What to Expect from Bill

MISSION

Match owner/seller buildings with investor/buyer criteria.

While knowing that behind it all are people, not just the transaction.

Specializing in investment sales of Multifamily – Mixed Use – Office buildings.

WHEN YOU BUY

  • Understand your investment criteria.
  • Understand and apply the metrics you use to underwrite a potential investment.
  • Share relevant market data.
  • Work with you and the seller to negotiate mutually acceptable terms.
  • Work with your legal and due diligence team to facilitate a smooth transaction.
  • Maintain discretion, confidentiality and protect your personal information.
  • Be accountable to you throughout the process and post-sale.

WHEN YOU OWN

  • Count on me as your professional resource to help with strategies for your portfolio.
  • My experience and vast network of professionals in every part of the industry that supports your goals during the ownership of your investment are only a phone call or email away.
  • Whatever we discuss will always be kept confidential.
  • Was I your broker to buy or sell?
    Does not matter!
    Happy to help; no transaction required!

WHEN YOU SELL

  • Listen to your why and your post-sale goals.
  • Work with you to gather accurate financial data.
  • Perform value analysis using the metrics buyers use.
  • Research relevant market data.
  • Work with you to develop the marketing price and terms.
  • Market to appropriate buyers who are able to execute.
  • Maintain discretion, confidentiality and protect your personal information.
  • Be accountable to you throughout the process and post-sale.

A little Background on Bill

Bill was born in Queens. His parents grew up in the Bronx. Now he is based in downtown Manhattan near Wall St.
He is a native New Yorker through and through.

Bill’s decades of industry experience spans the sectors of real estate brokerage, real estate valuation, property finance and construction. He also scaled 3 business ventures.

His experience and vast network of relationships with industry professionals provides clients a tremendous advantage whether they are purchasing, selling, or strategizing during the holding period of their investment real estate.
Real Estate is in his DNA.

Want to know more? Reach out; he’d love to chat!

Connect with Bill

Bill Weidner, Investment Sales Real Estate Broker
(Licensed as William J Weidner)

Email: bill@billweidner.com
Mobile: 917-232-8529
Address: Financial District, Manhattan, NY

A Few Frequently Asked Questions

What preparation is required to sell an existing multifamily or office building real estate asset?

These include but are not limited to the following.
Multifamily:
A list for each apartment with size in square feet and/or room count. A copy of all the leases to identify apartments subject to rent control and/or rent stabilization, lease expiration dates, current rents and the lease terms that may impact projections for future rent revenue.

Multifamily mixed use:
Same as for multifamily along with a list for each non-residential space leased with size in square feet. A copy of all the leases to identify lease expiration dates, current rents and the lease terms that may impact projections for future rent revenue.

Office Building:
A list for each space leased with size in square feet. A copy of all the leases to identify lease expiration dates, current rents and the lease terms that may impact projections for future rent revenue.

All types:
All operating expenses in line item format as an annual number.
Recent repairs/capital improvements and any other know factors that would impact value either up or down. (IE: available air rights, zoning restrictions or other value add/subtract factors).

Line item expenses, construction and rent regulation are covered extensively in episodes 1, 2 and 4 of the Realty Speak podcast.

How do I determine an asking price?

In advance of exposing the asset to the market you and/or your property management team would compile the data outlined in question #1 and share it with your broker as part of the evaluation process to determine the marketable asking price. The broker will then prepare a professional summary with these details. This summary is typically shared with potential buyers so they may underwrite the investment opportunity.

Investment analysis metrics will be covered extensively in a future episode of the Realty Speak podcast.

What does off market mean?

Off market is a term that you often hear in the marketplace for multifamily and other commercial real estate assets for sale. It essentially means that as the owner of the asset you prefer to deal with a select broker or small group of brokers who will share your offering with only a few highly qualified investors that have the knowledge to quickly underwrite the offering and execute. This will protect you from having to interact with unqualified buyers and enable you to discreetly offer the asset to the marketplace and maintain a high degree of confidentiality during the transaction cycle.

The alternative to this would be to list the property with a real estate brokerage as an exclusive right to sell and authorize them to use all methods possible to expose the asset to the marketplace. Doing so does not necessarily improve sale price and/or marketing time. In some cases it could have a negative impact as a result of engaging in an offer and/or contact with a buyer that cannot execute.

How can I defer the capital gain tax on the sale of investment real estate?

The most common strategy is the 1031 tax exchange based on IRS code section 1031. This strategy does require the sold/relinquished asset to be replaced with another investment real estate asset.

Your long term plans may not include the desire to continue to actively manage real estate. In which case you could use a more passive strategy known as a Delaware Statutory Trust.

There is also a 3rd option referred to as a Deferred Sales Trust which can enable you to partially or completely exit real estate as an investment strategy while deferring the payment of capital gains tax from the sale of your investment real estate. This 3rd strategy is also not limited to the sale of real estate whereas the former are restricted to real estate as a result of the Tax Cuts and Jobs Act, law H.R. 1 signed into law at the end of 2017.

Delaware Statutory Trust and 1031 tax exchange are covered extensively in episode 3, while episode 5 of the Realty Speak podcast is all about Deferred Sales Trust.

What is a multifamily property type?

A multifamily property type is typically a rental property, also know as an apartment building or apartment complex in which the owner of the building leases the individual units to tenant occupants to generate rental income for profit. The only use of the building is apartments for residential occupancy. In locations that have rent regulation laws the owner is often restricted as to the rent revenue that may be collected over a period of time and can impact some or all of the units in the building. Rent regulation is extensively covered in Episode 4 of the Realty Speak podcast.

While any building with 2 or more units could be described as multifamily it should be noted that from an investment real estate perspective a multifamily property type is typically 5 or more units. The number of units can vary significantly to 100’s of units or more. Lending on this type of property is typically only extended by commercial mortgage lenders and other sources of commercial debt capital.

What is a mixed use property type?

The simple definition of mixed use as a property type is real estate that encopasses varying uses within the building, the complex or the development. An example would be a 8 story apartment building with retail stores on the street level and apartments for residential occupancy on the 2nd to 8th floors. This type of building may still be impacted by local rent stabilization and control laws but for only the apartments. These laws would not apply to the non residential uses and therefore in some cases may generate more revenue than a similar size apartment building that is 100% residential use. Lending on this type of property is typically only extended by commercial mortgage lenders and other sources of commercial debt capital.

What is an office building property type?

Office buildings are typically quantified in terms of size as the total rentable square feet instead of number of units. They can be low rise or high rise in cities and complexes or office campuses in more suburban locations.

Unlike multifamily and mixed use some office buildings or campuses could be occupied by a large company or institutional single tenant. In New York City the New York state rent regulation laws do not impact office buildings. Lending on this type of property is typically only extended by commercial mortgage lenders and other sources of commercial debt capital.

The shared office and co-working space models that have become commonplace in office buildings is covered in Episode 6 of the Realty Speak podcast.

Have a question not covered here?

Use any of the options in the “Connect with Bill” section to submit your question. I will answer you personally and with your permission also post it here for the benefit of everyone.

REALTY SPEAK – THE PODCAST

What’s it about:

Realty Speak has a lot to say about the many strategies you can employ around the revenue, cash flow, profit and final returns of your portfolio of investment real estate.

To get the full idea of what to expect just listen to Episode Zero.

It’s only 4 minutes. That’s less time than the to Union Sq.

More episodes to follow so be sure to subscribe or just check back here periodically.

Click on the helicopter to be transported to Realty Speak- The Podcast!

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