More than the infrastructure and the lot, real estate is a people’s business. In the last episode of our two-part series with seasoned real estate entrepreneur Joel Friedland, he shares the secret on how to build connections, especially with potential investors such as high-net-worth individuals.
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Joel shares that he consults a group of advisors whenever he does a deal. He also gives emphasis on talking to your deals manager properly, the importance of keeping a lot of cash reserves, and the three rules for industrial real estate. He then talks about his predictions about the real estate market for the coming months, how the Fed decision can affect the industry, and referrals being his best source of new investors. Tune in and learn a lot of wisdom from Joel today!
Key Points From This Episode:
- Joel discusses how he was able to find eight advisors he can consult with about his business.
- How does Joel deal with high-net-worth individuals?
- Joel dives deep into his business plan and the kind of deals he’s doing.
- Why Joel does not like doing funds?
- How long does it take for Joel to do a project and how many investors does he tap?
- Joel talks about a building they have owned for 30 years.
- Joel shares how his investors value their shares.
- Joel’s predictions of the real estate market in the next 12 to 18 months.
- How does Joel prepare for a downturn?
- The three rules in industrial real estate are parking, parking, parking.
- What is the biggest challenge in Joel’s business today?
- The metrics that Joel tracks.
- The habit that produces the highest return for Joel is sleep.
- What’s the number one thing that contributed to Joel’s success?
- How does Joel like to give back?
“I believe that it’s important to get other people’s opinions, especially smart people who are solid in their judgment in business.”
“You have to know how to take adversity, and I didn’t. I’ve never seen adversity. So now what I do is when I call people I open with, ‘Hey, in 2008, I went into a depression because I thought I lost everybody’s money. If you invest with me, you’ve got that guy with that experience. And I’m not going to let that happen again if I have anything to say about it.’ And, that’s why we do our deals all cash.”
“I don’t like funds, because it puts the money in your pocket and burns a hole in your pocket, and you need to go spend it. I like individual deals because people can pick and choose.”
“There are three rules in industrial – parking, parking, and parking.”
Links Mentioned in Today’s Episode:
About Joel Friedland
Joel has a 40-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. His greatest accomplishment is maintaining valued relationships spanning five decades.
Joel attended the University of Michigan. He enjoys spending time with his family in Deerfield and in the great outdoors.
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