MEMBERS AND VISITORS - JOIN US!
This will be an alliance between Burlington & Gloucester County Subgroups in October.
October 11 @ 6:30 pm - Maple Shade, NJ
Standing on Your Own Shoulders to Reach a Refinance
How to efficiently use legal entities to create a shorter path to refinancing your investment property.
In this economic environment many of us have to be our own bank; this panel will tell you about opportunities to cash you back out of a deal and get into traditional third party financing. You will learn how to understand transactions between separate entities that you own to get to refinancing quicker.
Mortgage Banker - Joseph V. Scorese
Introduction to explain how refinancing works and what the requirements are.
How people who are buying with cash are making it harder to refinance later.
Taxation/Accounting- Anthony Mallace, CPA, Esq.
Where is the money coming from and how does that affect this strategy?
What is the extra administrative cost per entity?
How to budget for and build the transaction costs into the overall transaction?
Dealing with transfer taxes
Tax consequences of forgiving the mortgage documents
Setting a rate of interest that is appropriate
Entity Usage and Formation-Jimmy Newmoon Roybal, Esq.
When to use the attorney--Planning phase
Who should purchase the property?
How many entities do you need?
Choosing the appropriate entity or trust
Setting up the mortgage documents
Forgiving the mortgage documents
Setting Up Title--Ronald Jablonski
Getting the insurance commitment for the correct party
Dealing with the mortgage note to your entity
Insurance - Kim Grollman
How to properly insure the property that is subject to a mortgage interest?
Should you get mortgage insurance? Are you eligible for mortgage insurance in this structure?
How can insurance coincide with your choice of entity (ies)?
Mortgage Banker - Joe Scorese
Closing and summary.
Reminder of what the requirements are to qualify for refinancing.
This is a sophisticated strategy and must be executed correctly from start to finish ensuring that you have the best opportunity for great results so you should employ a team of professionals to assist you.
Location: Uno Chicago Grill (aka Pizzeria Uno) 2803 Route 73 S Maple Shade, NJ 08052-1622, (856) 722-5577
2nd Thursday of the Month
Time: 6:30-9:00 pm
SUBGROUP LEADER: Joseph V. Scorese