Industrial syndicator Joel Friedland joins Paul Shannon to share 40 years of Chicago lessons and why he now buys with little to no debt. They break down a debt-light playbook, how that changes capital raises and returns, and the investor profile that prefers sleep-at-night income. Joel also details his off-market system, what makes a “perfect” small-bay building, and how he creates liquidity and plans succession.

Key Takeaways:
Debt-light strategy: target 0 to 30 percent LTV, current portfolio around 18 percent
Buy box: Chicago small-bay under 40k sf, 7 to 8 percent entry yield, triple-net, strong geometry, docks, power
Return drivers: cash coupon that grows with rent, long holds, depreciation and recapture awareness
Sourcing and liquidity: door-to-door outreach, mini fund closes fast then syndicate, investor exits via assignments, 754 step-up, Rule 144 after 12 months
Sponsor vetting: ask for a written succession plan and review loan docs, covenants, and recourse

Disclaimer
The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose. Remember that past performance is not indicative of future results. This podcast may contain paid advertisements or other promotional materials for real estate investment advisers, investment funds, and investment opportunities, which should not be interpreted as a recommendation, endorsement, or testimonial by PassivePockets, LLC or any of its affiliates. Viewers must conduct their own due diligence and consider their own financial situations before engaging with any of the advertised offerings, products, or services. PassivePockets, LLC disclaims all liability for direct, indirect, consequential, or other damages arising out of reliance on information and advertisements presented in this podcast.

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