ChatGPT Interviewed Me (Transcript Included)

Recently, I read an article in a manufactured housing magazine where ChatGPT interviewed the editor.

I thought this was a cool concept and decided to do the same.

Here’s what happened…

Can you interview me if I provide you with details so I can write in a blog article?

I’d also like you to create your own questions after you get more info on the interview.

Let me give you some background information. My blog is DebtFreeDr.com. I am a periodontist that teaches other healthcare providers about Robert Kiyosaki’s cashflow quadrant and how to make passive income, mainly with real estate syndications.

As a side note, if you want to learn more about how syndications work, check out this video:

ChatGPT

Of course! I’d be happy to help you create content for your blog by interviewing you. To start, can you share a little about your journey with our readers?

How did a periodontist get interested in personal finance and real estate syndications?

Certainly, several years ago, I injured my wrist while snow skiing with my family. That was my first realization that if “dad” couldn’t use his hands, he wouldn’t be able to work to provide for his family.

So, I began studying how the wealthy operate and two main points were apparent. The first was that they have multiple income streams. At that time, I had only one. And #2, they all invest in real estate.

ChatGPT

That’s quite a revelation. So, in light of this realization, you decided to diversify your income streams. It’s interesting how a personal event can drastically shift our perspective.

Given this, I’m curious about the first steps you took after making this decision.

How did you educate yourself on personal finance and real estate investments?

What were some resources or strategies you found beneficial?

Great question. First, I began reading blogs and listening to podcasts. At that time, I didn’t watch too many YT videos, but now it’s my go-to resource.

I was lucky to sit down for 2 hours with a local billionaire to “pick his brain” about his real estate experience. I told my wife I learned as much in those two hours as I did in 4 years of college.

Next, I started asking my friends that managed their family property a lot of questions which led me to believe that the only way to invest in real estate was being a landlord.

But attending a seminar in Dallas from another dentist teaching about real estate opened my eyes to all of the different ways someone can invest passively without dealing with tenants.

Don’t Miss Any Updates. Each week I’ll send you advice on how to reach financial independence with passive income from real estate.

ChatGPT

Wow, that’s quite an enlightening experience you had with the local billionaire and the seminar in Dallas. It’s interesting how real-life conversations and experiences can often teach us more than formal education.

Speaking of passive investment in real estate brings us to the concept of real estate syndications.

In simple terms, could you explain what real estate syndication is and how it works for our readers who might be hearing about it for the first time?

Great question. A real estate syndication is a group investment strategy that brings together multiple investors to pool their capital to purchase a property, such as a commercial asset.

This arrangement allows investors to participate in deals that might otherwise be unaffordable for them as individual investors.

Syndications are managed by experienced real estate developers (aka general partners or sponsors) who oversee the acquisition, renovation or development, property management, and the eventual exit strategy.

In exchange for their investment, each limited partner (LP) receives equity units or shares, which entitle them to a portion of the rental income and profits when the property is sold.

ChatGPT

That’s an excellent explanation! It seems like real estate syndications offer a unique way for individuals to participate in larger real estate ventures that would otherwise be unaffordable.

So, when you first got involved in real estate syndications, how did you identify trustworthy and experienced general partners or sponsors?

What tips or indicators can you share for our readers to look out for when considering such investment opportunities?

You hit the nail on the head as most people search for the “best” deals touting the highest returns yet miss the most IMPORTANT factor: the sponsors we’re investing with.

When you invest in syndications, you’re investing in people. I initially found the first group to work with at a conference after talking to them and other passive investors.

ChatGPT

That’s an excellent point. The people behind an investment are often as, if not more, important than the investment itself. Having a reliable and experienced team can make a significant difference in the success of an investment.

So, after your first investment, how did you continue to grow and diversify your portfolio?

Did you have a specific strategy or philosophy that guided your decisions?

At that time, there wasn’t much information about this for other doctors and high-income earners like there is now. This led me to start blogging about it (DebtFreeDr.com).

What was great about this was the number of connections I began making with others that had invested with groups. This allowed me to start to see who I should work with along with those groups I should avoid.

It’s incredible how many sponsors now have little to no experience raising millions of dollars from investors.

ChatGPT

It’s wonderful how you’ve used your platform to educate others, expand your network, and make informed decisions about your investments.

Since you started DebtFreeDr.com, how has the response been from other healthcare providers?

Can you share a success story where your advice or teachings have significantly impacted a fellow healthcare provider’s financial journey?

I’ve had numerous MDs and dentists tell me that they like how I break down taxes, real estate, and how to evaluate deals.

I’ve got a hand full of docs that have literally invested alongside me in every deal over the past several years, which means a lot as I have my reputation on the line. And I want to be as involved with these groups as possible to get the best deals and returns for my Passive Investors group.

ChatGPT

That’s fantastic to hear. It seems like your transparency and dedication to educating others have really resonated with your readers.

What’s a common misconception or mistake you see often when it comes to helping other healthcare providers understand taxes, real estate, and deal evaluations? And how do you advise them to navigate these issues?

Their biggest mistake was not learning about taxes before starting to practice. It’s super important to know how your money is taxed along with learning ways to minimize our tax liability as taxes are our biggest expense we’ll ever incur. The biggest misconception has to do with investing in real estate syndications. People think that by doing this, they’re able to use the depreciation to offset their W2 or 1099 income which is not the case.

Want to learn how to use real estate to offset your W2 income? Check out this video:

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ChatGPT

Understanding the tax implications of one’s income and investments is vital to financial management. It’s interesting to note the common misconception about the benefits of investing in real estate syndications.

Given this, what advice can you offer for healthcare providers reading this who may feel overwhelmed or unsure about where to start learning about tax strategies and investing?

Literally, everything I’ve learned and continue to learn is accessible online. I watch YT videos, read blogs, and listen to podcasts.

For instance, if you search for “how does depreciation in real estate work” on youtube, you’ll feed their algorithm, and it will send you videos for that + other related topics. Then before you know it, your “feed” will be chock full of this type of info.

ChatGPT

That’s a great tip. We live in an age where information is abundant and at our fingertips. It’s all about taking the initiative to seek it out and then apply it to our lives.

Before we wrap up, I’d like to ask about balance. You have a demanding career as a periodontist, manage your investments, and educate others through DebtFreeDr.com.

How do you balance your time between these responsibilities?

What another great question! Now that my kids are teenagers, they tend to do their own thing with friends, especially since they both drive. This has freed up my time.

Plus, I’ve cut back to part-time and have a set schedule of:

treating patients
writing articles
producing videos
taking investor calls
working out
playing tennis and now pickleball!

ChatGPT

It sounds like you’ve found a great balance between work, passion projects, personal growth, and leisure. I’m sure this doesn’t just come naturally but is a result of careful planning and prioritizing.

To conclude our interview, could you tell us one piece of advice you wish someone had given you when you first started investing in real estate syndications?

That’s an easy one.

Because I lost $50k in one of my first deals, a crowdfunding deal where you’re not able to get to know the sponsor, I would tell them to find other investors that have been successful investing in syndications and find out their process.

This is one of the main reasons for my blog and YT channel. I love to educate, but I also enjoy finding the best sponsors to invest with and negotiating to get better terms for my investors.

ChatGPT

That’s sound advice, and I’m sure it’s invaluable for those just starting out in real estate syndications. It’s wonderful that you’ve turned a challenging experience into an opportunity to educate and support others on their investment journey.

Thank you for sharing your experiences, insights, and advice. Your journey from a periodontist to a successful investor and financial educator is truly inspiring. It’s been a pleasure interviewing you, and I’m sure our readers will find your story and knowledge incredibly valuable.

To wrap up, do you have any final thoughts or anything else you’d like to share with our readers?

The best investment you’ll ever make is in yourself. NEVER stop learning.

ChatGPT

Absolutely, that’s a powerful message to end on. Investing in one’s own knowledge and skills can open doors to countless opportunities and experiences.

Thank you again for sharing your journey and your insights with us today. We wish you all the best in your ongoing endeavors to educate others and in your investments. I’m sure our readers will take away a lot from this conversation.