Mobile Home Park Investing With Tim Woodbridge
In this episode of Own Your Power, Rod Khleif sits down with investor and operator Tim Woodbridge, who built his portfolio by focusing on the niche yet rapidly growing world of mobile home park investing. Tim shares his full journey—from overcoming fear as a first-time buyer to structuring deals, scaling operations, and partnering on larger opportunities. His perspective is especially valuable for investors exploring alternatives to traditional multifamily real estate.
Why Mobile Home Park Investing Stands Out
Tim explains that what initially attracted him was the combination of strong fundamentals and relatively low competition. Mobile home parks have naturally sticky tenants, lower expense ratios, and a unique model where residents often own their homes while investors own the land and infrastructure. This creates stability while still delivering attractive returns.
He highlights the differences between tenant-owned homes and park-owned homes, noting that while park-owned units may produce higher cash flow, they also require more maintenance and operational complexity. For most investors, focusing on tenant-owned homes allows for cleaner operations and more predictable financials.
Finding the Right Deals and Understanding Infrastructure
Tim emphasizes that mobile home park investing requires deeper operational knowledge compared to multifamily. Sewer systems, water solutions, and wastewater treatment types vary widely, and each comes with specific risks and cost considerations. He encourages new investors to understand these systems before buying or to partner with someone who does.
He also warns about parks with lagoons or outdated wastewater setups, which can turn into major liabilities. Learning the infrastructure, the market, and the operational demands is part of becoming a competent buyer in this space.
Overcoming Fear and Taking Action
A key part of Tim’s story is pushing through fear. He describes the anxiety of making his first phone calls to sellers and the discomfort of touring unfamiliar markets. By acknowledging fear and moving forward anyway, he built confidence and momentum. Rod echoes the importance of “dancing with fear,” a core mindset required for success in any real estate asset class.
Building a Team and Partnering for Growth
Tim attributes much of his growth to partnering with people whose strengths complemented his own. His superpower lies in creative deal structure, relationship building with brokers and lenders, and high-level vision. His partner Matthias excels in underwriting and detail-oriented analysis. Together they formed a balanced team capable of scaling into larger deals, including both mobile home parks and senior housing.
Tim’s management model includes structured back-office operations, aligned incentives, and local managers who understand the daily needs of each park. The heavy management component of mobile home parks makes operational excellence critical to long-term success.
A Mission-Driven Approach to Real Estate
Having grown up in a mobile home park, Tim brings both personal experience and passion to the asset class. He believes the industry fills a critical need for affordable housing, and he advocates for improving park conditions and supporting residents. His long-term recovery journey and commitment to self-development further shape his mission-driven approach to investing.
About Tim Woodbridge
Tim Woodbridge is a mobile home park investor and operator who transitioned from a nursing background into real estate. He scaled his business by focusing on creative deal structuring, building strong relationships with brokers and lenders, and partnering with analytical team members. His portfolio spans the Southeast and includes both owned parks and syndicated deals.
If you want to hear the full conversation and detailed insights, watch the podcast video or read the complete transcript below.
FAQ: Mobile Home Park Investing
What is mobile home park investing?
Mobile home park investing involves buying and operating communities where residents own or rent manufactured homes while paying the investor for the land and utilities. This unique model creates stable revenue and affordable housing opportunities.
Why are investors drawn to mobile home park investing?
Investors are attracted to mobile home parks because they offer low tenant turnover, strong cashflow, and less competition than traditional multifamily. The combination of resident-owned homes and recurring lot rent creates long-term financial durability.
How do tenant-owned homes differ from park-owned homes in mobile home park investing?
Tenant-owned homes reduce operational work and maintenance expenses because residents are responsible for their own units. Park-owned homes create higher income potential but require more repairs, oversight, and management systems.
What infrastructure knowledge is important for mobile home park investing?
Understanding sewer systems, water solutions, and wastewater treatment setups is essential. Each type carries different maintenance needs, costs, and risks, and being familiar with these systems helps prevent expensive surprises.
Is mobile home park investing beginner friendly?
Mobile home park investing can be beginner friendly when new investors partner with experienced operators or follow proven systems. Education, due diligence, and onsite evaluation are key to building confidence and finding quality parks.
What makes mobile home parks a stable investment compared to multifamily?
Mobile home parks offer stability because residents tend to stay long term, often owning their homes and valuing the low cost of living. This reduces turnover and increases consistency in cashflow compared to traditional rentals.
How can investors add value to mobile home parks?
Investors add value by improving infrastructure, raising below-market rents responsibly, upgrading common areas, enforcing community rules, and implementing better management systems. These changes improve both resident satisfaction and financial performance.
Why is mobile home park investing considered mission driven for some operators?
Many investors view mobile home park ownership as a service to communities because it provides one of the last forms of truly affordable housing. Improving park conditions and supporting residents allows investors to create impact while earning returns.
Disclaimer: This summary was written with the help of AI and reviewed by Rod’s Team.
01:20:08:05 – 01:20:25:10
Rod Khleif
Welcome to another edition of Lifetime Cash Flow to Gulf State Investing. I’m Rod Khleif, and I’m thrilled you’re here. And I know you’re going to get a ton of value from the gentleman I’m interviewing today. We’ve been giving each other shit for the last 30 minutes before we started recording, so that was fun. But, yeah. So his name is Tim Woodbridge.
01:20:25:10 – 01:20:44:09
Rod Khleif
He’s in about a thousand mobile home park ads, which is an asset class I really like. And, and Tim started his career in hospitals, which I really admire because, you know, nurses have big hearts. I wish I could say I had a heart that big, but I don’t. But, Anyway, welcome to the show, brother.
01:20:44:12 – 01:20:46:13
Tim Woodbridge
Hey, man, thank you so much for having me on.
01:20:46:15 – 01:21:00:29
Rod Khleif
I’m lying. I have a big heart. But I couldn’t do the nursing thing. But, Yeah. Welcome, buddy. So. So why don’t you do a much better job with your bio than I just did and talk about, you know, you know, you came from nursing. Maybe a few minutes on that. Were a few a little bit on that.
01:21:00:29 – 01:21:02:02
Rod Khleif
And then why real estate?
01:21:02:07 – 01:21:21:21
Tim Woodbridge
Yeah. So, you know, I grew up and my dad, my dad’s a really hard worker, and he always said, get a good job, get a stable job, work. And I mean it same. He works to till this day and he he’s good at it. He just doesn’t know how to not do it. And, so yeah, I got a, bachelor’s degree in nursing.
01:21:21:21 – 01:21:42:26
Tim Woodbridge
Did that for a while. Stumbled upon rich dad, poor dad, like everyone does. Right. And, it’s like, turn the light switch on for me. I didn’t know the word asset. I didn’t know the word liability. None of that stuff was there. Right. And so from there, it just really led me down the path of, okay, this is how they do it, how can I do it?
01:21:43:03 – 01:21:50:16
Tim Woodbridge
So I read more, I listened to podcast, I joined meet ups, just really got around people who were doing it.
01:21:50:19 – 01:21:52:12
Rod Khleif
And, this was in Charleston, where?
01:21:52:12 – 01:22:03:09
Tim Woodbridge
Yeah, in Charleston, where I am now. Okay. And, yeah, I heard, Frank Ralph was on the Biggerpockets podcast talking to Brandon about it. And, you know, he.
01:22:03:10 – 01:22:05:05
Rod Khleif
Was just on that couch like, a month ago.
01:22:05:12 – 01:22:21:10
Tim Woodbridge
That’s so cool. That’s it’s totally like, you know, there’s this amazing, life that I have and that I was on Frank’s podcast, and I’m like, you know, I met, I also met Brandon Turner, and I’m like, this is where it started. It’s so exciting.
01:22:21:12 – 01:22:38:21
Rod Khleif
That’s really cool. For those of you don’t know, Frank Ralph has been teaching mobile home park investing longer than you can imagine. I’ve actually gone to his his his presentation twice actually, because I when I was going to get into it ten years ago, and yeah. So it was, it was kind of interesting to have him here as well.
01:22:38:21 – 01:22:39:09
Rod Khleif
So, you.
01:22:39:14 – 01:22:43:03
Tim Woodbridge
Know, he’s the goat man. He’s an he’s so kind and like.
01:22:43:03 – 01:22:43:16
Rod Khleif
He’s a nice.
01:22:43:16 – 01:23:02:23
Tim Woodbridge
Guy, generous with his teachings. But yeah, it just it excited me. So I said, okay, I didn’t know you could buy mobile home parks. And the funny thing is, when my parents split, when I was ten, my mom went and bought a double wide and a mobile home park in Southern California. And I was raised in that mobile home park.
01:23:02:25 – 01:23:21:17
Tim Woodbridge
So it never even crossed my mind that that was something you could do. But once I was open to the possibility, I just went from there, you know, Frank said, go check out mobile home park store.com, and I thought it was fake. I went to the website. I found one kind of an hour or so from me.
01:23:21:19 – 01:23:28:27
Tim Woodbridge
I called the guy, build some rapport, and then got it under contract and I was flying by the seat of my pants.
01:23:28:27 – 01:23:29:25
Rod Khleif
Was that first one.
01:23:29:27 – 01:23:30:20
Tim Woodbridge
36.
01:23:30:21 – 01:23:43:07
Rod Khleif
Okay, just just almost too small. Maybe a hair too small for you to have an on site person there. Frank, I think, says try to have 50 I think was his back then. I mean, maybe it’s more or less than that now with the inflation, but yeah. Okay.
01:23:43:07 – 01:23:44:20
Tim Woodbridge
Now there was no he didn’t.
01:23:44:20 – 01:23:47:17
Rod Khleif
Have like he didn’t have like a lagoon or anything. Did it. No.
01:23:47:17 – 01:23:47:28
Tim Woodbridge
Oh no.
01:23:47:28 – 01:24:02:13
Rod Khleif
Thankfully by the way some, some of these, some of these parks guys have these literally it’s like a pond of sewage and it’s called a lagoon. And it’s one of these things you absolutely do not want. But okay. And so you did your first park on your own.
01:24:02:15 – 01:24:03:12
Tim Woodbridge
Well with a partner.
01:24:03:12 – 01:24:22:23
Rod Khleif
With a partner park. Yeah. But JV you did then. Okay. Yeah. Very simple. Okay. And then and that was near, that was in South Carolina as well then. Okay. And now the rest of your portfolio is just kind of scattered around southeast. You, you said you had one in Oklahoma. Yeah. Yeah. Okay. And talk about why you love mobile home parks.
01:24:22:23 – 01:24:27:20
Rod Khleif
I mean, I know the answer these questions is because I’ve been involved in it so much, but let them hear it from someone other than me.
01:24:27:20 – 01:24:52:09
Tim Woodbridge
Yeah, absolutely. So when I was listening to Frank talk about it on the podcast, I really loved You got Sticky Tenants. You have generally people who own their own homes. You have a lower expense ratio. And it was a little weird. It’s different. It’s not multifamily. It’s not single family. It’s, niche multifamily. And it just excited me.
01:24:52:12 – 01:25:04:02
Tim Woodbridge
Add that on top of, you know, me kind of coming up in a mobile home park and realizing, like, there’s, there’s need there. It just it grabbed me. And so I really I’ve stuck with it.
01:25:04:02 – 01:25:27:20
Rod Khleif
So, so, you know, it’s interesting is I just had one of my coaching students, one of my warriors, who owns mobile home parks, and he does park owned homes. Okay. Which is painful, you know, so, so what we’re talking about here, guys, is, you know, the, the more prominent business model is you buy the park and you let the tenants buy the homes, that you can finance them and everything else.
01:25:27:27 – 01:25:52:00
Rod Khleif
That way they were more responsible for them. They’re responsible for the maintenance and upkeep, even though that doesn’t mean it’s going to happen, but they’re responsible for it and they pay park rent. And so you’re basically basing the value on park rent. And, it was interesting to hear this guy, he’s successful and he of course, it’s a lot more cash flow in his case, but it’s a lot more brain damage, too, because these homes aren’t the most well constructed things on the planet, right?
01:25:52:00 – 01:26:08:22
Tim Woodbridge
Yeah, yeah, yeah. And and there’s, there’s so many different ways to do it. You can do it on homes. You could, you know, do all park on homes, right. We do kind of a hybrid like, oh, you do buy a park and it has park on homes already. We don’t shy away from it. Right. But we do our best to convert them to text on home.
01:26:08:23 – 01:26:09:28
Rod Khleif
That’s what most people do, right?
01:26:09:28 – 01:26:16:11
Tim Woodbridge
Yeah, yeah. So it’s there’s definitely different ways to do it. And everyone has different loves you know. Yeah.
01:26:16:11 – 01:26:36:17
Rod Khleif
Yeah yeah. Well you know it’s it’s the thing about mobile homes, you know like you just said, they’re very sticky because if they leave, especially if they own the home, if they don’t pay their rent and, you know, they, they can’t, it’s very expensive to move a home. What is it now to move on. Just curious. It was five grand, I think last time I checked.
01:26:36:17 – 01:26:43:12
Tim Woodbridge
It’s it’s five grand. Plus you got to set it up so it’s another ten grand depending. Really? Yeah, probably 15.
01:26:43:15 – 01:26:44:20
Rod Khleif
15 to move it to.
01:26:44:20 – 01:26:48:09
Tim Woodbridge
Another location and set it up. Yeah. Yeah okay. Costly man. Wow.
01:26:48:09 – 01:27:05:11
Rod Khleif
That’s a lot more than it was back when I, you know, ten years ago when I started exploring this. So, so, so again, they’re not going to, you know, that’s going to be hard pressed to get them to leave their home. They do still sometimes, but but yeah. So they’re sticky. Have you had any issues.
01:27:05:11 – 01:27:07:18
Rod Khleif
Do you have any assets in Florida?
01:27:07:20 – 01:27:08:07
Tim Woodbridge
Not yet.
01:27:08:08 – 01:27:20:26
Rod Khleif
Okay. Because I know in Florida, if you raise the rents, there’s some there’s some rules around, you know, tenant approval and things of that nature. Have you encountered that in any of your parks? Just out of curiosity.
01:27:20:26 – 01:27:30:26
Tim Woodbridge
We have it. And that’s why we’re really focused just on the southeast. You know, there’s deals all over the country, right? But we know the southeast. We’re good at it. We stay.
01:27:30:29 – 01:27:31:21
Rod Khleif
Southeast. Where are.
01:27:31:21 – 01:27:37:17
Tim Woodbridge
You? So Carolinas, Georgia, southern Virginia, looking to get into Alabama and Tennessee as well.
01:27:37:18 – 01:27:57:07
Rod Khleif
Okay. Okay. Yeah, I’m scared of the Deep South, man. I’ve had such bad experiences in Memphis and Shreveport. I’m scared of the Deep South. But, you know, God bless you if you want to go for it. There is not only you in the deep South, you’re in the lowest. I shouldn’t say call it that way. You’re in the least, successful demographic.
01:27:57:14 – 01:28:01:13
Rod Khleif
Because I try to try to be nice about it. In the Deep South. Oh, my God.
01:28:01:17 – 01:28:10:25
Tim Woodbridge
So we stay, okay? And then everyone’s going to hate on me for this. This is more my ignorance, but we stay away from Louisiana. We stay away from Mississippi for kind of the same reason, you know.
01:28:10:25 – 01:28:30:05
Rod Khleif
Right. And stay out of Memphis. Listen. And if you’re in Memphis, I love you. But you know, too. Okay? Just be honest, okay? I had 200 houses in Memphis, and I had a 403 unit in Shreveport. Oh, my God, they’re both the bane of my existence. But, you know, you live and learn. Yeah. So. So, so, yeah, it’s hard for the tenants to move.
01:28:30:07 – 01:28:33:09
Rod Khleif
Nobody wants them in their backyard, so nobody’s building them anymore.
01:28:33:10 – 01:28:53:08
Tim Woodbridge
Accurate, right? Plus they don’t they don’t make anything, relative in taxes. So, like, sure, there’s NIMBYism. Not in my backyard. I don’t want it. It looks bad, right? But also the county or the city. They realize that it’s not going to bring taxes because you tax the real estate, which is a land, and then the personal property, which is the trailers.
01:28:53:15 – 01:28:59:08
Tim Woodbridge
So your single family home division, your apartment building, all of those bring in way more taxes.
01:28:59:08 – 01:29:18:27
Rod Khleif
Interesting. So there’s another reason they don’t want it. Yeah, I’ve I’ve met one guy that’s building one right now and I’m like, how the hell do you pull it off? Because, you know, it’s just people don’t want them in their backyard and, and the other things you just described. So there is that, it’s probably the least expensive affordable housing that there is.
01:29:18:29 – 01:29:19:14
Tim Woodbridge
Yeah. Right.
01:29:19:14 – 01:29:26:26
Rod Khleif
Yeah, yeah. I mean, other than maybe some of these, you know, where they build these, what do you call them when you throw a little house in the back in your backyard?
01:29:26:28 – 01:29:28:00
Tim Woodbridge
Oh, the adu. Yeah.
01:29:28:01 – 01:29:40:29
Rod Khleif
ADUs, maybe an Adu or something, but, Okay. And so, and I know the returns are very good. Yeah. It’s it’s a lot of work. I mean, you know, these are management intensive, so let.
01:29:40:29 – 01:29:41:29
Tim Woodbridge
Me not mailbox.
01:29:41:29 – 01:29:52:13
Rod Khleif
Money. No, that’s not me. No, no, this is not passive income. So let’s talk about let’s talk about some of the nuances of the management. So you’ve got a thousand pads. How many parks is that.
01:29:52:15 – 01:29:53:04
Tim Woodbridge
22.
01:29:53:06 – 01:29:58:05
Rod Khleif
Okay. And do you use third party property management. You manage yourself.
01:29:58:05 – 01:30:20:04
Tim Woodbridge
No. So from the beginning I got good at this because I did everything myself. And then as I went, I get, you know, VA is and people to help with it, but it’s all, in-house management and that’s the only way that we can effectively keep track of everything and really ensure that everything’s running the way it’s supposed to.
01:30:20:06 – 01:30:23:25
Tim Woodbridge
I twice, I did third party property management and train wrecks.
01:30:23:25 – 01:30:34:12
Rod Khleif
Right? Oh, right. They’re train wrecks in multifamily. Sometimes I’m dealing with one right now. I’ve got to sue this management company. Freaking terrible. I mean, lying and misleading and leaving stuff out. It was.
01:30:34:13 – 01:30:39:09
Tim Woodbridge
It’s terrible. You’re just not aligned, you know, it’s it. And so, yeah, from the beginning, you know.
01:30:39:10 – 01:30:49:21
Rod Khleif
So you manage yourself. So yeah. 22 parks and I think you rattled off at least 4 or 5 states. Yeah. So how do you how do you effectively manage long distance like that. Give some strategy.
01:30:49:25 – 01:31:15:00
Tim Woodbridge
Yeah. So the heart of the management companies are back office. So you know we have all the SOPs for, you know, leasing for collections for maintenance, all that stuff. And then at each park or each group of parks, we have a local community manager, but they’re mostly just there to help, to assist, get everything done.
01:31:15:00 – 01:31:24:00
Rod Khleif
Assisting in your back office and in in the tight management of your KPIs, things like that. No. Yeah. Now your community manager, do they live on site?
01:31:24:02 – 01:31:28:28
Tim Woodbridge
Sometimes. Sometimes. And that’s been pluses and minuses. Oh yeah.
01:31:28:29 – 01:31:37:04
Rod Khleif
No I’ve heard it all. So you know, I told you one of my best friends is Kevin Bopp and he’s got, I don’t know, a shit ton of barks. And that’s a technical term and and.
01:31:37:04 – 01:31:37:19
Tim Woodbridge
Yeah, yeah.
01:31:37:19 – 01:31:53:18
Rod Khleif
Yeah, he’s got a bunch and, and, and my brother owned a bunch of mobile home parks as well and worked with Kevin for a while. So, I mean, I know the business a lot. And, you know, I was going to get into it a lifetime ago. I had six Vas. And I got this from Kevin because Kevin get it at six Vas.
01:31:53:18 – 01:32:12:13
Rod Khleif
Geo tracking mobile home parks on Google Earth. I was a lot of times are misclassified in the county records. So we geocoding them and and identified who the owners were. And I was setting up to start mailing them. I didn’t end up doing it. But that’s another story. But, because I decided to do multifamily instead.
01:32:12:13 – 01:32:26:08
Rod Khleif
But, but yeah, I’ve done a lot of work towards this, this asset class. And I love this asset class. And, so, so, so that’s how you manage them. How do you find the parks? How do you find the deals?
01:32:26:08 – 01:32:42:22
Tim Woodbridge
Because there’s a lot of open market. We do everything on market, you know, through brokers and you do a relationship for brokers. Yeah. And you know, I, I every time I’m talking to someone who’s relatively new, they’re like, how do you, how do you just find these deals. And I say we don’t really find them. We make them.
01:32:42:25 – 01:32:44:29
Tim Woodbridge
So like, sure, someone give an example.
01:32:44:29 – 01:32:47:20
Rod Khleif
Of that statement. I hear what you’re saying. Go ahead.
01:32:47:22 – 01:33:13:28
Tim Woodbridge
So someone wants, 3 million for a park and we run the numbers, and everything we run is based on the investor returns. So we’re to equity multiple in five years, 16 to 20% IRR. Nothing super crazy, but that’s our minimum to make it a viable. Viable deal to raise capital for. So say they want, you know, the 2 million to 3 million whatever.
01:33:13:28 – 01:33:14:08
Rod Khleif
They’re going to.
01:33:14:08 – 01:33:28:11
Tim Woodbridge
Carry. Yeah, they might at a lower interest. They might carry or what? So what I do is I give them three offers for every Loi. It’s a cash at close and then a seller equity where it’s kind of a hybrid. I get a bank loan.
01:33:28:11 – 01:33:29:15
Rod Khleif
Dealer stays in the deal.
01:33:29:17 – 01:33:42:27
Tim Woodbridge
Yes. Seller stays in a deal or it’s a full seller carry worth like 10% down and there’s levers you can pull. You know, it just depends. But it’s like here’s what we can do based on where we’re at. You know.
01:33:42:27 – 01:33:43:12
Rod Khleif
I like.
01:33:43:12 – 01:33:51:00
Tim Woodbridge
That, 11 out of 12 times I’m told no and then it doesn’t work. And that’s fine. Right. But we just go work on the other deals.
01:33:51:05 – 01:33:53:00
Rod Khleif
I want to say that 12 is pretty good one, and.
01:33:53:00 – 01:33:53:19
Tim Woodbridge
It’s a.
01:33:53:21 – 01:34:02:21
Rod Khleif
Really good multifamily. It’s more like one out of 300. Yeah. That’s pretty good. Yeah. Interesting. What’s the minimum park size? I mean what number of pads you’ll do now?
01:34:02:24 – 01:34:05:13
Tim Woodbridge
I mean that’s like it. Well the bigger we get bigger.
01:34:05:14 – 01:34:07:24
Rod Khleif
Let’s say you got a park right next door. Obviously that.
01:34:07:26 – 01:34:08:03
Tim Woodbridge
Doesn’t.
01:34:08:03 – 01:34:12:07
Rod Khleif
Matter, but but if it’s if it’s out by itself somewhere, what would be the minimum?
01:34:12:14 – 01:34:13:10
Tim Woodbridge
Probably like 70.
01:34:13:10 – 01:34:15:26
Rod Khleif
Five. 75. Yeah. Decent size then. Okay.
01:34:16:01 – 01:34:29:07
Tim Woodbridge
But like again no everything’s in-house managed. So for all of your listeners who are new and like I can do it, you absolutely can do it. But I’d, I’d caution and say you’re probably going to need to be some more hands on.
01:34:29:13 – 01:34:49:14
Rod Khleif
Maybe initially you. Yeah. When you’re out there, you’re out there raising hell. You’re not. You know, it’s not just a staff. I mean, you can’t afford it. Yeah, yeah, yeah. Gotcha. And so, at what point did you go in-house with your management right out of the gate? Yeah, yeah. Okay. So so talk about the the ascension.
01:34:49:14 – 01:34:57:07
Rod Khleif
Well, the ascension is the wrong word. The growth on that on your management team. Talk about how that happened. At what point did you get this person and that person and.
01:34:57:09 – 01:35:02:07
Tim Woodbridge
Yeah. That’s a good question. Yeah. So, you know, initially I started out.
01:35:02:07 – 01:35:05:26
Rod Khleif
Oh, hold on one second before you answer. How long have you been at this? How long have you been.
01:35:05:29 – 01:35:08:11
Tim Woodbridge
Six years. Six. Almost six years since March.
01:35:08:13 – 01:35:10:21
Rod Khleif
Okay. All right. Now. Now, please.
01:35:10:24 – 01:35:29:07
Tim Woodbridge
Yeah. So, you know, like I was saying, I’m a retired nurse. Right? At the time, I was a nurse, and I didn’t have a lot of money. You know, we I got into my first deal for 60, 300. My partner brought in 25 grand, and we closed it. Right. So I was doing everything originally at a necessity.
01:35:29:09 – 01:35:48:16
Tim Woodbridge
And it really helped because I know the ins and outs of how to run a park effectively. And then probably a year, a year and a half into it, I met my friend Ryan’s, mobile home park meetup, and I’m talking to someone there and they say you need to get a bookkeeper. And I was like, I can’t afford that.
01:35:48:21 – 01:35:59:21
Tim Woodbridge
That’s crazy. And they say you need one. Get it? Yeah, get get a VA. And so that was my first VA. We still have him and he does all the bookkeeping for everything. And he’s really good and has grown with us.
01:35:59:25 – 01:36:08:28
Rod Khleif
Where does he live Bangladesh. Bangladesh. No kidding. Yeah. Wow. Wow. So he works. You let him work at in his day because, you know, unless unless you need something.
01:36:08:28 – 01:36:10:17
Tim Woodbridge
Yeah. Know it’s not a. Yeah.
01:36:10:17 – 01:36:15:14
Rod Khleif
It’s not like you need immediate things. You know, you probably get access to the checking account. You got to write a check. You handle it.
01:36:15:15 – 01:36:19:16
Tim Woodbridge
He understands. Yes. Yes, I still do the controller stuff like that because.
01:36:19:16 – 01:36:32:24
Rod Khleif
Yeah, because I, you know, the thing that I think about is like, in the Philippines and India, I mean, you know, there are people that will work all night, but that is not they’re not at their best if they’re frickin working at 2 or 3 in the morning. And I mean, it’s just human nature. Yeah. Yeah. So yeah.
01:36:32:24 – 01:36:39:22
Rod Khleif
But someone like that, they can certainly work at in their day, get the work done. And then if you need them, you meet with them. Right.
01:36:39:23 – 01:36:40:07
Tim Woodbridge
Exactly.
01:36:40:07 – 01:37:01:15
Rod Khleif
Morning in the evening. Yeah. Okay. You know, that’s interesting. So you got a bookkeeper here. So I’m just going to take 30s from this great clip for a note from our sponsor. Me. Now, if you believe investing in apartment buildings or other types of commercial real estate is going to be the vehicle to help you build legacy wealth for yourself and your family, then you should consider applying to my Warrior Mentorship program.
01:37:01:18 – 01:37:19:25
Rod Khleif
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01:37:20:02 – 01:37:30:02
Rod Khleif
So to apply to my Warrior Mentorship program, text the word crush to 72345. Again, that’s the word crush to 72345. And we will speak soon.
01:37:30:08 – 01:37:38:02
Tim Woodbridge
Yeah. So obviously read only access to all bank accounts, you know okay okay. But it it’s we trust but verify sort of.
01:37:38:02 – 01:37:39:17
Rod Khleif
Thing I’m sure.
01:37:39:19 – 01:37:49:19
Tim Woodbridge
But so from there I went through a few different, property management assistants, you know, just very, very part time. And then I hadn’t done.
01:37:49:19 – 01:37:51:14
Rod Khleif
Third party yet, or you tried it and didn’t work.
01:37:51:15 – 01:38:13:29
Tim Woodbridge
Oh, and so let’s see, before the property management assistant tried third party, didn’t like freshmen were in there, too. Yeah, yeah. So it’s like, okay, let’s stick with what we’re doing. Like, it was difficult because it was just me for a while. And then I started partnering with, Matthias and Vinny. So the other two and WCG investments.
01:38:14:02 – 01:38:31:24
Tim Woodbridge
And Matthias is great. He was the CEO of, car like a car parts manufacturing company in Spartanburg, South Carolina, and we closed 100 units in Spartanburg together. And he is such a rockstar with the operation. And so he that.
01:38:31:25 – 01:38:32:26
Rod Khleif
Handles your operations.
01:38:32:26 – 01:38:34:28
Tim Woodbridge
Yeah. Yeah, yeah. So from there. So if you.
01:38:34:28 – 01:38:37:08
Rod Khleif
Build that from you, what are you doing these days? Just coasting.
01:38:37:14 – 01:38:44:14
Tim Woodbridge
No, no, coach just messing. Yeah, yeah, yeah. Yeah. No, I’m I’m getting that mailbox money. No, no. Yeah. Yeah.
01:38:44:14 – 01:38:47:00
Rod Khleif
Right. Right right right right, right.
01:38:47:02 – 01:39:00:21
Tim Woodbridge
So I’m still heavily involved in operations, but I take a back seat to him. Okay. So it’s awesome. It’s still building up the the property management company. It’s still making sure, you know, we’re high level asset managing. At the same time.
01:39:00:21 – 01:39:02:15
Rod Khleif
Is this Matthias is a metis?
01:39:02:15 – 01:39:03:02
Tim Woodbridge
Matthias.
01:39:03:02 – 01:39:08:03
Rod Khleif
Matthias does he, is he full time then. Okay. So he’s full time in operations.
01:39:08:08 – 01:39:11:20
Tim Woodbridge
He quit his job January of this year.
01:39:11:20 – 01:39:19:03
Rod Khleif
Okay. Yeah. Okay. You take a management fee I assume. Yeah. And an asset management fee. Yeah.
01:39:19:05 – 01:39:21:23
Tim Woodbridge
Yeah. The management fee pays for.
01:39:21:28 – 01:39:22:04
Rod Khleif
Yes.
01:39:22:09 – 01:39:35:21
Tim Woodbridge
Mostly the people. No. So he’s a partner, right? Okay. So, the property management fee pays for the property management stuff. And we get a little bit there. The asset management fee pays us.
01:39:35:23 – 01:39:37:12
Rod Khleif
Travel, things like that. Yeah.
01:39:37:12 – 01:39:38:10
Tim Woodbridge
All that fun. So is it.
01:39:38:10 – 01:39:41:12
Rod Khleif
Like, like 2% on the what? What do you charge? Just curiosity. Yeah.
01:39:41:13 – 01:39:45:27
Tim Woodbridge
Or 2% on gross. Okay, so we make sure that we’re very aligned with all invest. How about.
01:39:45:27 – 01:39:47:04
Rod Khleif
Our management.
01:39:47:06 – 01:39:53:04
Tim Woodbridge
We’re a 5% back office and then 3 to 5% for that. Whoever is local.
01:39:53:11 – 01:39:59:11
Rod Khleif
I say interesting. So as much as 10% then on on the management. Yeah it’s heavy management. So I mean it’s warranted.
01:39:59:11 – 01:40:10:07
Tim Woodbridge
Yeah. Yeah. We man I used to do like just, you know free lot rent for people for that onsite manager. Right. You get what you pay for right. So I’ve, I’ve learned.
01:40:10:10 – 01:40:33:03
Rod Khleif
Okay, okay, okay. And, and so initially you did some of yourself and now you syndicate, you bring in, you bring in investors just like Kevin does. And you know, everyone we do, everybody does. You know, doing that for senior housing now as well as multi yeah. But so what would you say is your superpower as it relates to this business.
01:40:33:08 – 01:40:48:27
Rod Khleif
What. Because you, you know, came from nursing. You know, I want you to speak to the people that are listening because, you know, in this business it’s a team sport. And, and and if you play to your superpower and then you hire, in my opinion, hire a line or partner for where you’re weak, that’s a match made in heaven.
01:40:49:04 – 01:40:54:13
Rod Khleif
Yeah. So what did you bring to the table versus like, Mattia Matthias if I said that right. Yeah.
01:40:54:15 – 01:41:28:03
Tim Woodbridge
Yeah, yeah. It’s absolutely a team sport, right? I walked or crawled, you could say, until I started partnering, with, Matthias and, and. Yeah. So my strength is creative deal structure and, really talking with brokers, making relationships, talking with banks. So higher level stuff, you know, visionary stuff. Matthias is really, into the weeds and the underwriting and making sure everything’s lining up.
01:41:28:05 – 01:41:31:27
Rod Khleif
So he helps with the underwriting as well. So he’s analytical, he’s super analytical.
01:41:32:04 – 01:41:53:07
Tim Woodbridge
And that’s you know, I used to say the reason we got that Spartanburg portfolio down, I was looking at it and they wanted 4.5 million. I was like, I can’t see more than 3.2. And I talked to the broker who’s a you know, I’ve talked to him many times and, friend of mine, and he’s like, yeah, you know, we could probably get it done for 3.85.
01:41:53:07 – 01:42:08:01
Tim Woodbridge
And I’m like, I don’t see it. But here you go, Matthias. You tell me. He underwrote it and he said, this is why this is a good deal. And I was okay. Wow. And it’s it’s paying us and it’s it’s paying the investors well and and that’s why I’m like, you know, that’s the.
01:42:08:01 – 01:42:24:17
Rod Khleif
Rock you need. You need that. You need you need people to bounce things off of, you know, I, I have a team and, you know, I look for the team, one of the people on the team looks for reasons to do the deal. My partner, John and I look for reasons not to do the deal. That’s perfect. And you’ve got that kind of a balance that’s that’s really important.
01:42:24:20 – 01:42:45:01
Rod Khleif
So, you know, I have listeners that want to do this business. They want to do, you know, and some of them want to be passive as well. And there’s lots of opportunities to passively invest in mobile home parks or in senior housing or multifamily or, you know, I’ve got students that do industrial, flex space, self-storage, you know, student housing, you name it.
01:42:45:03 – 01:43:00:20
Rod Khleif
But, if someone wants to be an operator, what’s one action item that they could deep dive on that they, that they, that you could talk about that, that you might be able to they could literally start doing immediately if they want to, if they want to ultimately do this for a business, you know.
01:43:00:20 – 01:43:20:18
Tim Woodbridge
Yeah. Yeah. That’s it’s a great question. I get asked that a lot too. Yeah. I it’s find deals and run the numbers. And even if you don’t know anything until you keep doing it and it’s going to take so many repetitions. I know I said I’m bad at underwriting and I’m not bad. I’m just not as good as Matthias is.
01:43:20:20 – 01:43:39:05
Tim Woodbridge
So like, I know numbers. I know how to pull the different levers. I know how to make the deal work. But yeah, you know, find on market deals and then just underwrite them. And then once you get good at that, you know, once you do it 50 times, then maybe put out a Loi and it’s probably going to be a no.
01:43:39:05 – 01:43:50:04
Tim Woodbridge
And that’s okay. I’m good at hearing no. And then just but like no, this is why like here’s my offer. This is why it’s so much lower. Don’t just be a jerk. Oh, yeah. Give him. No, I’m.
01:43:50:04 – 01:43:51:20
Rod Khleif
Going to tell him why. Yeah, exactly.
01:43:51:20 – 01:43:52:24
Tim Woodbridge
Yeah, yeah, yeah.
01:43:52:27 – 01:44:03:19
Rod Khleif
So so, talk about financing. Because financing mobile home parks is a little more challenging than multifamily. Yeah, it’s it’s gotten better. Yeah, but is it primarily banks?
01:44:03:21 – 01:44:16:09
Tim Woodbridge
It’s there’s specialty banks. So here’s for all your listeners I mean, if you’re new to it, if you have a loan that’s going to be probably more than $1 million, you know, use a loan broker or specialty loan broker.
01:44:16:09 – 01:44:19:09
Rod Khleif
Yeah, we’ve got one of my warriors use almost exclusively. Yeah.
01:44:19:10 – 01:44:26:23
Tim Woodbridge
Love it, love it. And then, you know, the big banks. So we use Vanderbilt, is a subsidiary of Clayton Homes.
01:44:26:26 – 01:44:30:10
Rod Khleif
So Clayton Homes is owned by Warren Buffett. Warren Buffett. Yeah.
01:44:30:10 – 01:44:45:02
Tim Woodbridge
Thank you. Yeah, sure. Hathaway. So they will land on the park in the homes because almost no one does. And then we use five star a lot. If it’s mostly tenant own homes, they give great rates. And it you just got to find a lender who understands the asset.
01:44:45:03 – 01:44:46:21
Rod Khleif
No local banks then.
01:44:46:23 – 01:44:55:03
Tim Woodbridge
Not if I can help it. For smaller stuff. Yes, we’ll use local banks. Okay. But it is a conversation because I generally don’t get it.
01:44:55:05 – 01:45:14:00
Rod Khleif
I say interesting, interesting. Okay. You know, what are are there any resources or tools that have helped you along the way here that that you could share? I know in your general management business you probably got some mobile home park specific software. Or do you use like a Yardi or something like these?
01:45:14:01 – 01:45:15:08
Tim Woodbridge
Rent manager, rent manager.
01:45:15:08 – 01:45:24:17
Rod Khleif
So it’s the same as multifamily. And then and then you know, on your underwriting, did you use Frank Ralph’s little thing or do you got you got your own spreadsheet now?
01:45:24:17 – 01:45:47:00
Tim Woodbridge
I assume so I’ve used Frank’s in the past. We have a spreadsheet that was a friend developed. We, adjusted it a little bit. Okay. And, you know, I’m always, like, open to sharing it. It’s it’s very open ended. You. If anyone wants to hit me up and is interested. Okay. Like, I put a mini course together, I give it away for free.
01:45:47:00 – 01:45:58:21
Tim Woodbridge
It’s, you know, the the the more people we can get out there who actually understand things and who come at it from a good place, I think the better. So it’s like, if this can help anyone here.
01:45:58:23 – 01:46:12:16
Rod Khleif
All right. And, and, you know, talk, you know, besides evaluating deals is are there any other suggestions you would have for someone just starting out? Is there anything else that you would suggest?
01:46:12:18 – 01:46:25:15
Tim Woodbridge
No, no, what you want. Know what you don’t like. Find an area that you like. Don’t just look everywhere. That’s good advice. You know, know the difference between the different kinds of wastewater treatment and.
01:46:25:15 – 01:46:27:16
Rod Khleif
Oh, yeah, you need to look. You need you need to.
01:46:27:16 – 01:46:28:15
Tim Woodbridge
Learn the business.
01:46:28:15 – 01:46:42:12
Rod Khleif
Yeah. You need to know. You know, you need to know what the system should look like. What the wait, what wastewater solution is, what the water solution is? Yes. If you’re on well and septic, you better have secondary thought process around what ifs, right?
01:46:42:12 – 01:46:43:28
Tim Woodbridge
Yeah. Contingencies for sure.
01:46:43:28 – 01:46:44:23
Rod Khleif
Right.
01:46:44:25 – 01:46:53:00
Tim Woodbridge
And then always like, another good thing is, you know, find someone who’s where you want to be, right? Like a mentor. Yeah. Yeah, exactly.
01:46:53:00 – 01:46:55:24
Rod Khleif
I mean, you had you had Frank mentor you anybody else or.
01:46:55:28 – 01:47:21:01
Tim Woodbridge
Yeah. Friends. Friends who, okay. Like, you know, who are way ahead of me and still way ahead of me, and I, I love that they’re ahead of me and it gives me something to push towards. And then they push that that goalpost back even more nice. But yeah, the cool thing about mobile home parks, the operators, everyone, almost everyone is super friendly and willing to help.
01:47:21:03 – 01:47:29:07
Tim Woodbridge
You know, I go to conferences and it’s like we’re we’re all in the same boat together. The better this guy does, the better I do.
01:47:29:09 – 01:47:39:08
Rod Khleif
Interesting. Well, that’s that’s awesome. You know, any, epiphanies as you were in this journey? Any moments, you’re like, okay, now I get it to any anything like that come to mind?
01:47:39:09 – 01:48:03:19
Tim Woodbridge
Absolutely. I like I like this one. First, make sure you have capital in place for CapEx, and don’t just try and do it from cash flow. Oh, geez. I did it well on my first park. I thought I was I was such a rock star. Oh my gosh, look how well I did this. And then on my second park, we got our, you know, two years after getting in and we all recouped our money.
01:48:03:23 – 01:48:09:17
Tim Woodbridge
No one made anything, but no one lost anything. But it was because we didn’t have money in place to do the business plan.
01:48:09:17 – 01:48:17:05
Rod Khleif
Yeah, yeah. Now you got to raise enough for everything. Not just the CapEx. There are some operating reserves, everything case, the, you know, shit hits the fan you need.
01:48:17:05 – 01:48:19:06
Tim Woodbridge
Oh, yeah. So yeah, the fan money.
01:48:19:08 – 01:48:25:09
Rod Khleif
What would you say is the most challenging part of your role right now? What’s the most challenging?
01:48:25:11 – 01:49:01:06
Tim Woodbridge
So a lot of it is. Yeah. And it’s it’s so different looking back at my whole time and things, you know, it used to be just me figuring stuff out. Now, a lot of it is we and me, helping to manage the people and helping to really steer the ship and guide us where we’re going. You know, going to conferences and meeting big players and meeting big, like equity brokers and capital layers and stuff like that, and being like, okay, how can we serve all these other people?
01:49:01:09 – 01:49:07:15
Rod Khleif
Or do you want to, you know, because I can tell you, private equity can be very onerous and very controlling and all that as well.
01:49:07:22 – 01:49:14:29
Tim Woodbridge
We want we want probably the 12 to 25% of them that we can work with instead of working for. Right? Right.
01:49:14:29 – 01:49:30:29
Rod Khleif
Yeah. It won’t be you won’t be careful with private equity. So, you know, a question I’ve been asked for quite a while. If you could go go back until 18 year old Tim something with what you know now about the business. Is there anything you do differently?
01:49:31:01 – 01:49:36:22
Tim Woodbridge
So drink less. That’s that’s the first thing. Clearly. Right? Right. Stay away from that shit.
01:49:36:28 – 01:49:52:15
Rod Khleif
Well, you know, I listen and and is it okay if I flag where you’re at? Yeah, yeah, yeah. You’re in long term recovery from drugs and alcohol and and and and you’ve actually got some health challenges with the multiple sclerosis as well. And how long have you been sober?
01:49:52:18 – 01:49:53:25
Tim Woodbridge
For almost five years.
01:49:53:25 – 01:50:11:08
Rod Khleif
Wow. Yeah. For you man. Good for you. Yeah. It’s a lot of a lot of respect for that. I mean, I did my stupid shit. I told you before we started recording, you know, luckily, it. You know, I don’t have an addictive personality, so I was able to stop the stupid stuff, but, you know, we all go through it, but, yeah, you know, that’s that’s that’s amazing.
01:50:11:11 – 01:50:21:10
Tim Woodbridge
I think the the other thing I would say, would be like, be curious, be curious about what excites you because, I mean.
01:50:21:13 – 01:50:36:20
Rod Khleif
I think curiosity is the most amazing thing you can teach your kids. Yeah. Candidly, to be curious, I but yeah. So as it relates to, you know, a student listening here. Yeah. Be curious. Exactly. Go. Go see what? Why this works. Why are people making money in it?
01:50:36:23 – 01:50:38:03
Tim Woodbridge
Yes. Yes, absolutely.
01:50:38:03 – 01:50:51:22
Rod Khleif
And see what you might like. Because there’s lots of lots of vehicles here, lots of asset classes. And I’ve got students, I mean, you know, my, my warrior coaching students, they own, I think probably close to 300,000 units. We’re at like 200, almost 280,000.
01:50:51:22 – 01:50:53:06
Tim Woodbridge
We’re tracking nice. Yeah.
01:50:53:08 – 01:51:12:03
Rod Khleif
And and tons of senior housing, tons of mobile home parks, tons of, you know, like I said, other asset classes. And so you find what you like, and you and you go do it. So curiosity. Love it. But is are you. The question was, what would you tell your 18 year old self? Is that so?
01:51:12:03 – 01:51:12:24
Rod Khleif
Ten year old self.
01:51:12:26 – 01:51:34:16
Tim Woodbridge
Is a big be curious about how to make money. So sure like I mean, you know, going and getting a, safe job. It was, you know, from that place of fear. But I’d be like, don’t, don’t be afraid to fail. Don’t be afraid to fall on your ass and be curious. You know, I always saw people making a ton of money and, like, I.
01:51:34:17 – 01:51:42:27
Tim Woodbridge
Oh, my gosh, that sounds so amazing. I wish I could do that, and it was always just a wish. But I’d be like, know, be curious. Like, find out how they do that.
01:51:42:28 – 01:52:01:23
Rod Khleif
You’ll find you’ll find it’s a lot less scary than you think. And I’m gonna tell you, don’t fear freaking failure. Fear being in the same place you are right now, two years from now, and absolutely, absolutely freaking love where you are right now. And fear. Regret. And I tell the story about this, this, nurse in Australia, hospice nurse that, took care of patients when they were about to die.
01:52:01:23 – 01:52:16:19
Rod Khleif
Her name was Brittany. Where? And she asked him a question. Tim. And the question was, do you have any regrets? And she wrote a book about it. It’s a bestseller, something like The Five Regrets of Dying or something like that. You know, the number one regret was not living the life I could have lived, living someone else’s life, not doing what I know I’m capable of that.
01:52:16:25 – 01:52:17:17
Tim Woodbridge
Yes.
01:52:17:20 – 01:52:28:14
Rod Khleif
Okay. No need to fear that. Fear that. Yes. Don’t fear failure, you know. Good lord. So what’s some of the best advice you’ve ever gotten?
01:52:28:17 – 01:52:35:18
Tim Woodbridge
Just keep moving forward. Even when when you think that everything’s crumbling around you and it’s the worst thing ever, just keep.
01:52:35:18 – 01:52:37:25
Rod Khleif
And you have those moments to stay still.
01:52:37:28 – 01:52:41:08
Tim Woodbridge
Yeah, of course, I probably always will. Yeah. You have those. Oh, sure.
01:52:41:08 – 01:52:44:13
Rod Khleif
We. I call them seminars when you really. Yeah, yeah, yeah, I hand it to you.
01:52:44:13 – 01:52:52:26
Tim Woodbridge
So take a step back and just. Okay. This just happens. I’m going to keep going. Because if I just stop and go to something else, I want to have the same shit.
01:52:52:29 – 01:52:58:05
Rod Khleif
What, you know, besides rich dad, poor dad. Is there any other books that you like to gift?
01:52:58:08 – 01:53:09:08
Tim Woodbridge
Yeah, I love, Oh, ten is easier than to write. Buy back your time. That’s one that we’re really into right now.
01:53:09:08 – 01:53:11:22
Rod Khleif
That one. Okay, I’ve got to look at it. I don’t think I’ve read it.
01:53:11:22 – 01:53:20:09
Tim Woodbridge
But make your time. Oh, yeah. Dan Martell knows his stuff. It’s. It’s really helped us with the business. No. Well, And, yeah, I’d say those are the big.
01:53:20:10 – 01:53:24:12
Rod Khleif
We use an operating system, like. Like, I use an iOS. Yeah. Same.
01:53:24:15 – 01:53:27:29
Tim Woodbridge
So bloom growth. But yeah, it’s it’s similar. Think offshoot.
01:53:28:00 – 01:53:49:06
Rod Khleif
90 day goals. Accountability chart. Yeah. I, we just had our where we just scheduled our quarterly meeting today actually. Yeah. So you know a lot of people have fear right. So what is fear for everything and run. That’s what a lot of people think it is. Yeah. You know but but how did you get past the fear of taking on that first deal.
01:53:49:06 – 01:53:57:07
Rod Khleif
Because you know, as a nurse you’re fairly, you know, analytical I would guess you’re a little bit maybe even a little introverted. We introverted. Or were you an extra?
01:53:57:07 – 01:53:58:10
Tim Woodbridge
I’m still a little introverted.
01:53:58:10 – 01:54:02:14
Rod Khleif
Introverted. Yeah. Okay. So yeah, this is you get energy from being alone.
01:54:02:16 – 01:54:03:26
Tim Woodbridge
Yeah, yeah, yeah, yeah.
01:54:03:29 – 01:54:08:21
Rod Khleif
So how did you get past? I’m sure there was some fear. How did you get past that fear? How did you push through it?
01:54:08:23 – 01:54:25:13
Tim Woodbridge
I just recognized it. Okay. And like, I still recognize it today. You know, it’s like, okay, well, this scares the shit out of me, but I’m going to keep going forward and I’m going to move with the fear. I’m not going to try and run away from it.
01:54:25:13 – 01:54:27:11
Rod Khleif
So Robin says, dance with it I love.
01:54:27:11 – 01:54:47:07
Tim Woodbridge
Yeah, yeah, exactly, exactly. I mean, you know, I found this park, I called the guy up and I was thinking to myself, please don’t answer, please don’t answer. And then he didn’t. And I was like, oh, thank God. And so I sent a text just like, hey, I’m sorry to bother you, blah, blah, blah. And he calls me back and I just look at the phone and so scary.
01:54:47:10 – 01:55:04:12
Tim Woodbridge
And I answer it. He’s the nicest guy. He’s the nicest guy ever. And we just have a great conversation. He asks, do you want to come up and see the park? And I said, yes, and I go, I’d never been to this small town in South Carolina before. And so it’s scary. I’m driving up like, what the hell am I doing?
01:55:04:15 – 01:55:08:19
Tim Woodbridge
But I go up and it was way better. And so it was all that made up shit.
01:55:08:19 – 01:55:28:28
Rod Khleif
Oh yeah. No, the we fear the emotion of fear. Not, not what’s really what’s really happening. And that’s the sad reality, you know, and everybody feels fear. We, we, we achievers call it stress but but we all feel it. You know, it’s the but the successful people move through in spite of it, right? Yeah. Yeah. So what what is are you married, kids.
01:55:28:28 – 01:55:29:08
Rod Khleif
What’s your.
01:55:29:10 – 01:55:33:21
Tim Woodbridge
First? Yeah, I just got married in December. Thank you. That’s almost a year.
01:55:33:21 – 01:55:36:20
Rod Khleif
Oh, that’s a honeymoon. Okay. Yeah. No kids yet?
01:55:36:23 – 01:55:37:08
Tim Woodbridge
No kids.
01:55:37:08 – 01:55:42:25
Rod Khleif
Yeah. Okay. Okay. So what’s your definition of success?
01:55:42:27 – 01:56:02:17
Tim Woodbridge
So success is, you know, but I’m not the one who came up with this, but doing what I want with who I want, what I want, right? Wherever I want. Wherever I want. I mean, so we got married in December, and then we took a month long road trip honeymoon to see. I think we saw 20 national parks.
01:56:02:17 – 01:56:04:05
Tim Woodbridge
So we went all, all out.
01:56:04:05 – 01:56:05:11
Rod Khleif
Way to go to Zion and.
01:56:05:11 – 01:56:09:23
Tim Woodbridge
Yeah. Oh, yeah, yeah. So went all the way up to Zion and then back down to Arizona and back.
01:56:09:23 – 01:56:11:09
Rod Khleif
Very cool.
01:56:11:12 – 01:56:18:16
Tim Woodbridge
And, you know, I had my laptop with me, and I was still doing a little bit of work here and there, but, like, that’s, that’s that’s.
01:56:18:16 – 01:56:19:11
Rod Khleif
Pretty successful.
01:56:19:11 – 01:56:30:08
Tim Woodbridge
Brother. Well, and I’m excited. I’m excited about building the business and and doing the things I’m doing. And I’m also excited about that I can do and go wherever. And like, did you do.
01:56:30:12 – 01:56:33:22
Rod Khleif
Like a mobile or a motorhome or what did you do just, just just tells.
01:56:34:00 – 01:56:35:01
Tim Woodbridge
Yeah. Hotels. Yeah.
01:56:35:01 – 01:56:37:04
Rod Khleif
Cool. Well, that’s the way to do it. That’s the way to do it.
01:56:37:05 – 01:56:43:07
Tim Woodbridge
We just we went like one by one. We figured it out like, where are we going to stay tonight sort of thing.
01:56:43:09 – 01:56:55:21
Rod Khleif
So who inspires you? You know, who do you see out there publicly that inspires you? For me, I think Elon’s the frickin rock star. And I’ve got others as well. Yeah, I won’t throw the political names out there, but I’ve got others as well.
01:56:55:23 – 01:57:04:15
Tim Woodbridge
He he definitely, inspires me in though, like, here’s the vision. Like, let’s get to that. It doesn’t matter how crazy it is.
01:57:04:16 – 01:57:21:19
Rod Khleif
I was just listening to his interview on Joe Rogan, and and Joe asked him, how do you do? You know, you got space six, which is like the largest in the world. Now you’ve got Elon, which is I mean, Tesla, largest in the world. You’ve got this boring company, you’ve got X. I mean, you know, how do you, how do you I mean just the guy just blows me away.
01:57:21:23 – 01:57:24:20
Rod Khleif
But who else besides him comes to mind. Is anybody.
01:57:24:20 – 01:57:36:08
Tim Woodbridge
It just like I’ve known about. So peace more be I’ve known about him forever. You know since probably I got into real estate and I didn’t super follow him. But I said, I’m.
01:57:36:08 – 01:57:36:24
Rod Khleif
Going to stop.
01:57:36:24 – 01:57:39:04
Tim Woodbridge
You. Yeah, if you don’t mind. Yeah, yeah.
01:57:39:07 – 01:57:51:15
Rod Khleif
I’ve got an issue with him. So. Yeah. Yeah, I’m going to. I’m someone. I want to cut that out. I sure do. I know that’s terrible, but I do I he sat right there where you are and yeah I don’t know man. I got a sleaze factor big time.
01:57:51:18 – 01:58:03:03
Tim Woodbridge
The only thing I like about him is that he said he was talking about housing, providing housing for people who were homeless and like, so I don’t give a fuck about course, but, like, that seem cool.
01:58:03:03 – 01:58:07:24
Rod Khleif
Yeah. That’s cool. I don’t know how real how real it is, but but you know.
01:58:07:26 – 01:58:20:05
Tim Woodbridge
So like, Dan Martel really inspires me because, he’s very cognizant of, you know, you can’t grow if you’re trying to do everything. And so he’s got the replacement ladder and we’re working on that. Okay.
01:58:20:05 – 01:58:21:20
Rod Khleif
So you’re doing that right now. That’s really cool.
01:58:21:20 – 01:58:27:15
Tim Woodbridge
Yeah, yeah. He says okay you start with an executive assistant and I got what’s the number one? And I was like, Holy shit.
01:58:27:15 – 01:58:33:16
Rod Khleif
They opened up your world. Opened up your world, didn’t it? Yeah, yeah, yeah. When people ask me what’s the first hire I should get, it’s always an E.
01:58:33:17 – 01:58:44:24
Tim Woodbridge
Yeah. For sure. Yeah. And then he says, you know, get, someone in operations, but he says doing operations. I’m not heavily involved in that as I used to be. Holy shit. That allows me to do big things.
01:58:44:29 – 01:58:47:04
Rod Khleif
Allows you to leave for a month with your with your spouse.
01:58:47:04 – 01:58:56:24
Tim Woodbridge
Yeah, well, and then, you know, I can focus on what I’m good at. Yeah. Because I am. I’m good at a couple things. Right. And I’m fine at a lot of other things. Yeah. And I need to stop doing the fine things. Yeah.
01:58:56:24 – 01:59:18:01
Rod Khleif
No, I tell people, focus on what you’re good at because they’re, you’re you know, whatever you’re good at, you’re, you’re going to enjoy as well. So you don’t you’re not really working. You’re enjoying your life and, and, and you’re passionate when you enjoy it and passion is required to influence people. Yeah. So if you can focus on, you know, what you’re good at then and like I say, hire a line of partner for your weaknesses.
01:59:18:04 – 01:59:23:12
Rod Khleif
You know, that’s that’s, very exciting. Yeah. Are there any favorite quotes?
01:59:23:15 – 01:59:25:05
Tim Woodbridge
None that I can think of off the top of my head.
01:59:25:05 – 01:59:28:19
Rod Khleif
All right. It’s kind of my. My favorite from Tony is live with passion.
01:59:28:26 – 01:59:36:14
Tim Woodbridge
Oh, I love that one. I can’t believe I went to see Tony. And he is, he’s on for, like, 13 hours straight. He’s up now. He does.
01:59:36:16 – 01:59:54:15
Rod Khleif
I spent 23 years with him, actually. And which is why I, you know, because I love mindset. And so I call it. Yes, yes, that’s why I incorporate a lot of it into my, into my, you know, into the boot camp boot camps that I do into the podcast here. You know, last question around schooling, yeah.
01:59:54:15 – 02:00:04:17
Rod Khleif
I know you don’t have any kids yet. But, you know, if you could teach school children one thing for an hour a week, what might you teach them? That they’re not getting? For example.
02:00:04:18 – 02:00:10:07
Tim Woodbridge
This this is a great question. So my wife is a retired school teacher, taught high school.
02:00:10:07 – 02:00:10:23
Rod Khleif
Wow.
02:00:10:25 – 02:00:32:06
Tim Woodbridge
And so, you know, we’re both very, aware of, like, there’s such a deficit like it. You know, she loves schooling, but, you know, from the inside, she knows that the lack there, I think a lot of it would be entrepreneurship. A lot of it would be, you know, for shows. Because it’s funny, you could do. Yeah.
02:00:32:06 – 02:00:45:09
Tim Woodbridge
Mindset with that. And you could do, you know, taking risks and not being afraid of failure. So like, all of that can kind of come together and just like, take a bet on yourself. You don’t have to do what everyone’s doing.
02:00:45:10 – 02:01:05:02
Rod Khleif
They don’t teach you that in school. They don’t teach your mindset related stuff like that. They don’t teach you, you know, really good time management skills, entrepreneurship, you know, and even college professors teach you that, that are teaching your business have never owned a business. Yeah, it’s crazy, you know, but, well, listen, brother, it’s WCG investments, right?
02:01:05:02 – 02:01:12:16
Rod Khleif
Yeah. Yeah. Well, I really appreciate you coming down. And, spend a little time here. That’s been a lot of fun for me.
02:01:12:22 – 02:01:14:22
Tim Woodbridge
Great to be here. Thank you so much for the invite.
02:01:14:22 – 02:01:15:11
Rod Khleif
Thank you.
02:01:15:12 – 02:01:35:27
Outro
Thank you for listening to the Lifetime Cash Flow Through Real Estate Investing podcast. If you’ve enjoyed the show, please take a minute to visit iTunes and leave your comments. For more resources or to connect with us further, please visit our website at radcliff.com and tune in next week for our next show.
