ChatGPT vs. BiggerPockets: Where do you get your answers?
Gregory SchwartzBusiness Member
Rental Property Investor · College Station, TX · Member since 2016 · 1k+ posts · 1k+ votes
Schwartz Realty Group5117 Reviews
ChatGPT vs. BiggerPockets: Where do you get your answers?
Most Popular Reply
Colleen F.Pro Member
Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes@Gregory Schwartz is chat GPT as smart as we think? Remember that saying garbage in = garbage out. I base where I am going on what I am asking. You have a complicated scenario you want a couple of real people to maybe weigh in on or check out the thoughts over the past couple of years you go to bigger pockets or another source and search or ask a question. Something more straightforward a source like chat GPT. Keep in mind you shouldn't swallow most answers lock stock and barrel as they say no matter the source.
31 Replies
- 1yColleen F.Pro MemberInvestor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
@Gregory Schwartz is chat GPT as smart as we think? Remember that saying garbage in = garbage out. I base where I am going on what I am asking. You have a complicated scenario you want a couple of real people to maybe weigh in on or check out the thoughts over the past couple of years you go to bigger pockets or another source and search or ask a question. Something more straightforward a source like chat GPT. Keep in mind you shouldn't swallow most answers lock stock and barrel as they say no matter the source.
- Rental Property Investor · College Station, TX · Member since 2016 · 1k+ posts · 1k+ votes1yI agree 100%. But this is true for ChatGPT and the forum. I wonder if the ease of use and lack of BS will make ChatGPT the preferred source for most investors going forward.
Quote from @Colleen F.:
@Gregory Schwartz is chat GPT as smart as we think? Remember that saying garbage in = garbage out. I base where I am going on what I am asking. You have a complicated scenario you want a couple of real people to maybe weigh in on or check out the thoughts over the past couple of years you go to bigger pockets or another source and search or ask a question. Something more straightforward a source like chat GPT. Keep in mind you shouldn't swallow most answers lock stock and barrel as they say no matter the source.
Schwartz Realty Group5117 Reviews
- 1yDoug SmithPro MemberLender · Tampa, FL · Member since 2013 · 2k+ posts · 2k+ votes
Hi Gregory, I will admit that I use AI for basic research and answers, but I often find that it provides incorrect info. It does, however, point me in the right direction to go and research. Regarding BP, I have been on and off the platform for many years. Sometimes its hard to watch answers or posts from people that hold themselves out as experts but, in reality, they haven't a clue. I do use both BP and AI to get ideas and opinion, but I always review that with real experts. I know it's frustrating to answer questions in areas where I am an expert only to get the answer "but Chat GPT says". To your question, both are simply tools to point you in a direction. It's on us all that, when we get an answer from AI or BP, to research it for ourselves with real experts. That's my 2 cents. Good luck to you.
- Rental Property Investor · College Station, TX · Member since 2016 · 1k+ posts · 1k+ votes1yYes! Investors need to know that AI or BP members are both flawed and any info needs to be cross-referenced before taking any action. In both cases, you get answers that can sound legit and be completely off.
Quote from @Doug Smith:
when we get an answer from AI or BP, to research it for ourselves with real experts. That's my 2 cents. Good luck to you.
Schwartz Realty Group5117 Reviews
- 1yJoseph BeilkeBusiness MemberReal Estate Agent · Palm Coast, FL · Member since 2018 · 364 posts · 244 votes
I agree the with previous posters. I gave ChatGPT the OP and replies of this tread.
This was written by ChatGPT.
"ChatGPT is a great tool for many things, but it doesn’t always get its answers directly from the web. Most of what it provides comes from its training data, and then it can pull in real-time information from the web when needed. If the algorithm leans toward inaccurate or widely repeated information, it can still give a misleading answer. That’s why I like to follow the linked source material whenever it’s available, to see if the information is truly valuable. If you have zero clue about a topic, ChatGPT can at least help point you in the right direction."
Enkore Real Estate & Property Management4.836 Reviews- Rental Property Investor · College Station, TX · Member since 2016 · 1k+ posts · 1k+ votes1yI like to ask ChatGPT to provide references or provide data to support its responses. I wish we could do the same on BP haha
Quote from @Joseph Beilke:
I agree the with previous posters. I gave ChatGPT the OP and replies of this tread.
This was written by ChatGPT.
"ChatGPT is a great tool for many things, but it doesn’t always get its answers directly from the web. Most of what it provides comes from its training data, and then it can pull in real-time information from the web when needed. If the algorithm leans toward inaccurate or widely repeated information, it can still give a misleading answer. That’s why I like to follow the linked source material whenever it’s available, to see if the information is truly valuable. If you have zero clue about a topic, ChatGPT can at least help point you in the right direction."
Schwartz Realty Group5117 Reviews
- 1yColleen F.Pro MemberInvestor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
@Gregory Schwartz There is a group of people who will always go to chat gpt. I have seen people recommend having them write your lease. I think it will be like when google first was there people said google it and they accepted the google source regardless of what it was. I do think that beginning investors may lean that way but it may also teach them hard lessons just like bad advice on bigger pockets or from a guru does. The one thing that will keep groups like this alive is people love to argue and offer opinions.
- Investor · Get yourself trained before doing something inadvisable. · Member since 2024 · 3k+ posts · 1k+ votes1yIn real estate, ChatGPT "quick, straightforward answers" will get you sued.
Quote from @Gregory Schwartz:
I’ve been thinking—are fewer people using great forums like BP and instead going straight to the “all-knowing” ChatGPT?
As much as I love these forums, sometimes getting a clear answer can be tough. BP has been the foundation of my real estate investing journey, and I owe so much to the community here, the podcast guests, and the hosts.
BUT… lately I find myself wanting quick, straightforward answers without the forum drama, side tangents, or sales pitches. And honestly, I’ve been spending less time here and more time asking AI.
Yes, I know—one day it may enslave us all and I’m playing right into its plan … but in the meantime, it’s hard to beat instant, drama-free answers.
Am I the only one?
Someone I buy properties at a discount for, ran into a legal problem that was unusual for him. He ran ChatGPT, and did a reasonably good job of defining the issue and showed me the result. I don't use AI or ChatGPT so I was intrigued to see what it would say. It was a reasonably good answer except that it didn't know about he case law that would get him sued and lose.
As someone else pointed out in a different post, "it just isn't there, yet".
Now, I could say, "go ahead and follow AI advice", which will likely get you side tracked and sued, that leaves the good deals for the rest of us, but I'm not that kind of guy.
Experience will always succeed over AI. Situations change too quickly.- Rental Property Investor · College Station, TX · Member since 2016 · 1k+ posts · 1k+ votes1yGood point. I wouldn't hire ChatGPT to provide legal advice. But then again, there is no way in hell I'd take legal advice from strangers in BP either. Half of the responses on this forum are not legally sound advice. And there are plenty of "experienced" investors not keeping up with changes, so that doesn't necessarily apply either.
Quote from @Ken M.:
In real estate, ChatGPT "quick, straightforward answers" will get you sued.Quote from @Gregory Schwartz:
I’ve been thinking—are fewer people using great forums like BP and instead going straight to the “all-knowing” ChatGPT?
As much as I love these forums, sometimes getting a clear answer can be tough. BP has been the foundation of my real estate investing journey, and I owe so much to the community here, the podcast guests, and the hosts.
BUT… lately I find myself wanting quick, straightforward answers without the forum drama, side tangents, or sales pitches. And honestly, I’ve been spending less time here and more time asking AI.
Yes, I know—one day it may enslave us all and I’m playing right into its plan … but in the meantime, it’s hard to beat instant, drama-free answers.
Am I the only one?
Someone I buy properties at a discount for, ran into a legal problem that was unusual for him. He ran ChatGPT, and did a reasonably good job of defining the issue and showed me the result. I don't use AI or ChatGPT so I was intrigued to see what it would say. It was a reasonably good answer except that it didn't know about he case law that would get him sued and lose.
As someone else pointed out in a different post, "it just isn't there, yet".
Now, I could say, "go ahead and follow AI advice", which will likely get you side tracked and sued, that leaves the good deals for the rest of us, but I'm not that kind of guy.
Experience will always succeed over AI. Situations change too quickly.
The biggest differentiator for me is that I can ask ChatGPT for his sources, his references, I can ask him to go back and verify his answer based on things like case law.
I think there is real value in community and guidance from experienced investors, but I'm not sure that I'm convinced that the advice provided on BP is better than AI.Schwartz Realty Group5117 Reviews - Investor · Get yourself trained before doing something inadvisable. · Member since 2024 · 3k+ posts · 1k+ votes1y.
Quote from @Gregory Schwartz:
Good point. I wouldn't hire ChatGPT to provide legal advice. But then again, there is no way in hell I'd take legal advice from strangers in BP either. Half of the responses on this forum are not legally sound advice. And there are plenty of "experienced" investors not keeping up with changes, so that doesn't necessarily apply either.Quote from @Ken M.:
In real estate, ChatGPT "quick, straightforward answers" will get you sued.Quote from @Gregory Schwartz:
I’ve been thinking—are fewer people using great forums like BP and instead going straight to the “all-knowing” ChatGPT?
As much as I love these forums, sometimes getting a clear answer can be tough. BP has been the foundation of my real estate investing journey, and I owe so much to the community here, the podcast guests, and the hosts.
BUT… lately I find myself wanting quick, straightforward answers without the forum drama, side tangents, or sales pitches. And honestly, I’ve been spending less time here and more time asking AI.
Yes, I know—one day it may enslave us all and I’m playing right into its plan … but in the meantime, it’s hard to beat instant, drama-free answers.
Am I the only one?
Someone I buy properties at a discount for, ran into a legal problem that was unusual for him. He ran ChatGPT, and did a reasonably good job of defining the issue and showed me the result. I don't use AI or ChatGPT so I was intrigued to see what it would say. It was a reasonably good answer except that it didn't know about he case law that would get him sued and lose.
As someone else pointed out in a different post, "it just isn't there, yet".
Now, I could say, "go ahead and follow AI advice", which will likely get you side tracked and sued, that leaves the good deals for the rest of us, but I'm not that kind of guy.
Experience will always succeed over AI. Situations change too quickly.
The biggest differentiator for me is that I can ask ChatGPT for his sources, his references, I can ask him to go back and verify his answer based on things like case law.
I think there is real value in community and guidance from experienced investors, but I'm not sure that I'm convinced that the advice provided on BP is better than AI.
LOl - LOTS! of marginal to bad advice on BP.** Generally **, the guys with lots of responses on BP are good when they answer, but always remember that real estate answers are often state and municipality specific. The experienced investors that answer, usually make it pretty clear that it's from their experience.
No, the advice on BP is general in nature, and should never be taken to apply exactly to a particular situation.
- 1yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Quote from @Ken M.:
.Quote from @Gregory Schwartz:
Good point. I wouldn't hire ChatGPT to provide legal advice. But then again, there is no way in hell I'd take legal advice from strangers in BP either. Half of the responses on this forum are not legally sound advice. And there are plenty of "experienced" investors not keeping up with changes, so that doesn't necessarily apply either.Quote from @Ken M.:
In real estate, ChatGPT "quick, straightforward answers" will get you sued.Quote from @Gregory Schwartz:
I’ve been thinking—are fewer people using great forums like BP and instead going straight to the “all-knowing” ChatGPT?
As much as I love these forums, sometimes getting a clear answer can be tough. BP has been the foundation of my real estate investing journey, and I owe so much to the community here, the podcast guests, and the hosts.
BUT… lately I find myself wanting quick, straightforward answers without the forum drama, side tangents, or sales pitches. And honestly, I’ve been spending less time here and more time asking AI.
Yes, I know—one day it may enslave us all and I’m playing right into its plan … but in the meantime, it’s hard to beat instant, drama-free answers.
Am I the only one?
Someone I buy properties at a discount for, ran into a legal problem that was unusual for him. He ran ChatGPT, and did a reasonably good job of defining the issue and showed me the result. I don't use AI or ChatGPT so I was intrigued to see what it would say. It was a reasonably good answer except that it didn't know about he case law that would get him sued and lose.
As someone else pointed out in a different post, "it just isn't there, yet".
Now, I could say, "go ahead and follow AI advice", which will likely get you side tracked and sued, that leaves the good deals for the rest of us, but I'm not that kind of guy.
Experience will always succeed over AI. Situations change too quickly.
The biggest differentiator for me is that I can ask ChatGPT for his sources, his references, I can ask him to go back and verify his answer based on things like case law.
I think there is real value in community and guidance from experienced investors, but I'm not sure that I'm convinced that the advice provided on BP is better than AI.
LOl - LOTS! of marginal to bad advice on BP.** Generally **, the guys with lots of responses on BP are good when they answer, but always remember that real estate answers are often state and municipality specific. The experienced investors that answer, usually make it pretty clear that it's from their experience.
No, the advice on BP is general in nature, and should never be taken to apply exactly to a particular situation.
agreed I think real estate is far to location specific to trust AI to come up with answers to cretain issues in very specific markets.. I have never personally used it.. But my wife does and mainly to help her with very well written ad's or other correspondence .. And so she says my writing is so poor I need to use it. But I wont.. I will just continue to pump out my opinions. And keep in mind on BP its generally opinions some fact yes but still tons of opinions.
And for sure post count is a red herring for many as many just post a ton with NO real substance so that when folks see them on line there is irrational thought process that a ton of post means this person is super smart.. Etc..
- Rental Property Investor · San Francisco Bay Area · Member since 2022 · 1k+ posts · 1k+ votes1y
I've never used ChatGPT? I type my question in Google and look for official sources for my answer.
If I post a question on BP, I would take the comments with a grain of salt and verify it with other official sources (e.g IRS site, a CPA, local government site which spells out landlord-tenant laws etc).
I was given bad advice when I first joined BP to buy properties that "cash flow on paper" (will never do that again). Some of the suggestions from the more experienced investors are pretty sound but I always analyze my own risk tolerance, etc.
- Investor · Kitchener-Waterloo, Ontario · Member since 2008 · 1k+ posts · 1k+ votes1y
@Gregory Schwartz I mentioned in another post about ChatGPT that my wife's job is training AI so I have a bit better than average insight into what it can and can not do at present.
Her summary is that AI should not be be trusted for legal or tax advice at all and you can't rely on it for things like market value, rent, reno or landlord cost estimates.
However, AI is great for giving you ideas for marketing messages, cleaning up email replies, creating a social media posting schedule. That kind of thing.
On the other hand you're also right that BP forums are filled with all kinds of BS as well. I'm personally very disappointed to see that the BP forums have become nauseatingly conventional. There's very little in the way of creative investment ideas being shared anymore.
Maybe AI will become the go-to assistant for generating ideas for solving real estate problems that you can then research through official channels.
- Coupeville, WA · Member since 2016 · 93 posts · 73 votes1y
I have gotten hooked on using ChatGPT over the past 3 weeks or so.
1. Challenge any results you get and ask for source if it isn't provided
2. It can ask specific follow up questions for you to consider running which at times is very helpful.
3. Ask how it derived an answer if you are dealing with things like taxes. It seems to not always draw upon the latest and greatest information before running numbers.
4. It can search the internet far faster than you can, it's great at identifying sources online for topics you are researching.
5. If you have base scenarios/models containing information ask it to save those for future reference.
6. For real estate appraisals it is really limited by what it finds in listings and city or county data sets. Real estate is way too local for it to be able to adjust for things it can't see or consider for evaluation. It provided me with 2 recent comps when I asked it about my house after giving it a lot of info. The 1st one was within possible noise concerns with a Navy practice landing field, it didn't know that fact. The other was a gorgeous home in town, the problem was it really was in town with a huge community parking lot behind it and views of a restaurant parking lot on the other side from an upstairs bedroom before you saw some water beyond there. I gave it a listing 2 doors down from me, great views, larger house needing updates been on market ~60 days, it had never considered looking at a house on the market 2 houses down from me.
- Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes1y
I hate all of it, though it's coming and there's nothing we can do about it. I'd much rather talk to real people, even if they might be wrong. I want to be my own Chatgpt based on the replies and information I get from people who have done it before. That's all AI is doing - compiling an answer from a bunch of other sources. It's getting better at giving better answers for sure but I don't want to talk to robots I want to talk to real people.
On a side note, we don't allow Chatgpt replies in here - they are removed when we find them - but they are getting harder to pinpoint.
Skyline Properties - 1yTheresa HarrisPro MemberMember since 2019 · 15k+ posts · 11k+ votes
I don't think there is a lot of drama on BP. You get different answers because there is no single right answer. People's replies are based on their experience and their interests-ie someone who flips may give you a different answer than someone who does long term rentals. Someone with experience in NY may have different experiences than someone from ND. That diversity is what helps people learn and get different perspectives.
Ignore sales pitches and focus on those who are trying to answer your question and help.
- 1yNicholas L.Pro MemberFlipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
i haven't found it to be very helpful for the day to day. are there things that you're using it for successfully? definitely interested in hearing more if there are.
one thing it's great at is easily forecasting complicated scenarios based on a few inputs. so i can give it a bit of info about my overall portfolio, or my entire financial situation, and say "assume this for rent growth, assume this for additional investments" and it gives me the results in seconds. i've also started asking it for macroeconomic data about potential scenarios over the next 10 years.
this is definitely information i'm interested in. but it doesn't tell me what actions to take to advance things on a given day of the week. i still want to: buy more properties.
and, a lot of new investors are still trying to Internet / math / AI their way to success. i think that... this won't work. the best way to start is to see actual properties and talk to other human persons. maybe once you have 100 units you can use AI to make things more efficient.
i bet it's helpful when folks leave the prompts in, or a line of ChatGPT offering to use a different tone. =) i know they're proliferating and getting worse but it seems like at least some are still pretty obvious - the chipper tone ("you're on the right track!") and the eighteen paragraphs.
- Rental Property Investor · College Station, TX · Member since 2016 · 1k+ posts · 1k+ votes1y
Quote from @Nicholas L.:
i haven't found it to be very helpful for the day to day. are there things that you're using it for successfully? definitely interested in hearing more if there are.
I've been using it for about a year, and the responses continue to improve weekly. I use it multiple times a day — it's become instrumental for things like:
- Writing social media post descriptions and captions.
- Turning a long, unorganized stream of thoughts into a clear outline so I can organize my "monkey brain."
- Drafting detailed, well-written follow-up emails to clients.
- Analyzing market data and highlighting trends or opportunities.
- Organizing scopes of work from inspection reports or scattered notes about items that need updating in a rental or rehab.
- Negotiation support — asking it to re-write an email or text using Chris Voss’s techniques from Never Split the Difference.- Identifying potential risks I might be overlooking. For example “I’m planning to do ABC to achieve XYZ — what risks should I consider?"
- Uploading contracts (leases, offers, etc) and asking it to explain specific paragraphs so I can confirm my interpretation and avoid bias.
I always ask for sources or an explanation of how it arrived at its conclusions.Pro tip: tell it to “take its time.” The answers feel about 75% more accurate when you prompt it to slow down — kind of like when my wife tells me to slow down when I get excited about a deal.
Schwartz Realty Group5117 Reviews
- Investor · Get yourself trained before doing something inadvisable. · Member since 2024 · 3k+ posts · 1k+ votes1y
Does anybody ever run the results the old fashioned way to see if ChatGPT gave the right answer? Seems to me that getting an answer and getting the right answer can be two different things. My limited experience is that ChatGPT or Grok or whatever they used produced an answer to an investing problem . . . but it'd get him sued. The problem is when you follow bad advice . . .
Now, if someone used ChatGPT to get ideas and then used a mathematical proof to "prove" the idea or action, that would make more sense to me. You know, like "check your work" back in your school days. There's a reason "checking your work" and "rereading what you wrote" was taught, to provide clarity and reduce errors.
I'm willing to bet that part is usually omitted. Checking their answers. It's like finding an answer on Wikipedia, which is random people making comments about subjects. Often comments that actually are biased about what happened at an event, comments that can be changed tomorrow with no record of the change. Subtle word changes that affect the outcome.
(A mathematical proof is a deductive argument for a mathematical statement, showing that the stated assumptions logically guarantee the conclusion.) - Investor · Kitchener-Waterloo, Ontario · Member since 2008 · 1k+ posts · 1k+ votes1y
I just asked it about buying sub2 in Canada and the results were nonsense that would at best get me sued. But how would I know that if I didn't already understand how sub2 investing works in Canada?
If you're asking it questions about a topic you aren't already an expert in then how could you possibly know if the answers are accurate? You can't know what you don't know.
ChatGPT (or any of the others) is very good at giving answers that sound reasonable. But are they true?
- Investor · Get yourself trained before doing something inadvisable. · Member since 2024 · 3k+ posts · 1k+ votes1yYour comment: "If you're asking it questions about a topic you aren't already an expert in then how could you possibly know if the answers are accurate? You can't know what you don't know."
Quote from @Doug P.:
I just asked it about buying sub2 in Canada and the results were nonsense that would at best get me sued. But how would I know that if I didn't already understand how sub2 investing works in Canada?
If you're asking it questions about a topic you aren't already an expert in then how could you possibly know if the answers are accurate? You can't know what you don't know.
ChatGPT (or any of the others) is very good at giving answers that sound reasonable. But are they true?
Great Point. - Rental Property Investor · College Station, TX · Member since 2016 · 1k+ posts · 1k+ votes1y
Quote from @Ken M.:
Your comment: "If you're asking it questions about a topic you aren't already an expert in then how could you possibly know if the answers are accurate? You can't know what you don't know."Quote from @Doug P.:
I just asked it about buying sub2 in Canada and the results were nonsense that would at best get me sued. But how would I know that if I didn't already understand how sub2 investing works in Canada?
If you're asking it questions about a topic you aren't already an expert in then how could you possibly know if the answers are accurate? You can't know what you don't know.
ChatGPT (or any of the others) is very good at giving answers that sound reasonable. But are they true?
Great Point.A solution to this, run it through multiple AI's. Just like getting a second option on the doctor's diagnosis.
Schwartz Realty Group5117 Reviews
- Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes1y
Really great question to pose to the community @Gregory Schwartz!
I think if you are only looking for a quick answer and the question in simple enough AI - is probably the fastest, but if you are looking to build community and get feedback from others who have had the exact same situations the forums still win!
Here in Chicago the community is very strong and chat GTP can never replace the connects you make through BP!
Quality Builders4.966 Reviews - 1yHenry ClarkPro MemberDeveloper · Member since 2020 · 4k+ posts · 4k+ votes
OP
Recommend BP develops and gives us the best of both worlds.
About 6 months ago had a BP post on the same topic. One of our normal posters who I haven’t seen in a while. I asked him to do an AI response on Self Storage against the BP database. It came back about 90% accurate and instructive. To me it was a great response. That then other BP posters could spin off.
So the capability already exists for BP to use AI on its database. They can put a disclaimer. But the beauty is you have 1mm people who can challenge it, put a spin on it, add their nuance.
BP please add a standard AI BP data source response to each post. Since some things can get dated. You might only use a 2 year window for data filtering as an example.
Also to make money, have a link to ads, books, podcasts, etc to monetize. But not as an ad.
- Rental Property Investor · College Station, TX · Member since 2016 · 1k+ posts · 1k+ votes1y
Quote from @Henry Clark:
OP
Recommend BP develops and gives us the best of both worlds.
About 6 months ago had a BP post on the same topic. One of our normal posters who I haven’t seen in a while. I asked him to do an AI response on Self Storage against the BP database. It came back about 90% accurate and instructive. To me it was a great response. That then other BP posters could spin off.
So the capability already exists for BP to use AI on its database. They can put a disclaimer. But the beauty is you have 1mm people who can challenge it, put a spin on it, add their nuance.
BP please add a standard AI BP data source response to each post. Since some things can get dated. You might only use a 2 year window for data filtering as an example.
Also to make money, have a link to ads, books, podcasts, etc to monetize. But not as an ad.
So AI responds to all the OP and then the members can chime in, agree, or disagree. Providing real-world recommendations and examples? This would be gold
Schwartz Realty Group5117 Reviews - 1yHenry ClarkPro MemberDeveloper · Member since 2020 · 4k+ posts · 4k+ votesCorrect. Then you know the database is BP. And that all BP can chime in with the actual post and then like always any nuances from their background. Whereas with standalone AI your the only one who can fact check it from your background.
Quote from @Gregory Schwartz:
Quote from @Henry Clark:
OP
Recommend BP develops and gives us the best of both worlds.
About 6 months ago had a BP post on the same topic. One of our normal posters who I haven’t seen in a while. I asked him to do an AI response on Self Storage against the BP database. It came back about 90% accurate and instructive. To me it was a great response. That then other BP posters could spin off.
So the capability already exists for BP to use AI on its database. They can put a disclaimer. But the beauty is you have 1mm people who can challenge it, put a spin on it, add their nuance.
BP please add a standard AI BP data source response to each post. Since some things can get dated. You might only use a 2 year window for data filtering as an example.
Also to make money, have a link to ads, books, podcasts, etc to monetize. But not as an ad.
So AI responds to all the OP and then the members can chime in, agree, or disagree. Providing real-world recommendations and examples? This would be gold
- Real Estate Broker · Chicago, IL · Member since 2014 · 2k+ posts · 1k+ votes1y
Quote from @Gregory Schwartz:
I’ve been thinking—are fewer people using great forums like BP and instead going straight to the “all-knowing” ChatGPT?
As much as I love these forums, sometimes getting a clear answer can be tough. BP has been the foundation of my real estate investing journey, and I owe so much to the community here, the podcast guests, and the hosts.
BUT… lately I find myself wanting quick, straightforward answers without the forum drama, side tangents, or sales pitches. And honestly, I’ve been spending less time here and more time asking AI.
Yes, I know—one day it may enslave us all and I’m playing right into its plan … but in the meantime, it’s hard to beat instant, drama-free answers.
Am I the only one?
There are part of our process that were laborious and people driven that we now use AI, including chatgpt, for. We've taken inspection reports and dropped it into AI tools to create scopes of work. We have written draft agreements using AI, then passed it our attorney to review/update. We have also used AI to generate videos. A few example of stuff we used to do or pay someone to do, we've replaced those tasks and people with AI.
What we have not done is used AI to establish business strategy. We have trained the AI tools that we use to understand the strategies that we normally deploy and occasionally we will provide the AI with specific scenarios to analyze and provide us with alternative plans that we then have to analyze and make decisions.
- Real Estate Agent · Chicago, IL · Member since 2018 · 1k+ posts · 1k+ votes1y
If you're looking for a specific answer and want it fast, using ChatGPT could be more efficient than trying to sift through the forum posts on BP. Although I've usually been able to google the specific question I have along with "biggerpockets" and that usually gets me the results I'm looking for.
ChatGPT is a useful too but in my experience it won't offer dissenting opinions or alternative perspectives right off the bat like you see on the forums. You would just have to be sure you prompt it with the right questions to get those different opinions/arguments.
- 10moCharlotte GoodmanPro MemberMember since 2020 · 63 posts · 31 votes
I use AI a lot. I use my texting ap on my phone alot too. Both are tools. Sometimes AI gives me a perspective I had not thought about. Like adding a 1000sq ft house in back of vintage duplex with same design to maximize the layout. Very Cool. Can I do it? Not at this point. AI gives up good data for rental rates in a zip code but then you need to go in and define it more like the street and area.
My friends are the best information I can get. They tell me the skinny and no frills which is what I want.
I like AI. sometimes it likes me
- Investor · Huntsville, AL · Member since 2012 · 50 posts · 50 votes10mo
Chatgpt/AI can be useful, but has Chat GPT ever purchased a rental property? Has AI ever sat in a courtroom during an eviction case or had to respond in person to difficult contractors or city officials? A lot of the answers from AI are theoretical or borrowed from a collection of other peoples answers or alleged experiences. The point is that I prefer actual human experience first, AI second. Yes, on biggerpockets, we sometimes get information that is not perfect for our situation or problem, but it comes from a human and it can sometimes help us or lead us in the right direction for a solution.
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