Distressed Debt, Industrial Land and Energy

Episode guide

Written by The Real Estate Investing Club from the episode’s show notes (Nov 9, 2026). It summarizes what Bob Fraser said on the show; it is not a transcript.

Gabe Petersen talks with Bob Fraser, co-founder of Aspen Funds, which manages over $800 million across multifamily, industrial, private credit and energy. Bob lost everything twice, in the dot-com crash and the financial crisis, and rebuilt by buying non-performing mortgages. He explains Aspen's infill industrial land strategy along the I-35 corridor in Kansas, preferred equity lending to multifamily syndicators, why he thinks multifamily has bottomed and his case for producing oil and gas fields.

Questions this episode answers

How did buying non-performing mortgages help an investor rebuild after losing everything?

What is preferred equity lending in multifamily?

Why is industrial land benefiting from reshoring?

Has the multifamily market bottomed?

Why are some real estate investors buying producing oil and gas fields?

What Bob shared

Bob says he lost everything twice, in the dot-com crash and the Great Financial Crisis, then rebuilt by buying distressed mortgage debt at a deep discount.

He says Aspen Funds became one of the largest landowners along the I-35 corridor in Kansas by buying infill industrial land, entitling it and either flipping it or building spec buildings.

Bob ties industrial demand to reshoring and deglobalization driving manufacturing, distribution and logistics tenants.

As a preferred equity lender to multifamily syndicators, Bob says Aspen targets returns of 15 to 17 percent while taking debt-level risk.

Bob believes the multifamily market has bottomed and says Aspen is launching an evergreen multifamily fund to buy distressed deals.

He says producing oil and gas fields have offered a 30 percent cap rate with almost no geology or production risk.

Bob says AI lets Aspen review roughly 150 deals per quarter instead of 30 to 50.

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Show notes

In this episode of The Real Estate Investing Club , I sit down with Bob Fraser, co-founder of Aspen Funds, a real estate and alternative investment firm managing over $800 million in assets across multifamily, industrial, private credit, and energy investing . Bob is a former computer programmer who built a $44 million venture-backed dot-com, lost everything twice (once in the dot-com crash and again in the Great Financial Crisis), and rebuilt his wealth by buying distressed mortgage debt before scaling into a diversified real estate investing empire. This conversation is packed with real estate investing strategies, market timing insight, and lessons on resilience for anyone chasing financial freedom .

Bob fraser's real estate investing journey

Bob shares how he went from a Silicon Valley style e-commerce startup to becoming one of the largest distressed debt buyers in the nation after the housing crash. We dig into how buying non-performing mortgages at pennies on the dollar taught him the exit strategies that later became the foundation of Aspen Funds. If you have ever wondered how to recover from financial failure and rebuild real wealth through real estate investing, this origin story is required listening .

Industrial real estate and the reshoring boom

We break down why industrial real estate is one of the biggest real estate investment opportunities in America right now. Bob explains how Aspen Funds became one of the largest landowners along the I-35 corridor in Kansas by buying infill industrial land, entitling it, and either flipping it or developing spec buildings for manufacturing, distribution, and logistics tenants riding the reshoring and deglobalization wave .

Private credit and preferred equity lending explained

Bob walks through how Aspen Funds pivoted into multifamily real estate without taking on equity risk by becoming a preferred equity lender, filling gap funding needs for multifamily syndicators and earning equity like returns of 15 to 17 percent while taking on debt level risk. This is a masterclass in creative real estate financing for passive investors and operators alike .

Why bob called the bottom of the multifamily market

After sitting out equity ownership during the multifamily downturn, Bob explains why he now believes the multifamily market has bottomed and why Aspen Funds is launching a new evergreen multifamily fund to scoop up distressed deals. We talk cap rates, market cycles, and how to know when it is time to go on offense again in real estate investing .

Energy investing as a generational buying opportunity

This might be the most surprising segment of the episode. Bob explains why producing oil and gas fields have offered a 30 percent cap rate with almost zero geology or production risk, why natural gas quietly powers most of the AI boom, and why energy investing today reminds him of buying real estate at the bottom of a cycle. If you want diversified passive income outside of traditional real estate investing, do not skip this section .

Using AI to scale underwriting

Bob and I compare notes on how artificial intelligence has transformed our underwriting processes, allowing Aspen Funds to review roughly 150 deals per quarter instead of 30 to 50, all while improving accuracy. If you invest in real estate or run an investment fund, this is a preview of where deal analysis is headed .

Whether you are a passive investor exploring multifamily, industrial, private credit, or energy investing, or an active real estate investor building your own portfolio toward financial freedom, this episode with Bob Fraser delivers frameworks you can use immediately.

Want to learn more about our guest? Connect here: aspenfunds.us

He Lost Millions Twice - Then Built an $800M Empire with Bob Fraser