Justin Colby

so i found a beautiful home i live in i bought it right the reason i was able to buy it is because i reached out to the homeowner directly the there was it was currently an escrow the buyer and the buyer was kind of balking a little bit and wanted some things the seller was kind of like i don't really feel like doing this i built a very good relationship with the the seller the seller basically said justin if you are 100 in

so i found a beautiful home i live in i bought it right the reason i was able to buy it is because i reached out to the homeowner directly the there was it was currently an escrow the buyer and the buyer was kind of balking a little bit and wanted some things the seller was kind of like i don't really feel like doing this i built a very good relationship with the the seller the seller basically said justin if you are 100 in

and you're willing to put a $40,000 earnest money deposit, then I'm going to draw a fine line in the sand with this buyer. I'm not going to be giving. He's asking for a lot. I'm not going to be giving. It is a yes or no on my side and he is going to either have to accept it or not. The buyer did not. The buyer wanted, I forgot what he wanted, but he wanted some things.

and you're willing to put a $40,000 earnest money deposit, then I'm going to draw a fine line in the sand with this buyer. I'm not going to be giving. He's asking for a lot. I'm not going to be giving. It is a yes or no on my side and he is going to either have to accept it or not. The buyer did not. The buyer wanted, I forgot what he wanted, but he wanted some things.

Um, so it fell out of escrow. I immediately wired in $40,000 as a earnest money deposit, uh, and went through my due diligence of basically I only needed 10 days cause I knew what I was looking for. I had an inspection here. It passed inspection from roofing to electrical to plumbing, et cetera, et cetera. I then wired in another $400,000, uh, for my down payment. And I We bought the home.

Um, so it fell out of escrow. I immediately wired in $40,000 as a earnest money deposit, uh, and went through my due diligence of basically I only needed 10 days cause I knew what I was looking for. I had an inspection here. It passed inspection from roofing to electrical to plumbing, et cetera, et cetera. I then wired in another $400,000, uh, for my down payment. And I We bought the home.

Now, how would a bot have been able to handle that? A bot would have been able to be black and white. There would have been no nuance. There would have been no subjectivity. There would have been nothing. And I just don't believe, ladies and gentlemen, that AI can come over and take over our industry. I believe agents will still be around for a very long time.

Now, how would a bot have been able to handle that? A bot would have been able to be black and white. There would have been no nuance. There would have been no subjectivity. There would have been nothing. And I just don't believe, ladies and gentlemen, that AI can come over and take over our industry. I believe agents will still be around for a very long time.

Although again, even with everything that's going on with the agents, I believe there's some nuance that will happen with agents. I believe their businesses will change over time. And so I don't think there's a black and white answer, except this is what I do believe to be black and white. AI will not 100% take over our space. Can AI be very instrumental in certain things? Yes.

Although again, even with everything that's going on with the agents, I believe there's some nuance that will happen with agents. I believe their businesses will change over time. And so I don't think there's a black and white answer, except this is what I do believe to be black and white. AI will not 100% take over our space. Can AI be very instrumental in certain things? Yes.

That is the black and white. Now, some further questions that went in, this is very cool to hear from the property management side is understanding and evaluating risk. That was very cool to hear is understanding how do you reduce your downside risk, whether you're buying rental properties, uh, whether you're buying fix and flips.

That is the black and white. Now, some further questions that went in, this is very cool to hear from the property management side is understanding and evaluating risk. That was very cool to hear is understanding how do you reduce your downside risk, whether you're buying rental properties, uh, whether you're buying fix and flips.

And, um, we had a very large national property management company that was on there that has a, it's a basic tech company. As a matter of fact, the entire, um, thesis for this property management company is you can run property management via technology with very little to no human capital. And so I started listening to how they presented their ideas. And I found it to be very intriguing, right?

And, um, we had a very large national property management company that was on there that has a, it's a basic tech company. As a matter of fact, the entire, um, thesis for this property management company is you can run property management via technology with very little to no human capital. And so I started listening to how they presented their ideas. And I found it to be very intriguing, right?

That all the underwriting for the tenants can be done through technology and AI and bots. I understood, you know, kind of all their points about making sure again, the downside risk of a bad tenant, how you can basically use all the screening and all of these different things, how you can find tenants through technology and, and then you can manage it through, uh, certain levels of technology.

That all the underwriting for the tenants can be done through technology and AI and bots. I understood, you know, kind of all their points about making sure again, the downside risk of a bad tenant, how you can basically use all the screening and all of these different things, how you can find tenants through technology and, and then you can manage it through, uh, certain levels of technology.

And then kind of the point I brought up as a landlord, uh, and I asked, this is a panelist that I basically asked him. Um, and it was great by the way. Um, I basically just said, Hey, when it's time for said tenant to leave,

And then kind of the point I brought up as a landlord, uh, and I asked, this is a panelist that I basically asked him. Um, and it was great by the way. Um, I basically just said, Hey, when it's time for said tenant to leave,

Is there going to be technology or a bot that's going to come in and give me a number of how much money I need to spend to repair or fix the home as they lived in it for 2, 3, 4, 5, 6, 7, 8, 9, 10 years? He said, well, no, that there's going to have to be a contractor involved that kind of gives you an estimate. And I said, OK, fair enough. And I only asked not to be rude or to, you know.

Is there going to be technology or a bot that's going to come in and give me a number of how much money I need to spend to repair or fix the home as they lived in it for 2, 3, 4, 5, 6, 7, 8, 9, 10 years? He said, well, no, that there's going to have to be a contractor involved that kind of gives you an estimate. And I said, OK, fair enough. And I only asked not to be rude or to, you know.