Latest / The Capitalizing Your Life Podcast / From Medicine to Mobile Home Parks: Taking the Leap with Tim Woodbridge
Transcript
- Glenn (00:01.928) Today my guest is Tim Woodbridge with WC Investments. Welcome, Tim. Tim Woodbridge (00:07.451) Thank you so much for having me, Glenn. Glenn (00:09.416) Yeah, I'm glad to have you. I think we're on pretty parallel paths right now, you know, about buying real estate and mobile home parks and, and a couple apartments and RV parks and I saw you on LinkedIn and figure I get you on the show. If you could just tell us a little bit about your backstory and how you got started. Tim Woodbridge (00:32.955) Yeah, dude. so I mean, I was a nurse for a while. I'm still a nurse. I just don't practice anymore. And, you know, I found real estate. I mean, I grew up I didn't know anything about finance. I didn't know asset or liabilities. These. I didn't know these words, right? So like everyone does, I picked up Rich Dad Poor Dad just randomly. And yeah, it was life changing. And I was like, okay, well, this is what I need to do. Because if all these wealthy people are doing it, and it's working for them, I need to do that too. And, you know, just read a lot, listen to podcasts, heard the one, the bigger pockets podcast with Frank Rolfe on it. And I was like, okay, that that's, you know, the direction I want to take. And. You know, from there, I found a park on mobile home park store .com and, you know, the seller, he listed it himself. It was a little bit in the country, maybe an hour, hour 15 from where I live. And yeah, I mean, I just I reached out. And I mean, everything was scary, right. But I reached out and went and toured the property with him and, you know, put an offer in that was way lower and whatever. Everything was scary. But I did it. I took the action. I closed it. A lot of hurdles. But that's that's it, man. So, you know, close my first park in 2019 own. eight parks now because we just sold one. Got six more under contract right now and just yeah, I love the asset class. So I want to close as many mobile home parks as I can. Glenn (02:26.888) Yeah, so it's funny because you're talking about mobile home park store and it's always funny how that like when you go on it, it's just like so whenever I think when you were looking at it about 2018 19 is about whenever I was starting to surf it and it's kind of like sometimes it's amazing that sometimes that's where you like it's the only place you'll find it there and you won't see anywhere else on the market. And it's gotten more mainstream now. Like I could tell you that everybody kind of knows about it, but it was that mobilehomeparkstore .com at the beginning was like, how do you would find great deals on there? And now it's kind of like, it's gotten more expensive and sometimes you come across deals, but it's crazy how you'll find them there before you find them on any other platforms at times. So, but. Tim Woodbridge (02:55.931) Mm -hmm. Tim Woodbridge (03:21.659) I thought it was a total BS website. It doesn't sound real. It sounds like a joke. But yeah, it's where I found my first one. Glenn (03:25.416) yeah. Glenn (03:31.4) getting in contact with somebody afterwards is actually the hard part too. It's like you're trying to reach out and like, I don't, I think I'm throwing my email in a black hole. I don't know if I'm getting it out. You know, if I'm not going to get a response, but yeah. So, tell us like when you bought that first mobile home park, how, how did you, how, how many units was the mobile home park? Tim Woodbridge (03:42.427) Hmm. Tim Woodbridge (03:54.363) it's 36 individually deeded lots run as a mobile home park. So it's like 36 in a neighborhood of maybe 50, 55. We own the 36. Again, we run it like a mobile home park, but like there's water sewer that we own under like all 50 homes. So it's, it's, it's a weird thing. You know, it's, it's, it's definitely not traditional. But yeah, so 36 when we bought the 36 there was only 10 occupied at the time. Glenn (04:30.088) And with that, the, so when you say they're individually deeded, does that mean that you could sell them off with the land? Tim Woodbridge (04:38.267) Yeah, I can. And I have a couple that are like a land home contract sort of thing. Glenn (04:45.864) Yeah. And do you still own those? Tim Woodbridge (04:49.915) Yeah, yeah. So, you know, we closed in at the end of 2019 and then 2020 and COVID hits and legacy home says, sent out an email saying like anyone with any vacancies will finance these homes 100%. Glenn (04:57.0) huh. Tim Woodbridge (05:08.603) And so we bought seven homes and, you know, got them set up and man, that was an ordeal. A lot of stuff on my personal credit cards and figuring stuff out and being like, this is way pricier than I thought it would be. and, but yeah, so we got those seven in and then two organic move -ins. So I was at 19 of 36, when we refied, because we had the seller carry a little bit, like, So the seller carried a little bit of the purchase. So we refied like, I don't know, 14 months or so after and like the appraisal came back and it was more than double what we had paid for it. So I was like, my gosh, like this is, you know, like everyone. So I own a 50 50 with one guy, we all got our money back. We got like everything all of our money back in our pockets plus, you know, a little bit like, you know, 510 grand in our pockets. And then like, yeah, we just hold it and we cash flow it. I did eventually we bought six more homes. So, you know, 25 at 36 had home or have homes on them. And then the rest of the parcels of land I like lease with an option to purchase. So, like, I think I'm at 34 or 36 occupied right now. So like, I mean, it's it substantially increased the value of it substantially increase the cash flow of it just by getting a little bit creative and figuring out how to do stuff. Glenn (06:51.055) So what about, so let's talk about the story up to that point. So before 2019, like what were you, how did you go about, were you buying real estate or was it just, was this the first property you ever bought? Tim Woodbridge (07:08.091) I mean, I had a house with an ex and then I bought a condo myself when I moved to Charleston, South Carolina. But yeah, I didn't, I've never had a single family rental. I've never, you know, I went straight into this is the thing I want to do. And I mean, I wasn't sure of it, you know, I said, this is the thing I think I want to do, you know, and there was a lot of... Until relatively recently, the certainty of just doing mobile home parks wasn't there. I was like, okay, I like mobile home parks. But also maybe I want to do some single family wholesaling and then lost a ton of money. Maybe I want to do an apartment and the I'm not against the apartment, but I'm like, okay, I don't like this as much. Maybe I want to do the RV park. I did an RV park. Okay. I don't like this as much. What I need to do is stop going all over the place and just focus on the thing that I really like and, you know, put my blinders on no more shiny object syndrome. So Glenn (08:11.912) It's crazy because in 2019, it was still at the time you would have thought like we're at the top of the real estate market, COVID haven't happened yet. It just felt like the market had just gone up so much from 2008, 2009. It just gives you an example that with everybody that if you would have read Twitter or anything, everybody would say that this is that we're at the top type thing. And it's, it's a typical, there's a deal and every market, any type of market. And I think like, that's the same thing. It's like the people that, and I have a mentor that told me, he said, the guys that are, if you can't make a deal happen in good times, you're not going to make a good, a deal happen in bad times. And, that's kind of the, this sounds like the same story. I mean, I don't know exactly what time in 2019, but I know that the Tim Woodbridge (08:43.387) Yeah, yeah. Tim Woodbridge (09:02.747) Yeah. Glenn (09:11.784) I think they had like the stock market was imploding, you know, from like the repo market around 2019. And there's a lot of like red flags right at that time. And then COVID happened and it just changed everything. But yeah. Tim Woodbridge (09:31.195) Yeah, and like the funny thing is, I mean, so I was working as a nurse. And I remember I had a patient who, like, just happened to own a lot of mobile home parks around me. And so like, he was kind of a de facto mentor for a little bit, a period of time. And, you know, we'd talk and stuff, you know, we exchanged numbers, just to talk real estate and whatnot. And, yeah, you know, he said, don't, don't do that deal. He said, it's a bad deal as is he's said, you're overpaying for it. So let's think about it. It was 10 lots of 36 occupied. The lot rent was $125. And, the purchase price was $250 ,000. So me looking at that now I say, yeah, that's a deal. I'm glad that I didn't, you know, didn't think of it like that. I'm glad I was excited. because yeah, like without doing that deal and figuring out how to do it, I wouldn't be where I am today. So anytime someone says that's a shit deal or like don't do that deal. That's a lot of headache. It's like, well, but don't discount the headache that you're going to have. You know, I figured out how to do it because it was a headache and I increased the value. I saw that there was potential. yeah, like, I don't know. To your point. I mean, deals, you make deals, right? You don't like. don't just come across deals. I mean, times could be good times could be bad. The sky could be falling. But it's like, let's talk the fundamentals of this deal. As long as I'm not negative cash flowing, and I got some path to upside, let's do the deal. That's that's the big thing with me, man. You know, like the first dealer was creative. So it was a 250 ,000 purchase. The bank carried or the bank lent $175 ,000. The seller carried $50 ,000. My partner brought $25 ,000 and I brought like six and some change for closing costs. So, you know, but like even if even if it was 10 times that it's like still the same thing, right? So it's like, I mean, the the yeah, like with the $125 ,000 lot rent, we weren't we weren't negative, but we were like there were a lot Tim Woodbridge (11:54.651) times I was sweating right I was losing sleep and then bringing in homes that was same I was putting stuff on personal credit cards and figuring out how to do and losing sleep but like we weren't a negative cash flowing from the business side so I mean the fundamentals there if you have some upside you're not negative cash flowing and you can get to that upside relatively quickly do the deal figure out how to do the thing Glenn (12:24.008) Yeah, we have a couple deals in the pipeline right now and we're same page where we're, it's like we're paying, we're paying a lot for the spots, but the cash flows are so strong that in the, you know, the financing is good. It's like, okay, well we're, I mean, I guess we might be, I don't know. I don't believe we're overpaying. But I can tell you that the cash flows are so strong that it's like, why wouldn't we pay this? You know, it's the question sometimes. Because it's like, I mean, our interest rates aren't low. We're paying, we'll say, 10 % to 12%. We're paying long, you know, three to five year term on the interest. But at the same time, we're still a strong cash flow. draw the plan with the how to execute. And it just to me, I'm like, okay, we're are we buying in a location that's that for me, it's it has a lot to do with it is the location. Am I buying in a growing location? Am I buying in like a dying location? And that's been the the the justifier because I'm like, they're building brand new houses down the street from us. It's like, they're they're mowing fields down to put in these four to $500 ,000 houses. It's like, you know, how do we say that these numbers don't work if it's cash flowing, it's paying for the land. And, you know, we hold these things, you know, worst case scenario, we hold them for 10 years. And by the time the 10 years comes around, whatever prices, I do believe that the prices today will be cheaper. You know, it's like, it's just being able to hold on. structure your deals properly to be able to hold on for the long term. And that's been the thing that gets most people into trouble is the deal structure. Can they hold on longer than three to five years? And that's where I think you see a lot of people that have gotten caught. And with mobile homes, I think you kind of get protected because there's not as much Tim Woodbridge (14:24.635) Mm -hmm. Glenn (14:41.448) quote unquote, creative financing with the banks. The banks are giving you a straight loan or you can get creative financing from the seller. But the actual, the banks kind of keep you, like they're not gonna give you, I mean, from my experience, we haven't been able to get like these crazy floating rates and all this stuff that goes with it. It's all been fixed rate, long -term debt on all of our stuff. Tim Woodbridge (15:09.275) I mean, yes and no, it depends, right? So there's some floating rate. I mean, I so for me, at least I don't like floating. I don't like arms. I don't like anything. I like, you know, the low and slow, give me a five year term. If you can't hold on for five years, and like, maybe you shouldn't be doing the deal. What's interesting, to your point also on Glenn (15:23.592) Yeah. Tim Woodbridge (15:38.363) you know, am I overpaying and you know, going back and forth going back and forth. But earlier this morning, I was talking to a friend, and we were talking about overpaying. And I brought up you know, Barbara Corcoran, the shark tank, you know, real estate lady. I saw something where she said, like, I'm over, like always overpaying, you know, she's like, I don't know, 510 15%, whatever, she's overpaying. And she's like, but like, in the long run, it's working. and obviously it's working for her. So it's in that conversation earlier, I was like, I don't I don't 100 % care about the purchase price. I know everyone says you make your money in the in the purchase. I you make your money when you buy I get that. But I think that's only one part of the conversation. And so I was like, okay. Well, let's say, you know, the asset as is, is worth a million bucks and I'm buying it for 2 million, but I structure it so I can not negative cashflow and I can get in there and value add, you know, put $100 ,000 in and the, and the deal's worth three and a half million. So like, is that a deal that's worth doing? Because sure, I'm overpaying for a million bucks by a million bucks. but I'm making, you know, probably a million on the back end just by doing things creative. And it's not like, it's not like deals like these are like. okay. Well, why didn't you just pay less? It's like, well, no, you wouldn't have done a deal. It's either you pay a little bit more to get it done and structure it creatively. So again, you're not bleeding money. You're not negative cash flowing, or you don't do the deal. So like, which one do you do? You know, if you can come up with a solid business plan and a solid five year period, I mean, you know, Tim Woodbridge (17:32.283) In that deal that I like hypothetical deal, you know, in the analyzer we use, it's like, okay, well, what are our investor returns? Are we doubling our investors money in five years? Like at least doubling, then yeah, you know, pay a little bit more, get the deal done, make a ton of money for everyone. Don't stress yourself about things so much. That's what I think at least. Glenn (18:00.008) It reminds me of a time I bought a townhome and I almost canceled a deal over 50 bucks. I was, I, the guy was going to, I did like a lease back to the, the, the seller and I was trying to get like 1150 rent and he was saying, no, I'm going to pay 1100 and I almost canceled it. And it was a one month rent, a one month lease. So he was going to be out in a month and I'm like, Tim Woodbridge (18:05.659) Hahaha! Tim Woodbridge (18:24.539) Yeah, yeah. Glenn (18:28.008) Just cancel the contract. I'm not doing this. And yeah, I got talked off the ledge by my friend Realtor also. He was just like, how about, or, and my mentor, he's like, you know, that $50 is not going to matter when you sell that place. I was just like, okay, you're right. But yeah, so it's another thing I was thinking of is Barbara, what's her, Cochrane or Corcoran? Tim Woodbridge (18:31.195) I'm done with this shit. Tim Woodbridge (18:56.55) I'm maybe mispronouncing it. I'm back with that. Glenn (18:57.704) Yeah, so she actually lives in a mobile home and she has a mobile home in California and it's like a two or three million dollar mobile home, like it's on the water and everything. But there's like those, there's a certain Malibu mobile home park that's like where Matthew McConaughey lives there. It's like a five million dollar mobile home. It's just funny. But so Tim Woodbridge (19:08.027) Yeah, I bet. Tim Woodbridge (19:14.587) Mm -hmm. Mm -hmm. Tim Woodbridge (19:22.971) Yeah, yeah. Everyone says, you know, these these homes don't appreciate they all they do is depreciate. It's like a vehicle. And it's like, no, no, no, no, no. You got to take into the full story into account, you know, that that, you know, mobile home she was living in when it came from the factory, it was 100 % not $2 million. It was probably maybe $50 ,000 back then. So it's like, you know, it depends. It depends on your surroundings, you know? Glenn (19:49.448) Yeah. Glenn (19:55.464) When I first started looking at mobile home parks, well really, I had a friend that has a, he had like 1400, he didn't have 1400 units at the time, but he had about 600. And I started looking at quote unquote flipping mobile homes in 2015. And you could find for free or $1 ,000 all day long and you could, and now it's like totally different, but it's like, yeah, the same, I remember I was gonna buy five mobile homes in this park. Tim Woodbridge (20:12.155) Mm -hmm. Glenn (20:24.84) and lot rents were like 300 and I was just like, just gonna flip these quote unquote flip these mobile homes to make like 10 grand or something like that. But it was, I started losing sleep and it just didn't feel right. But my mentor at the time was just like, you're gonna lose money on this. So yeah, it's been my little path to finding how to get into mobile home parks as well. Tim Woodbridge (20:39.547) Yeah, yeah. Tim Woodbridge (20:54.043) Sometimes you got to lose money, at least for me, right? So like, I have paid some, you know, a little some painful experience in terms of like, learning. So the times that I have lost money, I'm just like, Well, that's me paying my tuition, right? That's me learning a hard lesson. Glenn (20:54.6) So. Glenn (21:16.488) What, do you have any examples? Tim Woodbridge (21:19.387) I lost a ton of money trying to wholesale single family houses after. So after I quit nursing, I was like, I love mobile home parks, but the money's not as quick. And so like I see so many people killing it and wholesaling. So let me do that. And so I just, a ton of money out with like VA's and like marketing costs and all this stuff. And I kept being like, okay, we just got to keep going. We just got to keep going. And like, I didn't love the business of it. I love the money. I love the possibility of money. I didn't give a shit about marketing. I don't care about a lot of the stuff that you have to care about. Because I a friend of mine said something like, wholesaling isn't a real estate business. It's like a sales and marketing business. And I hate both of those. I mean, I don't hate it, but it's just not my style. So like, Yeah, you know, learned there. Let's see, other times lost money. You know, putting up like, you know, money for surveys and phase ones and stuff like that. I mean, that's just kind of a cost of doing business. So, you know, so I've learned from it. Glenn (22:30.728) One thing I've lost, it's the biggest loss that I feel like that's, is I bought this credit card debt to collect on and it was $1 .7 million worth of credit card debt and it was eight years old, which is a terrible idea. And I paid 17 ,000 for it and I had this guy sell me on that he had somebody that would collect the money for me and all you have to do is collect obviously 17 ,000 to. make your money back. And I was like, cool. Yeah, that sounds good. I'll frickin start buying them. And then hopefully I'll make 30 ,000 and I'll take that 30 ,000 and buy more credit card debt. And within, within three to six months later, I quickly saw that this was a terrible idea. And I ended up I ended up making I ended up getting $6 ,000 back from that investment. I thought it was gone forever. And Tim Woodbridge (23:12.603) Yeah, yeah. Glenn (23:30.472) But yeah, definitely have some lessons. another one is a 4X trading. I ended up. Tim Woodbridge (23:37.147) yeah? Glenn (23:40.04) I had, I did Forex trading, but it was, it's called something about leverage. Where inside Forex trading, certain, not foreign exchange, I think it's Forex leverage. So like oil was like super low. So I bought it very low and bought it when it was like in the negatives, you know? So I thought I'm just gonna hold on to this, but. it didn't like come right back up. It was just like, I bought it and I realized that every day it would charge you like two or 3 % on your investment. And then I got nervous and without knowing what I was doing, I ended up losing. I mean, I lost like 800 bucks in one day. It was terrible. That was another example of just like stay in your lane and start, you know, you create rules along the way. Tim Woodbridge (24:28.027) Yeah, yeah. Glenn (24:36.904) And these are the times that you create rules. You're like, I just lost 10 grand. I need to create a new rule right now. Tim Woodbridge (24:44.667) Yeah, yeah. Yeah, my rule is don't don't go after the money go after the bigger problems that I want. So I go after bigger problems that I want to solve that excite me. And then the money will come. If I'm just going after money, I don't give a shit about the process. I'm gonna just lose. So Good lessons, you know. Glenn (25:09.352) Definitely. Yeah. So let's talk about, you don't have to give too many details, but the sick say this, you have six deals under contract and how is that structured? Tim Woodbridge (25:20.667) Six parks under contract, three deals. So, but yeah, sorry. Glenn (25:24.424) okay. Yeah. So like, what is it? Are they all smaller parks? Are they large? Or what does that look like? Tim Woodbridge (25:33.467) So four of them are 100 unit portfolio in Spartanburg, South Carolina. One is a 75 unit park in Oklahoma City. So that's the one I'm going out of my my markets that I have right now I forgot. So yeah, the 75 in Oklahoma City and then a 49 unit in Fayetteville, North Carolina. Glenn (25:57.351) So when you decide to go outside the market, what kind of research do you do to make sure that the landlord laws are right? How do you go about doing that? Tim Woodbridge (26:10.107) I talk to people. Really, I talk to people and then someone on my team does a little bit more research. I do preliminary like how close is it to a Walmart, right? The easy stuff. And then my partner, Matthias does more looking into like he does he's the underwriting master. So he does all all the the Glenn (26:12.36) Yeah. Tim Woodbridge (26:35.355) know, underwriting for the deals and then I help kind of with the creative side and structuring and stuff like that but he'll really do deep dives into things. You know, it is a lot of people want to go in alone and myself included. I did I mean even though I partnered with I have, you know, my first park 5050 with someone who brought the capital, like, I did a lot of it alone. And I realized how limiting that is now. And so like, I, you know, looking at landlord and, you know, and tenant landlord, whatever, it's like, I high level, I stay away from like, New York, California, Illinois. and you know probably most of New England just because why why go up that way if I'm down here in Charleston, South Carolina. But like it so it's more like okay wrap it up and then let's talk to people who have experience in this specific county and you know see if there's anything to be aware of and then during due diligence talking with the magistrate court and being like, you know, what's your process for evictions? Hey, I'm looking to get property here. I hope I don't ever have to use this process, but I'd like to familiarize myself with this process. Glenn (28:00.296) Yeah, that's always been the hard part for me. But at the same time, the way I look at it, and I believe this is the same way with South Carolina and North Carolina, but it's just that I feel like that I'm in, since I'm in Florida, I kind of look at it as that what Florida is like the place to be. And I have like a home team, home court advantage, you know? So I look at it as, do I have to go further than Tim Woodbridge (28:24.411) Mm -hmm. Glenn (28:31.88) you know, further than Florida to go find a deal, but then again, to grow, to find bigger deals. And I think there's better cashflow deals outside of Florida. I think Florida is becoming more expensive as in just because of the demand of people that are trying to be here. It's always a hurdle for sure. Well, yeah, it is. It is. It's not California. I wouldn't say it's California prices, but. Tim Woodbridge (28:48.411) What do you mean becoming? Florida's already crazy. Tim Woodbridge (28:56.187) Yeah, yeah, no, no. And it's the prices okay the prices in Florida are crazy but also I realize that every time I say this is crazy I have to like step back and be like, okay, but like some people are buying it. So how are people who have more experience or, or more sophisticated, how are they able to do that? And maybe I can do it or maybe I can't, but like, I realize now that my knee jerk reaction of like bullshit to that price is like, okay, no, no. Like that's, I'm, I recognize I have that, but I need to dig into it instead of like before I just be like, no way. And then walk walk away. Now I'm more like, but how? Glenn (31:23.368) So the one thing I would say, and I, it's almost like when housing prices were say 200 ,000 in your area or my area, everybody was, the house, to buy a house used to be 200. And you would think a $500 ,000 house is gonna be like unbelievable. Like that's like a mansion or whatever. You know, at one point it was. Now it's like, now to buy a house, you pretty much have to pay 400 or 500 in my area. In my area, where I live is, which I live in an apartment, but if the house is to tear down a house is a million dollars. So, and it used to be 300 ,000. So what I would say, and the one thing I have to get my mind wrapped around is. We, I believe that it is almost impossible to comprehend the affordability issue that we have. And. Tim Woodbridge (31:59.547) Yeah, yeah. Glenn (32:21.352) to say that whatever lot rents are today, would you be able to say that they're gonna go up at least 10 % a year annually for the demand of people that are looking for houses and look at what you're buying and to say, what if, so say I was paying market price and, but if I can increase 10 % annually on lot rents, Is that possible? And I would say that the number might even be more than 10 % is what it comes down to, especially with population growth. Tim Woodbridge (32:58.107) Mm hmm. Mm hmm. Mm hmm. Yeah. Yeah, it's it's looking at that longer timeframe, right? So it's the same thing with like overpaying, right? Like, in 10 years, will I be happy that I overpaid a little bit and have this asset or in 10 years, will I be like, man, I'm glad I didn't overpay a little bit. Glenn (33:02.248) So it. Glenn (33:12.104) Yeah. Tim Woodbridge (33:23.291) with mobile home parks, I will be very, very, very, very surprised if I'm not like super ahead and glad that I took the initiative and overpaid a little bit. Granted, that's where I am today, you know, in a year or two or five, maybe I'll be in a different place, but I'm in super growth mode right now. So I'm like, okay, if the numbers make sense, and I can get investors good returns, let's buy. Glenn (33:24.072) Yeah. Glenn (33:28.36) Yeah. Glenn (33:51.912) And it always and it back to the it always and I heard it from AJ Osborne, but it always comes down to the the deal structure and what you pay for it. So it turns into as long as you can hold on to it, it's cash flowing. Then the market will, I believe, work itself out to pay you on the back end. So it's kind of like that's Tim Woodbridge (34:18.427) Mm -hmm. Glenn (34:19.752) You know, we're buying them. We believe that we're going to have strong cash flows the whole time and we don't. You'd have to figure out what the thing that's going to disrupt the cashflow is really what the thought plan is, the thought process, like what is going to disrupt the cashflow. And then the other thing I've actually gotten out of these podcasts is talking to operators with very large portfolios is kind of how they look at things and they're paying way more than we would ever pay, you know, on a lot of these deals, but they have experience with buying the same stuff we're buying today. And they there there's a reason why they don't buy what we're buying and they buy the nicer stuff, pay more for the better stuff. And it turns into, you know, that there's less variable cost. It's straight up like it's almost very duplicate, duplicatable. You know, we know they know like what the expense is going to be. They have the revenue to cover it and. Tim Woodbridge (35:07.259) Mm -hmm. Glenn (35:25.32) It's like just repeatable and that's kind of what those guys do is from what I've seen. Tim Woodbridge (35:31.131) Mm hmm. Yeah, everyone's on a on a different path. And that is another thing. It took me a while to, to like, come to terms with because I mean, I bought a park. Glenn (35:36.488) Exactly. Tim Woodbridge (35:44.187) in 2019. And then like all the other parks for the next few years were like the price was crazy. And it's because what what I didn't understand is like, they're buying, you know, the interest rates are so low, and they're able to overpay because of interest rates being low. And I'm glad I didn't buy because I am lucky in that I'm lucky that I didn't buy and I don't have some of the problems some of the bigger guys have. Glenn (36:04.648) Yeah. Tim Woodbridge (36:11.867) But it's not that I didn't, it's not that I was smart and didn't buy. I just didn't buy because I was, I wasn't smart. I didn't know how they were doing it. So like, yeah, I mean, for better or for worse, I mean, definitely for better. I'm glad I didn't get any of those deals. But you know, they were in different positions in their career than I was at mine. So. you know, not all deals are for me, not, you know, I'm not in the same position in the same way like that 10 to 36 unit that wouldn't be for me right now. I wouldn't be interested in it. So it's interesting. Glenn (36:52.584) Awesome. So if you could just tell us where everyone could find you. Tim Woodbridge (36:59.387) Yeah, so I mean, Instagram, Tim dot Woodbridge, Facebook. I forget the Facebook. You'd put it put it in your show notes or whatever. We did just launch our website. It's WC investment group. So it's WC INV like investment group .com. Yeah, you know, reach out. If you're interested in mobile home parks, if you're interested in investing, if you're interested in whatever man, catalanla .com slash Woodbridge Capital, I'm always down for a conversation. Glenn (37:36.2) Yeah, definitely on LinkedIn and that's where I found you. And I think that there's a link on your page where it actually shows you every podcast you've been on. I watched a few of them. I was actually like, I mean, it's been over, there's over 10 at least in their great podcasts and big bigger names. But yes, so it's great having you on and thanks for, thanks for coming on the show. Tim Woodbridge (38:01.627) Thanks so much for having me.