Interview with Tim Woodbridge- Healthcare Professional Turned Full-Time Mobile Home Park Investor

Episode 110 October 10, 2023 00:44:45
Interview with Tim Woodbridge- Healthcare Professional Turned Full-Time Mobile Home Park Investor
Passive Mobile Home Park Investing
Interview with Tim Woodbridge- Healthcare Professional Turned Full-Time Mobile Home Park Investor

Oct 10 2023 | 00:44:45

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Show Notes

Welcome back to the Passive Mobile Home Park Investing Podcast, hosted by Andrew Keel. On this episode of the Passive Mobile Home Park Investing Podcast, Andrew talks with an amazing guest in Mr. Tim Woodbridge.

Tim Woodbridge purchased his first mobile home park in December of 2019 and since then he has grown a portfolio of 9 Mobile Home Parks totaling just under 300 lots. He specializes in value-add multifamily assets, most of which were distressed and in need of a total makeover.

Tim, a former registered nurse for over 8 years, graduated from Northern Arizona University in 2012 with a BS in nursing, he was able to, within just 2 years, quit nursing and jump into mobile home park investing full time!

A lot has changed in the last few years within the mobile home park investing space and Tim talks about the lessons he has learned during those formative years. He talks about how his mobile home park investing strategy has changed, as well as his view on the future of the mobile home park asset class. Tim focuses on helping educate those interested in investing in mobile home parks, and he reiterates the importance of keeping up to date with industry knowledge and trends. He also mentions that while you’re actively investing and operating within the mobile home park asset class, it’s important to keep an open mind on alternate ways of operating mobile home communities.

 

***Andrew Keel and Keel Team Real Estate Investments (Keel Team, LLC) do not endorse any interviewee. This interview is for informational purposes only and should not be depended upon for investment purposes. ***

 

Andrew Keel is the owner of Keel Team, LLC, a Top 100 Owner of Manufactured Housing Communities with over 2,500 lots under management. His team currently manages over 40 manufactured housing communities across more than 10 states. His expertise is in turning around under-managed manufactured housing communities by utilizing proven systems to maximize the occupancy while reducing operating costs. He specializes in bringing in homes to fill vacant lots, implementing utility bill back programs, and improving overall management and operating efficiencies, all of which significantly boost the asset value and net operating income of the communities.

Andrew has been featured on some of the Top Podcasts in the manufactured housing space, click here to listen to his most recent interviews: https://www.keelteam.com/podcast-links. In order to successfully implement his management strategy, Andrew's team usually moves on location during the first several months of ownership. Find out more about Andrew's story at AndrewKeel.com

Are you getting value out of this show? If so, please head over to iTunes and leave the show a quick five-star review. I have a goal of hitting over 500 total 5-star reviews, and it would mean the absolute world to me if you could help contribute to that. Thanks ahead of time for making my day with your five-star review of the show.

Would you like to see mobile home park projects in progress? If so, follow us on Instagram: @passivemhpinvesting for photos and awesome videos from our recent mobile home park acquisitions.

 

Talking Points:

00:21 - Welcome to the Passive Mobile Home Park Investing Podcast

01:40 - Tim’s journey into the world of mobile home park investing

06:33 - Getting educated in the mobile home park industry

11:57 - Adjusting your expectations of people

14:28 - How Tim’s strategy in mobile home park investing has changed over the years

17:08 - Mistakes you make when you’re too hungry for your first deal

21:00 - Due diligence in mobile home communities (especially with plumbing)

24:00 - Figuring things out the best you can and knowing when to ask for help

25:30 - Being open and honest

27:41 There’s no perfect mobile home park, but there are perfect on-site mobile home park managers

31:31 - Bringing in mobile homes (infill) and fixing mobile home park roads

34:18 - Being bullish on mobile home parks

37:00 - Government threats

39:41 - Getting in touch with Tim Woodbridge (mobile home park investor)

41:55 - The importance of networking

43:50 - Conclusion

 

Links & Mentions from This Episode:

Tim’s Facebook: https://www.facebook.com/tim.woodbridge.54/

Tim’s Instagram: https://www.instagram.com/tim.woodbridge/?hl=en

Keel Team's official website: https://www.keelteam.com/ 

Andrew Keel's official website: https://www.andrewkeel.com/ 

Andrew Keel LinkedIn: https://www.linkedin.com/in/andrewkeel 

Andrew Keel Facebook page: https://www.facebook.com/PassiveMHPinvestingPodcast

Andrew Keel Instagram page: https://www.instagram.com/passivemhpinvesting/

Twitter: @MHPinvestors

 

Quotes:

“Naturally, I'm kind of like, how can I build rapport with someone? That's just how I am.” - Tim Woodbridge

“You know what they say, get in the right rooms, get around the right people. And that’s so true.” - Tim Woodbridge

“I grew up in creative real estate. So like, that's, that's interesting to me. Like creative deal structure, how can we make this a win-win?” - Tim Woodbridge

“Things don’t happen as cheaply as you expect they would.” - Tim Woodbridge

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