searched schools for in Greenville
County South Carolina include number one
Riverside High School Wade Hampton High
School Malden High School JL Mann High
School Greenville High School East Side
High School Woodmont High School
Hillcrest High School Blue Ridge High
School and Travelers Rest High School
and it says it's important to note that
search Trends can change over time these
rankings may not be reflective of the
current search trends that that's a
that's a very interesting interesting
list right there
and that can perhaps if you're
looking to move to Greenville that can
give you kind of a starting list to to
to search for
some of the schools around here
let's ask it another question here
what are some what are the most this is
a more generic question what are the
most popular updates to a home according
to searches that people do online
kitchen remodel obviously and when I
when I tested this out before the number
one that it said was kitchen remodel
number two bathroom remodel that was
also number two when I did this search
before flooring update is number
three painting is number four outdoor
update such as adding a deck patio or
outdoor kitchen is number five energy
efficient upgrades such as new Windows
installation or upgrading to an energy
efficient HVAC is number six smart home
upgrades is number seven additions
adding square footage to a home is
number eight updating fixtures and
Hardware such as light fixtures faucets
and Cabinet Hardware is number nine and
basement remodel is is number ten
so nothing nothing groundbreaking
there
but I for me I find interest in the
order that these things come in and and
I think it's there there is a level of
accuracy to to the order at which in
turn it from the standpoint of a of a
ranking thing that that this came up
with I'm gonna ask it can you break this
down by percent just to see what it says
it does not want to do this
it says based on common search Trends
and Industry reports to categories
listed above are generally considered to
be some of the most popular Home
Improvement projects that homeowners
search for online all right so it's not
going to give us a breakdown by percent
I can't remember if I tested that one
out before
all right so let's ask it another
question regarding appraisals
I am having an appraisal done on my
house how can I be prepared for that to
make sure the appraiser gives the home
the highest value possible this is a
question that I get
and it's a great question and I've
had to
multiple times address this
and and handle this myself with
appraisers so
says for starters clean and declutter
a clean and tidy home will help the
appraiser see the home's full potential
remove any clutter to make sure your
home is free of dirt and debris
great idea
I am fully on board with that
particularly you got to make sure that
the appraiser can see everything right
they for whatever reason if they need to
get into the attic or the crawl space
which for certain appraisals they might
need to you need to make sure those
those are accessible any outbuildings
they might need to get into
so you just you need to make sure
they have accessibility to those things
make repairs yeah absolutely if if an
appraiser now appraisers aren't going to
spend a whole lot of time in your home
but if they see obvious things they're
going to deduct that
from from your home's value
provide a list of upgrades and
improvements yeah great idea
it says such as new roof updated
kitchen renovated bathroom provided
receipts or invoices if available you
don't really need to provide receipts or
invoices in my opinion
I think yeah it can be helpful though
to put the amount of the update like
what it actually cost you the appraiser
is going to take that into consideration
but also take it kind of at face value
as well but they do like that they do
like to know what what updates you've
done and they do like to kind of have a
sense of of what those costs
particularly if they were more expensive
there's no point in putting like 100
you know faucet or something like
that they're not going to care about
that but if you did a kitchen remodel
and it was a 75 000 remodel that's very
useful information for them
provide a list of comparable sales
I'm kind of indifferent on that
I typically don't find that
appraisers they don't dislike when
you do that on the front end
obviously they're not going to expect
the homeowner to do that that would be
more me the agent doing that
but that's not going to change their
process they're they're going to do
their own comparable analysis
first and then they might look at your
comps after that typically the way we
handle this is if the appraisal doesn't
come in where we expect it to at that
point then we submit a rebuttal and
then ask for and then basically submit a
list of of what we think are comparable
sales that are more appropriate at that
point
number five highlight unique features
yeah I think so that the example it
gives isn't isn't good swimming pool
or a view
a view I think could be interesting
if you if there's like a certain part of
the house that has a better view than
others or if there's like a part of the
yard that has a unique view I definitely
think that that could be interesting
like a mountain view
or like a lake view something like
that
obvious they're they're not going to
need to know that
be available for questions all right
I think that this could be helpful but I
will say this appraisers they don't want
you to get in their way they don't want
you to follow them do not do that you
you can totally be there and let them
know hey if you have any questions let
me know but just stay in your kitchen or
whatever diddling on your phone and most
likely they won't have any questions for
you and do not take that personally
and yeah just be available don't
don't do anything else
and of course number seven it says be
honest
it says it's important to be honest
with the appraiser about any issues with
the home such as the Leaky Roof or
faulty HVAC system
listen this is not a situation
where you have to tell the appraiser
everything is wrong with your house if
he asks is the roof leaky
then yeah you you need to be honest
about it but you don't need to start off
by saying yeah we have a leaky roof HVAC
system doesn't work all of these types
of things you don't have to do that
to yourself don't don't worry about that
all right
let's see here moving right along
let's see here how long have we been
going okay we've been going for a little
bit so let me I don't wanna I don't
wanna drag this on for too long
let's ask it I've got a gazillion
questions here that I could ask but I'm
not gonna ask everyone that I have
written down let's ask it what are some
staging rules of thumb let's see what it
what it says keep it clean and clutter
free
neutralize the decor
neutral colors and Decor make it easier
for the buyers to Envision themselves in
home highlight the best features
emphasize the best features of a home
such as fireplace High ceilings or
beautiful view
add some Greenery that can help liven up
a room and make it feel more inviting
let in natural light absolutely
open up the curtains or binds use
proper furniture placement to help make
a room feel more open and spacious avoid
Furniture in a way that that blocks
kind of avoid placing Furniture in a
way that blocks traffic floor makes the
room feel cramped yeah absolutely
actually have had one of these
recently where
where we were thinking about staging
or not
and to Stage would have demonstrated
that that the dining room table was
kind of blocking a major area so we just
chose not to just let the let the buyer
kind of Envision for themselves what
they might do with that space
create a cohesive look the decorn
furniture in each room should have a
cohesive look and feel make sure the
decoring and Furniture complement each
other and create cohesive theme sure
appeal to the senses by creating a warm
and inviting atmosphere your soft
lighting Pleasant sense and soft music
great
keep it simple don't overdo it with
Decor or Furniture 100
that one of the main things that I
have to do when I help people to to get
their house ready to list is to help
them simplify because a lot of times
people have accrued things over the
years and they have a lot of personal
pieces a lot of personal furniture and
decorations and whatnot that are
important to them we just have to kind
of simplify it
number 10 this might be one of the
most important things out of all of them
de-personalize the space remove any
personal items or photos that could
distract buyers or make it harder for
them to Envision themselves in the home
100 percent
you have no idea what the potential
buyer is going to think when they see
all these personalized things throughout
the house sometimes it's a positive okay
I'm not going to pretend like it's
always a negative but sometimes it can
very much be a positive and
and and very much be a negative and it's
just not worth the risk let the home
sell itself you don't need to be there
doesn't need to be personal things in
the home that sells it
let the home sell itself
de-personalize as much as possible
there's also some security risks you
know if you got pictures of your
children everywhere just consider you
know all of those different things
all right so I'm going to so a few
questions I'm not going to ask it that
could provide some interesting
results what concerns might someone have
with purchasing a house with a pool
if you're looking at a house with a
pool that could be you know interesting
just to see what this software what
software thinks if you're selling a
house with a pool same thing to get out
in front of that
I was potentially going to ask it how
can I alleviate those concerns I'm not
going to
I am going to ask you this question
because I think this is a good one for
my newbie or prospective investors
what are some rules of thumb for people
to use when investing in real estate
says location is key
that's obvious cash flow investors
typically look for properties that
generate positive cash flow value add
potential yeah you hear this a lot
you especially want something where
you're purchasing well below what the
the value add potential is which I'm not
going to get into too much here
diversify diversify your real estate
Investments that's not investing advice
as Chad GPT
do your due diligence have an exit
strategy I recommend multiple exit
strategies use leverage wisely
it's talking about financing yes
absolutely
make sure that you don't over
leverage yourself long-term mindset real
estate investing is often a long-term
strategy work with professionals it's
important to work with professionals
such as a real estate agent attorney or
accountant to ensure you're making
informed decisions yep manage risk
it's important that you manage Risk by
diversifying I want to ask
that that wasn't exactly what I
thought it was going to say so let me
ask
do you know of any rules that people
typically follow
when investing in real estate
to help
guide them
see what it says
ah yes okay this is more what I thought
it was going to say the one percent rule
this rule states that the monthly rent
for a property should be at least one
percent of the purchase price for
example if a property costs two hundred
thousand dollars the monthly rent should
be at least two thousand the two percent
rule is the more conservative version of
the one percent rule that the monthly
rent should be two percent of the
purchase price it's pretty hard to to
hit that rule in the Greenville Market
currently
the 50 rule this rule suggests that half
of the rental income should go towards
expenses such as mortgage payments taxes
Insurance maintenance and Property
Management
the 70 rule this rule suggests that
investors should pay no more than 70
percent of the after repair value or arv
of the property minus the cost of
repairs this is commonly used in fixed
and flip investing absolutely you hear
people throw that rule around all the
time
the Buy and Hold strategy involves
buying a property and holding on to it
long term
the Burr method stands for this is
number six buy rehab rent refinance and
repeat it involves purchasing a property
needs work rehabbing renting it out
refinancing to pull out equity and using
the equity to purchase another property
very popular strategy the cash on cash
return this metric measures the annual
return on investment based on the amount
of cash invested it can be calculated by
the vet dividing the annual net
operating income by the total cash
invested
what it doesn't say is that I
typically here most often people want to
hit you know like a 20 cash on cash
return
so I'm a little bit surprised that it
doesn't reference that
but that's kind of what I hear most
commonly and obviously the cap rate this
metric usually used more for commercial
property but it measures the rate of
return on real estate investment based
on the income generated by the property
it can be calculated by dividing the net
operating income by the property value
is a little bit more to it than that
but but again this is why chat GPT
it's a guide it's not going to it's not
going to tell you everything that you
need to know
okay
gonna skip a few more a few others that
I was thinking about asking it what are
some requirements for me to get FHA or
conventional financing
I did this before and it really
messed it up it did not do a good job of
replacing a realtor or a good loan
officer in terms of answering that
question so I thought that was
interesting
I asked it what are or I was going to
ask what are the most common phrases
used in real estate listings but instead
what I'm going to ask it to do is to
craft a real estate listing for
propertyx that contains the 10 most
searched for Real Estate words or
phrases
and by the way there's a lot of Realtors
using chat GPT to create listing
descriptions for them now I have Just
for kicks have attempted to use it a
few times and it has not been very
helpful for me I I cannot it has not
nowhere near able to replace me
crafting a listing description
all right so here's what a sample
listing description using the temo
search for Real Estate words and phrases
would be welcome to your dream home the
stunning property boasts a prime
location in one of greenville's most
desirable neighborhoods with
breathtaking views of the nearby
mountains the spacious home features a
newly remodeled kitchen with granite
countertops and stainless steel
appliances a cozy living room with a
fireplace and a luxurious Master Suite
with a spa-like bathroom enjoy the great
outdoors in the beautifully landscaped
backyard complete with a large deck for
any entertaining and a custom built fire
pit this home is move-in ready and has
been meticulously maintained with
upgrades including new flooring fresh
paint and a new roof don't miss your
chance to own this amazing property
schedule you're showing today all right
very very good very good
and last but not least for for those
of you that are listening from out of
town
I'm going to just ask it just for fun
what are some fun day trips from
Greenville South Carolina because one of
the things that's great about Greenville
isn't just what Greenville offers but
it's actually the fun day trips that
we have from Greenville as a
launching point so it recommends
Asheville located an hour and a half
from Greenville an hour depending on
you know some parts of Greenville is
only an hour away Asheville is known for
its vibrant art scene craft breweries
and stunning Mountain views take a hike
on the Blue Ridge Parkway explore the
Biltmore Estate or stroll through the
downtown area for some shopping dining
yeah absolutely Asheville is great
Atlanta just a three hour drive
probably less than that more like two
and a half hours offers a wide range of
Attraction including the Georgia
Aquarium great aquarium Martin Luther
King Jr National Historic Site also
great and the World of Coca-Cola very
underrated the World of Coca-Cola is a
very underrated place to go highly
recommend it
Columbia South Carolina just an hour and
a half from Greenville has a variety of
attractions including Riverbank Zoo
which is a an excellent Zoo
and the South Carolina state
museum and Congaree National Park I'm
planning to hopefully go to Congaree a
few times this year
and do a little bit of kayaking
Charlotte it's just a two-hour drive
from Greenville and offers a variety of
attractions including the Nascar Hall of
Fame The Mint Museum and the U.S
national whitewater center Chimney Rock
State Park an hour and a half from
Greenville it seems to be adding about a
half hour to just about all of these
which is interesting
Blue Ridge Scenic Railway take a
scenic train ride through the beautiful
Bridge mountains I have never done this
I don't know if if that's worth doing or
not but that's an interesting suggestion
suggestion
Great Smoky Mountains National Park
the Great Smoky Mountains National Park
is located just two and a half hours
from Greenville features 800 miles of
hiking trail scenic drives and stunning
views I love Smoky Mountains National
Park I believe it's the most visited
national park in the U.S great spot if
you like to hike if you like the
mountains there's plenty of stuff to do
there too
if particularly if you go towards
Gatlinburg
Greenville Zoo obviously we have a
small Zoo here in Greenville but it's
great you can see the whole thing in one
to two hours Cleveland Park is right
outside of it great little Park which
connects to the Swamp Rabbit Trail
so the accessibility of the
Greenville Zoo and I mean you can ride a
bike from the zoo into right into Falls
Park of downtown Greenville in about 10
minutes so really great location
there Lake Lure North Carolina an hour
and a half from Greenville again closer
to an hour offers beautiful Lake setting
for swimming boating and fishing as well
as hiking and mountain biking trails
yeah I love Lake Lure white
waterfalls I've never been here is one
of the highest waterfalls east of the
Rockies and a popular spot for hiking
and picnicking I think I need to to look
more into that saying that's an hour and
a half from Greenville
I could could come up with a whole
lot more but those are 10 good options
for Greenville if you are low looking
to to potentially move here or are
interested just in the area
there are a whole lot of of day trips
that you can do even though there's
plenty to do in Greenville plenty of
day trips as well plenty of things to do
just outside of of Greenville as
well and that's that's one of the great
things about this area that I that I
really like
so I hope you guys enjoyed that
that's all we're gonna do because I
don't want this to get too long
but there's a lot that you can use
this chat GPT software for I'm sure that
you guys could come up with even better
ideas so I'd love to hear if you guys
could let me know what are some real
estate searches that you think could
be useful for using this software for
I'd love to hear any feedback my contact
information is in the show notes so
that's where you can send that
real estate needs Please Subscribe
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and we will talk again next time