Episode 70:

In this episode of Raw & Relentless, Bo DePaoli sits down with Eugene Gershman, a real estate developer with a model most people have never seen before: he develops properties without buying the land. Instead, he partners directly with landowners, handling feasibility, financing, permitting, team assembly, and construction management, while taking the last position in the payout stack

.Eugene breaks down the reality behind development that most owners and investors never hear: the risks, the timelines, the land-use traps, and why builders and GCs often sit in direct conflict with the owner’s interests. He also explains why he targets a 2X equity multiple instead of chasing IRR projections that fall apart under real-world timelines.

You’ll learn:

● How Eugene partners with landowners without acquiring the dirt

● Why the developer getting paid last protects the deal● The truth about permitting timelines (12–18 months) and real construction cycles

● CM vs GC: who actually works for YOU

● Why land-use code—not building code—is the real battleground

● How he derisks deals by avoiding over-leveraged capital stacks

● Why most people underestimate development—and why others think it’s rocket science

Whether you own land, invest in real estate, or want the unfiltered version of what development really takes, this conversation is a blueprint for safer partnerships, stronger deals, and smarter execution.

Connect with Eugene!

LinkedIn: Eugene Gershman

Instagram: eg_developer