What happens when you drill an oil well and oil starts gushing before you’re ready to catch it?

Dustin and Adam walk through their latest oil and gas fund – an 11-well vertical portfolio in Oklahoma that closed for investment at the end of 2025.

For most investors, the draw was the tax benefit: intangible drilling costs created an estimated 90%+ deduction – and as year-end approached, demand surged from investors racing to shelter income before December 31. What started as a six-well fund grew to 11 to meet that demand.

Then the first well came online at nearly 100 barrels per day, flowing under its own pressure without ever being hydraulically fractured – meaning the fund was already cash-flowing before it even finished raising capital.

Dustin and Adam walk through what went right, what surprised them, and what the deal looks like now that more wells are coming online with oil prices up 13%.

Whether you’re evaluating oil and gas as a tax strategy, a cash-flow play, or both, this is a real-time look at how a deal like this actually unfolds.

Watch episode on YouTube: https://www.youtube.com/watch?v=xBQR0XZxYT4

See all Wealth Independence episodes at https://www.wealthindependencepod.com

Connect with Dustin:

• Big Spring Capital
• LinkedIn (/in/TheDustinBailey)
• Twitter/X (@TheDustinBailey)

Connect with Adam:

• Bidwell Capital
• LinkedIn (/in/AdamJPenn)

This show is for informational purposes only and is not financial, investment, legal, or tax advice, and does not constitute an offer to buy or sell securities. All investments carry risk, and investors should always conduct thorough due diligence and consult with qualified professionals before investing.

Dustin and Adam sit down with Ian Colville, founder and managing partner of Carpathian Capital Management, who oversees roughly $150 million in residential real estate assets.

Ian's path to US real estate started in an unlikely place – running equity sales for Deutsche Bank and Citigroup in Moscow during the early 2000s BRIC boom – and the risk perspective he built there shapes everything about how he evaluates deals today.

The conversation digs into the structural housing shortage that Ian believes still defines the US market. He explains why affordability concerns are real but don't point toward a crash when supply remains as constrained as it is.

Ian also walks through his approach to due diligence – how he uses AI to extract and organize data from PPMs across a 70-item checklist, and where human judgment still matters most. He shares real examples of deal terms he’s reviewed, including egregious examples that favored the sponsor over the investors from day one.

Passive investors will come away with a clearer sense of what to look for in fee structures, waterfall arrangements, and sponsor incentive alignment – and where simplicity crosses the line into misalignment.

Episode Release Notes & Resources:

• Carpathian Capital Management: https://carpathiancapital.com
• 70-point due diligence checklist: https://drive.google.com/file/d/1shEbVZ8m6eDOKyCwYcDbxDTFoKPOoFa7
• Ian’s free deal due diligence course: https://webinar.carpathiancapital.com
• Ian’s LinkedIn: https://www.linkedin.com/in/micolville

Watch episode on YouTube: https://www.youtube.com/watch?v=7mHhArpniHA

See all Wealth Independence episodes at https://www.wealthindependencepod.com

Connect with Dustin:

• Big Spring Capital
• LinkedIn (/in/TheDustinBailey)
• Twitter/X (@TheDustinBailey)

Connect with Adam:

• Bidwell Capital
• LinkedIn (/in/AdamJPenn)

This show is for informational purposes only and is not financial, investment, legal, or tax advice, and does not constitute an offer to buy or sell securities. All investments carry risk, and investors should always conduct thorough due diligence and consult with qualified professionals before investing.

The Wall Street Journal recently declared commercial real estate “too cheap to ignore.” Dustin and Adam break down the article’s claims, challenge some cherry-picked data, and explain what institutional investors returning as net buyers for the first time since 2022 actually signals.

Commercial real estate values are down from 2022 peaks on average…but how much of that decline reflects a real structural problem versus a correction from a bubble fueled by cheap debt? The discussion also digs into why comparing real estate returns to Nvidia’s 70% gains misses the point entirely, and why REITs are a poor proxy for actual real estate performance.

The article’s most telling line: “The income a building generates is now much more important.” – that’s the same cash-flow-first approach Dustin and Adam have been emphasizing all along. They also discuss why the so-called “old playbook” was really just a bet on interest rates, why bridge debt expirations are forcing retrades, and what history says about buying when CRE falls more than 10%.

Episode Release Notes & Resources:

• [WSJ] – Commercial Real Estate is Getting Too Cheap to Ignore: https://www.wsj.com/real-estate/commercial/commercial-real-estate-is-getting-too-cheap-to-ignore-c208517b

Watch episode on YouTube: https://www.youtube.com/watch?v=LF94y8Jqvfg

See all Wealth Independence episodes at https://www.wealthindependencepod.com

Connect with Dustin:

• Big Spring Capital
• LinkedIn (/in/TheDustinBailey)
• Twitter/X (@TheDustinBailey)

Connect with Adam:

• Bidwell Capital
• LinkedIn (/in/AdamJPenn)

This show is for informational purposes only and is not financial, investment, legal, or tax advice, and does not constitute an offer to buy or sell securities. All investments carry risk, and investors should always conduct thorough due diligence and consult with qualified professionals before investing.