Joseph James showcases his real estate investing analysis software ROI-Muse.
ROI-Muse Website: https://www.roi-muse.com/
ROI-Muse Discount Link: https://tinyurl.com/9cnyeajw
Transcript:
Chris Bounds
How do you see analytics evolving? In tech, as far as apps, polls and stuff. How do you see it evolving or going forward? I mean, everything’s changing and changing rapidly. We’re all going virtual. I mean, obviously, it’s a web based app. I don’t know if you all have an iOS system or something more intuitive with AI. How do you see stuff evolving with the analytic software like the kind of what you have?
Joseph Jame 04:58
I think at the end of the day, it’s leverage. Right. We all want to do a lot of deals. Right now, I’m underwriting, at least couple deals every week on multifamily side. I mean, you want to be able to bring somebody along and train them on a system. Right. Whatever is in your land or your number of years, you want to be able to train somebody who can help you with some of your processes. Right. That’s how you can scale.
That is literally where I’m looking at right now is to see how can I turn on how many people I can train on underwriting multifamily deals or commercial development projects? So they can do the heavy lifting for us. Then, once they’re done with their analysis, we can literally look at it and say, “Okay, you did it correctly.” Or maybe I would have done it slightly different and then coach them on that.
That’s literally where I’m doing most of the time is bringing other people along on how to do this the right way. Right. So then, we can leverage or we can leverage them in our businessand also partner with them in the future. Right. So we what we’re always looking for people to come along and help us with our journey as well. Right. So and we can also contribute and help them develop their skills.
Chris Bounds 05:58
We could probably talk about this for an hour. AI is knee deep right now, already in analytics with big tech.But, for individual operators, I want to go look at a multifamily units, 300 units and put all the data in. How do you feel AI such as it highlights A, this line mix of our expenses seems out of industry norms or B, if you hold it for seven years, as opposed to your proposed five years, you’ll get an extra 7% return? How do you feel that’s going to evolve with operators on our level? I mean, I call upon Peter, now that like, I’m not Google, I’m a bomb theater.
Joseph James 06:52
Yeah. I think, I wouldn’t necessarily call it AI because AI to me it’s like little bit more high level, robotic, some Artificial Intelligence. But we can add analytics to our data very easily. Right. So for example, we recently launched an app called Multifamily. So basically, you can take your data, which is your P&L for the last 12 months and load the data in like few seconds.
Once, the data is being processed, it already highlights the cells they should pay attention to. Right. So literally, instead of looking 300 lines of data across 12 months or 24 months. You can literally look at handful of cells to say, “Okay, now this data doesn’t look like there’s something happened here.” Right. A lot of time we look deeper into our home, why is the plumbing expense $5,000 in this month?
What happened like that a plumbing leak or whatever happened, right? It’s also makes it easier for you to read the data, we also summarize the data to say, “Okay, now this is the T 12. This is a T63.” These are all analyzed in summary numbers, so we can see the trends. So all of that can be done very easily in a tool. When you’re loading the data, like literally all of this takes about five seconds to load the data.
In five seconds, you have all the summary that you need to look at the data. Right. Now, once we collect data like that, then the second phase will be doing some analytics on that and also doing some AI on that. So where we can say that, based on all the data we have in our system. Now, what expenses you’re seeing in this property is not in line with the industry standard. Right.
Because it just either is too high or too low. Right. So those are the things that we can add, once we have more data. But we are actually doing things that are going to make it easier for somebody who’s doing analyzing the deal. So they can easily zero in on the important data that they should be concerned about. Right. And then, as we collect more data then we’ll figure out how to make it better for everybody.
Chris Bounds 08:41
Last question in 60 seconds. What app have you used in the last 12 months? New app that you didn’t use before that’s been just kind of game changing for you. It can be personal or business.
Joseph James 08:52
In the business side, I’m learning something every day. I came from the tech background. I’m not a marketing person. Now, we are learning marketing because in order to run a company, now we know people are not going to buy your product or they don’t even know your product exists unless you know how to market. Right.
We are spending a lot of time learning the marketing technology out there. One of the things I’m looking at right now with mini chat, which is I think the previous guest talked about tax automation and messaging automation. That’s one thing we’ll be looking at right now. We use ClickFunnels or Kartra, a bunch of different tools for our funnels and things like that.
Literally, I think messaging is the way to go for marketing in the future, whether it’s SMS, different kinds of messages and also desktop notifications. Those are the things that we’re focusing on right now. I’m no expert by any of those, but we’ll be able to fond a bit more on that in the next few months once we learn more.
Chris Bounds 09:45
Awesome. Well, Joseph, it was a true pleasure. It’s always nice talking with you and looking forward to talk to you again.
Joseph James 09:52
Absolutely. Thanks for having me Chris and Jamie.