Why IRR is Irrelevant with Joel Friedland

Joel Friedland has been in the industrial real estate game for over 40 years, and he’s built his business on three key principles: focus, patience, and simplicity. Based in Chicago, Joel syndicates industrial properties—favoring small manufacturing buildings—and buys them with all cash. That’s right: no debt. He explains how his low-risk, long-term approach has protected his investors and his mental health—especially after weathering the 2008 crash with $70 million in personal guarantees.

In this episode, Joel walks host Dave Dubeau through how his strategy has evolved, how he scouts and acquires new properties (spoiler: door-knocking and thousands of cold calls), and why he’s more interested in reliable returns than hyped-up numbers. He also shares the personal and professional transformation that led him to reject over-leveraged deals in favor of simplicity and sustainability.

Key Takeaways:

• Why Joel completely avoids bank financing—and how it helps him sleep at night

• How losing buildings in 2008 shaped his entire investment philosophy

• What makes a good industrial property (hint: ceiling height and parking matter)

• The math behind selling to neighboring businesses at a premium

• How his team finds deals through relentless persistence and direct outreach

• Why IRR stands for “Irrelevant Rate of Return” in his book

 

- Get Interviewed on the Show! - ================================== Are you a real estate investor with some 'tales from the trenches' you'd like to share with our audience? Want to get great exposure and be seen as a bonafide real estate pro by your friends? Would you like to inspire other people to take action with real estate investing? Then we'd love to interview you! Find out more and pick the date here: http://daveinterviewsyou.com/