Specifically, what do Status and Milestone refer to?

I live in Shreveport LA and it's been on a steady 10 year decline in new construction and labor, here's the graphs for different industries:https://www.bls.gov/eag/eag.la_shreveport_msa.htmI'm deciding on whether to invest in my town and bank on the city turning around eventually, or investing out of state.The deals I'm looking for are what Alexander Felice does, BRRRR a foreclosure property that I purchase all in at 65,000 and will have an ARV of 95,000.

In particular it will help to establish milestones, the amount and timing of earnest money payments and closing.Closing should be tied to having all required permits in hand as well as the debt and equity capital needed to fund the project.If you decide to go forward DM me and I will send you an example of a critical path analysis and term sheet.Best of luck.

You'll also need a contractor who is financially stable enough to pay their workers out of pocket for a few weeks at a time bc you will only be allowed a certain number of draws during the project after certain milestones have been completed and inspected.

I'm not sure the exact guidelines for approving this lender, but I imagine it's very basic: current contractors license, liability insurance, business license, ability to submit an itemized bid, statement of work with milestone payments, and a clear understanding of how the draw schedule works.There is an independent organization that has a database for GCs who want to get certified in this space: 203kcontractors.com.

HB 1165 achieved another huge milestone yesterday when it passed the Senate!

Total Expired vs Percent SoldThis graph surprised me the most, in that homes listed in the period from June – August appears to be the most likely to expire.

Plus, as you hit milestones in LTV (loan to value) of 95% or 90%, your PMI% can automatically decrease to "reward" you for building equity.

If you wait to long, you might have missed a small window to salvage the project.Here are some red flags for bad contractors courtesy of the Asset Based Lending Blog (abl1.net)They don’t want to sign an independent contractor agreement.They resist getting specific with milestones and deadlines.They resist giving you referrals or allowing you to visit a current work site.They may hedge on pricing and estimates.

The graph is a great representation of what has been happening over the years in this area.