The Cincinnati Mistake That Built a $2 Billion Company with Joe Fairless

Joe Fairless built Ashcroft Capital into one of the most recognized multifamily syndicators in the country — $2B+ in assets, properties across the Sunbelt, and a vertically integrated management company. But he started with $30K, student loans, and an apartment in New York where one paycheck covered rent and the other covered everything else.In this episode, Joe gets candid about the deals that didn't work, the market conditions that are keeping multifamily investors in a holding pattern, and the one acquisition strategy most operators are completely ignoring right now: going direct to the lender.Here's what we cover:Why Fort Worth and Orlando are Ashcroft's two highest-conviction markets heading into late 2026How Joe acquired a property for less than the outstanding debt — and what it took to get thereThe lender relationship play that gives you first look at off-market distressed deals (even if you don't have your own management company)Where the supply/demand shift is — and why Q3 2026 is the number operators keep landing onJoe's personal 3.5% math: out of 140 LP deals across 50+ operators, what's actually gone to zeroThe fixed vs. floating rate lesson that still stingsHow Joe defines success — and it has nothing to do with deal countJoe also shares his three bucket list goals for the year. One involves a fifth grader with a 2040 chess rating. That's all we're saying.This week's book: The Road Less Traveled by M. Scott PeckElevista - Speed as a Service™Elevista Connect is the first AI-powered lead conversion system built for real estate investors. 🎧 Subscribe to Real Estate Underground for weekly insights on building wealth through real estate, without sacrificing your sanity.Additional Resources:Clark St Capital -> Passive real estate investments for busy business owners and executivesElevista -> AI SaaS for real estate investorsClark St Academy on YouTube -> Learn how to invest in real estateSocial Media:LinkedIn -> Ed Mathews (President at Clark St and Elevista)Heads up: If you find this week's book intriguing and you buy using our link, we receive a small commission that helps support the show. Thank you!