.jpg)
The Real Estate Investing Club
Real estate pros share their stories on how they got started investing in real estate and then grew from their first deal to a portfolio of cash-flowing properties. In each episode you'll learn the strategies our guests used to create generational wealth for themselves and their families, and the steps you can take to do the same in your own back yard. Our goal at The Real Estate Investing Club is to teach you the fastest ways to start and grow your real estate investing career in today's market - from multifamily, to self-storage, to mobile home parks, to mix-use industrial, you'll hear it all! Our guests share their career peaks and valleys and the best advice, greatest stories, and favorite tips they learned along the way. Want to create wealth for yourself using the vehicle of real estate? Getting mentorship is the fastest way to success. Get an REI mentor and check out our REI course at https://www.therealestateinvestingclub.com.
The Real Estate Investing Club
🏢 Repurposing Call Centers: Dave Codrea's Creative Real Estate Strategy
Join our community of RE investors on Skool here: https://www.skool.com/the-real-estate-investing-club-5101/about?ref=44459ba83f5540f19109c8a530db4023
FROM CALL CENTERS TO CASH FLOW
In this eye-opening episode of The Real Estate Investing Club, I sit down with Dave Codrea, co-founder of Greenleaf Capital Partners, who reveals an innovative investment strategy that perfectly captures today's changing commercial landscape: repurposing vacant call centers into thriving multi-tenant business spaces. 🏙️
THE AI REVOLUTION CREATING REAL ESTATE OPPORTUNITIES
The rise of artificial intelligence and remote work has left thousands of call centers sitting vacant across the country. As Dave explains, "Most of that started when COVID hit. Everyone's working from home now... and with AI's impact, that tenant base is kind of gone." While most investors overlook these "cube farms," Dave recognized a massive opportunity hiding in plain sight. 🤖
WHAT MAKES CALL CENTERS PERFECT FOR REPURPOSING
These properties have several key advantages that make them ideal candidates for transformation:
- Large footprints (typically 50,000-100,000 square feet)
- Abundant parking (designed for hundreds of employees)
- Robust power infrastructure (often including backup generators)
- Prime suburban locations near residential areas
- Low acquisition costs (as low as $40-60 per square foot)
Dave's strategy is brilliantly simple yet effective - divide these massive spaces into 5,000-10,000 square foot suites that appeal to a wide range of businesses. "We're putting in glass roll-up doors, raising the ceilings, and creating spaces that smaller businesses can actually use," Dave shares.
THE TENANT MIX AND ECONOMICS
The diverse tenant mix in these repurposed facilities includes medical services like Labcorp, pest control companies, personal trainers, pharmacies, and even video game simulation companies. By acquiring these properties for $40-100 per square foot and investing another $30-40 per square foot in renovations, Dave creates assets that generate solid cash flow with mid-teens returns.
FINDING THESE HIDDEN GEMS
Unlike many real estate investors who rely heavily on brokers or direct mail, Dave prefers a more hands-on approach: "I love driving around. I drive a big Sprinter van every day, and I'm always looking at stuff." This old-school method of physically exploring potential opportunities has helped him identify properties that others miss.
WISDOM FROM YEARS OF EXPERIENCE
Throughout our conversation, Dave shares valuable insights from his extensive real estate career spanning multiple asset classes from mobile home parks to medical buildings. His advice to focus on properties in your local market resonated deeply: "Invest in your town and do a good job there. Help make it a better place. I don't think the grass is greener on the other side."
Whether you're a seasoned investor looking for creative opportunities in today's changing market or just starting your real estate journey, Dave's innovative approach to repurposing commercial space offers valuable lessons on finding opportunity where others see obsolescence.
Want to learn more about investing in real estate? Visit https
Join our community of RE investors on Skool here: https://www.skool.com/the-real-estate-investing-club-5101/about?ref=44459ba83f5540f19109c8a530db4023
