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In the latest episode of the Next Level Income Show, I had the pleasure of welcoming back Rob Beardsley, CEO of Lone Star Capital. Every time Rob joins us, it’s a masterclass in real estate investing, and this conversation was no different. With the multifamily market in such a dynamic state, it was the perfect time to catch up and dive deep into what’s really happening behind the scenes.
Rob and I kicked things off by talking about how much the game has changed over the past few years. It’s no longer about riding easy cap rate compression or rapid rent growth. Today, success in multifamily investing is about real operational excellence. Interest rate shifts have completely reshaped the landscape, forcing investors to tighten their processes and focus on real, sustainable management practices. As Rob put it perfectly, “In today’s market, you’re actually rewarded for your hard work.”
One of the most fascinating parts of our conversation was hearing about Lone Star Capital’s strategic pivot. While many groups struggled to adjust to a cooling market, Rob and his team shifted gears toward preserving and providing affordable housing. Instead of chasing sky-high rents, they’re stabilizing properties by offering lower, more sustainable rents—and in doing so, they’re accessing long-term tax exemptions and creating tremendous value. It’s a brilliant model that not only benefits investors but also delivers an immediate positive impact on the community.
Houston played a huge role in our discussion as well. Rob shared how Houston’s diversified economy has helped it stand out from other major Texas markets like Austin and Dallas, which have struggled with oversupply. Thanks to its continued growth across industries like medical, education, and shipping—not just energy—Houston has proven to be one of the most resilient and promising markets for multifamily investors today. It’s incredible to think that Houston’s metro area could leapfrog Chicago in size within the next few years.
Of course, no real estate conversation would be complete without touching on risk management. Rob broke down how insurance costs, weather risks, and even immigration policy shifts are impacting owners and operators. These factors are now critical to underwriting and strategic planning, something Lone Star Capital is staying sharply ahead of by being selective about where and how they invest.
Rob’s deep knowledge always brings clarity to an often confusing market, and his track record of adaptability and success is proof that great fundamentals never go out of style. We wrapped up by chatting about his two must-read books for anyone serious about real estate investing: The Definitive Guide to Underwriting Multifamily Acquisitions and Structuring and Raising Debt and Equity for Real Estate. Plus, he generously offers his underwriting model for free on Lone Star Capital’s website, an amazing tool for investors at any level.
If you’re looking for smart, grounded strategies in today’s multifamily environment—or just a little motivation to grind it out and build real wealth the right way—you’re going to love this episode.
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Meet our guest:
Bio: Rob founded Lone Star Capital in 2018 and has overseen the acquisition, financing, and management of over $750 million in apartment communities. As CEO, Rob drives the strategic growth of the firm, while also identifying and raising capital for new investment opportunities. He leads Lone Star Capital’s in-house property and construction management division, Lone Star Communities, ensuring excellence in renovation, lease-up, and ongoing management. Rob has sold over 25,000 copies of his two books on commercial real estate.
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Christopher Larsen is the founder and Managing Partner of Next-Level Income. Since “retiring” after 18 years in the medical device industry he dedicates his time to helping others become financially independent through education and investment opportunities. Chris has been investing in and managing real estate for over 20 years.
While completing his degree in Biomechanical Engineering and M.B.A. in Finance at Virginia Tech, he bought his first single-family rental at age 21. Chris expanded into development, private-lending, buying distressed debt as well as commercial office, and ultimately syndicating multifamily properties. He began syndicating deals in 2016 and has been actively involved in over $500M of real estate acquisitions.
In addition to real estate, Chris has invested in equities, oil & gas, and small business lending, as well as being active in Venture South, one of the nation’s Top 10 Angel Investing groups. Chris lives with his wife and two boys (and Viszla, Lucy!) in Asheville, NC where he loves spending time with them in the outdoors and enjoying the food and culture that the region has to offer.
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