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.

How do real estate development deals actually work for passive investors? And what makes them riskier than buying existing properties?

Dustin and Adam sit down with Eugene Gershman, a second-generation developer with 20+ years of experience who now partners with landowners across the country to bring projects from raw land to stabilized assets. Eugene explains the two-tier capital structure many developers use: early-stage “GP funds” (comparable to startup seed capital) where investors take more risk but participate in the sponsor’s profit sharing, followed by traditional LP investments once permits are secured and construction is priced.

He also shares his “kill list,” the specific deal-breakers that prompt him to walk away, and why stale construction plans and unexplained project delays are immediate red flags.

Learn how timelines, market cycles, and capital structures in development deals differ from investing in existing and stabilized assets.

Episode Release Notes & Resources:

• GIS Companies: https://giscompanies.co
• Eugene's podcast – Real Estate Development: Land to Legacy: https://giscompanies.co/podcast
• Eugene’s LinkedIn: https://www.linkedin.com/in/eugenegershman

Watch episode on YouTube: https://www.youtube.com/watch?v=SKIqg8SCfaI

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.

Depreciation is one of real estate’s most powerful tax advantages – and maybe its most misunderstood. Dustin and Adam break down what passive investors actually need to know about real estate depreciation, including bonus depreciation, cost segregation studies, and the tax benefits that flow through to syndication investors.

Bonus depreciation is back at 100%, and despite how aggressive it sounds, it’s actually the proper accounting method. But depreciation losses come with limitations that catch many high-earning W-2 investors off guard – particularly around how passive losses can and can't be used. The discussion also covers depreciation recapture, a sale expense that can quietly reduce returns if the syndication sponsor hasn’t accounted for it.

Learn the right questions to ask sponsors about tax benefits and recapture planning, understand when those K-1 losses actually help you, and why coordinating with your CPA is essential for making these strategies work within your specific tax situation.

Episode Release Notes & Resources:

• Episode v1.0 - Goal Setting for Freedom-First Investors: https://www.buzzsprout.com/admin/2432117/episodes/16376511

Watch episode on YouTube: https://www.youtube.com/watch?v=2l9wEjbyshE

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.

What happens after you sell a 14-store business with 90 employees? Ian Noble joins Adam and Dustin to share his journey from dry cleaning entrepreneur to passive real estate investor, revealing the emotional identity shift after exiting a business, and explaining how his business background shaped his approach to evaluating passive investment opportunities.

Dustin and Adam explore Ian's dual investment strategy: combining steady cash flow from private lending with equity upside through mobile home parks. Ian explains why interest rate concerns shouldn’t keep investors waiting, how passive investing delivered tax benefits after his exit, and the questions every investor should ask sponsors before writing a check.

Learn why Ian prioritizes cash flow over appreciation, how asking about sponsor failures reveals character, and his perspective on spreading investments between stocks and real estate market as returns normalize after years of exceptional gains.

Episode Release Notes & Resources:

• Free Passive Investing in Real Estate Cheat Sheet: https://go.runsteadyinvestments.com/wealth-independence-podcast
• Join Ian’s Passive Investor Mailing List: runsteadyinvestments.com/investor-club
• Ian’s LinkedIn: www.linkedin.com/in/iannoble1/
• Ian’s Instagram: @ian_invests

Watch episode on YouTube: https://www.youtube.com/watch?v=0EKh7WDCy2M

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 tackle a fundamental question for business owners and high-earning professionals: when does it make sense to convert active income into passive investments rather than reinvesting in your business or career?

They explore why syndications often provide better risk-adjusted returns than building your own real estate portfolio, particularly for investors who lack the time or desire to manage properties directly.

The discussion covers the four ways real estate generates returns (appreciation, principal paydown, tax benefits, and cash flow) and why passive investments become increasingly tax-efficient as your portfolio grows. They examine the opportunity cost of learning new skill sets versus focusing on your highest-value activities, whether that’s growing a business or advancing a W-2 career. They also address when it makes sense to acquire properties directly versus investing passively in syndications, considering factors like economies of scale, team quality, and time investment required.

Watch episode on YouTube: https://www.youtube.com/watch?v=woqOUf3aUgc

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 reflect on completing their first full year of the Wealth Independence Podcast (version 1) and share what’s ahead for version 2.

The conversation covers which content resonated most with listeners, including strong feedback on the “No Investor Left Behind” series, particularly the cap rates episode. They discuss plans to expand educational content with topics like waterfall structures, bring on more established names from their network, and feature interviews with actual passive investors who've built substantial portfolios.

Episode Release Notes & Resources:

• Goal setting episode: https://www.wealthindependencepod.com/2432117/episodes/16376511-v1-0-goal-setting-for-freedom-first-investors

Watch episode on YouTube: https://www.youtube.com/watch?v=dSQm_-Lqg8k

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.