I got a pitch deck recently asking for six figure investor checks.
The gross revenue annualized to about $237,500.
The NOI shown was $241,005.
For anyone keeping score: NOI cannot exceed gross revenue. It is what remains after every expense is subtracted. By definition it must be lower. Always.
When I pointed this out the answer was that AI generated the pitch deck. One already in circulation. One they wanted me to share.
This is the small version of a much larger problem.
The tools available to produce a convincing looking analysis have never been more accessible. The knowledge required to verify one hasn't changed. The gap between those two things is where investors are getting hurt right now and most of them don't know it because the document looks exactly right.
The guru version of this has existed for thirty years. Leave out the hard parts. Sell the system. Let the student find out what's missing on a real deal with real money at risk.
AI just automated the process.
Real due diligence means verifying every number against its source. Gross revenue against actual rent rolls. Expenses against actual records. NOI against both. Property condition against a physical inspection by someone who knows what they're looking at.
None of that can be generated. None of it can be learned in a weekend.
What does your current due diligence process actually verify and what are you taking someone else's word for?