Prior to purchase, each property undergoes a seven step due diligence process including site inspections by Turnstone Principals, inspections where necessary by licensed contractors and engineers, checks of the local MLS and review of the local agency code and permit information.
- Initial Drive and Review: The property is visited by John Ward, who performs an initial observation of the renovation required. At this point, an initial Property Evaluation is performed to determine property eligibility based on the eligibility criteria. If a property appears eligible, an offer is submitted to the seller.
- MLS Comparable Value Determination: The MLS is checked to determine value based on a review of all market data
- Visual Verification of MLS data: From the MLS data, certain comparable properties are chosen for a visual verification of the property value.
- Title Property Report: A title summary report is used to verify public record information.
- City or Local Agency Permit Verification: Existing building records are requested and reviewed. The report will include any code violations or city citations.
- Contractor or Engineering Inspection: In the event that the scope of renovation involves structural assessments, a licensed contractor or engineer may be called to perform an inspection. Each property is checked for City citations or code violations and all existing permits are pulled for review.
- Property Evaluator Summary Report: A PE Summary report is prepared with findings of the site investigations. The report is inclusive of all reports and narratives and final project profitability analysis is prepared.
