Get the Midterm Rental Insurance Blueprint: https://experimentrealestate.com/#blueprintIn this deep-dive episode of In The Lab, Ruben sits down with Joel Friedland, founder of Brit Properties, to explore an uncommon but powerful approach to real estate syndication: acquiring industrial properties with no debt. Joel, who has been in the industrial real estate game since the age of 22, shares his evolution from working under a Chicago family office to building his own portfolio of high-performing industrial buildings.

The conversation spans everything from the anatomy of industrial leases and long-term tenant retention to the personal values that shape Joel’s unique investment philosophy. Joel opens up about surviving the 2008 financial crisis, the dangers of signing standard loan documents, and how he now protects his investors through detailed side letters and ultra-low leverage—or none at all.

You’ll hear how Joel evaluates industrial assets, builds long-term relationships with tenants and investors, and why he believes most operators are taking unnecessary risk in the name of returns. His perspective is rare, contrarian, and backed by decades of experience.

If you're a syndicator, investor, or entrepreneur curious about how to build a portfolio with resilience and integrity, this episode will shift how you think about risk, returns, and relationships. Tune in now to learn why Joel is one of the few operators in America focused on building a community through no-debt deals—and how you can apply the same principles to your business and life.

HIGHLIGHTS OF THE EPISODE:

21:34 Joel talks about building relationships

13:11 Joel talks about his lawn mowing business at age 14

KEEPING IT REAL:

05:00 – Why industrial outperforms office and retail

08:13 – Long-term leases and tenant retention

10:00 – Triple net leases and low-maintenance management

11:16 – Entry into industrial real estate

13:11 – Lessons from starting a lawn business at 14

15:06 – Are entrepreneurs born or made?

20:19 – From chasing deals to building relationships

30:16 – A model focused on long-term trust and low turnover

36:08 – The critical importance of reading legal docs

42:46 – Hidden risks in loan documents

47:04 – Avoiding high leverage even if it means lower returns

52:00 – Strategy and differentiation: why safety wins

56:00 – Why he doesn’t use infinite banking or other loan-backed strategies

59:03 – Hiring mistakes and how to identify A-players

1:03:01 – Likability ≠ capability: the hiring lesson most learn too late

1:06:10 – Current focus and future direction

1:08:55 – Why he only buys infill industrial in Chicago

1:10:50 – The shrinking market advantage in industrial real estate

1:13:02 – Parting advice and how to connect with Joel.

CONNECT WITH THE GUEST

Website: https://www.britproperties.com/

Linkedin: https://www.linkedin.com/in/joel-friedland/

Facebook: https://www.facebook.com/people/Brit-Properties/61561165483112/?_rdr

Youtube: https://www.youtube.com/@investingwithjoel

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