Wealth Independence Podcast
The Wealth Independence Podcast guides high-income tech professionals through proven strategies for building passive income and achieving true financial independence.
Hosts Dustin Bailey and Adam Penn share battle-tested frameworks, real-world case studies, and hard-won lessons from their years of experience in private markets and alternative investments. Each week, they break down complex investment concepts, analyze current market trends, and interview successful investors and industry experts.
Through a freedom-first approach that emphasizes passive income, smart diversification, and thorough due diligence, learn how to shorten your learning curve and avoid common pitfalls on their path to financial independence.
Whether you're looking to understand private placements, real estate fundamentals, or alternative investment opportunities, Wealth Independence delivers actionable insights that help busy professionals make informed investment decisions.
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Wealth Independence Podcast
v2.4 - Development Risk, Timing, and Deal-Breakers (ft. Eugene Gershman)
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
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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.
