Based on an episode of the Dwanderful Real Estate Podcast with host Dwan Bent-Twyford and guest Caleb David, commercial real estate broker in Colorado.

Commercial real estate has a reputation for corner offices, big checks, and transactions that feel anything but personal. Caleb David is working to change that. In this episode of the Dwanderful Real Estate Podcast, host Dwan Bent-Twyford sits down with the Colorado commercial broker to talk about how two decades in the nonprofit world shaped a people-first approach to the business, and what anyone curious about commercial property should do first.

Dwan opens the episode by celebrating a milestone: the podcast has passed 1 million downloads, and the new goal is 2 million.

From Nonprofit Work to Commercial Real Estate

Caleb’s path to commercial real estate was anything but traditional. Born to a half-Indian, half-American family, he spent much of his childhood in India before his family moved to Oklahoma when he was 11. He graduated from high school at 16 and went on to build a career of about 20 years in the nonprofit sector.

He founded a nonprofit called The Table Initiative, which took people overseas to experience global social issues firsthand. Trips included visits to Ethiopia, where he has traveled almost 30 times and where both of his children were born, and to the Syrian border in Jordan, where participants shared meals with refugee families. The goal was never to “do for” people but to build relationships, then connect travelers with locally run nonprofits already doing strong work. He also served on the board of an organization that reunified trafficked children with their families and helped educate them.

After the pandemic hit in 2020, he closed the organization. By then he had already stepped into commercial real estate, about 11 years ago, after burning out in nonprofit work. A friend mentioned that someone was looking for an assistant and possible broker. Caleb knew the move meant commission-only income and at least five years of “hitting the pavement,” but he took the leap.

A Little Bit of Everything: Caleb’s Commercial Focus

Caleb describes himself as a generalist by choice. He enjoys seeing how retail, industrial, and office markets influence one another, and he works across property types, including:

• Helping business owners lease or purchase space
• Lease-to-own arrangements
• Office buildings and therapy offices
• Restaurants, retail, and nonprofits

The one area he stays out of is syndication. He prefers to be an expert in what he does rather than stretch into something he isn’t ready for. He is quick to add that he has nothing against syndication, and that others do it very well.

He is licensed in Colorado, lives in Castle Rock, and works out of Colorado Springs, where he recently joined Keller Williams as commercial director after nearly six years as an independent broker. His territory covers the Front Range from Loveland down to Pueblo.

Education First: Preparing Small Businesses for Commercial Space

What sets Caleb’s approach apart is its focus on education. He consults with small businesses through a small business development corporation to make sure they are truly ready for a commercial lease or purchase. If they aren’t, he points them in the right direction.

The stakes are high. Business owners are often quitting their jobs, taking out loans, and making major financial commitments. Many underestimate how much goes into the process, including zoning: just because you love a building doesn’t mean it will work for your business.

In a slower market where big deals are less frequent, Caleb says brokers have to get creative. For him, that means understanding where movement is happening and helping clients build businesses that last, so they come back in two or three years ready for a second location, or ready to buy after leasing for a few years.

Actionable Tips for Anyone Interested in Commercial Real Estate

When Dwan asks for a first step, Caleb’s answer is simple: start with your goals.

1. Define your desired outcome, then work backward

Identify what you want to achieve, whether that’s buying a property for your own business or investing. Then research the data and the local market to see whether the goal is realistic. Sometimes expectations or locations have to change.

2. Understand your financing path early

Your end goal shapes your financing. An owner-user using an SBA loan is in a very different position than an investor who may need to put 25 to 30 percent down and make the numbers work for a lender. Investors may also need to consider options like a 1031 exchange.

3. Stay flexible and willing to pivot

Sometimes the market doesn’t support the plan, and timing matters. Both Caleb and Dwan have seen buyers shop around until someone tells them what they want to hear, which can end very badly.

4. Find a broker who asks questions

A broker who simply takes your wish list and says “go get it” is a warning sign. A good one asks questions, brings nuance, and is willing to say when there’s a bridge out ahead. Caleb’s example: the Colorado Springs multifamily market has been picked over, with some buildings changing hands three times in five years, pushing the cost basis ever higher. A good broker will also help you look off-market and will have strong relationships with other brokers, lenders, and residential agents.

5. Build your team

Dwan echoes the point from her own experience running the Colorado REIA group in Denver: you need a real estate agent, a mortgage broker, a title company, and other trusted professionals. Real estate investing is not a one-person show. Start small, learn the market, meet people, and don’t bite off a hundred-unit complex on your first try.

People Before Profits

Dwan’s motto is “people before profits,” and Caleb shares it, though he admits it’s a daily balancing act, especially after a tough three years in the commercial market. For him, success isn’t defined by money but by how you show up for people. He believes there is enough abundance for everyone to do their work well.

He remembers the few brokers who showed him respect and kindness when he was new, including those who passed him easy wins so he looked good in front of clients. Now he tries to do the same. He also sees an opportunity in serving the growing community of Hispanic-owned businesses in Colorado Springs, which he expects to have a major impact on the local economy. His advice to fellow brokers: slow down, be curious, and find help with translation if needed.

Rapid-Fire Questions

The conversation turns lighter with a few personal questions:

• Favorite band: Coldplay or Keane
• Favorite concerts: Adele and Alanis Morissette
• Favorite food: Indian food
• Walk-on song for a conference stage: “This Is Me” from The Greatest Showman

What’s Next for Caleb

Caleb’s next goal is to build a larger team. He wants to hire commercial brokers, either new to the industry or experienced, who are looking for a non-corporate culture centered on people. He also invites anyone with questions to reach out: his team offers free consultations even if you’re not ready to buy, sell, or lease.

One Word of Wisdom: Authentic

As with every episode, Dwan asks her guest for a single word of wisdom. Caleb’s word is authentic.

For him, authenticity means showing up as who you really are, doing the inner work, and giving yourself grace to make mistakes and improve. It applies to everything: what commercial real estate is “supposed” to look like, what investing is supposed to look like, even what a dad is supposed to look like. The people who aren’t drawn to the real you, he says, aren’t your people, and that’s okay.

Dwan’s challenge to listeners: write the word on a yellow sticky note, put it on your bathroom mirror, and repeat it all week.

Where to Find Caleb David

• Instagram and Facebook: Caleb David
• LinkedIn: Caleb David
• Company: David Commercial (Instagram and Facebook: @DavidCommercial)
• Website: davidcommercial.com
• Podcast: Commercial Real Estate Unfiltered on YouTube, Apple, and Spotify

Final Takeaways

• Start with your goals and work backward.
• Choose a broker who asks questions and tells you the truth.
• Build a team of trusted experts around you.
• Stay flexible, because timing and market conditions matter.
• Put people before profits, and show up authentically.

Conclusion: Build the Knowledge, Then Make the Move

Caleb David’s conversation with Dwan Bent-Twyford shows that commercial real estate success starts well before the deal itself. It begins with clear goals, an honest look at what the market will support, and a team that cares as much about your long-term success as about the closing. Whether you’re leasing your first storefront or weighing an investment property, the strongest position comes from understanding your numbers, your financing, and your options before you commit.

That focus on education is exactly what Dwanderful is built around. Dwanderful is a real estate investing resource created by real estate investor and podcast host Dwan Bent-Twyford. Since understanding financing is an important part of investing, Dwan offers resources to help investors build their knowledge and make more informed decisions.

Her free Real Estate Lingo book explains essential real estate terms, while Five Pillars of Real Estate Investing provides practical knowledge and strategies for building a strong investing foundation. For investors interested in distressed properties, these programs cover the territory:

• LEVEL 1: Complete Foreclosure Investors’ Choice Program teaches foreclosure investing strategies.
• Foreclosure Fortunes helps investors identify foreclosure opportunities and avoid common pitfalls.
• The Fed Up Program focuses on helping homeowners in financial distress while creating opportunities for investors.

Dwan also offers How to Sell a House When It’s Worth Less Than the Mortgage, covering options such as short sales and subject-to strategies, and Short-Sale Pre-Foreclosure Investing, which explores buying properties through short-sale and pre-foreclosure opportunities.

If you’re still deciding on your next investment move, Dwanderful’s quiz game takes less than a minute and helps you discover how you could potentially generate six figures in the next six months, whether you’re buying your first property or your next. Visit dwanderful.com to take the quiz and explore the resources above. Contact us now!

Want more conversations like this? Visit dwanderful.com, take the real estate investing quiz, and subscribe to the Dwanderful Real Estate Podcast wherever you listen.