Unlock Financial Freedom With Smarter Property Deals with Charlie Panayi

The Real Estate Investing Club

Join an active community of RE investors here: [https://linktr.ee/gabepetersen](https://linktr.ee/gabepetersen)  0:00 Introduction and Charlie Panayi’s Real Estate Journey 2:15 Buying Property Before Age 18 and Early Investing Lessons 5:05 The Hidden Profit in Cosmetic Renovations 8:45 Why Small Value-Add Deals Beat Major Rehabs 10:40 HMO Conversions and Creating Cash Flow Opportunities 13:15 Investing Across the UK, Dubai, and Global Markets 16:25 Real Estate Cycles and Finding Opportunity in Any Market 19:10 How to Predict Market Shifts and Protect Your Portfolio 23:00 Best Books for Real Estate and Business Success 24:45 Finding More Real Estate Deals Through Volume and Systems 28:35 AI Tools Every Real Estate Investor Should Explore  🏡 REAL ESTATE INVESTING, PROPERTY DEVELOPMENT, AND FINANCIAL FREEDOM  In this episode of The Real Estate Investing Club Podcast, I sit down with international real estate investor, entrepreneur, and coach Charlie Panayi to discuss the strategies that helped him build wealth, create financial freedom, and develop a successful property portfolio across multiple countries. If you're interested in real estate investing, passive income, rental properties, property development, house flipping, wealth building, or financial independence, this conversation is packed with actionable insights.  Charlie shares how he became obsessed with the concept of freedom at a young age and how that mindset led him to purchase his first property at just 18 years old. Rather than chasing flashy projects, Charlie reveals why some of the most profitable real estate deals are often the simplest. We dive deep into value-add investing, buying below market value, increasing property value through strategic renovations, and identifying opportunities that many investors overlook.  💰 THE REAL SECRET TO PROFITABLE HOUSE FLIPPING  Many new investors are drawn to massive renovation projects because of what they see on television and social media. Charlie explains why his most successful real estate investments often came from properties that needed only cosmetic improvements rather than expensive structural work. We discuss how investors can force appreciation, improve returns on investment, and avoid the costly mistakes that often destroy profitability.  #RealEstateInvesting #FinancialFreedom #PassiveIncome #RentalProperties #PropertyInvestment  Want to learn more about our guest? Connect here: www.charliepanayi.com  Want to learn more about the REI Club Podcast, how to invest with Gabe at Kaizen, or join our community of active real estate investors on Skool? Visit the podcast website at https://www.therealestateinvestingclub.com or click here: https://linktr.ee/gabepetersen

Transcript

00:06all right we are back with another episode of the real estate investing club i hope you guys

00:11are having a great day great week wherever you are and whatever day it is for you as always it

00:18is friday on the podcast so we're bringing that good friday energy to you it is nice and cloudy

00:23here in seattle just as we expect in the spring but i'm i am looking forward to the sun it's

00:27right

00:27around the corner i actually just got back from a due diligence trip my partner and i are buying a

00:32park mobile home park out in pennsylvania and it was the first time i had been to pennsylvania

00:37very beautiful city and the people were so nice um so pennsylvania you rock thank you for having us

00:42uh and that brings us to our guest today charlie panay panay sorry charlie i forgot to ask how to

00:48pronounce your last name i know i murdered that charlie is charlie's over there he's originally

00:53from london and cyprus or from england and cyprus and uh he is well he's all over the world but

00:58he

00:58is an investor and a coach and we're excited to jump into this charlie thanks for hopping on

01:03no thanks for having me and you got to correct me on your last name i apologize for not i

01:08forgot to ask

01:09the first version was correct and i panay okay there we go right on well charlie we always start with

01:17stories we like to hear how people got to where they are so why don't you take us back to

01:20the beginning

01:21of your story in real estate and just tell us uh how you got here i'll give you a quick

01:26version um

01:27i was probably quite a sad slash clever lucky seven-year-old um who just decided that actually

01:34i wanted to be free now i didn't know that was going to be property at that age i just

01:38knew

01:39i was very lucky uh in my community in london no one ever went and went on holiday my mom

01:44and dad

01:44took us away once a year a little bit cheating it turns out and high and slight because we're going

01:49to see families so probably three somewhat but nevertheless i've i realized wait a minute my

01:55mom and dad work seven days a week they work hard so money is that freedom and around about 11

02:01i

02:01associated property i can't tell you why i decided property and real estate was the answer i don't

02:07even know the rationale so i just started learning as much as i could you know i've surrounded myself

02:13of any one of my families that were good with money or good work ethic and i've worked from 12

02:19at lots of different places supermarkets the market all sorts of things and i bought my first

02:23um apartment when i turned 18 the day of my 18th birthday um i actually had a couple of

02:31properties before 18 but it was sort of leased because obviously legally in the uk you can't complete

02:36before 18 so uh i was actually allowed you can't buy property before you're 18 and in the uk not

02:43the completion you can't entrust and things like that um like but when i bought 20 20 years

02:49well it's quite scary when i say that nearly 20 years ago um it was a bit different so we

02:56had

02:56them under lease terms and things like that but one i officially owned myself was 18th birthday

03:03quite um that's when i completed and um i was pretty aggressive really from there i i just i

03:10wasn't actually that well educated in property i thought i was um so i wouldn't you don't know until

03:16you do you don't know how much you don't know that's the phrase i wouldn't say i made lots of

03:21mistakes because i've not touched wood lost any money in property any form of real estate that i've

03:26done um but obviously i was quite aggressive i was making good money for i used to uh be an

03:32account director for the europe's biggest training and mystery shopping company so i was

03:38creating the sales experiences and customer programs of some of the biggest companies in the world

03:42um so i was making good money and i was buying property um so that was logic um and i

03:49sort of

03:49learned how to do things along the way like i said i would say mistakes but i still made money

03:55it's just

03:56what i know now i would have made a hell of a lot more hell of a lot quicker uh

04:00so yeah i was pretty

04:02aggressive up to the age of like 25 um and then i sort of paused somewhat really and started helping

04:09other people do things and still buy stuff but um not as aggressive as i once was shall we call

04:15it

04:15yeah yeah that makes sense um so tell us about the specific type i mean tell us about the the

04:22nitty

04:22gritty details of your career of your portfolio um like when you know between 18 and 25 you said you

04:29pretty aggressive what were your strategies during that time again uneducated so for me it was i wanted

04:35a force value so what i saw is a really good opportunity i still see it now and i also

04:40buy

04:40companies um as well as businesses uh real estate sorry there's the same opportunity in both so big

04:48developments you've got lots of big players that want it the smaller developments slash little flips as

04:55we call it in europe you know refurbishing the big players don't want that there's not enough money in

05:01it but then the everyday person doesn't have the ability or know how to buy those so for me i

05:06i was

05:06again fell on this sort of realized well wait a minute i can force value so i'd always want to

05:12buy

05:12below market value but these are actually loads of people too many people in my opinion always look for

05:18this big flip this big renovation project actually where i made some real money was let's find the ones

05:24actually they're just not that nice and it's mostly cosmetic but most buyers don't want it because

05:30it doesn't look nice and the other people don't want it because they want this big amazing flip

05:35conversion stuff which i've done those big projects so i really done well at forcing value buying below

05:40market value spending anything from six to ten thousand pounds on the refurb so not significant amounts

05:46and then pushing the value profit margins i never made less than 50k per one of them

05:51um so it was again maybe an accidental opportunity that i sort of not i've obviously got a skill set

05:59and find an opportunity but um it wasn't much education around it it was just like wait a minute i

06:05can

06:05force value so most of most of the stuff i've done wasn't that i've done conversions i've done

06:11other things as well but majority of my portfolio i've always laid in that that world um yeah and it's

06:18interesting there's a nitty gritty sorry to attract the nitty gritty part every flip i've done i used to do

06:24it myself i say myself people worked with me but um at the start i've done it myself and every

06:30time

06:30so any new investor or any listening to this or unexperienced maybe you start a flip or a conversion

06:38where and you pull it all apart and every single time i got petrified i was like why am i

06:43doing this

06:44what i don't even like this effort like i'm going through but then when you finish i'm sure you and

06:49i feel the same way when you finish and get to the end you're like i can't go i'll do

06:52more uh that is

06:54a real need for punishment yeah every single one yeah yeah it's funny how you say uh i mean you

07:02said

07:02you don't like the big rehabs and i um here in america we have hgtv i don't know if you

07:07have something

07:07like done in britain but uh it's you know it's in these shows it's they're going into these houses

07:13and doing the absolute most you can do they're tearing down walls and that kind of gets people

07:19thinking that that's where that's what you should be doing and going in and doing these massive rehabs

07:23and i did those and they sucked in fact one deal uh it was like one of my first deals

07:28i you know i

07:29just didn't know enough about real estate and it was a huge rehab we like really did a lot of

07:34work

07:35um and in the end we made i think it was like it was like thirty two thousand dollars which

07:40might

07:40sound like a lot to people but if you're talking about like six months of your time it is nothing

07:45it's like it's just almost feels like you lost money um even though you talk okay i actually show

07:51my examples and there's one i've done um which is quite a big one a half million pounds um one

07:57and

07:58then i show the ones i've done a hundred thousand pounds and they see this big profit margin at the

08:04end

08:04where it made a hundred grand but again the time outlay cash you needed blah blah blah compared to

08:12what that hundred grand one but the percentage return on investment was nearly double on the

08:17hundred yeah so for me just put five of them into there rather than one of them that's that was

08:22my

08:22logic basically yeah yeah i don't do flips anymore but if i if i did a flip i would i

08:28would be looking

08:28for the ones that you do flooring and paint maybe some updates to the kitchen like just the you know

08:35the things that are apparent when you walk into the house not like electrical plumbing anything like

08:41that so um yeah that's interesting interesting you kind of came came out with that uh realization and

08:47i feel like that's what a lot of people should be taught when they're doing flips is just don't do

08:50the major ones you can't i mean there is money in them but it's not worth a headache go out

08:54there

08:55get the easy flips do the ones that are just need a little bit of love in the u.s

08:59i like you know in

09:00the u.s there's about 1.2 million companies for sale between one and five million dollars so it's the

09:08same in real estate and companies there's there's that little niche where you can really force value

09:14in those because the big players don't want them and the everyday person can't do it so so for me

09:20yeah

09:20but everyone watches these tv programs and they just think that's what they should do and that's

09:25their education and yeah so but look i've done them i sometimes do them but i i try to stick

09:32it

09:32yeah yeah absolutely um so 25 i mean you made it 18 to 25 you went you went hard um

09:39and you did a lot

09:40of these flips from 25 onward it sounds like you kind of changed gears you started looking a little more

09:44long-term holds commercial stuff like that um tell us how that uh period of your investing career went

09:51so it was actually probably because i was never it sounds like i was money driven i was freedom

09:58driven not money driven so i got to a point where i could retire and not work again um and

10:04i met

10:04now my ex-wife um the i i and i thought well you know what i'm done i don't need

10:11to be aggressive

10:11in doing so yeah for me it become very passive in terms of like again still forcing the value but

10:16i had a team that worked for me now so when i found something that say it was worth 150k

10:22and i can try

10:23and get it for 130 and it needs a few grand spent on it and push up to 200 i

10:27didn't really have to be

10:28hands-on whatsoever so it was very much long-term rentals slash commercials um i like i loved um i've

10:36done quite a number of hmo conversions it's a really big thing in the uk for example what's a what's

10:41an

10:41hmo conversion so planning permission changed quite significantly six years ago and again this

10:46is me knowing it's like most people didn't know this but you'd have to go through planning to convert

10:51a let's say four bedroom house into a six seven bedroom house of multiple occurrences um there's

10:59huge money in it because it's a gdv value rather than a bricks and mortar value so tons of them

11:06i

11:07educated people now to do them and i've done loads of them okay so just um i've never heard that

11:13term

11:13h hmo you said hmo basically what you're saying is is uh you're rent by the room but you're just

11:18adding rooms to the to the house okay and the opportunity comes because in the past you needed

11:23planning permission to do anything like that but they changed that a number of years ago so yeah you

11:28could just buy a four or five however many bedroom house oh you mean you had to get some kind

11:34of like

11:34variance or you know permit in order to do this but now they they don't have those rules okay yeah

11:41license once it's done but you don't need the plan and permission to do it so it opened up again

11:47this

11:47huge opportunity where the super big players didn't want to touch it and most property investors i work

11:53with today more than 90 don't even have a clue how to do those conversions and make money

11:59uh some people ask me to tell them but i've got to be honest it's worth a bloody bomb so

12:03like people i mentor i will show them because they're paying me but i don't tend to give that

12:08trick away too much because it costs me like that because i lose opportunities because every if every

12:13tom dick and harry knows how to do that i can't take those um so so i give it to

12:18a certain amount of

12:18people yeah we've had a number of people i mean that's a pretty well-known strategy here in the u

12:24.s

12:24and we've had a number of people on on the show that do that um it really only works in

12:28larger

12:29metros um metros where the you know the rental income or the median rental um value is you know

12:35three thousand a month or something like that downtown la new york something like that um but yeah

12:41real skill set and people who have dabbled it and have lost money because they don't understand that

12:46market well or not so they're going to do it in the wrong location or not finish it to the

12:51right

12:52um level or even the right level to suit planning permission in the uk for example so yeah and i

12:59and i sort of missed a part but in the last 10 years i've done a lot in the uae

13:02as well so so oh okay

13:04cool in fly um yeah yeah the combination really i said it might sound like i'm still doing a lot

13:11i was

13:11but to me it was just more stuff that was brought to me um even now i said i wasn't

13:18gonna buy anything

13:18this year um and so you've uh you've done you've done investments across different um different

13:25countries different you know laws you have to learn all that stuff do you find it difficult to

13:31to learn the local real estate laws or do you feel that everything is have you done stuff in the

13:37u.s

13:37have you invested in the u.s at all i've worked with stuff in the u.s i think i

13:41think the u.s was

13:42actually my biggest challenge of learning really actually um only because it

13:48i've i find the u.s is so different state to state and and so forth yeah and it's so

13:55i know it

13:55sounds silly but it's such a large place as well so when you're going from state to state and trying

14:00to understand i nearly bought a couple of um back in 2010 i think i nearly bought a couple of

14:06naples

14:06in florida you know um so yeah i think i found that because it's just so different state to state

14:13whereas in most environments it's smaller pockets so yes in england for example each council and

14:21government reads things differently but the law is the same what i found in the u.s it can be

14:26quite

14:27quite different state from state so so i think that was big so yeah i think the thing is i'm

14:32a bit of a

14:33nerd so i love to learn i've always wanted to learn so the the bit that i really love still

14:39today is

14:40dubai's real estate market because it's it's such a new market still it's only 40 years old so i love

14:47it because it's so diverse um and i get engaged with it so yeah it is it is difficult you

14:53you have to

14:54you know the uk i'm most definitely an expert in that world i'm not going to portray to be an

14:59expert

15:00in every world dubai i have a very people come to me from all over the world from dubai so

15:04those

15:04two locations i'm really clued up on spain as well at cyprus um but other areas i've never portrayed

15:11to be an expert but what i do is just find people that actually do and it's quite easy to

15:16know if you

15:17know what they're talking about because i know enough about real estate to really push some questions

15:21on them that i might not know the answer but i can tell if they do or don't yeah yeah

15:26that makes a lot

15:26sense and it's funny you mentioned uh how big the u.s is my um my wife sent me a

15:32it's like a tiktok

15:33or something and it was somebody i think it was from england and they were talking about how they

15:37were taking a vacation to the u.s and they said you know i'm gonna go i'm gonna see the

15:41capital i'm

15:42gonna watch in dc and then in the afternoon i'll go down to miami and then maybe i'll go over

15:46to

15:47you know la and it's like these are six hour flights you're talking about man

15:52yeah you do forget i've done a few road trips of of the u.s my two of my best

15:57friends are

15:57professional footballers there for eight years and um of soccer to you guys sorry yeah um the real

16:03football for anyone listening i think it should be called football it only makes sense one where

16:07you actually use your feet you see a lot of road trips to the u.s and obviously i've done

16:11a lot of

16:12work there over the years so you do you just you do forget though when you come from england's a

16:17little items really um so you go there in the sheer distance between locations you just you

16:23just forget until you're there um and then you realize yeah big place awesome well hey we are

16:30running down the clock we've already passed the 15 minute mark um but i did want to ask about the

16:34future your version of the future you know people are saying all all different things the economy is

16:40going to go up it's going to go down it's going to go sideways so i always like to ask

16:43people coming

16:44on the show what do you see for the future in real estate i know what are you how are

16:47you preparing

16:48for it so yeah i think anytime there's opportunity so if we're looking at the uk specifically again i'm

16:56not going to pretend to be an expert of the u.s and i only talk about dubai in uk

17:00so i know i know

17:01everything there or not everything nearly um there's an 18 year cycle for example in the uk

17:07where you get seven year growth stability seven year growth crash that's the norm uh in a

17:13200 plus year average and uh there's opportunity in every cycle oh this is sorry i want to jump in

17:20there because we have that same cycle here in the u.s but we'd our history is not nearly as

17:25long as

17:25as you know london or england's and so you guys you see that same cycle but you see it throughout

17:31your

17:31entire you know the english history goes back to i don't even yeah yeah yeah hundreds and hundreds a

17:36year british history so so there's always that cycle and obviously it can differ you know covid

17:40through things out and about and whatnot but for me there's an opportunity any side of it

17:46and i so i don't i know this sounds pretty vague to people but i don't actually really care

17:50like for me yes the market in the uk there's a higher sales in 10 years in february so people

17:57then think oh that means that everyone's saying the market's crashing here how's it crashing if you've

18:01got the highest sales in history in 10 years do you know what i mean like it's just there's always

18:05opportunity so it doesn't really bother me but i think the key is is really understanding your

18:10market so and not just because you live there that doesn't mean you know your market so um i

18:18dubai i get a little bit more it's just such a new world that actually how do you know but

18:24the

18:25important part about dubai is the developer so if you invest in you know i've done to give myself i'm

18:31i'm friendly with a lot of the head developers and landowners there so but there's there's probably

18:36three or four developers that you're absolutely safe to invest with because they were always

18:42people just buy them because of the name so amara i will name for example amara doesn't matter what

18:48that development is it will sell out tomorrow so i think it's about knowing your market more

18:53importantly because it doesn't matter where it's going there's always opportunity when the crash when

18:58crashes happens happens that is the best time for investors the absolute best time so why we all

19:04get worked up about all of the crap no that's when we make money well the key is to know

19:10know

19:11generally when the crash is going to happen and then those properties that you kind of want to get

19:14out of your portfolio anyways you just sell them at the top and let the crash happen and then

19:18if you don't know your market be honest with yourself you don't know your market that well

19:25whenever we need to treat real estate as a business so we have a board you know in every

19:31business you'll have a board and that board will have different skill sets so you don't know the

19:35answer find it because then you can you know i remember i sold an apartment i've only actually

19:39ever sold one apartment ever um i've sold thousands of properties because i actually own real estate

19:45companies that sell brokers and stuff like that so we've sold thousands of properties personal ones i've

19:50only sold one and that was exactly because i could see what was coming and i knew that wasn't such

19:55a

19:55good thing to own and i sold it just before a very good time um and unfortunately the the owner

20:03who bought off me um was quite a big investor to be honest but he just had money he didn't

20:08he wasn't

20:08he he wasn't an educated investor he was just had money and he took a hit on that when he

20:14wanted to

20:14resell it because he just didn't but that was his fault he didn't read the market um so yeah you're

20:19right

20:19you need to understand your market um and your portfolio and what you want because if you know

20:25what you want you can start looking for that like in the in the uk the northeast is probably the

20:31best

20:31place to buy at the moment but investors want to get a deal but you can't get a deal because

20:37it's

20:37growing so just pay it and then let's sit on the growth you know so so um yeah so it

20:42is just knowing

20:43your market but there's always opportunity yeah absolutely all right with that i'm going to push us

20:48into the quick question round are you ready yeah let's do it starts with education it could be any

20:54form could be a book you've read movie you've seen conference you've been to mentorship program you've

20:58been a part of anything like that i just need two recommendations one for general life wisdom and

21:03then one for real estate so real estate i should have thought or business it could be business general

21:12or or real estate yeah um so for me my my learners in business in real estate was actually business

21:18so

21:19i know it's you've probably heard this most of your podcasts but that that um

21:25there's a there's a books you know rich dad poor dad and i just think it's an amazing i know

21:30it's not

21:30real estate directed but it's just an amazing book and i know you've probably heard that before but it

21:36really i mean we've got more juices flowing it's probably it's probably recommended i mean i ask

21:42this question on every podcast and probably 60 percent of the people say rich dad poor dad for good

21:47reason though it it is it tells you why you should be investing in real estate and then general wisdom

21:54um a book that um i can't remember right it's some of the hour now um oh yeah yeah yeah

22:01art of

22:01being indistractable so it's a great book because there's so many distractions in our world now

22:06i just thought that was really clever thing and i thought i was pretty good at it but even i

22:11learned

22:11some things from that book where i was like oh wow that simple thing is changes and quite a lot

22:15so

22:15yeah those are the education those are two really good things yeah focus is a superpower um being able

22:22to stay stay on one track for a long time without being distracted is especially in today's world it is

22:29really hard but if you can do it you're gonna see results for sure all right next question is usually

22:35this is i ask about the u.s but since you're over there in england we're gonna say the world

22:41is a

22:41big place there is a lot of opportunity out there give me the single metro the single city metro that

22:48you're most excited about investing in today dubai okay dubai uh dubai oh that's uae okay so dubai is

22:57that one city yeah dubai is one part of the uae yeah okay interesting is there any specific area of

23:05dubai i know nothing about dubai except for that it's in the uae um is there any specific area that

23:10you like about it uh yeah i do have my favorite areas i think i mentioned it a little bit

23:14earlier

23:15it's actually about the developers uh okay invest in the right developer because they build so they all

23:21build their own projects um and whole communities so ellington show bar emma and the cow you know the

23:30the kills were not the cow nakil those are like phenomenal sorry the mac guys will tell me off but

23:36yeah so the developers that you want to look at nice i like it all right next question is about

23:44finding deals it all starts with getting in contact with the seller and pen in that purchase agreement

23:49so what is your favorite way to generate leads and find new deals so um i guess it's i'll give

23:59you

24:00two quick answers because there's one when i was newer to it and that and i'm sorry for anyone

24:05listening to us who thinks it's easy ain't bloody easy so it was just hard graft and numbers pure

24:10numbers you probably have to reach out to 50 to get one um and that's the reality 50 to get

24:17one and

24:18and that was the numbers game we played now don't go wrong you might get lucky and find more so

24:22when you're in the the earlier versions of where where you're at you have to put the numbers in

24:28and if you and i had a one of my mentees message me the other day saying oh well i'm

24:32not getting

24:33anywhere how many we looked at 10 well i told you you're not going to get anywhere ever um so

24:38that's

24:39and then in terms of if you're a bit more scaled it is that team but there's some amazing vas

24:44out there

24:44in the world that you can give them that that specific job sheet of and they will smash out

24:50more numbers than i ever did yeah yeah people that's one thing and people that i coach people

24:56that i talk with um you guys don't realize how much volume you need in order to get results in

25:02real

25:02estate it is volume when you're talking about finding deals and uh it's more than you think it's

25:08not that you know you pick up the call you call 10 people you don't get a deal and you're

25:12disheartened i mean just keep calling just do a thousand and then you're gonna find a deal

25:17i'm a bit lucky now and i guess you probably are at that point as well maybe gabe but i

25:21don't

25:22actually need to look that much anymore because people come to me um you know last week i agreed

25:26to buy one of my landlord's properties they were like look charlie will you just take it off my

25:30hands for this i was like oh i can sell it for more that's why would you let me they're

25:33like we

25:33just want it gone i was like i'll buy it then um so so i guess you do get to

25:38a point where

25:38as long as you talk about what you're doing to people and i'm sure you coach people just talk

25:42about what you're doing and people remember it it might be 10 years down the line but they remember

25:47it and you get to that point where people come to you uh so that so for four sort of

25:52three stages

25:52that one where you're doing all the bloody hard work yourself and sheer numbers then that scaling

25:57phase where you can use teams to do it and then you get to the point where deals come to

26:02you

26:02yeah yeah even then i mean i would i would even say in that scenario where you know people come

26:07they bring deals to me and i get to look at them that is still a volume game because i've

26:12had

26:12so many conversations over the course of my of my career that it's like it of course bringing deals

26:19to me yeah it's uh 100 yeah all right um next question is about lessons learned not every deal we

26:28get

26:28goes the way we expect it in fact pretty much every time something goes wrong and that's when

26:33we get to learn a lesson so what was the deal you that went a little bit sideways for you

26:37and then

26:37what was the lesson you pulled from it uh well i don't want to jinx myself i've not had a

26:46deal

26:46that's gone sideways i i like i said i was a weird child so i always assumed the worst and

26:52it sounds

26:52pessimistic i'm a super optimist i don't see anything that stops me doing what i want but i always

26:58assume everything will go wrong whilst i'm doing it so then i don't so i think i think that and

27:03i

27:03learned that because actually every single deal i've done there is always something that you didn't

27:08know so i think that is the big luckily it wasn't a lesson i learned it was something i already

27:12sort

27:13of weirdly decided i was going to factor in and there was a good there was a good example semi

27:18-recently

27:18conversion i'd done two years ago that went 55k over budget which might not sound a lot but when

27:25you've got people involved that is percentage wise quite high um but again i told my guys it

27:31was going to go there anyway so now realistically i didn't think there was any chance it would but

27:36because of covid it drove prices to where i didn't think they were going to go material wise so yeah

27:42i

27:42think i think that's the biggest lesson just assume everything you've you've factored in is wrong

27:48and someone else is going to go wrong and then you should be okay yeah yeah when you do your

27:53initial underwriting put on whatever the opposite of rose colored colored glasses are put those

27:58glasses on the black glasses or whatever we both would have seen this god knows how many times

28:03where i had a guy that come into my office a month ago and he stacked up this big conversion

28:10deal

28:10but yeah uh commercial properties apartments blah blah blah and it was just like who's valued it

28:18well you know i think well so you won't you know it's just like be realistic be really harsh because

28:24if you get out the end of it and it's worth what you originally thought then amazing but yeah and

28:29i

28:29think too many people when i see people say stuff about property like oh they lost money it's because

28:35they didn't do it properly you don't lose money in real estate if you do it properly yeah yeah if

28:40you

28:40buy right you don't lose that is for sure all right um and that brings us to our second to

28:47last

28:47question this one is about ai um this is a new question i've been asking but ai is huge in

28:52my

28:52business now and so i'm i like to hear how people are implementing it in their own so what is

28:57the

28:57most impactful way you've implemented ai in your business um well i won't talk about chat gbt because

29:04everyone knows chat gbt but that has chat gbt was brilliant uh for basic stacking it's not very good

29:09with numbers but i've been trying a new thing now um called citra and i'm sure there's loads of

29:15versions of citra um well there's a problem with chat gbt it's so generic that you constantly have

29:21to prompt it uh i do not like chat gbt it's like my least favorite of the when you start

29:27using others

29:27you realize it's not very good uh it's like the starter pack shall we call it it's good if you

29:34only if

29:35that's the only thing you got if that's the only only option then yeah it's good but otherwise it's

29:39there's better one has bespoke bots for bespoke things so you know if it is like deal analysis

29:48there will be one just purely for that i think people like costs by not they think all chat gbt

29:55is only i don't even know what it is 50 15 whatever it is a month um whereas sintra is

30:00more expensive

30:01but equally it's a specialist in that so yeah i think i think that's been a bit of a game

30:06changer for

30:07me it's still in the trial phase because i don't think anything's perfect but um time wise blimey

30:13it cuts time now and start but start for every business owner's best and worst things um so you

30:24can get rid of those negative nellies pretty quickly um with ai yeah yeah they're they're i mean it's

30:31developing just the entire genre of ai is developing or industry rather is developing so quickly that um

30:38i i'm constantly using new apps and i'm just blown away by them so with i'm sure there's other versions

30:43of that i created it sounds a bit dodgy it's called a pocket charlie uh or it does sound a

30:49bit dodgy

30:49but for my uh my regular customers because i get a lot of messages a day and sometimes i might

30:55wait

30:55i don't know how long for a reply so it's like an ai version that scraped everything about so again

31:01a bespoke bot about it's created me um and it will answer things instantly as i would um it always

31:09has a carry out saying this is ai charlie because i don't get in trouble in case it says something

31:14i

31:14didn't i wouldn't say but it's quite scary it's better than me um it's better it's more me than i

31:21am me

31:21i just tested the hell out of it and i'm like oh that knows me better than i know me

31:26i think

31:26so um that's a clever tool as well if you're a coach or mentor getting one of those bots made

31:32where

31:33the run of the mill stuff can just be answered bang bang bang how you would then it's quite cool

31:39nice yeah i'll have to i that is not one that i've heard of so i'll have to check that

31:42out and

31:43and see that's actually a bespoke bit of ai that's not it's not called pocket charlie um i just know

31:47i was

31:48talking about the cintra cintra oh yeah cintra yeah i'm sure there's other versions but um but

31:53cintra is the one i found um yeah i'm sure there's other versions yeah cool all right man well that

32:00leads us to the very last question this is for the listeners you've given us a lot to think about

32:04i'm

32:04sure people want to reach out get in contact with you is a two-parter where can they find you

32:08and then

32:09what can they expect when they reach out so you can reach me in lots of places whether that's my

32:14website and email which is charliepenai.com um the quickest response weirdly enough is the

32:20only social media i look at myself i don't go on it daily but is um instagram which again is

32:25just

32:25charlie underscore penai if you reach out to me i'm a pretty direct guy so like be be direct with

32:30me

32:31um you know don't don't fluff around just say what you want and then you're gonna get an answer so

32:36i'm

32:36quite direct i like i love if you look into me gave you see i've got lots of philanthropy awards

32:41i love

32:42community things i like get involved with charity related stuff as well so i don't mind what you

32:49reach out to me about as long as it's reasonable nice i will uh i will put that link in

32:54the show

32:55notes so if you guys want to reach out to charlie all you got to do is click the little

32:58more in

32:59description it'll pull down that full description and in there you find his link all right man that

33:05wraps it up thank you very much for having on the show thanks for having me absolutely for everybody

33:11is with us today thank you guys for showing up you are the reason we do this so if you

33:15guys have

33:15any questions reach out to me gabe with the real estate investing club.com if you guys want to support

33:20the show just leave us a review comment anything like that other than that i hope you guys have a

33:24great week keep rocking real estate and i look forward to seeing you on the next episode

33:29you

33:30you

Category

Transcript

Comments

Recommended