Real Estate Development: Land to Legacy

Eugene Gershman
  • 5.0 (5)
  • Entrepreneurship
  • Updated Weekly

Real Estate Development: Land to Legacy is hosted by Eugene Gershman, who scaled his company to $30M/year before the market forced a reset. Now rebuilding with deeper clarity, he shares real stories of growth, failure, and leadership. This podcast breaks down the real-life lessons and steps behind turning land into lasting value—educating listeners on what it truly takes to develop real estate. Guests include developers, investors, architects, land use consultants, and more. If you've lived the lessons and bounced back, we want to hear from you.

  1. Sep 17

    Why Architects Cost So Much

    OverviewWhat does a $47,000 architectural fee actually buy? Tim Derrington breaks down a proposal for a 17,000-square-foot gym in an existing strip center: $7,000 for design and code-compliance work, and $40,000 for coordination and documentation. The example explains why the initial concept can account for a small part of the work required to deliver a buildable project. Tim joins Eugene Gershman to examine what owners should expect from an architect, how to evaluate a design team's construction knowledge, and why a convincing rendering leaves important questions unanswered. They discuss the responsibilities behind a complete set of plans, the limits of early cost estimates, and the money owners must spend to reduce uncertainty before construction. The conversation moves through real project problems, including an engineering handoff that delayed construction and unexpected conditions beneath an existing building. Tim and Eugene examine how architects, civil engineers, structural engineers, and builders need to coordinate, and why the professional who leads the team should depend on the project. They also discuss defining the development program before design, balancing function with the experience of a space, and the benefits and frustrations of building information modeling. Tim explains where he currently finds AI useful and closes with questions owners can ask to compare architectural proposals, understand exclusions, and choose a team they can trust. Guest BioTim Derrington is the founding principal of Derrington Building Studio, an Austin-based architecture practice he founded in 2011. He trained at the University of Houston and is licensed to practice architecture in Texas. The studio designs commercial interiors, adaptive reuse projects, and places for gathering, fitness, and recreation across Texas. In the conversation, Tim describes the firm's work in Austin, Houston, and San Antonio, including climbing destinations, retail spaces, and wedding venues. His perspective connects design intent with the coordination and construction details needed to carry it through. Episode Highlights and Chapters00:00 — Episode preview A preview of the conversation on architectural fees, hidden building conditions, verifying design details, and spending money to understand a project's feasibility. 00:58 — Land to Legacy intro The Land to Legacy introduction. 01:09 — Meet Tim Derrington Eugene introduces Tim and the questions developers bring to the relationship between architectural design, construction, and cost. 01:35 — What makes a good architect Tim explains the combination of vision, coordination, and construction knowledge an owner should expect from an architectural team. 05:21 — Why early construction estimates remain uncertain A concept can support a rough budget, but the materials, assemblies, and documentation needed for firmer pricing take time and money to develop. 08:38 — Check an architect’s work with builders and clients Tim recommends speaking with previous clients and builders to learn how an architect's drawings and working relationships perform during construction. 09:55 — Knowing how the design will be built Tim describes how his team researches assemblies, checks details with specialists, and tests whether a design can be built before treating it as resolved. 14:01 — Construction mistakes and hidden site conditions Project stories show how coordination failures and unexpected existing conditions can interrupt construction. Tim also discusses taking responsibility for mistakes and bringing design disciplines together early. 25:23 — Which professional should lead the team The appropriate lead depends on the building and its purpose. Eugene and Tim compare the priorities of architects, civil engineers, and structural engineers. 28:22 — Define feasibility and the program before design Eugene explains how land-use research, a preliminary budget, market demand, and a potential exit inform the program given to the architect. 30:06 — Designing for function and experience The discussion moves beyond attractive renderings to how spaces work for people, what problem a design solves, and how function and experience influence each other. 36:46 — Architectural software and documentation Tim describes the studio's progression from early sketches to Archicad and three-dimensional modeling, including the time required to manage and revise detailed building information. 41:06 — Where AI helps in Tim’s practice Tim discusses early concepts, text and contract review, and checking his own code research. Eugene shares an example of using AI for preliminary site-planning options. 45:19 — What an architect’s fee actually covers A proposed $47,000 fee for a 17,000-square-foot gym illustrates the difference between initial design work and the larger coordination and documentation effort. 49:11 — Compare scope before comparing fees Tim recommends asking what each proposal includes, who handles permitting and consultant coordination, and how revisions and design development will be managed. 51:54 — Tim’s practice and closing thanks Tim describes Derrington Building Studio's commercial work across Texas and shares where listeners can learn more and contact the studio. 52:39 — Land to Legacy outro The Land to Legacy closing. Contact InformationConnect with Tim DerringtonDerrington Building Studio: https://www.derrington.co/ Contact Tim through the studio: https://www.derrington.co/contact/ About Tim and the studio: https://www.derrington.co/about/ Derrington Building Studio on Instagram: https://www.instagram.com/derrington.building.studio/ Episode lessonsLessons from Why Architects Cost So Much brings together six practical lessons from the conversation, each with an episode example and what it means for your project. Get the episode lessons Considering development?Before you spend on design, use GIS's free Feasibility Study Checklist to organize the basic property facts, identify questions that still need answers, and prepare for a more useful conversation with your development team. Get the free GIS Feasibility Study Checklist Eugene Gershman and Land to LegacyEugene Gershman: https://egershman.com/ Land to Legacy episodes: https://egershman.com/podcast/ Eugene Gershman on LinkedIn: https://www.linkedin.com/in/eugenegershman/ GIS Companies: https://giscompanies.co/ Apply to be a guest on Land to Legacy: https://egershman.com/podcast/guest/ Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

    Why Architects Cost So Much

  2. Sep 15

    Will This ADU Pencil?

    A homeowner can be legally allowed to build an ADU and still be better off leaving the backyard alone. Babak Mortazavi joins Eugene Gershman to examine the economics, permitting, design, financing, and neighborhood tradeoffs behind accessory dwelling units. The conversation moves from the reason ADUs have become a major housing strategy to the questions that decide whether a project works: purpose, feasibility, soft costs, hard costs, financing, parking, contractor pricing, prefab delivery, and the homeowner's tolerance for risk. Guest BioBabak Mortazavi is the founder and CEO of LADU, a Los Angeles-based ADU design-build company. LADU's official company profile says Babak has more than 15 years of experience in commercial and residential real estate development and founded the company to make ADU projects easier for Los Angeles property owners to plan and execute. Episode Highlights and Chapters00:00 Highlights on pricing transparency, homeowner risk, permitting, and budget discipline. 00:57 Land to Legacy introduction. 01:08 Eugene introduces Babak and the role of accessory dwelling units in the housing discussion. 01:51 Babak explains why property owners have become an important part of California's housing strategy. 08:27 The conversation breaks down LADU's design, permitting, engineering, and construction platform. 11:43 Babak explains why the first question is whether the ADU is for family, income, or another specific goal. 16:38 Babak discusses construction pricing and why contractors should price the project instead of the customer. 19:38 Trust, reputation, and the high cost of failure in a homeowner's first major project. 21:28 A Coastal Commission delay becomes a lesson in reading the fine print and managing expectations. 25:24 Standardized lot patterns, repeatable designs, and the move toward a smaller menu of proven options. 26:55 Babak explains the promise and limits of prefab, including delivery, inspection, financing, and panelized construction. 33:04 Feasibility, stamped plans, contractor estimates, and why an ADU budget can expand like a wedding budget. 36:51 Eugene and Babak discuss neighborhood resistance, architectural fit, density, and the second-order effects of housing change. 45:35 Pocket neighborhoods, tenants in common, and alternative paths to homeownership. 47:43 How to contact Babak and request an LADU consultation. Contact InformationBabak Mortazavi LADU: https://www.ladu.co/ Free LADU consultation: https://www.ladu.co/free-consultation Instagram: https://www.instagram.com/dreamladu/ LinkedIn: https://www.linkedin.com/in/babak-mortazavi-56966a254/ Host: Eugene Gershman / GIS Companies GIS Companies: https://giscompanies.co/ Eugene Gershman: https://www.linkedin.com/in/eugenegershman/ Download the Feasibility Study Checklist to assess your project's potential: https://giscompanies.co/development/feasibility-study/ Interested in being a guest on the podcast: https://giscompanies.co/podcast/ Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

    Will This ADU Pencil?

  3. Aug 29

    Protect What You Build

    The time to protect a project is before a claim arrives. Attorney and Certified Financial Planner™ practitioner Matthew Meredith joins Eugene Gershman to explain how real estate owners can reduce avoidable exposure before they buy, develop, lease, or refinance property. The conversation covers revocable and irrevocable trusts, succession planning, trust-owned businesses, holding companies, LLC structures, corporate governance, personal guarantees, due-on-sale clauses, anonymous ownership, and the importance of separating operations from assets. Matthew also explains how these structures can grow with a portfolio and where lenders, taxes, and ongoing administration change the calculation. Guest Bio Matthew Meredith, Esq., CFP®, is the founder of Meridian Legal Advisors, a law firm focused on estate planning, tax strategy, and asset protection. He brings more than 20 years of financial-services experience to work that coordinates legal, tax, business, and financial planning for families, entrepreneurs, professionals, and real estate investors. Episode Highlights and Chapters 00:00 Highlights 01:22 Land to Legacy intro 01:33 Matthew Meredith joins Land to Legacy 02:14 From wealth management to tax law 04:18 What owners should address before a project begins 05:58 Why protection must precede a claim 06:45 Revocable and irrevocable trusts 11:06 Trust-owned businesses and holding companies 13:50 Separating operations from real estate assets 16:45 Hub-and-spoke ownership for multiple properties 20:03 Scaling the structure without separate tax returns for every LLC 25:26 The limits of asset protection when a loan has a personal guarantee 28:02 Anonymous ownership and litigation deterrence 30:31 Domestic and offshore asset-protection trusts 37:52 How trust structures affect real estate financing 40:41 Due-on-sale clauses and structuring before a transfer 42:35 Subject-to transactions and lender risk 44:42 DSCR loans, rental income, and real estate opportunity 46:09 How to connect with Matthew Contact Information Matthew Meredith / Meridian Legal Advisors Website: https://meridianlg.com/ LinkedIn: https://www.linkedin.com/in/matthewrmeredith Eugene Gershman / GIS Companies GIS Companies: https://giscompanies.co/ Eugene Gershman on LinkedIn: https://www.linkedin.com/in/eugenegershman/ Download the free Feasibility Study Checklist: https://giscompanies.co/development/feasibility-study/ Apply to be a guest on Land to Legacy: https://giscompanies.co/podcast/ This conversation is for general information and does not constitute legal, tax, investment, lending, or insurance advice. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

    Protect What You Build

  4. Aug 26

    Building Wealth at Your Pace

    What do you do when a completed project no longer sells for the price you underwrote? Kevin “KAYR” Robinson and Eugene Gershman examine the decision that can determine whether a market downturn becomes a manageable delay or a permanent loss: accept the lower price, pivot to a rental hold, or keep enough cash available to wait. KAYR traces his path from moving about 18 times before age 18 to building a portfolio of more than 160 rental units. He explains the three forms of capital behind his first purchases—intellectual, social, and financial—and why he grew from one rental in 2009 to 105 units by 2020 at his own pace. The conversation covers personal-name and LLC ownership, cash-on-cash return, downside scenarios, market and neighborhood filters, occupancy, cash-out refinancing, investor expectations, and reserve funds. KAYR also breaks down the strong deals he lost over relatively small negotiation gaps and the long-term cost of letting a good opportunity slip away. Guest Bio Kevin “KAYR” Robinson is a USA TODAY best-selling author, entrepreneur, real estate investor, speaker, and consultant focused on leadership, discipline, decision-making, and long-term growth. Raised in West Philadelphia, he describes moving about 18 times before adulthood, later working at Goldman Sachs, and building a portfolio of more than 160 rental units. His memoir, Can’t Break Me, examines how discipline, structured execution, and long-term thinking can turn unstable beginnings into durable ownership. Episode Highlights and Chapters 00:00 Highlights 01:09 Kevin “KAYR” Robinson joins Land to Legacy 01:49 From West Philadelphia to 160+ rental units 02:50 How real estate entered the picture 05:11 From knucklehead to valedictorian 08:03 The three forms of capital behind a first purchase 10:27 Growing from one rental to 105 11:26 Buying personally versus through an LLC 14:11 Conservative underwriting and cash-on-cash return 20:09 Market, neighborhood, and zip-code filters 21:41 Eugene’s development return benchmark 25:26 What if the project does not sell? 27:30 Reserves, patience, and downside protection 31:41 The $5,000 mistake that cost much more 34:43 Your past does not define your future 35:33 Can’t Break Me and where to find KAYR Contact Information Kevin “KAYR” Robinson Website: https://www.kayrmotivates.com/ LinkedIn: https://www.linkedin.com/in/krobins2/ Instagram: https://www.instagram.com/kayrmotivates/ Book and free prologue: https://www.kayrmotivates.com/book/ Eugene Gershman / GIS Companies GIS Companies: https://giscompanies.co/ Eugene Gershman on LinkedIn: https://www.linkedin.com/in/eugenegershman/ Download the free Feasibility Study Checklist: https://giscompanies.co/development/feasibility-study/ Apply to be a guest on Land to Legacy: https://giscompanies.co/podcast/ This conversation is for general information and does not constitute investment, legal, tax, lending, or insurance advice. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

    Building Wealth at Your Pace

  5. Jul 3

    Land Use Traps

    Overview A simple variance can turn into a costly appeal when the board, staff, or neighbors do not want the project. Kelley Morris Salvatore joins Eugene Gershman to explain where developers get into trouble with land-use approvals, why the right application strategy matters before anything is filed, and how municipal relationships can shape the outcome of a project. The conversation covers neighbor opposition, zoning analysis, planning-board dynamics, peer reviews, AI-assisted code research, affordable-housing density tradeoffs, and the practical difference between saving money and creating avoidable risk. Guest Bio Kelley Morris Salvatore is a partner at DarrowEverett and works in land use, municipal law, administrative appeals, business litigation, and energy and infrastructure matters. She is licensed to practice in Rhode Island and Massachusetts and has practiced for about 30 years, mostly in Rhode Island. Kelley also serves as a municipal attorney and town solicitor, and she has worked as special counsel in land-use matters. Her experience gives her perspective from multiple sides of the land-use process, including developers, municipal staff, boards, neighbors, and public officials. Episode Highlights and Chapters 00:00 Eugene introduces the conversation around land use, laws, regulations, and the issues developers can face during the approval process. 00:38 Kelley introduces her legal background, municipal work, and experience on multiple sides of land-use matters. 02:37 Kelley explains when a developer may need land-use counsel and why early involvement can prevent a weak application from becoming an expensive problem. 04:49 The conversation turns to why calling a lawyer only after there is a problem can cost more than getting the application right at the beginning. 05:23 Kelley explains why the type of application matters, including special use permits, variances, waivers, and zoning analysis. 06:22 Eugene describes why a general call to the city is often less effective than researching the code and asking a specific, routed question. 08:46 Kelley shares examples of projects that became harder because of local opposition, board behavior, or a town's resistance to the applicant. 11:05 Eugene describes a Bellevue project where early neighbor outreach still turned into a costly appeal and prescriptive-easement claim. 14:12 Kelley explains why she still recommends early neighbor engagement on larger projects and why reasonable comments can sometimes be solved before they become appeals. 15:28 Kelley discusses peer reviews and why traffic and drainage studies can help developers answer common public objections. 18:18 Eugene and Kelley discuss how AI is changing code research, legal research, and document review while still requiring professional judgment. 22:32 The conversation covers the risk of relying on outdated or incomplete online codes, especially when local ordinances are not fully codified. 25:29 Kelley explains why housing work has increased in New England and why affordable-housing requirements can create financial pressure for developers. 29:51 Eugene explains why rising costs, high interest rates, and weaker resale values are forcing developers to make harder choices on consultant budgets. 30:22 Kelley explains why planner support can matter even when a developer is trying to save money. 31:48 Kelley closes with advice on administrative approvals and avoiding unnecessary public-meeting risk when a project can qualify for staff-level review. Contact Information Kelley Morris Salvatore DarrowEverett Email: ksalvatore@darroweverett.com Website: https://darroweverett.com/ Profile: https://darroweverett.com/lawyers/kelley-morris-salvatore/ Host: Eugene Gershman / GIS Companies GIS Companies: https://giscompanies.co/ Download the Feasibility Study Checklist to assess your project's potential: https://giscompanies.co/development/feasibility-study/ Interested in being a guest on the podcast: https://giscompanies.co/podcast/ Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

    Land Use Traps

  6. May 10

    One Deal Changes Everything

    Overview One disciplined opportunity can change everything, but forcing ten years of progress into one deal is how developers get hurt. Forth Heffner joins Eugene Gershman to talk about the business lessons behind real estate execution: why failures are often the tuition, why collecting 100 no's can make outreach less fragile, how culture and operating systems shape a company, and why leaders need to understand their own highest and best use before piling more complexity onto the business. Guest Bio Forth Heffner is an Executive Leadership Team Guide and business coach behind Heffner Leadership Coach and The Faculty Resource. His public bio describes a path into coaching shaped by firsthand experience in a family business, where he and his brother stepped into leadership after their father's sudden passing, learned through consultants and coaches, and later recognized culture, vision, values, and communication as critical ingredients for sustainable growth. His site describes his earlier work helping grow the family business before selling his majority position, and his current work guiding leadership teams through operating systems, strategy, culture, and execution. Episode Highlights and Chapters 00:00 Opening highlights: failure as a lesson, one opportunity changing everything, highest and best use, and the danger of cramming ten years of progress into one deal. 01:19 Land to Legacy intro. 01:31 Forth explains how he came into commercial real estate from the vendor side and why that gave him a different view of developers, owners, and leadership teams. 02:42 Forth reframes failure as part of the learning process and compares business development to cold calling: collecting 100 no's can reset the pressure around every attempt. 04:20 Eugene explains why he often talks about what went wrong in development, because preventing expensive mistakes is more useful than pretending the business is easy. 07:10 Forth describes the importance of slowing down, clarifying who the business serves, defining shared vision and values, and staying disciplined about the chosen path. 11:31 Forth explains why one out of 100 opportunities may hit, but one disciplined and strategic deal can change the entire business. 13:31 The conversation shifts to coaching, why it can be hard to sell as a service, and why the real value is helping leaders pursue the endgame they actually want. 17:36 Eugene and Forth discuss highest and best use, not just for assets, but for people, leadership teams, and the roles founders should or should not keep carrying themselves. 18:55 Eugene explains why GIS shut down its construction company and how development plus construction can create too much operational and risk complexity for a growing business. 28:56 Forth and Eugene talk about building a legacy instead of only building an asset, including the pride that comes from pointing to real projects in a community. 30:19 Forth names one of the biggest mistakes developers make: trying to cram ten years of progress into one deal instead of committing to a path, mastering a niche, and building repeatable discipline. 32:32 Forth explains why even strong leaders need coaches, how outside accountability can push people past self-imposed limits, and what a prospective client should ask before choosing a coach. 34:00 Forth shares where listeners can find him and connect after the episode. Contact Information Forth Heffner Website: https://heffneriv.com/ The Faculty Resource: https://www.thefacultyresource.com/ LinkedIn: https://www.linkedin.com/in/forthheffner Host: Eugene Gershman GIS Companies: https://giscompanies.co/ Download the free Feasibility Study Checklist to pressure-test a development opportunity before committing serious time and capital:https://giscompanies.co/development/feasibility-study/ Interested in being a guest on Real Estate Development: Land to Legacy? Visit:https://giscompanies.co/podcast/ Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

    One Deal Changes Everything

  7. May 8

    The Cash Flow Trap

    Accounting may be boring, but Richard Boyd makes the case that boring is exactly where developers get protected. A growing real estate business can look profitable and still run into trouble if the owner does not understand cash flow, capital structure, debt service, work-in-progress accounting, and worst-case planning before the market changes.   Guest Bio   Richard Boyd started an accounting practice in 2021 to help small businesses and real estate developers get clarity around their books, cash flow, payroll planning, debt, and financial forecasting. His work focuses on helping owners understand the health of the business, build better reporting, and put financial controls in place as the business scales.   Episode Highlights and Chapters   00:00 Eugene introduces Richard Boyd and frames accounting as the boring topic developers still need to understand.   00:54 Richard explains why owners avoid accounting, and why clean books reduce stress by making payroll, debt, and cash-flow questions clear.   02:49 Richard breaks down the difference between rear-view accounting and forward-looking financial forecasting.   03:41 Eugene and Richard discuss why starting entrepreneurs and developers often focus too much on profit and not enough on cash flow.   05:10 Richard explains why developers need accurate numbers to present a compelling story to lenders and support a viable development plan.   07:32 Richard describes what developers overlook as they scale from a small operation into a more complex business.   09:54 Richard shares the cautionary story of a $16M real estate investor who grew quickly, lacked visibility into cash flow and DSCR, and was forced to sell inventory at a discount after the market shifted.   13:02 Richard explains how deal assumptions can change, and why developers need contingency planning, exit strategies, and controls before the downside scenario arrives.   15:46 Richard describes how accounting support can scale from basic back-office bookkeeping into scenario modeling and financial planning.   18:39 Richard explains how early startup costs should be tracked when a landowner and partners are still testing whether a project is viable.   21:09 Richard discusses revenue recognition, project-cost capitalization, and why development costs belong on the balance sheet until the project is complete.   23:53 Richard explains why many owners misclassify development costs, then have to fix their books during tax season.   25:38 Eugene asks how AI is changing accounting, and Richard explains where AI helps with task-oriented work but still falls short on strategic CFO-level judgment.   30:07 Richard shares his core advice: it costs nothing to plan, and developers should pressure-test worst-case scenarios before they become real.   33:07 Richard shares how listeners can contact Atlantic Business Advisors.   Contact Information   Richard Boyd / Atlantic Business Advisors   Website: https://atlbusinessadvisors.com/   Email: richard.boyd@atlbusinessadvisors.com   Host: Eugene Gershman / GIS Companies   https://giscompanies.co/   GIS Companies has a free Feasibility Study Checklist available here:   https://giscompanies.co/development/feasibility-study/   To be a guest on the podcast, visit https://giscompanies.co/podcast/. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

    The Cash Flow Trap

  8. Apr 23

    The Hidden Housing Edge

    Mobile home parks are not really mobile, and the best operators are not just collecting rent from a row of trailers. Leo Young breaks down why manufactured housing communities can be a recession-resilient, infrastructure-heavy, relationship-driven asset class, and why the biggest fear is not sewer, roads, insurance, or resident issues. It is the problem no one budgeted for. Guest Bio Leo Young is the founder and managing partner of Cornell Communities, a company focused on acquiring, operating, and turning around manufactured housing communities across eight states. Cornell Communities focuses on providing affordable housing to hardworking Americans while targeting risk-adjusted returns for investors. Before building the company, Leo worked at Tesla during a high-pressure period in the company's history, an experience he says shaped his work ethic, mission-driven mindset, and approach to entrepreneurship. Episode Highlights and Chapters 00:00 Eugene introduces Leo Young, founder and managing partner of Cornell Communities, and sets up the conversation around manufactured housing communities. 00:30 Leo explains Cornell Communities' two-part mission: provide affordable housing and generate strong risk-adjusted returns for investors. 01:04 Leo talks about moving from Tesla to trailer parks, including how Tesla's intense environment and near-bankruptcy period influenced the way he approaches entrepreneurship. 02:13 Leo explains how he found real estate, why passive cash flow caught his attention, and how a friend's investment thesis led him into mobile home parks. 04:49 The conversation turns to acquisition, underwriting, diligence, and what actually happens after closing when a new operator takes over a community. 07:31 Eugene and Leo compare land development feasibility work with manufactured housing due diligence, including utilities, public water connections, and business-plan assumptions. 08:07 Leo describes the biggest operational fear for investors and operators: an unaccounted-for event that blows up the budget. 08:57 Leo walks through resident management, road conditions, utility issues, collections, violations, and the day-to-day work behind operating manufactured housing communities. 10:29 Leo explains the diligence process, including municipal records, test ads, vendor checks, and a detailed checklist before closing. 12:01 Leo describes a cost-control approach to due diligence: start with the free or low-cost items, then move into more expensive third-party studies only when the deal still makes sense. 13:25 Leo explains how seller renegotiations happen when new information changes the economics of a deal. 14:07 The discussion covers the wide range of mobile home park pricing, from small properties to large institutional assets. 15:13 Leo explains why Cornell Communities prefers long-term holds, including the role of depreciation and tax consequences when selling. 16:10 Leo describes how deals are sourced, why brokered deals have become more competitive, and why proprietary outreach matters. 17:26 Eugene challenges the return profile, and Leo explains why the asset class can offer strong risk-adjusted returns compared with new development. 19:23 Leo talks about local contractor networks, small-market relationships, and why good vendors are often found through referrals rather than Google. 20:49 Leo explains the regions Cornell Communities likes, including the Southeast and Midwest, and how tornado risk interacts with a land-lease business model. 23:25 Leo describes typical deal financing, including fixed-rate loans, investor equity, reserves, capex budgets, and depreciation benefits. 24:19 Leo explains that Cornell Communities is primarily an operator, with in-house property management, asset management, and acquisitions. 24:58 Eugene and Leo discuss whether it is still feasible to build a new manufactured housing community from raw land, and why infrastructure costs and municipal resistance can make the numbers difficult. 27:05 Leo compares manufactured homes, park models, tiny homes, and container homes, and explains why manufactured homes are often the easiest for municipalities to understand and approve. 29:10 Leo gives his core lesson for landowners and operators: measure twice, cut once, get more bids than you think you need, and do the diligence before committing. 30:31 Leo shares how listeners can learn more about Cornell Communities, connect with him, and request his free mini-course on manufactured housing communities. Contact Information Leo Young / Cornell Communities https://cornellcommunities.com LinkedIn: https://www.linkedin.com/in/leo-young Instagram: https://www.instagram.com/leoyoung.realestate Free mini-course: message Leo the word MHC on LinkedIn or Instagram. Host: Eugene Gershman / GIS Companies https://giscompanies.co/ GIS Companies has a free Feasibility Study Checklist available here: https://giscompanies.co/development/feasibility-study/ To be a guest on the podcast, visit https://giscompanies.co/podcast/. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

    The Hidden Housing Edge
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5 Ratings

About

Real Estate Development: Land to Legacy is hosted by Eugene Gershman, who scaled his company to $30M/year before the market forced a reset. Now rebuilding with deeper clarity, he shares real stories of growth, failure, and leadership. This podcast breaks down the real-life lessons and steps behind turning land into lasting value—educating listeners on what it truly takes to develop real estate. Guests include developers, investors, architects, land use consultants, and more. If you've lived the lessons and bounced back, we want to hear from you.

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