Christian Osgood used AI to spot a missed clause in a housing project's legal documents that required an after-school program. The nonprofit he brought in provided it for almost nothing, saving roughly $250,000 and preventing the deal from falling apart.
Chapters
There's one thing that saved us like a quarter million dollars. Never would have thought to look for this. Legal didn't think to look for this. AI is just like, hey, did you guys think about this? It's like, oh shit, no, we didn't. No, we did not. No, we did not. No one thought of that. Yeah, that's an obscure clause on those LURAs, the land use restrictions on LIHTC. I didn't realize that we had a— there was one sentence in one page about, oh, by the way, when we did the extension for this, we added a requirement for an after-school program. The prior owner wasn't doing it. We were out of compliance on this. It did not fall into my due diligence or underwriting at all. And you go through AI and it goes like, hey, here's what you have to do. And I'm like, well, I'll be darned. We have, uh, we have some more work to do, friends. This, uh, what does this cost? Turns out we found a great nonprofit. It almost, almost cost nothing. And, uh, we offered an amazing amenity, so it worked out. But these little things, like, you could have deal breakers hiding in contracts. Absolutely. And AI will just go like, boom, here's what you didn't think of. It's, it's the most amazing money-saving, time-saving thing I've ever experienced.