TME 05 | Stop Chasing the Woman in the Red Dress: Multifamily Is the Smartest Move with Joe Fairless

Raise the Bar

Title: Stop Chasing the Woman in the Red Dress: Multifamily Is the Smartest Move with Joe Fairless

Summary:

In this conversation, Joe Fairless and Seth Bradley discuss the importance of authenticity in business, the current state of the multifamily real estate market, and effective strategies for raising capital. Joe shares insights on sticking with multifamily investments despite market fluctuations, leveraging technology like AI and EOS for operational efficiency, and the significance of building authority and expertise in the field. The discussion also touches on personal reflections and aspirations, emphasizing the value of character and commitment in both business and personal life.

Links to watch and subscribe:

Bullet Point Highlights:

• Authenticity is key in business interactions.
• Focus on your strengths and expertise.
• The multifamily market fundamentals remain strong.
• Utilize technology to enhance capital raising efforts.
• Building authority is crucial for new capital raisers.
• Networking through influential connections can be effective.
• Character is more important than reputation.
• Sticking to one niche can lead to greater success.
• Continuous learning and adaptation are essential.
• Coaching and mentoring can be fulfilling personal pursuits.

Transcript:

Joe Fairless (00:03.629)

Hey, how you doing?

Seth Bradley, Esq. (00:04.881)

Alright man.

How are you? I don't know if we've actually met in person or not, but funny, I'll share the story once we start officially recording, but once upon a time when I was trying to find my place in this syndication world, had a phone call with you and it was awesome to actually get to speak with you at the time because it was just like, whoa, this is Joe Fairless, right? So it was a huge deal, so it's awesome to have you on the show.

Joe Fairless (00:34.966)

You know what? I take notes of every conversation and I see it was around May of 2019. Yeah, yeah, I see that. It's awesome. Well, looking forward to every five years we should do this.

Seth Bradley, Esq. (00:43.988)

There you go. There you go. Awesome, man. Awesome.

Yeah, let me...

Seth Bradley, Esq. (00:53.1)

Sounds good, man. Sounds good. Sounds good. So just to give you a little bit of groundwork here. So I'm a securities attorney by trade. I've raised capital for syndications, those sorts of things. I'm currently with Tribest, I'm chief legal officer over there. So we do, put together fund to funds in a box for capital aggregators. And I'm rebranding the podcast. So once upon a time it was Passive Income Attorney. I was really focused on bringing in investors into my deals, raising capital, that sort of thing.

Now I'm rebranding this as raising the bar gonna be kind of more of a general General podcast on business and raising capital and in real estate that sort of thing. So It's gonna be more of a general audience before it was past investors This is gonna be more kind of business people active investors because I'm actively trying to bring in you know capital raisers and People like that. They're putting deals together for my law firm and for for tribe vest

Joe Fairless (01:33.998)

Mm-hmm.

Joe Fairless (01:48.354)

Mm-hmm.

Joe Fairless (01:51.884)

Makes sense. Thanks for that context.

Seth Bradley, Esq. (01:53.544)

Yeah, cool cool. So and then format wise we'll just do it'll be pretty short We're gonna do like 25 minutes 30 minutes And then we'll go into kind of these like mini segments because I want to do these mini episodes And I think I sent those over to you one is just million dollar Monday. Just kind of how you made your first million How you made your last million how you're make your next that sort of thing and then the next one is the the 1 % segment which is kind of you know, how did you become basically?

Joe Fairless (02:00.504)

Sweet.

Joe Fairless (02:15.47)

Mm-hmm.

Seth Bradley, Esq. (02:21.364)

1 % like the best top 1 % in what you do and that sort of thing and just kind of giving actionable steps to the listeners about how they can get there too.

Joe Fairless (02:25.442)

Mm-hmm.

Joe Fairless (02:30.314)

Awesome. Sounds good. Sounds like fun.

Seth Bradley, Esq. (02:32.98)

Cool. All right, man. Well, we're already recording, so I'll just kind of jump into it and then we'll make the, I'll make the cuts later. cool. Welcome to Raise the Bar with me, your host, Seth Bradley, where we have elevated conversations on raising capital, real estate, and entrepreneurship. Today, we have an incredible guest, Joe Fairless. If you've been living under a rock, then maybe you haven't heard of Joe, but everybody in my industry knows Joe as an industry leader, a thought leader.

real estate entrepreneur, extraordinaire, marketer, master marketer, all of the above. So Joe, welcome to the show.

Joe Fairless (03:10.36)

Looking forward to our conversation, Seth.

Seth Bradley, Esq. (03:12.884)

for sure man. So, you know, I like this question because it's kind of unusual and I have a hard time answering it and you might too, but we'll see. you know, when a stranger asks you what you do and it just comes up to you maybe at a conference or on the streets, what do you say?

Joe Fairless (03:28.398)

I'd I buy apartment buildings.

Seth Bradley, Esq. (03:30.546)

I love it. Keeping it simple, man. I guess that was an easier answer than I anticipated.

Joe Fairless (03:35.182)

Well, yeah, I've been to in my early days I went to seminars and they have much longer more thought-provoking responses like, know, I help high income earners create passive income or something along those lines, but I keep it simple. I buy apartment buildings and then, you know,

let the conversation go where it naturally would go.

Seth Bradley, Esq. (04:06.366)

I love that man. Yeah, and you know, to be honest, know, that response that you just mentioned is a little bit played out. Don't you think? I feel like if you're on LinkedIn or if you're on, you know, conferences, everybody's like, yeah, I raised capital from passive investors so I can help them do this and do that. Do you think that's a little bit played out? Do you think that people need to kind of change that marketing strategy at this point?

Joe Fairless (04:25.697)

Well...

I think you should just be authentic. think just go with what feels right for you and what you'll enjoy talking about. Just go with what feels right for you. That's what I do. I am not a salesy person.

I feel uncomfortable if I'm trying to sell someone something. I believe in what I do, but I feel uncomfortable if I'm trying to force it. And so if I'm like, I was just at a dad-daughter dance this past Sunday and we met up with some couples that I didn't know any of them. was just couples that, you know, my daughter...

goes to their parents of the kids who go to school with my daughter. And so I was talking to one of the dads and he said, what do you do? I I buy apartment buildings. And he said, that's interesting. Then we started talking about what I do because he was naturally interested. And I enjoy that much more than trying to intentionally bait a hook. I'd just rather just have a conversation.

Seth Bradley, Esq. (05:40.03)

Yeah.

Seth Bradley, Esq. (05:43.57)

Yeah, yeah, I think that's the key, right? Especially in today's world where everything's online and you just get marketed to and advertised to all the time. You've got to be authentic and you need to have an elevator pitch, it's got to be authentic. It's got to be really who you are. And it can't be sales because people are so sensitive to that nowadays, whether you're raising capital or whether you're W2 doing your job. And we're all salespeople to a certain extent, whatever we do.

But people are very sensitive to that. So you've got to really focus on being authentic and coming from a place of genuineness.

Joe Fairless (06:20.91)

Nobody in the world can do you like you do you. You've got a unique strand of DNA that no one else can be the Seth Bradley that you are, the Joe Farrells that I am, because it's impossible. It's impossible. There is no one like you. There is no one like me.

And it's just the more magnetic, the more genuine and true to who I am, the more magnetic I feel like I become because people enjoy authenticity and it's just the right way to play it, right way to do it.

Seth Bradley, Esq. (07:01.684)

Totally, totally, totally. For our audience, just tell us what you're doing nowadays. mean, there's been kind of some changes in the market with the interest rates going up, those sorts of things, maybe starting towards the end of 2022. I know for myself, I was in the capital raising game for a number of years and then I kind of slowed down there towards the end of 2022, beginning of 2023, just to kind of see what the market was gonna do, just to see if we could still get some really good deals going, see if some of the other deals were going bad.

you know, what, what are you up to nowadays? Like what's your focus? right now.

Joe Fairless (07:36.77)

The focus has been and always will be on our current portfolio and the deals that we have and operating those deals the best that we can and continuing to improve the NOI. So that is the focus.

There we have some deals that have floating rates with rate caps and the focus is to figure out how not to have floating rate with rate caps that you have to continue to renew once they expire. So that comes with refinancing and in order to refinance and sometimes you have to do a capital call or if you don't do a capital call you gotta bring in equity in some form or fashion to refinance.

some cases, it just depends on the deal. So the focus is on the portfolio and always will be. And then the secondary thing that we look at is acquisitions. How do we capitalize on the market that we're at right now? mean, the best way to describe it that I've read is it's stagnant. You know, it's just...

Not sure. The water, there's stuff growing in the water, but not sure if you really want to be part of what's growing in the water right now. Like it's just, it's stagnant and what will, but we also know what is coming.

Seth Bradley, Esq. (09:00.486)

Yeah.

Joe Fairless (09:12.264)

and that is the supply demand shift in multifamilies favor depends on the sub market and the market obviously. But generally the Sun Belt is going to greatly benefit in the next year, year and a half, in some cases six months from now.

with the supply-demand dynamic with new supply drying up and increasing the demand for the existing supply. Again, depends on the market, depends on the sub-market. So how do we capitalize on that? is there any way to be opportunistic with what's happening with some deals from other operators that

didn't work out. know, there haven't been a lot of foreclosures, but there have been some. And we have relationships with our lenders that are pretty strong. And in fact, one, a large lender that we have a really good relationship with, that we have properties with, they foreclosed on someone else's deal. And I won't name names on who they foreclosed on, but they foreclosed on someone else's deal and they came to us

Afterward and said hey here here. Here's a here's an opportunity. It's in a great area of Fort Worth and I'm from Fort Worth so I know we have a lot of property there too, but I know the market also I grew up there and We'll give you this special financing of around 3 % or so interest rate fixed interest rate

for year one and then it's fixed through the whole period of the loan but then the interest rate steps up to around four, four and a half percent over the five years. So to get that type of essentially seller financing but it's lender financing direct from the lender lending institution that foreclosed on the deal in a very good area of Fort Worth.

Joe Fairless (11:29.326)

There are opportunities out there also. So it's how do we become opportunistic and find these deals. And so we're in the process of closing on that deal or doing due diligence on that deal. We're under contract and we're scheduled to close in about a month and a half from now.

Seth Bradley, Esq. (11:49.316)

Awesome, awesome. Have you found it difficult at any point in time, kind of over these last couple years where the market has slowed down?

Joe Fairless (11:56.654)

Whatever you're gonna say, yes. So finish your question, but the answer is yes. Yes, I found it difficult over the last couple years, but what exactly are you asking about that's difficult?

Seth Bradley, Esq. (11:59.732)

Yeah. Sure. Specifically, should say sticking with multifamily because you are a multifamily guy and you you've seen you've seen where everyone, you know, everybody wanted that on that multifamily train for, you know, a decade, if not longer.

Joe Fairless (12:15.598)

Mmm. Man.

Seth Bradley, Esq. (12:23.696)

And now you've seen a lot of these same people change their tune and say, okay, well, you know what? Let's pivot to something else. Let's pivot to car washes or private credit funds or all these other things.

Joe Fairless (12:29.998)

Man, I'm actually, I know you're an attorney, but can I strike my yes actually from that question? Cause no, actually the answer is no. I haven't found it difficult to stick with multifamily. Hell no. No. You know, you go to a restaurant at a diner and they offer lasagna, California roll and what else?

Seth Bradley, Esq. (12:41.16)

Hahaha

Seth Bradley, Esq. (12:49.107)

Ha ha.

Seth Bradley, Esq. (13:01.204)

Ha

Joe Fairless (13:01.356)

Pad Thai, you know, are they gonna have the best lasagna, California roll, and pad thai? No, no. They've got something for everyone, but they're not gonna be great at any of it. I'd rather go to an Italian restaurant that makes their own noodles, right? Makes their own pasta. And where they specialize in one thing.

Not at all. No, we I believe in the fundamentals of multifamily. I believe in the supply demand that is here. I mean we had a record number of supply across the board and multifamily and the occupancy maintained 90-91 percent depending on the market but it maintained in the 90s in a record number of supply and by the way at the same time you got

the capital markets raising interest rates the way they did. And a lot of people have been able to hold serve. And the fundamentals of the supply demand and how much...

how many renters there are out there and how that will continue is there. That's cold hard facts. There is demand, a lot of demand, and there will continue to be even more demand because the supply is trailing off. We have never looked.

outside of multifamily because it's so strong. I think that is a cultural thing actually because if you, anyone who's in the sports, college sports, they'll know about the NIL and

Joe Fairless (14:54.784)

how you can bounce from one team to another year after year. And so you'll find some people who aren't starting and if they put in the work then, and I'm for NIL, I think players should be paid, but I don't think that they, I don't think they should, I don't think it serves them as young men and young women.

mostly young men in this case who are bouncing from place to place, to not compete and not work for a starting position and instead just go somewhere else the path of least resistance. That's not how you build character. There's a really good book, it's called The Road to Character.

and they talk about in the book, they give different examples of people throughout history. And they're not exceptional, like saintly people. They're people who are normal people, but what they did that is atypical for what our culture does now is they stuck with things even when it was tough.

Seth Bradley, Esq. (16:09.682)

Mm-hmm.

Joe Fairless (16:09.998)

and instead of bouncing from thing to thing because what happens is when you bounce from thing to thing you don't get an expertise you don't get the the depth of knowledge the scars that that you need in order to be truly exceptional at that one thing and it's just surface level

And it'd be like if you feed your kids candy for every meal. I mean, it's same thing. You can't live on mental candy, right? You gotta have some substance. You gotta go through things.

Seth Bradley, Esq. (16:43.06)

Yeah, I love that man. I love that metaphor. I love that. Like you've got to get reps, whether the times are great or an easy or whether they're hard. And those hard reps are the ones that are really going to set you up for success down the line. Like if you're able to execute in the hard times, then when times turn good again, you're going to be at the top, right? You're going to be cream of the crop. What do you, what do you think it is about you and maybe your company that's enabled you to do that, to stick?

to multifamily and not say, ooh, you know what, I'm a really good marketer so I can raise capital for anything if I really want to, right? You're in that position and what is it about you and your company that's been able to allow you to stick to multifamily and just stick to it during these hard times?

Joe Fairless (17:32.762)

the fundamentals are there. I mean, you could make an argument that if we were office investors, and I have some friends who are really keen on investing in office now and in the future, but you could very easily make an argument that with the amount of office space that people have currently, you don't need as much of that space.

It's not a five, you know, three to five to seven year play. Maybe it's a 20 to 50 year play. I don't know. Who the hell knows what's going to happen with office and working from home and AI and automation and all that. But with multifamily, the challenge is capital markets. Now there are some other aspects like the hyper supply, which has tapered off.

because of the higher interest rates increase in you know insurance which has tapered off back to the single digits by and large but that that was a big thing property taxes depending on where you're at but the fundamentals are there people are renting and consumers for yeah unfortunately for generally you know for the general consumer their credit card debt

is going up. They're still paying off their credit card debt from purchases almost 12 months ago. More than half of people are paying off purchases for more than 12 months ago. that's so right now they've been out earning their income because income has been increasing. But what happens if that income stops increasing the way it has been?

the debt's not going anywhere, especially credit card debt, and that's certainly not going to make more first-time home buyers that dynamic. So the fundamentals are there, and not to mention we already have a housing shortage deficit, major deficit.

Seth Bradley, Esq. (19:50.866)

Yeah, so it's the belief and it's the knowledge like it's the education like you you know that the fundamentals are there you you're you're basing your resilience in the market to What you're seeing in the data like hey, it's you know We we believe in this asset type because of the data that i'm Well educated and well versed in

Joe Fairless (20:09.752)

Mm-hmm.

Joe Fairless (20:14.346)

Absolutely.

Seth Bradley, Esq. (20:16.168)

That's incredible. That's incredible. Has anything changed in the way that you potentially because you've got a deal that might be going through in the way that you either have raised capital recently or how you are going to raise capital for your next deal as compared to when it might have been a little bit easier, let's say five years ago from passive investors?

Joe Fairless (20:38.612)

Yes, we have implemented a system that I'm sure a lot of your listeners have heard of EOS, Entrepreneur Operating System, and that has been very helpful. We just did our focus day a month ago, but we've hit the ground running and we have our, I think, Vision Day part one later this month and Vision Day two.

next month and that has allowed ownership among the team members to really thrive because team members are responsible for rocks or their goals but if you say goals instead of rock they'll the EOS person will slap your hand so I'll continue to say rock so they're responsible for rocks and it's just

It takes more, the individuals on the team have more ownership. So that's not something sexy or flashy that I think your question was getting to. So I'll say something else that has been helpful would be doing Facebook ads for getting new accredited investor leads.

at scale. That's the best way that we found to get credit investor leads at scale is through Facebook ads. And we have an agency that we work with. And I just hired a director of marketing who has some really good experience and he's overseeing them and the marketing team. And then

Another thing that has been helpful that where I'd say just scratching the surface I'm a big proponent of AI and how I believe We are in the middle of a major change for our society with because of AI I think it is just as major of a change as it as it as when we all got internet in our homes

Joe Fairless (22:51.602)

on a personal computer. I think it's that big to have access to, just think about phone books to Googling something on your computer. So with AI we've incorporated it and are incorporating as much as possible in one aspect to address your question about how we're doing things differently. One aspect.

is that on our investor calls, our prospective investor calls, we record them. They know it's being recorded and on a recorded line. We have an AI service that then takes the information from the call and grades the call. But then not only that is we look at, those investors, which ones of those investors invest?

What did we say? What did they say on those calls? What are some common commonalities? Which ones didn't invest? What did they say? What did we say? And starting to identify trends and words and topics to talk about and to address on the calls to increase the conversion rate.

Seth Bradley, Esq. (24:07.048)

That's great, man. I love it. You kind of went full circle there. You've got EOS, which I'm a huge proponent of. We use that across the various companies that I have, some form or another. There's got to be a framework of organization and accountability and being able to look back and say, hey, we've had this problem before and here's how we solved it before. Or hey, this problem is still occurring from last week's L10 meeting. What do we need to do to improve it? How do we solve that issue?

Joe Fairless (24:33.166)

Mm-hmm.

Seth Bradley, Esq. (24:36.712)

How do we keep moving forward rather than, what did we talk about last week or what did we talk about last month? You've got to have a way to organize things and a way to solve issues organizationally, especially as you grow. So EOS, huge proponent of it, man. I mean, it's awesome. Like you have to have some form of it, even if it's not to a T with the book, Traction is where that comes from. You have to implement some form of organization and framework for your company. And then like you said,

Joe Fairless (24:41.389)

Yeah.

Joe Fairless (24:56.575)

Mm-hmm.

Seth Bradley, Esq. (25:03.284)

you know, with AI, everyone has to stay on the forefront of what's going on right now. I know I was even a little resistant myself. was like, chat GPT, is that? Eh, you know, and put it off for a little bit. And then once you start using that, along with all the other things as well, I'm just using that as kind of a baseline, but just learning how to use chat GPT in your everyday life, it's just a game changer. Because now your whole thought process changes. It's not like,

Joe Fairless (25:08.547)

Yep.

Joe Fairless (25:20.14)

Mm-hmm.

Seth Bradley, Esq. (25:31.22)

I need to put together this entire article or blog post. It's like, how do I prompt it correctly to to produce this blog post or this article in my voice and then edit it through that or, you know, all these different things you figure out, like how to prompt rather than how to actually take this solution all the way from start to finish. Let that technology tell you how to do it. So it's awesome. And then Facebook ads as well.

Joe Fairless (25:45.206)

Mm-hmm.

Seth Bradley, Esq. (25:58.964)

you've got to really dial those things in, right? It can be a money pit, but at the same time, if you can master that, and it sounds like you hired an agency that's very industry specific, which helps out a lot. And from what I've seen, we have gems, we have a capital raising business, we have all these different things, and finding somebody that's niche to that industry is super important.

Joe Fairless (26:22.434)

That's right.

Seth Bradley, Esq. (26:25.756)

I'd love to go back and stay on this capital raising subject, especially for people that just started out. So like now you're doing EOS, now you're using AI, now you're using Facebook ads, do you have some capital to be able to invest in those ads? What about for somebody that's just kind of starting out? they're, you know, maybe this is their first fund to fund or, you know, their first property that they're raising capital for. Like how do they effectively launch their first

Capital Race.

Joe Fairless (26:56.59)

Well, I would read the book that I wrote on syndication because I walked through the whole process of that best ever syndication book. So, but for this this relatively short conversation, I'd say first,

Seth Bradley, Esq. (27:04.404)

Great book.

Joe Fairless (27:19.606)

People have to make sure you have to make sure that people perceive you and you are actually a real estate expert and That because you might have you might have been if this your first one first deal then I'm assuming you came from some other industry or

If it was real estate, maybe you're a property manager, they don't know about all aspects of your expertise as it relates to real estate. you've got to, by having a thought leadership platform, you'll interview others who have that experience, you'll continue to learn, hone your skills, and then you'll also be associated with those who have those skill sets, and that will be helpful for you.

Once you do that, assuming that you are the expert and you are also perceived as the expert, then what I would do, and what I did actually on my very first one is I created a spreadsheet. And the spreadsheet had the name of the person, how I knew them, and then,

What I did is I wrote down all the different names and then how I knew them. So for example, I was on the alumni advisory board for Texas Tech. I was on a flag football team in New York. I wrote someone's name down there. On my flag football team, was working at different companies. I worked at different companies, so I wrote down different coworkers at different companies.

the key here for doing it this way is identifying the person. So then you sort them by how you know them. all the people from the flag football team would be sorted together. All the people from XYZ company would be sorted together. And then you identify the most influential person within that group. And you talk to him or her.

Joe Fairless (29:39.306)

about your opportunity. And once you talk to him or her about the opportunity, and if they find it appealing or at least they want to learn more about it, then you can go to the next person in that group and you can name check. You can say, I was just talking to Seth about this and he's got some follow-up questions about it and I thought it also would make sense to talk to you about it too.

So then you come in a little warm with the group dynamic versus if you come in cold on an individual level.

Seth Bradley, Esq. (30:11.924)

Mm-hmm.

Seth Bradley, Esq. (30:18.822)

I like that man. That's a very, very nuanced strategy tidbit there. What I really heard was, you know, authenticity and authority, authenticity in that. Yeah, you've got to educate yourself. You've got to be a real estate expert if that's what you're raising capital for and authority. And then you've got to show people, you know, why you're the expert, why you know all these things, why they should listen to you to invest in something like this and even leveraging the authority of others with that.

that strategy where you go to this influential person and say, look, this person likes this deal too, and here's why. And then they can go to them and they kind of look to them as additional authority because they kind of look to them as that thought leader or that leader in general. So pretty great, man. Start wrapping this up, but this is kind of a nuanced question that I love to ask and ...

Because once upon a time I went to I went to med school for a little while and then I dropped out and because I just I hated it knew it wasn't for me and I'm going to law school and then got into real estate. So you know in a parallel universe tell me about a different version of you a different but likely version of you if you didn't exist as you do today because right now you know you're you're an apartment buyer you're a great marketer you're an entrepreneur.

Joe Fairless (31:38.164)

I'd say I really enjoy coaching my daughter in soccer. I do not know soccer. I grew up in Texas. I played football. I played baseball. I ran track in that order. There wasn't a soccer option or maybe even a soccer ball in Texas when I was growing up. But I enjoy coaching and in an alternative universe, I would

I would do more of that because time is, it flies whenever I'm doing that.

Seth Bradley, Esq. (32:15.036)

Awesome, awesome. All right, Joe, for our listeners out there, what can they find out more about you?

Joe Fairless (32:21.494)

You can go to AshcroftCapital.com and if you're looking at passive investing or if you're an operator or someone who is partnering with others, then my conference is a good place to be. It's besteverconference.com. It's gonna be March 3rd and 4th in Salt Lake City this year.

I can get a discount code to your people too.

Seth Bradley, Esq. (32:52.51)

Great, yeah, I'll drop that in the show notes and I'll see you there, Joe. So we'll shake hands in person. So thanks again for coming on the show. Really appreciate it and we'll catch you next time.

Joe Fairless (32:57.304)

Sweet. Awesome.

Joe Fairless (33:05.518)

You know what, in just a second, I'm gonna just tell you the code, that way you don't have to do any work. Whenever I do a podcast and someone says, I'll send it to you, I'm like, more work for me to do later. So, all right, here's a code. Hurry 25, it'll be 25 % off all ticket types. H-U-R-R-Y, all lowercase, and then number 25, you get 25 % off all tickets, except for the LP ticket.

Seth Bradley, Esq. (33:09.917)

Okay.

Seth Bradley, Esq. (33:13.808)

Yeah, I know then you gotta follow up.

Seth Bradley, Esq. (33:35.924)

Let's roll right into these million dollar questions and then I'll let you go.

Seth Bradley, Esq. (33:44.884)

Alright Joe, let's jump into this. So, how did you make your first million dollars?

Joe Fairless (33:52.185)

Same way I made my last one so spoiler alert. It's it's selling when a deal exited so The is probably The seventh or eighth Deal I had one million dollars on one transaction, right? Like is that chunk about? Yeah, I

Seth Bradley, Esq. (33:55.56)

Hahaha

Seth Bradley, Esq. (34:12.767)

Really million dollars in your net worth

Seth Bradley, Esq. (34:17.96)

What puts you over the edge there? How did you grow that first million?

Joe Fairless (34:21.626)

I lost my first million before I ever came across it. That was on the very first deal. It would just be, it'd probably be through an exit of a deal.

Seth Bradley, Esq. (34:26.056)

Ha

Seth Bradley, Esq. (34:35.614)

Sure, yeah, and I'll bet it's probably similar. mean, how are you gonna, how are you planning on making your next million dollars? Same thing, the apartments, all about apartments, man. I love it, singular focus, that's where it's at. mean, riches are in the niches.

Joe Fairless (34:41.144)

Same thing. Yep. The apartments. All apartments. That's right.

Yep.

Seth Bradley, Esq. (34:52.564)

All right, you're clearly in the top 1 % of what you do. What is it about you that separates you from the rest of the field?

Joe Fairless (34:58.958)

Mmm.

I do what I say I'm gonna do. And sadly, that separates me from a lot of people, not all people.

but that's a big focus of mine. And it's not about my, I recently read something that resonated and that was don't focus on your reputation, focus on your character. Reputation is such a vanity metric, but the character is who you are when no one's looking and being proud of who you are. And that's vital to me.

Seth Bradley, Esq. (35:37.524)

Yeah, and it's not just saying what you're going to do to other people, but also with yourself, right? To yourself.

Joe Fairless (35:43.726)

Mmm good point. Yeah when you're when when I'm on those runs and I can just stop Whenever I want But then I'll be I'll know I'll know I didn't go through this, you know, you know made up finish line that I had predetermined in my head and And that's that's there's there's something to be said there. I'm glad you brought that up

Seth Bradley, Esq. (36:10.644)

Yeah, that's that's the key right? It's not just when somebody when it's dependent on somebody else or somebody else is watching It's you know, what do you do when nobody's watching and what do you do when it's just a promise to yourself? Do you follow through do you keep those promises things as easy as hey when you set your alarm in the morning and you wake up Do you do you get up or do you hit the snooze button? Like you made a promise to yourself the night before to wake up and get up when that alarm goes off Do you keep that promise?

Joe Fairless (36:15.415)

Mm-hmm.

Joe Fairless (36:25.229)

Yeah.

Seth Bradley, Esq. (36:39.12)

Awesome. All right, brother. I think that should do it. I will see you. I'll see you at BC, man.

Joe Fairless (36:46.42)

Awesome. I appreciate it. yeah, if anything you can do to help get to get the word out about the conference to your email list, I'd appreciate that also. All right. Thanks, Seth. All right. Bye.

Seth Bradley, Esq. (36:57.404)

Absolutely. All right, brother. Talk soon. See you.

Links from the Show and Guest Info and Links:

Seth Bradley’s Links:

https://x.com/sethbradleyesq

https://www.youtube.com/@sethbradleyesq

www.facebook.com/sethbradleyesq

https://www.threads.com/@sethbradleyesq

https://www.instagram.com/sethbradleyesq/

https://www.linkedin.com/in/sethbradleyesq/

https://passiveincomeattorney.com/seth-bradley/

https://www.biggerpockets.com/users/sethbradleyesq

https://medium.com/@sethbradleyesq

https://www.tiktok.com/@sethbradleyesq?lang=en

Joe Fairless’s Links:

https://www.facebook.com/imjoefairless

https://x.com/joefairless

https://www.linkedin.com/in/joefairless/

https://ashcroftcapital.com/our-team/joe-fairless/

https://www.instagram.com/besteverpodcast/?hl=en