Question #
What impact does AI have on the due diligence process for self-storage projects?
Answer #
But it has totally altered how we move through taking self-storage projects to closing.
Initially, we uploaded the executed contract into Claude and received a detailed Due Diligence Critical Date Checklist for the due diligence period with all the items and dates based on the execution date of the contract.
It was almost perfect with us only having to change a few line-item names.
However, our contract called out for the actual due diligence period to begin when we received all the due diligence items from the sellers.
Once we received them, I uploaded that date and Claude updated the checklist where applicable, adjusting the “by when” dates to reflect the actual due diligence start date.
Total time for both lists, created in Word and/or Excel, was under 2.5 minutes.
In the past, it would have taken me or someone well over an hour to create it, double-check it, etc.
And the AI version was probably more accurate.
Next, I took our proformas (I and another partner each create one) and uploaded both to Claude and received a combined proforma (in my format, which is simpler for my simple mind) that I can alter and adjust as we move through the due diligence period.
I periodically upload my current version and get feedback about which assumptions may need adjusting as we get more hard numbers.
I can also upload the feasibility reports and have the AI make or suggest recommended changes to the proforma based on that data.
Source: AI in Action: How I’m Using It Right Now to Move Through Self-Storage Due Diligence
