All Forum Posts by: Joseph Scorese

Wholesaling Panel – Local Wholesalers who are doing deals regularly!

We have arranged a panel of EXPERT wholesalers who are willing to sit on a panel and have a open discussion with you on the business of wholesaling.

This is a rare opportunity to ask questions of the guys who are in the trenches doing it everyday. Plus you will benefit by the questions of others.

Questions about the Technical stuff? Productivity? Business Hacks? Mind Set?

Stop what you are doing now, RSVP and put this on your calendar. You do not want to miss out on this one.

Expert Panelists:

Frank McGovern - Building Opportunities LLC - Philadelphia area

Jason Ramos - Good Vibes Real Estate Solutions - Mercer County area

Francesco Moracci - Galka Investments LLC - North Jersey area

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WORKSHOPS– Begin at 6:30 PM. Members and Visitors — Come early and learn from our experts! Topics/speakers vary each month.

TOPIC #1: Build Wealth in Real Estate Now!

The Big Picture – What’s Yours?

Real Estate is a Long Term Game – How are you playing it?

You don’t have to be a Landlord! But maybe you should.

Real Passive Returns – The world of Private Lending.

Speaker: Paul W. Margaritis

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Location: The Holiday Inn in Princeton NJ (100 Independence Way)

Time: Doors open at 6 pm. Presentation begins at 7 pm.

Cost: SJREIA members attend for FREE. Visitors pay $15

PLEASE RSVP if you plan to attend so we know how many to expect (THANKS!)

Any questions please email Matt Faircloth – [email protected]

MEETING SCHEDULE: Doors open at 6pm

6:30-6:45 - Workshops
6:45-7:00 - Break-Visit with Business Affiliates & Networking
7:00-7:15 - Announcements
7:15-9:00 - Main Speaker/Presentation

This event is sponsored by South Jersey Investors Group. Admission is free to their membership and there is a $15 charge for non members.

Mortgage Rates Moving Into High 3's

Mortgage rates continued lower today, adding to an already impressive streak of improvement that began in mid-July. Much of that improvement has come courtesy of increasing concerns over the trajectory of global growth and inflation. When investors downgrade their growth outlook, they often move more money into bonds. Greater demand for bonds brings bond prices higher and rates lower.

This was the case today as several pieces of economic data suggested weaker growth and inflation this morning. Markets responded by moving money out of stocks and into bonds. Among the bonds that benefit are the mortgage-backed-securities (MBS) that dictate mortgage rates. With rates already at 2-month lows on Friday, this means the winning streak is simply extended. You'd now have to go back to May 28th to see rates as low as today's. Most lenders are quoting either 3.875% or 4.0% on top tier scenarios for conventional 30yr fixed loans.

As with any streak of solid gains, it can always make sense to lock. That said, there are always certain borrowers that are more risk-tolerant or who are willing to accept the possibility of higher rates in exchange for the chance at lower rates. The risk takers continue to be in a better position over the past few weeks than they had been through mid-July. We're at a point where the longer term trend toward higher rates in 2015 is facing imminent defeat. The catch is that it's the rest of this week's data that may determine that. If the data is stronger than expected, rates could easily snap back higher. Bottom line: lowest rates in 2+ months, and a risk of a bounce back despite a decent enough chance for further gains. Hard to go wrong here as long as you set yourself a limit as to how much you'd be willing to lose before locking at a loss.

Diversified Investors Group - Philly Riverwards Sub Group

Wednesday, August 19, 2015

6:30 PM to 8:30 PM

2424 Studios

2424 E. York Street, Philadelphia, PA

www.digonline.org

Crowdfunding For Your Next Project - A Real Possibility

Speaker: David Postolski, Esq.Gearhart Law

Bio: David Postolski is a registered patent attorney and Intellectual Property attorney at Gearhart Law. With over 15 years’ experience, David specializes in assisting inventors, creators, artists, start-ups, entrepreneurs, early stage companies and emerging companies with their U.S and International intellectual property strategy, protection, enforcement and monetization.

David remains very involved in the creation of New York State’s first federally approved patent pro bono program in conjunction with Volunteer Lawyers for the Arts. David is a frequent speaker and author on intellectual property issues surrounding raising capital, business formation, licensing, and reward and equity based crowd funding.

David is also a Professor at Parsons School of Design where he teaches master level students about IP, ethics and other regulatory considerations in starting business ventures and products around design. David is the current vice chair of the Professional Issues Division of the ABA Section of Intellectual Property law as well as a member of the CLE Board, Membership Board, founder of the International Action Group and the Sponsorship Committee.

Diversified Investors Group - Philadelphia Breakfast Sub Group

Friday, August 7, 2015

8:00 AM to 9:30 AM

Mugshot Diner 2424 E York Street, Philadelphia, PA

www.digonline.org

B2B Networking in Philadelphia Every Friday Morning!

NETWORK, NETWORK & MORE NETWORKING! CREATE ADDITIONAL POWER TEAM MEMBERS TO YOUR REFERRAL TEAM!

Come out and join the Diversified Investors Group - Philadelphia Breakfast Sub Group in Philadelphia. The meetings are designed to help all types of area business professionals meet other professionals to exchange information and warm leads to assist in growing their businesses.

Hi Kara, How are you. We welcome visitors all the time. please feel free to attend. Regards, Joe Scorese

DIG/HAPCO/PDNA Members Pool Party

Come Eat, have a Summer

Drink, and Network with

fellow HAPCO, Diversified

Investors Group and

Philadelphia

Neighborhood

Development Association

Members.

No Charge to Attend, Just

Bring a Towel and Enjoy

the Outdoor Company!

When: August 25th, 2015

Time: 6:00-8:00PM

North Shore Beach Club

www.northshorebeachclub.com

1031 Germantown Ave Philadelphia, PA 19123

RSVP:

Joseph V. Scorese

Senior Loan Officer

M & T Bank

400 Office Center Drive

Fort Washington, PA 19034

Office

10 Tips for Successful Social Media and In-Person Networking

There has been much debate as to whether social media or in-person networking is more effective. While it is true that social media channels can help you accelerate the process of making new contacts, especially in large quantities, the personal face-to-face element can be equally important to successfully building your network. It takes a combination of both to get the best results, and as with all new forms of technology, we are still attempting to figure out the right balance.

Social Media Networking

1. Make the most of your extended network.

Thanks to the wonders of technology, you can now establish the links from your existing network to those who you wish to make contact with.

1. Don’t ask what your network can do for you, but what you can do for your network.

Remember this works both ways. Make sure that you are an open source and willing to help fellow networkers.

1. Be persistent, but not pushy.

It sometimes takes that extra tenacity to put yourself out there and cold connect to a new potential connection, particularly if you need their help for your career progression.

1. Be organized.

Building up your professional network takes time. Social media networking can speed up this process dramatically, but it takes commitment and consistency. Make sure that you that you keep your professional profiles up-to-date for maximize your chances of success.

1. Convert online relations to offline relations.

While online networking can be a great way to build a large scale business network of contacts in a few short months, to capitalize on your hard work, make sure you try convert online relations into offline meet-ups.

In-Person Networking

1. Don’t play waiting games.

After attending a networking event, you may have exchanged business cards and made some great connections. It is important to take the initiative to contact them, and not wait for them to contact you.

1. Start with a formal introduction.

When in a relaxed networking environment, people often forget that it’s still vital to introduce themselves by their full name. Your name could be shared by any number of people, so consciously giving them your full name can really make a difference.

1. Keep the flow.

The social etiquette of networking can be a difficult one to fathom. It is a common occurrence that a networker may become ‘trapped’ in conversation. It is important to move around the room to maximize the potential of the event.

1. Be the early bird.

If you are not an experienced networker and the idea of working a room makes you feel uncomfortable, you might want to consider arriving early. This will give you the ability to speak to people on a one-on-one basis before others arrive, and will avoid you having to shoehorn your way into on-going conversations.

1. Don’t be shy!

Try not to be afraid to put yourself out there and take some risks. Networking has proven power to help you transition to new opportunities, and only those who are able to confidently network can use networking to its full potential.

How to Owner Finance a Home – 8 Steps to Think About

1.Get an appraisal or broker’s price opinion from a Realtor (BPO) to determine the price of the home. Both the buyer and the seller can hire their own appraiser or Realtor to determine value. The seller receives an appraisal in order to select a price for the home, and the buyer gets one to confirm that the selling price is fair.

1. Partner with a Residential Mortgage Loan Originator (RMLO) and real estate attorney to assist in creating the home-owner financing paperwork. A Residential Mortgage Loan Originator will not only provide the seller/lender with information so that he can make and educated lending decision but it will provide the buyer/borrower with a transparent transaction limiting future issues. The RMLO can help prepare a Safe Act and Dodd Frank Act compliant loan package in conjunction with the Title Company or closing attorney. Both parties can commission their own attorney or use a Realtor to draft a sale agreement. This paperwork should include the agreed upon price, the terms of the loan, the interest rate and the payback schedule. The buyer can include a protection clause just in case the property has to be sold in response to a life changing event, job relocation or loss, divorce or death. More questions...[www.OwnerFinanceDisclosures.com]
2. Establish a plan in the event of default, foreclosure or forfeiture of the home. Have your RMLO or Attorney partner create your states required Note, Deed of Trust, Mortgage etc. to protect your position and stay within the state rules. Research your options and ensure that you are not caught off guard in these instances.
3. Consider background checks to determine the risk of your owner financing transaction. By partnering with a Residential Mortgage Loan Originator (RMLO) the seller can assess the buyer's finances and credit scores. This can be an assurance to the seller should the buyer intend on refinancing to a traditional loan at the end if the contracted term. The buyer can also benefit from a background check, especially if the seller's finances show a lack of responsibility. Note that if the seller still holds a mortgage on the home, there is a risk of default, using a licensed loan servicing company will limit the likelihood of this happening.
4. Discuss a fair down payment and interest rate with your RMLO or attorney. The seller does have control over the details of the owner financing, and since the risk is primarily on this end of the contract, the seller should request a substantial (usually 10%) down payment. Additionally, since the seller is not a bank or large lender, the interest rate on an owner financed mortgage is usually higher.
5. Agree on an interest rate and term with the buyer. Your RMLO partner will calculate the agreed upon amount based on a specific period of time and if you have agreed on a balloon payment or not. For example, base monthly payment amount on a hypothetical 30 year mortgage, but schedule payment of the remaining amount in 5 years (balloon). The RMLO will also create required disclosures for the seller/lender.
6. Decide if you, as the seller, want to hire a loan servicer to manage payments. A loan servicer not only collects the mortgage payments, but the service usually includes setting up an escrow and taking care of tax statements, keeping taxes and insurance payments up to date, processing payment changes and collection services too.
7. Ensure that the contract between parties is recorded legally. Doing so will allow the buyer and the seller to take advantage of tax deductions. Making the deal official in this manner also proves that the sale took place.

Diversified Investors Group - South Philadelphia Subgroup

Monday, July 27, 2015

6:30 PM to 8:30 PM

Famous Dave's 1936 South Christopher Columbus Boulevard, Philadelphia, PA

www.digonline.org

http://www.meetup.com/DIG-Diversified-Real-Estate-Investor-Group-Subgroups

Diversified Investors Group – South Philadelphia Sub Group February 23rd, 2015 6:30-8:30 PM Famous Dave’s BBQ - 1936 South Christopher Columbus Boulevard Philadelphia, PA 4th Monday of the Month 6:30 - 8:30 PM

Speaker & Discussion:

Whole-Saling and Pre-Habbing:

Hybrid Exit Strategies That Can Make You MORE Money in LESS Time

How many exit strategies do you have for any particular deal? Wholesale it? Fix-and-flip it? Buy-and-hold it? Is that all you know how to do? There’s more!

Come explore and learn some additional exit strategies that you may not have considered. They’re not “new” and they’re not “advanced.” In fact, the hybrid strategies of “whole-tailing” and “pre-habbing” are simpler than other strategies in many ways. They’re not glamourous, and they certainly won’t land you your own show on HGTV. But you might find yourself laughing your way to the bank, as other wholesalers give up their meaty deals for meager assignment fees, or even as the market-setting rehabbers spend $70k, while you spend $20k and make the same profit as them, in less time.

Tom Beerley owns a Philly-area HomeVestors franchise (famous for their trademark “We Buy Ugly Houses” billboards) and he is also a licensed Realtor with Keller Williams. He’s been wholesaling, rehabbing, flipping, renting, and listing for three years now, after a mid-life career change from the world of Information Technology. The evening will be filled with real-life examples and case studies from Tom’s personal experience. Don’t miss it!

Tom Beerley

HomeVestors – Harvester Properties, Inc.

Office: (267) 225-8459 | Fax: (267) 482-9329

Mobile: (267) 372-1117 | Email: [email protected]

Each office is independently owned and operated.

All information contained in this email is deemed reliable but provided on an "as is" basis without warranty of any kind, either expressed or implied, including but not limited to any representation of accuracy, timeliness, reliability or completeness.

Regards,

Joe Scorese

[email protected]

215-290-5108