Question #
How does AI contribute to budget creation and maintenance scheduling in self-storage projects?
Answer #
Not every suggestion I will take, but most are very good.
This has saved me hours and hours of work and prevented a lot of mistakes — because I am not the best with spreadsheets, especially someone else’s.
So far, we have created a reserve budget for the projects based on inspection reports we have had completed.
In our last closing, we purchased an industrial building and had a detailed building report done.
We uploaded that report and it gave us a maintenance schedule and reserve budget based on future costs of items that may need replacing, adjusted for inflation, and gave us a reserve amount to collect monthly along with a regular maintenance schedule and potential capital replacement dates along with anticipated costs.
I have uploaded vendor contracts the current seller has, and Claude tells us the pros and cons, how to exit if we want to, and whether the same or better service could be provided by different vendors at lower cost.
Obviously, we will check this out to see if a change will indeed help us, but I have a feeling it will.
It also tells us the best ways to renegotiate the contracts.
If we are so inclined.
As we get toward removing our contingencies, we are currently uploading end-of-the-month operational management summary reports from the current owner’s software.
It is amazing the analysis we get.
Based on current uploads, it has also designed a very comprehensive first 90-day operational plan and checklist.
I had to modify a few things as well as add a few line items.
Source: AI in Action: How I’m Using It Right Now to Move Through Self-Storage Due Diligence
