Is My Syndicator Credible? How to Find Legitimate GPs with Joel Friedland
With over 42 years in industrial real estate, what key lessons has Joel learned about building trust and mitigating risk when the market inevitability shifts?
In this episode, veteran industrial real estate professional Joel Friedland shares his decades of wisdom, including how to build trustworthiness with investors, properly assess risk tolerance, and create win-win relationships built to last. With over 2,000 industrial real estate deals under his belt and experience across four major market cycles, Joel provides a unique historical perspective on industrial investing.
Joel has a 42 year track record in industrial real estate. He co-founded Epic/Savage Realty Partners in 1991 where he oversaw hiring and mentoring 60 industrial real estate professionals, many of whom became his partners. His group sold the firm to an international real estate company in 2014 and Joel started Brit Properties.
As an industrial real estate broker and owner, Joel has secured over 2,000 industrial property leases and sales, totaling over $250 million in acquisitions. His greatest accomplishment is maintaining valued relationships with brokers, tenants and investors spanning five decades.
He does fully syndicated deals with 0% debt, an unheard-of approach in real estate which caters to his wealthy investor base primarily concerned with conservation of principal. His experiences during the Great Recession in 2008 have informed his investment approach to be hyper-conservative while still allowing an ~8% cash return, plus upside, for his investors.
(00:01 – 00:07) Gaining Investor Trust Through Vulnerability
- Start by openly discussing past mistakes and failures
- Highlight previous market downturns and how you worked through them
- Ask investors insightful questions rather than selling
(00:07 – 00:13) Mitigating Downside Risk Before Issues Arise
- Minimize debt exposure whenever possible
- Conduct comprehensive due diligence on all aspects of a property
(00:13 – 00:19) Assessing Risk Tolerance in Shifting Markets
- Many new investors aren’t prepared for decreasing tenant demand
- It’s vital that sponsors properly gauge their own and investors’ risk appetites
(00:19 – 00:25) Ensuring Alignment Through Shared Experiences
- Look for operators who show appropriate judgment given market conditions
- There are no shortcuts for experience; seek out veteran perspectives
(00:25 – 00:31) Cultivating Meaningful Relationships for the Long-Term
- Property investment facilitates rich personal connections
- Focus on win-win relationships with tenants, partners, and community
- Book recommendation:
- Who inspires Joel? : His 96-year-old business partner and friend.
Quotes:
“How do you trust somebody? They start with their vulnerability.” -Joel Friedland
“Keep your loved ones close and don’t get into fights and wars with people. It’s just not worth it.” – Joel Friedland
Connect with Joel:
Website: https://britproperties.com/
Apply to Invest with Taylor at www.investwithtaylor.com
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About our Guest
Joel Friedland
Joel has a 42 year track record in industrial real estate. He co-founded Epic/Savage Realty Partners in 1991 where he oversaw hiring and mentoring 60 industrial real estate professionals, many of whom became his partners. His group sold the firm to an international real estate company in 2014 and Joel started Brit Properties.
As an industrial real estate broker and owner, Joel has secured over 2,000 industrial property leases and sales, totaling over $250 million in acquisitions. His greatest accomplishment is maintaining valued relationships with brokers, tenants and investors spanning five decades.
He does fully syndicated deals with 0% debt, an unheard of approach in real estate which caters to his wealthy investor base primarily concerned with conservation of principal. His experiences during the Great Recession in 2008 have informed his investment approach to be hyper-conservative while still allowing an ~8% cash return, plus upside, for his investors.
