SJREIA Gloucester County Subgroup - 6:30pm
SJREIA Members attend Free, Visitors pay $20
NEW LOCATION! >>>>>> GEETS DINER & BAR - 14 N Black Horse Pike Williamstown NJ 08094
Topic: 1031 like-kind exchanges: value added, considerations, requirements for 1031
Speaker Mitchell E. Friesen, Esq. is a Real Estate Attorney and also does 1031 exchange and understands them from a legal stand point.
Mitchell E. Friesen, Esq., Cornerstone Intermediary Services, LLC | 123 Broad Street, suite 1310, Philadelphia, PA 19109 | O: (910) 692-4900 | M: (910) 986-0660
Outline
What is Section 1031 and who/what does it apply to?
- defining key terms: "taxpayer" ("who is the taxpayer?" in an exchange can often be a complex question); "relinquished property"; "replacement property", QI (Qualified Intermediary)
- "Like-kind" requirement
- "Qualified Use" requirement
- "up in value" requirement
- temporal requirements:
- *45 day identification deadline
- *180 day acquisition deadline
- complete vs. partial exchange
- forward exchange vs. reverse exchange
- using an EAT (exchange accommodation titleholder)
- improvements exchange
- non-safe harbor exchanges
BIO -- Prior to private practice, Mr. Friesen was In-House with Altisource Asset Management Corporation (NYSE: AAMC). While with AAMC, Mr. Friesen oversaw the negotiation and execution of two $50 million warehouse facilities as well as the structuring of whole-loan trades for ultimate securitization; Additionally, he is well versed in the compliance, licensing, and operational considerations for Mortgage Lenders.
As Alternative Lending Group LLC, a wholly owned sub of AAMC began building out a mortgage lending origination platform, Mr. Friesen oversaw licensing for the platform's lending operations across all 50 states. As an alternative credit provider, the lending platform was focused primarily on BPL (Business-Purpose Loans), which elicit different regulatory requirements when compared to traditional "consumer" loans or "agency" / "QM" (Qualified Mortgage) loans.
As counsel to Alternative Lending Group, Mr. Friesen oversaw all closings on primarily SFR and (to a lesser degree) MF products.
Additionally, Mr. Friesen oversaw all delinquency and foreclosure of NPLs (non-performing loans) held by the parent corporation (AAMC) as well due diligence and onboarding of take-out partners as buyers of both new originations as well as distressed assets.
In addition to a structured finance and real estate practice, Mr. Friesen is Vice President & Corporate Counsel for Cornerstone Exchange Services; wherein he provides 1031-related legal counsel and acts as QI (Qualified Intermediary) for purposes of 1031 exchanges.
Time: 6:30pm to 8:30pm
Cost: SJREIA Members attend for free, visitors pay $20
NEW LOCATION! GEETS DINER & BAR - 14 N Black Horse Pike Williamstown NJ 08094
Subgroup Leader Mark Vandzura - SJREIA 2024 board President and seasoned investor
Subgroup Co-host Mike D'Angelo
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