About Node.js and asynchronous mongoDB calls

I'm new to node.js and have a non-asynchronous background, thus this makes me feel stupid trying to understand how to properly implement trivial sync tasks asynchronously.

For example, I have an object. I fetch it like this:

objManager.getObject(objId, function(error, object) {
  ...
})

objManager.getObject implements async call to mongoDB, fetches the object and passes it to the callback as second parameter. Then I need to return a new object, based on the previous one. But there is a flag in an object, which I need to either fetch from DB, or set a default value on. Here's logic I need:

objManager.getObject(objId, function(error, object) {
  var objToReturn = {
    first_prop: 1,
    second_prop: "2",
    third_prop: null
  };
  if (Globals.setThirdDefault) {
    // here i need to set it as default. 
    objToReturn.third_prop = defaultThird;
    // Then there is a lot of lines of code
    res.send();
  } else {
    // here I need to fetch the flag from mongoDB, 
    // and I need to repeat a "lot of lines" in the callback
    // as it is async, and if I won't do that, my res.send() 
    // will be called before callback returns
    objManager.getThirdValue(function (error, thirdValue) {
      objToReturn.third_prop = thirdValue;
      // again, there is a lot of lines of code
      res.send();
    })
  }
})

One way I see it could be managed is by using function for repeated code, but is this correct ? Should I create a lot of functions in order to manage several flags i need to fetch from db, like this ?

objManager.getObject(objId, function(error, object) {
  var objToReturn = {
    first_prop: 1,
    second_prop: "2",
    third_prop: null
  };

  var manageThird = function(thirdProp) {
    objToReturn.third_prop = thirdProp;
    // here will be my lines of code
  }

  if (Globals.setThirdDefault) {
    manageThird(defaultThird);
    res.send();
  } else {
    objManager.getThirdValue(function (error, thirdValue) {
      manageThird(thirdValue);
      res.send();
    })
  }
})

Will this work anyway ?