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Ep #109 – Paul Moore, Founder and Managing Director at Wellings Capital which focuses on Class B apartments in growing markets.

Here’s some of what you will learn:

  • The importance of market selection.
  • A look into the “shale boom.”
  • Building a multifamily facility in North Dakota.
  • Collecting $3900 a month for a 300 sq. ft. unit
  • “A man hears what he wants to hear and disregards the rest.” – Simon & Garfunkel
  • What would George Muller do?
  • “Giving you way out of debt.”
  • The science of achievement and the art of fulfillment, what’s the difference?
  • How do most people become fulfilled?
  • Be sure to incorporate giving back into your life.
  • Markets with a net population increase.
  • Book recommendation:
  • To make a donation to The Tiny Hands Foundation: emailInfo@TinyHandsFoundation.org Donations will be matched by Wellings Capital for one month from original release date of this episode.
  • Connect with me on Facebook at: Rod Khleif
  • Text ROD to 41411 or visit RodKhleif.com for a FREE copy of my book, “How to Create Lifetime Cash Flow Through Multifamily Properties.”

Our Guest

You can learn more about at Paul Moore at: https://www.wellingscapital.com/

Full Transcript Below:

Ep #109 – Paul Moore, Founder and Managing Director at Wellings Capital which focuses on Class B…

Welcome. This is the Lifetime Cash Flow Through Real Estate Investing Podcast. This is where you’ll learn strategies to help you achieve lifetime financial freedom through real estate investment. Your host, Rod Khleif, has owned over 2,000 homes and apartments. And he brings experts in all aspects of real estate investment and management on to the show. Now, here’s your host, Rod Khleif.

Rod Khleif: Welcome to another edition of How to Build Lifetime Cash Flow Through Real Estate Investing. I’m Rod Khleif and I am thrilled you’re here. And I know you’re gonna get a ton of value from the gentleman we’re interviewing today. He’s got a lot to offer and I’m very excited to get into that interview.

But before we do that I wanna mention a couple of quick things. One is, I am all over social media, and if you are as well, please connect with me. I love interacting with you guys and I’m on Facebook, LinkedIn, Instagram. Connect with me. I’d love to connect with you guys.

And also, I love hearing your stories. If you’ve purchased a multi-family property, or any multi-family based on some of what you’ve heard on my show, I’d really love to hear from you, give me that gift. Email me at rod@rodkhleif.com and share your story with me.

Last but not the least, I still have not put my book on Amazon. I promised you it’s going there but you can still get it for free all you have to do is text R-O-D to 41411 and I give you a free copy 200 pages long. I’ve had rave reviews on it. Please take me up on that offer if you haven’t because I know it’ll add value to you.

Our guest today his name is Paul Moore. Paul, he’s got an MBA from Ohio State. He started out at Ford Motor Company, and then started a staffing company. This guy has done a lot. I could go on and on here. He’s flipped houses, he’s built houses, he’s built subdivisions. I’m gonna let him tell you his story. Paul, I’m thrilled you’re here buddy.

Paul Moore: Oh, it’s great to be here. Thanks, Rod.

Rod Khleif: Absolutely. So, you tell us in your words your real estate story. How you got started? Where you are now? And some highlights in between.

Paul Moore: Okay, great. Well, like you said I have an engineering degree, and then I got an MBA from the Ohio State University. Went to Ford Motor Company and really enjoyed it there. I was at the headquarters in Detroit but after a couple months I started looking for entrepreneurial opportunities on the side.

I want to build an oil change shop, or start a tax consulting firm, or something like that. And I just realize, I’m really an entrepreneur at heart. So about four and a half years into that, in the late 90s, I started a staffing company. My partner and I were able to grow that quite substantially, I was finalist for Michigan Entrepreneur of the Year, two years in a row.

Rod Khleif: Oh, cool.

Paul Moore: Yeah. And then we sold that in 1997 for about $2.9 million.

Rod Khleif: Nice.

Paul Moore: And I had a… [overlap talk]

Rod Khleif: Which is a lot of money in 97. [chuckles]

Paul Moore: Yeah. It really was. Especially, considering… We were only making a couple hundred thousand a year so the multiple on that. Basically, we sold to a publicly traded company; who have more money than sense to be honest.

Rod Khleif: Wow.

Paul Moore: And but anyway…

Rod Khleif: Awesome.

Paul Moore: Great people. And it was a great fun ride, but I was trying to decide. Do I want to stay a mile and a half from the city limits of Detroit, while it’s imploding, or do I wanna move to 120 acres on top of a mountain in the Blue Ridge Mountains of Virginia.

I had two young children… [overlap talk]

Rod Khleif: Oh, that’s tough. That’s a story. That sounds interesting.

Paul Moore: It was a tough. Tough decision but…

[chuckles]

Rod Khleif: Yeah.

Paul Moore: Anyway, we did end up moving to Virginia. And we started an international student non-profit organization where we were trying to basically… And we were inviting people from different colleges in this part of the country, international students to come spend a weekend on a ranch, and ride a horse, and milk a cow, and fish on a pond. It was great.

Rod Khleif: Oh, how cool was that.

Paul Moore: Right.

Rod Khleif: I didn’t know that about you. That is fantastic. Good for you.

Paul Moore: Well, Rod, 85% of international students who come to the US, and spend an average of five and a half years here, never step foot in an American’s home. And one of their goals is to get to know American culture. We just thought it would be great to provide a… like a three or four-day weekend for these students and get a chance to live with Americans, and enjoy life. We did that, and frankly, it was great.

We had a lot of fun but I was in my mid 30s and very driven type-A, entrepreneur. Going into semi-retirement in your mid 30s sounds fun but it was miserable. And I couldn’t do it.

Rod Khleif: Right.

Paul Moore: That’s how I got into real estate. We started flipping houses and…

Rod Khleif: Where, by the way?

Paul Moore: Well, we started in the burgeoning metropolis of Martinsville Virginia. We were like an hour from Roanoke. We made $24,000 in a couple days on flipping our first house. We thought we were off to the races but then we found out reality set in and that wasn’t…

Rod Khleif:Was this reality in 2007 or was it before…?

Paul Moore: No, it was in 2001.

Rod Khleif: Okay.

Paul Moore: But the reality was the unemployment rate in Martinsville was 22% and…

Rod Khleif: Guys, those of you are listening, that’s a clue. Okay? That’s what we call a clue.

Paul Moore: [chuckles]

Rod Khleif: Alright? In my book, I talk about what markets to invest in. The four markets you should look at first. And then what to look at in each of those four markets, and that would be a big clue to stay out of that market. [chuckles]

Paul Moore: Right.

Rod Khleif: Anyway, sorry I didn’t mean to twist the knife there.

Paul Moore: No, that’s great.

Rod Khleif: I just thought I’d share it with my listeners.

Paul Moore: Oh no, I love it. Because that’s one of the things we are really big on. It’s market selection now in my business. But that’s great. So we moved to Roanoke pretty quickly. We flipped 60 or 70 houses at Roanoke, Smith Mountain Lake in that region and we got in the modular homes like you said. We’ve… [overlap talk]

Rod Khleif: Oh, so did I. No kidding. So your subdivision was modular?

Paul Moore: Actually, the subdivision itself was not modular. But I did build a number of modular homes in other subdivisions at Smith Mountain Lake in Virginia.

Rod Khleif: Yeah.

Paul Moore: And I set up a real state portal. We have seven realtors that still get leads from this today. We basically just feed Google AdWords, and Facebook ads, and we generate thousands of leads a year and these realtors run with these. Basically, spend about an hour a month on that. That’s really pretty good passive income.

Rod Khleif: Oh, that’s cool. So, that’s a side business for you, providing leads for realtors.

Paul Moore: Right, yeah.

Rod Khleif: Oh, cool.

Paul Moore: Yeah. We just do it here. I’ve tried it in like three other locations, and it’s never worked. So smithmountainhomes.com is that website.

Anyway, I end up investing in oil and gas, in North Dakota. Even though I had a petroleum engineering degree, I shouldn’t have invested in oil and gas. Let me tell you.

Rod Khleif: Really?

Paul Moore: Yeah. It was the Bakken oil boom was on. The rush was on, but my partner and I realized every time we flew there, we couldn’t find a place to stay. There were people staying in their pickup trucks on the side of the road…

Rod Khleif: This is the Shell boom. I heard about that. I mean, the phenomenal opportunities but then people made a ton of money up there but then now recently, I think a lot of people are hurting because it slowed down so much. Is that accurate?

Paul Moore: Oh, it’s absolutely accurate. I can tell you that people were sleeping in their pickup trucks, and rest stops. It was a really bad situation. You know, 50 below zero in the winter there. This was around 2010.

My partner and I were already in real estate, and we had built a really nice office building in Colorado Springs. He mainly did that. I invested in it. We decided to build a multi-family facility. We built a really nice multi-family facility near Williston, North Dakota. And Rod…

Rod Khleif: Right in the heart of it.

Paul Moore: Yeah. Rents, typically, in a lot of America, if you measured by the dollar per square foot, they would run 90 cents to a dollar 50 a square foot. Now, if it were a thousand square foot apartment, might go for… Yeah, $1,000 a month in a typical market, right?

Rod Khleif: That’s average. Yep.

Paul Moore: Yeah. Well, we were charging 13 times that.

Rod Khleif: Wow.

Paul Moore: $13 a square foot. We were charging $3900 for a 300 square foot unit…

Rod Khleif: [laughter]

Paul Moore: And we were all full all the time.

Rod Khleif: Wow. Wow. So, you were one of those guys. Wow. Good for you.

Paul Moore: Yeah.

Rod Khleif: That’s unbelievable. Good for you.

Paul Moore: Yeah. That gave me a taste for a multi-family. We sold out at the height of the boom. Made a couple of million dollars.

Rod Khleif: Fantastic.

Paul Moore: And we were smart enough to plow it into a really high-end Hyatt hotel that we built. And that did not go so well. That was actually in a different part of North Dakota. But, it was still impacted by the oil boom and so… You know, learned a lot of lessons with that.

Rod Khleif: There’s a couple of themes here, and believe me I had this memo as well. I’ve had 18 businesses, and some have been incredible successes. And many have been spectacular failures. It seemed like every time I got out of real estate, I would get my butt handed to me.

There’s a theme here with you buddy, it’s the whole entrepreneur. Entrepreneurs love the shiny penny. The shiny penny syndrome, when there’s something exciting, or head turner. Although it’s… I love it. I wouldn’t give it up for anything, I love being an entrepreneur, but that is the risk.

You have to say no. Particularly, like and I notice, and you talked about oil and gas, then you talked about a hotel. You’ve had some fantastic successes, and it’s so easy. In my case, I won’t speak for you, but you just think when you’re a huge success that in one particular area, you think you can replicate it everywhere.

Sometimes, the universe, or God, or whatever has a… [chuckles] It teaches you a lesson that you know, to stick with what you know. You’ve done it all. I mean, from an engineering degree, to real estate, to staffing, to hotel business, to… I mean, what do you love? If you were to step back from yourself for a minute, what do you absolutely love doing?

Paul Moore: Well, I didn’t tell you about how I went from $1.9 million in the bank to $2.5 million dollars in debt in 07, I’ll get back to that in a minute…

Rod Khleif: No, no, actually, we could go there first.

Paul Moore: [laughter]

Rod Khleif: We could go there first, and we could hold my question till after that. Let’s do that. Let’s talk about that first.

Paul Moore: Okay. Well, we started… we were doing modular homes.

[00:10:01]

Paul Moore: We bought a 5-acre tract that we were going to subdivide into five 1-acre lots. And these were lots that had been purchased originally for $5,000 or $10,000, maybe $50,000 in the 70s or 80s. Now, they were worth four, five, six, $800 or a million dollars.

These are nice waterfront lots. We had people coming from your area, actually, investing here.

Rod Khleif: Yeah, that’s so funny. I did the exact same thing. Waterfront lots. I put modular homes on them. I wanna hear your stories, then I’ll tell you mine. Go ahead. Keep going.

Paul Moore: Oh, well, we had about 10 waterfront lots, and we were making about a $100,000 profit per lot. We were clearing the brush. We were at getting a DOT permit may be adding riprap on the shoreline. Putting a beautiful sign, and great advertising. We had a beautiful website. We were making about a $100,000 a lot.

Rod Khleif: Nice.

Paul Moore: We did this about 20 times. And we had about 10 lots, when I saw the headline of the 2005 Fortune Magazine. Rod, I don’t know if you remember that it said that, “The real estate bubble is about to burst”. And… [chuckles]

Rod Khleif: I was busy playing in South Beach then, to my peril. That was… I had moved to Miami and wasn’t paying attention. I thought 80 million baby boomers getting old and getting cold. We’re gonna have to keep Florida afloat forever; shame on me. That was where I dropped the ball. So no, I missed that magazine cover.

Paul Moore: [chuckles]

Rod Khleif: Had I seen it, I probably would have ignored it anyway. Because, like I said, you get a big head, you think… I tell the story. My real estate went up to $17 milloon in 06, and do the math on that, and how much it is per hour. And I thought I could do no wrong, yeah. [chuckles]

Paul Moore: Absolutely.

Rod Khleif: So, anyway, you were doing these lots. So, what went wrong there? Was it the timing, again?

Paul Moore: Well, there was a couple of things. First of all, the timing, we were holding about 10 lots for several hundred thousand dollars each, in some cases, when the market turned.

We also assumed that the 5-acres lot would be sub-dividable, that the county would allow us to do that real soon based on the information that we had.

Well, that was not the case. That alone was about $860,000 in debt. When I saw that Fortune Magazine headline, I wish I would have listened to Paul Simon and Garfunkel, the song that a boxer has said, “A man hears what he wants to hear and disregards the rest”. And I think like you, I wanted to not believe that and, so we bought a few more lots after that.

Then we started saw the market start to slow down and, so I found myself, my partner in late 2007 said, “I can’t make these interests payments anymore. We were two and a half million dollars in debt. I’m going to bail in two more months if nothing changes.” And he bailed.

We’re still friends today, still works for me, and my other residential real estate company. But I found myself with these huge interest payments; my back against the wall. And one morning, I try to have a morning time of meditation and prayer, and one morning, I thought, what would George Muller do.

Now, George Muller is one of my heroes. I know you have The Tiny Hands Foundation; you would love this guy. He lived from about 1810 to 1898 in Bristol, England. And he housed thousands of orphans.

Rod Khleif: Wow.

Paul Moore: And he did it all. He raised… in today’s dollars, I think, he raised close to $200 million, and he never asked anybody for a penny. He was doing this to demonstrate that the law of sowing and reaping, giving and receiving, karma, whatever you wanna call it. He basically trusted God to bring all the money he needed to build these orphanages. And those are still there today…

Rod Khleif: Wow.

Paul Moore: The buildings are at least.  But they had some really unusual situations, like when they were sitting around at breakfast and with the plates in front of them, dressed for breakfast, the hundreds of orphans, and there would be no food. And they would get knock on the door and the milk truck broke down outside. You know.

Rod Khleif: Yup.

Paul Moore: Or a baker came to the door and said, “I woke up at 2 AM, I couldn’t sleep, so I baked you a whole bunch of bread.” I mean that happened over and over.

Rod Khleif: That is so cool. I have to interject. The exact same thing happened to me with the Tiny Hands Foundation.

Paul Moore: Really. What happened?

Rod Khleif: It was like 08 or 09. Height of to the crash, I had paid… For those of you that don’t know the story, I started the Tiny Hands Foundation in 2000. I fed five families. One of the families… I don’t think I’ve ever really gotten into it on this podcast. I’ve been interviewed and talked about it.

One of the families was this woman with five kids and she stepped out the house, she saw the food. We do these big baskets of food with gifts. And she started crying when she saw the food and then her five kids came out and they all started crying when they saw the food.

Paul Moore: Wow.

Rod Khleif: And then I started crying and I mean I was hooked and so every year, I fed families. I fed 50 the next year and then I doubled it every year. I paid for it; 50 families, and 100, then 200, then 400, then 800, then 1600. And in like 06 I fed 16,000 families and never asked for money.

But then, of course, 07 happened, and then I was scrambling. And I remember my brother telling me, “We can’t afford to do it this year.” I said, “You know what? It’s okay because we can, because it’ll come back to us and it always does. And sure as heck, it did.”

We were just fine. We got the money we needed. I mean, it wasn’t as dramatic as kids with orphans with empty plates. It was an empty checkbook.

Paul Moore: Right.

Rod Khleif: But the dynamic is there. I can’t wait to read up on this gentleman you’re talking about. That’s an awesome story.

So anyway, back to your story.

Paul Moore: Yeah. So, George Muller, I thought, what would he do if he found himself two and a half million dollars in debt? Well, he didn’t believe in debt, so he wouldn’t have been. But, if he would have been, that far in debt, he would have just begun to give generously, like you. I think he would have continued to donate the money he did have and give the resources he did have. So, I told my two friends, who were urging me to declare bankruptcy that I was going to begin to give my way out of debt.

I still had some income trickling in from the residential website I mentioned. And I still had an occasional sale of property. We were still flipping homes and, so I said, “Well I’m gonna use my home equity line of credit”; which is not a real smart thing to do, maybe in this situation. And I’m gonna use any resource I have, and we’re gonna start giving, as if we were making half a million dollars a year; because that’s what I need to make to get out of this. I need to do better than that even.

But anyway, we began to give. I told my family, ”January 1st, 2008, this is gonna be a disaster on paper, or it’s gonna be a miracle. Let’s see what happens.” So we began to give every single week. We gave to charities, non-profits, foundations, things we were really passionate about.

Four weeks later, to the day, I was meeting with a guy at the Subway restaurant at Smith Mountain Lake, and this was a real estate developer. He made an off-handed comment about how to subdivide lots that were not really sub-dividable using an obscure law in the county tax code. And he said that wouldn’t work for you because of this and a light bulb went off and I thought, wait a minute, that might work and here’s why.

Two days later, I wasn’t willing to do anything illegal or unethical, or under the table. I met with the county planning and zoning person. She looked at me over her glasses with her mouth hanging open and said, “No one has ever used our law to do exactly what the intent of the law was meant to prohibit. But you’re right you can do this, and I will allow you to do it in my hats off to you for figuring this out. We need to close this loophole.”

Well anyway, 13 months later after a whole a lot of other effort, a lot of hassle and haggling with the banks, and finding five buyers, I was able to subdivide this land, and found myself not only debt free, but we even paid off my personal residence 13 months later.

Rod Khleif: Wow. And you attribute it to giving?

Paul Moore: Rod, I did a lot of hard work. But I tell you, I don’t think there’s any chance that would have happened, if I hadn’t started by making a commitment and following through on that commitment to give, and we’ve done that ever since.

Rod Khleif: I love it. I love it. In 08, I started taking donations for the Tiny Hands Foundation. I still cover pretty much all the operational costs. Those of you listening, you’ve heard my driving force success clips. If you haven’t listened to them, there’s one about success versus fulfillment, and Tony Robbins talks about the science of achievement in the art of fulfillment. And if you’re fulfilled, you can be a billionaire. And there are billionaires that aren’t fulfilled.

Paul Moore: Right.

Rod Khleif: And you’re just not happy.

And frankly, most people become fulfilled by giving back I mean lots of ways. It’s different for different people. But that’s a surefire way to feel fantastic is to give. Even if you don’t have the money, if you’re young and you’re listening to this and your hell-bent on getting Lamborghini or having a success or whatever it is that drives you, please listen. Be sure that you incorporate giving back into your life.

Even if it’s just being nice, to deciding to be extra nice to people today. Smiling at everybody you meet today. Doing a little something for somebody, it adds richness to your life. That’s much, much more valuable and much, much more important than your likely definition of success. Take it from Paul and from myself, that truly, what life is about.

Well that’s an incredible story, Paul. When you mentioned that you got your way out of debt prior to turning the recorder on through giving I didn’t realize that’s truly what you meant…

Paul Moore: Right.

Rod Khleif: That’s quite a story. For those of you listening, Paul’s got a fantastic book its called The Perfect Investment Book. What’s the book about, Paul?

Paul Moore: Yeah, it’s called The Perfect Investment: Create Enduring Wealth from the Historic Shift to Multifamily Housing

. Like I mentioned we built that multi-family facility and it went really well.

[00:20:01]

Paul Moore: Then the Hyatt did not go so well. We flipped a few more homes in the mean time and I was turning 50. I was thinking, I’ve had some successes, I’ve had some failures, I’ve lost a lot of money, made some money. And I thought what would I like to do the rest of my life?

I was looking for something that was safe, stable, evergreen, predictable had nothing to do with the latest technological breakthrough, the mood on Wall Street, the war in the Middle East. I was looking for a perfect investment, Rod, something with the demographic trends that would last over the rest of my lifetime, and likely through my children’s.

Now that’s a pretty tall order, but I was able to find that in multi-family investing, and that’s why I wrote the book. I really wanted people to know that the demographic trends in the US, and the other economic factors including the significant drop in home ownership over these last 11 and a half years.

Rod Khleif: Yup.

Paul Moore: All that has just contributed to making this large-scale multi-family investing, what I call, the perfect investment.

Rod Khleif: I agree completely. There’s so many factors that are contributing to this. The fact that homeownership is at the lowest level. In fact, for the first time in history, renters outnumber homeowners. The Millennials, they don’t wanna buy. They’d rather be mobile. There’s always been a huge need for affordable housing and it will continue forever.

You’re absolutely right. Although we are at the top of the cycle, with the interest rates as fantastic as they are right now, there are still lots of opportunities out there, if you’re willing to hunt, and find off-market deals. What else is going on for you? What’s next for you, Paul?

Paul Moore: Well, I mean my company Wellings Capital is putting together a fund, and we’re pulling together investors to find, or hoping to find off-market deals, like you are, in great growing cities. We’ve done a whole lot of work with market selection. We have a 24-criteria we use, and we are looking to buy apartments, hundred units and up.

And what I’m really excited about going back to giving again is, I don’t know if you’ve heard about human trafficking, or what you’ve heard. I know it’s big in Florida and it’s big in my state of Virginia, and California, and New York. I was surprised when I found out that if you take the combined record profits of Nike, Apple, Starbucks and General Motors, multiply that number times two, that’s the approximate annual revenues of human trafficking worldwide right now.

Rod Khleif: Holy cow! Wow!

Paul Moore: Yeah.

Rod Khleif: I had no idea.

Paul Moore: Yeah.

Rod Khleif: Holy cow.

Paul Moore: Yeah. It’s stunning. It’s a $150,000 billion estimated.

Rod Khleif: Wow.

Paul Moore: I have seen personally the tragedy of what happens when a girl, or a woman, or a child, sometimes even young men are trapped in this type of cycle; what it does to their mind and their well-being. So, my goal… I guess you’re probably… most listeners are familiar with Toms shoes. You buy a pair of shoes and Toms donates another pair to a child in a third-world country. As a buyer of Toms shoes, you don’t have to share your shoes with that child. The company is giving that pair of shoes away.

And in the same way, people who invest with Wellings Capital, they don’t have to share their investment returns at all, with what we’re doing as a company. But internally, as a company, we’re taking a significant amount of our profits and we’re investing it in thwarting human trafficking, and rescuing its victims. We really want these victims to know that people who care about them; that they’re not a piece of junk, and that they can have life again.

We’re investing in two or three organizations, and we also are working with our investors to allow them to direct us and tell us, “Hey! I really like this other organization that’s drilling water wells in Africa or whatever.” And we invest with them at the direction of our investors as well. So, that’s what I’m really excited about, Rod.

Rod Khleif: Oh, wow. I love it. I love it. Any successful organization, in my opinion, that’s sustainable, reinvests in the community. And you’re taking a worldwide approach, which is very admirable. Based on your history, proven track record with giving back. Fantastic, what you’re doing, Paul.

Paul Moore: Thanks, Rod.

Rod Khleif: I love hearing it. Yeah, absolutely love hearing it.

You are targeting some market. You’re putting a fun together as am I, which is fantastic. There’s some great opportunities out there. Tell me about the markets that you’re interested in, if you’ve identified any yet, or you just in looking stage?

Paul Moore: Yeah. We really like a lot of the same markets. Most other people do right now which would be Dallas, San Antonio…

Rod Khleif: Right.

Paul Moore: We still like Houston even though the oil has hurt it a little bit but not as much as in past downturns. We really like the 85 Corridor, which is Raleigh, Durham, Charlotte, Greenville, and Atlanta. We like places like Birmingham, Huntsville, Alabama, Richmond, Virginia. We’re basically looking for markets where there’s a net population migration, an increase of one and a half percent or more in population per year, a diverse economy, hopefully including healthcare, government and education jobs. We’re looking for places with low unemployment rates and just generally a place where people with middle to higher incomes are moving.

Rod Khleif: Yeah. I love it. It’s same, same. I love it. No, those are fantastic markets. Everyone of the ones you just identified are fantastic markets right now and so that’s great. You’ve done your homework.

How can people reach you, Paul?

Paul Moore: They can reach me at my website, which is Wellings, W-E-L-L-I-N-G-S, that’s wellingscapital.com.

Rod Khleif: Okay.

Paul Moore: And my email is  HYPERLINK “mailto:paul@wellingscapital.com” paul@wellingscapital.com. And also, we have our book on Amazon, The Perfect Investment. And we also have a podcast that we’d love to have you on, if you’re willing to come it’s called, How to Lose Money. It’s a wealth building podcast.

Rod Khleif: An awesome name.

Paul Moore: [chuckles] Yeah. Basically, we’re trying to interview successful entrepreneurs, investors, and business people who have had failures in their past. And I haven’t found anyone yet who hasn’t, and we’re trying to learn life lessons. We’re allowing our listeners to stand on our shoulders and hopefully not replicate the same mistakes.

Rod Khleif: Paul, you’ve added a ton of value today. Very, very grateful for having you on the show. I hope we can stay in touch. Check out his podcast, check out his book, Wellings Capital. But let me ask you something, Paul, you’re definitely a person I want to ask this question to.

Paul Moore: All right.

Rod Khleif: I do these little clips on my show about the psychology of success and I call them You’re Driving Force Success Tips. I always like to ask the question of people like yourself that are very motivating and inspired. What makes you jump out of bed in the morning? Your reason for wanting to be so successful and continue to be successful?

Paul Moore: That’s a great question, Rod. When I fancied myself semi-retired at age 36, I was dying inside. I was actually lying to myself, and others about how busy I was, and I wasn’t at all. Now, I’m in my mid-50s and have absolutely no desire to retire at all because, Rod, I’ve been to Haiti and I’ve held orphans in my arms, and I’ve been to other places in the world like Nepal and India, and I’ve seen the pain in the world.

I’ve seen the pain of one of my own family members who was physically and emotionally abused by somebody in a past life. And I really want to change the world. So, it’s really not enough for me to say, “Hey, we’re gonna buy a couple of apartment buildings, and be financially secure for the rest of our lives.” I wanna plow a billion dollars, not just from our profits but from the relationships, and the network I make, into impacting the world in a meaningful way. And I can’t really give a better answer than that.

Rod Khleif: No, that’s a very powerful, powerful response. Love it. Absolutely love it. [overlap talk]

Paul Moore: Rod, I don’t mean to interrupt up but I just feel like I should do this. My company Wellings Capital is passionate about all kinds of things. And I’ve been to your website; I’ve seen the videos on the Tiny Hands Foundation. We would love to match any listeners that you can earmark and just email me, and any other donations in given time period that you set up. We’d like to match up to a collective donation amount of up to $2000.

Rod Khleif: Wow.

Paul Moore: So if we can do [bad audio], we would be honored to do that, Rod.

Rod Khleif: Wow. That’s very, very kind of you. I love it. I’m very grateful for that incredible gesture. So, yeah, I’ll definitely let my listeners know when we air this episode and put a time frame on it.

We just got the coolest letter today from a third-grade class. It’s on my desk here. And this class raised $320 by building something and selling it. And I’ve got signatures in different colored ink from all these little kids in this third-grade class, and they sent it to Tiny Hands Foundation.

Paul Moore: Wow.

Rod Khleif: Thank you so much, for your generous offer, Paul. That’s awesome and I’m very grateful for that.

Paul Moore: Yeah.

Rod Khleif: For those of you who don’t know what I do with the Tiny Hands, we fed over, I think, we’re pushing 50,000 children for the holidays.

[00:30:00]

Rod Khleif: We’ve done thousands of backpacks filled with school supplies for local children that don’t have basic school supplies, which is just astounding to me. And then we’ve given thousands of teddy bears to the local police departments for the officers to keep in their vehicles to give to a child that’s encountered a traumatic experience. And frankly, it’s my life’s greatest joy.

But that said, don’t let the scale of that intimidate you from doing something. Do anything to help other people and small things. Go talk to an elderly person in an old folks home, and help them spark memories. Do you know so many things you can do they don’t cost anything.

Listen, Paul, thank you so much for being on my show. You’ve been a real treat. I’m really grateful for your very generous offer for my foundation. And I’m excited to see where you end up. Let’s definitely stay in touch.

Paul Moore: It’s an honor, and it’s been a real pleasure. Thanks so much, Rod.

Rod Khleif: Absolutely. Alright, take care.      

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