Wayne Courreges IIIManaging Principal, CREI Partners, CREI Partners, CREI Partners, LLC · Disciplined Passive Real Estate. Transparent Leadership.

Industrial Real Estate Investor Joel Friedland on the 2008 Recession

Name: Industrial Real Estate Investor Joel Friedland on the 2008 Recession
Uploaded: 2023-11-18T01:02:05+00:00
Duration: 54 s
Channel: Wayne Courreges III
Description: This content was created by Wayne Courreges III, CPM®. This content was uploaded by Wayne Courreges III, CPM®. This is a YouTube video titled "Industrial…

18 Nov 2023 · 1 min

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This content was created by Wayne Courreges III, CPM®. This content was uploaded by Wayne Courreges III, CPM®. This is a YouTube video titled "Industrial Real Estate Investor Joel Friedland on the 2008 Recession" (created 2023-11-18T01:02:05+00:00). The excerpt features investor Joel Friedland reflecting on perseverance during the 2008 downturn, recounting how he brought assets back when others went bankrupt, and describing feedback from his investors. He explains how that painful experience changed his approach to due diligence—being especially careful to account for potential capital expenditures and hidden issues (e.g., HVAC replacements, aging roofs) when underwriting deals.

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Perseverance was like the word, word of the decade for me, and I was able to bring everything back. When things got better, my investors called me and said, you did things that our other sponsors didn't do. A lot of them went bankrupt and just started over. And I appreciate how hard you've worked to bring it back, but it still hurts today. And that pain is what drives me to do my due diligence differently. I. I've. I've listened to your theory on due diligence about being super careful and making sure that you account for things that might go wrong that you haven't thought of yet, like the H Vac system that has to be replaced, or a roof that may be older than it should be in terms of counting on it not leaking in a few years and things like that.