In recent months, I was very busy with our new purchase. Dealing on a daily basis with general contractors, handymen, engineers and architects. As I stated previously, buying a property is fun. Adrenaline, competition, stress and tension. I know, very immature, but thank God I’m still at that stage.
The purchasing stage is followed by the management stage which is a nuisance. It could be fun if you created something but usually it means dealing with municipalities, attorneys, citations, fines, expediters, mechanical breakdowns, daily calls and routine management. Finally, selling a property is also a fun stage. Well, joy combined with sadness. You have invested so much time and energy in the property and people, and it really grows on you.
The past few months were fun. We’ve sold few properties and I’m working very hard to upgrade the last acquisition. I have added some "Before and After" photos below.
For those of you who like to read my articles in detail, I discuss below a topic that has fascinated me recently: Artificial Intelligence (AI). If any one of my readers is in this field, please contact me. I haven’t been so excited since I got my driver’s license…
BTW, the photo above was taken in Quebec City in October. Francophiles who like French culture, food, wine, views and people, go to Quebec. It's more French than France!
GREI
We sold Colonial Apartments. Bought in 2015 and sold in 2022. Annual rate of return: 41.9%.
We sold Willows. Bought in 2016 and sold in 2022. Annual rate of return: 48.1%.
Meadow Creek (formerly University Lofts): We’ve finished the renovation of 30 units out of 45 and are about to start leasing soon.
40 Broad
Foxwood Apartments. Bought in 2017, sold in 2022. Annual rate of return: 18.8%.
Polo Run Apartments. Bought in 2019, sold in 2022. Annual rate of return: 21.3%.
Cambridge & Courtyard. Bought in 2019, sold in 2022. Annual rate of return: 27.7%.
"Please draw a 3D Digital Art of AI and a City"
The topic that has fascinated me recently is Artificial Intelligence (AI). I’m sure many of you have read about it and some of you may have even experimented with it. It’s going to revolutionize our life. No, this isn’t an exaggeration! It will change the way we work, play, live, invest and it will touch every aspect of our life, and maybe even our personality. A few AI tools were made available to the public recently, and if you start experimenting with them, you will realize the profound effect it will have on society.
One famous engine is ChatGPT that allows you to have a dialogue and instruct an AI machine to write text, essays, promotions and even books! Another engine is DALL-E-2 that draws anything you instruct it to draw, and in any style you like! Another one is Point-E that creates 3D models on demand.
Artificial intelligence (AI) has the potential to revolutionize many industries, including the real estate industry. There are a number of ways in which AI is being used in the real estate industry, and several case studies that demonstrate how it may change the way real estate is bought, sold, and managed.
One way that AI is being used in the real estate industry is through the use of virtual assistants and chatbots. These AI-powered tools can help real estate agents and brokers communicate with clients more efficiently, answer common questions, and provide personalized recommendations based on a client's preferences and needs. For example, a chatbot might be able to provide information about available properties in a particular area or help a client schedule a showing for a property.
Another way that AI is being used in the real estate industry is through the use of predictive analytics. AI algorithms can analyze vast amounts of data about past real estate transactions, market trends, and local economic conditions to provide insights and forecasts about future real estate prices and demand. This can be particularly useful for real estate professionals who are looking to invest in new properties or develop new projects.
One example of how AI is changing the real estate industry is the use of virtual reality (VR) and augmented reality (AR) tools. These technologies allow real estate professionals to create virtual tours of properties that can be accessed by potential buyers or renters from anywhere in the world. This can help reduce the need for in-person showings and make it easier for buyers and renters to get a sense of a property before making a decision.
Another example of how AI is changing the real estate industry is through the use of drone technology. Drones equipped with AI algorithms can be used to capture high-resolution images and video of properties, providing a more detailed view of a property's features and surroundings. This can be particularly useful for properties that are difficult to access or located in remote areas. Imagine wearing a META headset and visiting a potential property in Florida or Portugal while sitting on your chair in Queens...
Overall, AI has the potential to significantly impact the real estate industry by streamlining communication, providing insights and forecasts, and making it easier for buyers and renters to access information about properties. As AI technologies continue to advance, it is likely that they will play an increasingly important role in the way real estate is bought, sold, and managed.
As a real estate professional with database programming background and SQL knowledge, I’m absolutely fascinated with AI and I envy those who are at the forefront of this industry.
BTW, this article was partially composed by AI and partially by myself. I invite you to write back and let me know what parts you think were human and which parts were written by a machine…
Wishing each and every one of you personally, Merry Christmas, Happy Hanukkah, Happy New Year, Novi God and Mele Kalikimaka!
This publication is personal and not for general circulation. It does not form part of any offer or recommendation. It does not take into consideration investment objectives, financial situation or needs of any specific person. Prior to committing to an investment, please seek advice from a licensed professional regarding the suitability of the product for you and read the relevant product offer documents, including the risk disclosures, If you do not wish to seek financial advice, please consider carefully whether the product is suitable for you.
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