Founding cohort · January 2027 · Applications open
Dreaming of developing real estate overseas?
Adv. Ilan Leibovitch is building a small cohort of developers and investors and guiding them step by step toward their first project abroad. Not a course you watch, but a group that works on your deal.
Applications are reviewed in the order received. Every applicant gets a written answer.
- sessions, with a personal deal file running through all of them
- 12
- in Bucharest: a building site, a bank, a notary and a contractor
- Field week
- at the end, you present your file to a review panel
- Panel
- closed, with an introductory call and an interview before joining
- Small group
What holds most dreamers back, and what to do about it
“I don’t know the language, the law or the authorities.”
You learn the map with a lawyer who works in the Romanian market as a developer, and with a local lawyer alongside every deal.
“I don’t know who to trust over there.”
You meet the professionals working on the ground, and get the tools to vet each of them yourself.
“I’m afraid my first money will be lost.”
Three filters before any flight, and a review panel before any commitment. A timely “no” is a success.
Three things that are hard to find together
- 1
A developer building right now
Adv. Leibovitch is a partner in a 29-villa project in Balotești, and the project serves as an open case study: permits, timelines and what we would do differently.
- 2
A lawyer alongside the developer
Every stage is also studied from the legal side: the holding structure, contracts, permits and registration, and what local law requires.
- 3
Your own deal file
Not a generic example. Throughout the program, each participant builds a file for a real deal they are examining, and presents it to the review panel at the end.
Disclosure: Adv. Ilan Leibovitch is also a real-estate developer and a partner in Compass Group, the developer of Compass on the Lake in Romania. The office does not represent buyers or investors in transactions with Compass Group or its projects, and refers them to independent counsel.
Additional disclosure: Moti Azulay, who teaches in the program, is a developer and partner in Compass Group, the developer of Compass on the Lake.
Investment course or developers’ cohort?
| Typical investment course | The Developers’ Cohort | |
|---|---|---|
| What you learn | Buying a property someone else builds | Building a project: land, permit, financing, contractor and sales |
| Which deal | Generic examples | Your personal deal file, from the first session |
| Fieldwork | Usually none | A week in Bucharest: a building site, a bank, a notary and a contractor |
| How it ends | A certificate | A certificate, presenting your file to a review panel and a 90-day plan |
| Who gets in | Anyone who signs up | A small group, after an introductory call and an interview |
Three filters. Every deal passes all three.
- 1
Economic feasibility
A conservative business plan with every cost, including the ones people forget: tax, flights and accommodation. Every figure is checked against several sources.
- 2
Planning and physical review
A site visit, architects and contractors, building rights, price per m² in comparable deals, and realistic permit timelines.
- 3
Legal review
The property’s history and current status: liens, debts and registration, with a local lawyer alongside the supervising lawyer.
12 sessions. And at the end, a review panel.
Each session starts with a real issue and ends with a working tool. From the first session, every participant builds a file for a deal they are examining, and anyone without a deal yet works on a training file.
Before you dive in
- 1
The lay of the land
Investor vs. developer, types of deals, and opening your personal deal file.
A map of the players and an open deal file
- 2
Choosing a country and a market
How to choose a country, a city and a neighborhood, which information sources work, and how to handle currency risk and legislative change.
A market report for one city
- 3
The three filters, in the lab
Economic, planning and legal analysis on a real model we build together.
A screening model for your deal
- 4
Planning and building abroad
The urban planning certificate, permits, zoning plans and timelines, with Romania as a live example.
A permit map for the project
Building the project
- 5
Structure and partners
A local company, a local partner or a joint venture: who holds what, who decides, and what happens in a dispute.
A structure chart and decision rules
- 6
The product: what to build and for whom
From the buyer back to the plan: size, specifications, construction costs and budget control with the contractor.
A product spec and a construction budget
- 7
Financing, from the bank’s side
How a local bank assesses a foreign developer and what it wants to see, plus a mock credit meeting.
A bank-ready credit file
- 8
International tax
With a tax advisor: taxation in two countries, tax treaties, and what to plan in advance.
A list of questions for your tax advisor
Build, sell, decide
- 9
The team and execution
Local lawyer, architect, engineer, contractor, accountant and broker: how to choose them, manage them and supervise them remotely.
A team map and instructions for the local lawyer
- 10
Marketing, sales and buyers’ funds
Selling to locals and to Israelis, and how buyers’ funds are protected under the law: from Israel’s Sale (Apartments) Law to a dedicated account abroad.
A checklist for marketing materials
- 11
Negotiation, and when things go wrong
Cross-cultural negotiation, and what to do in the first 72 hours when a bank freezes credit or a contractor falls behind.
An emergency protocol
- 12
The review panel
Each participant presents their file to Ilan and a group of practitioners. “We’re not going into this deal” is a perfectly good answer.
A reasoned decision and a 90-day plan
Opening meeting
An in-person get-together in Israel before the first session.
Field week in Bucharest
An active building site, an architect, a bank, a notary and a contractor. A study tour, not a sales tour.
Monthly office hours
Between sessions: a group meeting with Ilan on the deals you are examining.
What you leave with
- A personal deal file
- The three-filter model
- A market report
- A permit map
- A structure chart
- A product spec and budget
- A bank credit file
- A map of your professional team
- Instructions for the local lawyer
- A marketing materials checklist
- A 72-hour protocol
- A 90-day plan
Who teaches
Adv. Ilan Leibovitch
Cohort lead
Lawyer, former member of the 16th Knesset, developer and partner in Compass on the Lake.
Moti Azulay
Strategy, market research and marketing
Developer and partner in Compass on the Lake, doctoral candidate in management and consumer behavior researcher.
They are joined by practitioners in tax, planning, financing and banking, and by active developers from other countries.
Why the cohort is small by design
- A first project abroad needs personal guidance, not a lecture to a packed hall. Ilan reads every deal file himself.
- The review panel at the end needs time for each participant, so places are limited.
- A small group is also a network: the person sitting next to you could be the partner, advisor or friend on your next project.
From application to your first project
- 1
Apply
Two minutes, using the form at the bottom of the page.
- 2
Introductory call
What you bring, what you are looking for, and which deal you would like to examine.
- 3
Interview with Ilan
A personal conversation: is this the right time for you, and if not, what is missing.
- 4
Written answer
For every applicant, including those not accepted, explaining what is missing and how to fill the gap.
- 5
Join the cohort
Opening meeting, 12 sessions, a field week in Bucharest and office hours.
- 6
The review panel
Present your file and leave with a decision and a plan for your first project.
Not everyone who wants in is a fit, and that’s fine
It’s for you if
- You know where the project capital will come from: your own, partners’ or investors’.
- You have experience as a real estate investor, or a professional background in the field.
- You have real time to commit, including travel to the project country.
- You are ready to work with a professional team, not alone.
- You have the courage to walk away from a deal when the numbers don’t add up.
It’s less suited to you if
- You are looking for a quick, safe profit.
- You plan to go into a project on other people’s money alone.
- You want a “ready-made deal” instead of learning to build one.
- You are looking for a lawyer for a deal, not a program.
What stays with you after the cohort
Certificate of completion
For completing the program and presenting your file to the review panel.
Your file
Model, permits, structure, budget and action plan. It stays with you.
Alumni circle
An annual meeting in Bucharest, and peer review of deals among alumni.
The professional team
An introduction to the professionals who worked with you along the way.
And what we don’t promise
- We don’t promise profit, and we don’t sell a “ready-made deal”.
- We teach you to say “no” to a bad deal.
- Any deal you choose is yours, with your own lawyer in the project country.
Frequently asked questions
What is the difference between a real estate investment course and a real estate development course?
In an investment course you learn to buy a property that someone else builds. In a development course you learn to build it yourself: find land, obtain a permit, raise financing, manage a contractor and sell. The cohort is a development program, with a personal deal file, a field week in Bucharest and a review panel at the end.
When does the cohort start?
The founding cohort starts in January 2027. Those who apply now are the first to hear about dates, format and cost, and are invited to an introductory call before any commitment.
Do I need prior development experience?
No. Nor do you need to have all the capital in hand already. You need time, a willingness to learn and a plan for where the capital will come from: your own, partners’ or investors’. Experience as an investor or a professional background helps, and that is what the introductory call is for.
Which countries does it cover?
The method is built to work in any country. Romania is the main case study, alongside case studies from other countries.
Will Ilan be my lawyer on the deal?
The cohort is a study and mentoring program, not legal representation. Representation on a specific deal, if you want it, is arranged under a separate agreement, and always alongside a local lawyer in the project country.
Do I need to buy a villa at Compass on the Lake to join?
No. The cohort is separate from the project, which serves only as a case study. No one will offer to sell you anything there, including during the field week.
How much does the cohort cost?
The cost is shared during the introductory call, together with the dates and format, and before any commitment.
What if I am not accepted?
You will get a written answer explaining what is missing. You can fill the gap and apply again for the next cohort.
Think you have what it takes? Apply.
Two minutes. We will get back to you for an introductory call and tell you about the dates, format and cost before any commitment.
The cohort is a study and mentoring program and does not constitute legal, tax or investment advice. Program details, dates and cost will be provided during the introductory call.