Restaurant Manager to Apartment Buildings with Randall Reashore

Recorder 2 28

Podcast Transcription

Georges El Masri [00:00:00] Ladies and gentlemen, thank you for tuning in, I’m your host Georges El Masri, and you are listening to the well-off podcast where today I interviewed Randall Reashore, who is a real estate investor, real estate agent. He went from working in the restaurant industry. He actually was a manager for the Drake Hotel at one point and eventually realized the importance of building wealth. And then he started investing in real estate. He told me about his journey, why he started in Peterborough and just being able to afford something there. So really cool story. I think you guys are going to love this on this episode we discussed so growing through joint ventures, the due diligence process, why he likes the 10 plus unit building department, so why he invests in apartment buildings and then also the importance of coaching and what that has led to. Because we both share a similar coach, we went through coaching through Quinton de Souza. Anyways, I hope you guys enjoy the episode, and if you do, please share this episode with someone to leave us a review that’s so important. We would really appreciate if you went onto the podcast platform or on your computer. If you have a Mac, you can do it through the podcast app. Leave us a five star review and if you want to connect with me, if you want to talk about multi units and welland in St. Catharines or in Hamilton three to six unit buildings, I would love to chat with you. You just got to go to well after easy book call and we’ll make it happen. Enjoy the episode! Welcome to the all podcast, where the goal is to motivate, inspire and share success principles. I am here with Randall. Thank you for coming out today. Randall and me. We met through a coach; I believe great Quinton D’Souza. We were both coached under him for a while at different times and then we have very similar interests and we’re both realtors and whatever else. So I’m happy to have you here, Randall. Thanks for coming out. Yeah, thanks

Randall Reashore [00:01:44] for having me. I’m happy to be here. Yeah.

Georges El Masri [00:01:46] So tell me a little bit about your childhood where you grew up. One or two things you remember from your childhood.

Randall Reashore [00:01:52] Yeah. So my family is Acadian. So we’re French-Canadian from Nova Scotia. Oh, I didn’t know that. Oh, cool. Yeah, my father. Well, my family were like lobster fishermen and coal miners in Cape Breton. And then my father worked for rail. So we moved a little bit following the train and I was born in Montreal but grew up in Durham. And then some things I remember from childhood, I played outside a lot. I played basketball a lot, as I think you did too. And I was a, you know, skateboarder, punk and gun to lots of trouble and eventually found myself on to university and then into business school.

Georges El Masri [00:02:28] I had no idea. You’re a French-Canadian. Maybe we discuss it at some point, but for some reason I couldn’t remember that. OK, so tell me about your journey. How did you end up investing? Why did you start what? What got you interested in doing that?

Randall Reashore [00:02:40] Yeah. So I kind of fell into it initially. I had worked in hospitality for a long time, so running restaurants, bars, things like that. And it around 2010, I met my now wife and we were living in a one bedroom apartment that was getting too small. We both made a decent amount of money at the time and we decided to buy a house. So we bought our first house and then began to kind of rent out a couple of the guest bedrooms to friends to help pay for the mortgage. And that was kind of my first foray into being a landlord. Yeah. And then eventually we put a suite in the basement of that house again just to kind of help offset expenses.

Georges El Masri [00:03:19] Yeah, for sure. And then did that make you want to explore more options or I don’t know, like how did you feel after doing that? Did you just feel like, Hey, this is a way for us to build wealth and replace our income and whatever else?

Randall Reashore [00:03:33] Yeah, I didn’t quite have all the pieces. Click right away on that. It was kind of piece by piece just learning as I went. And but one of the things I did notice was after that basement renovation, I did the first time I had refinanced the house and I didn’t even know what that was. The kind of contact of the bank talked me into doing that just to kind of lower our debt. Mm hmm. Or kind of bundle our debt and didn’t lower it, bundled it up by suturing. Yeah. And then I and then when we did that, then I kind of got this feeling of like, Oh, that’s cool. We’re kind of living here for free now. We’ve lowered our debt and it just let me see a little more opportunity in real estate. And at that time, I got offered a job. I kind of got recruited by the Drake Hotel to open their newest hotel, which was in Prince Edward County. So I got offered the role of general manager and decided to move the family to Prince Edward County, knowing that we could rent our house out. And it would kind of be offsetting the cost of us to live in Prince Edward County. Yeah, so that was kind of how it started.

Georges El Masri [00:04:34] Cool. So now at this point, I know you, you have a couple of different investments. You have a lot of Maltese for my understanding, and I think you’re more in like the Peterborough sort of east and that market. Is that right?

Randall Reashore [00:04:49] Yeah. So after the house in Prince Edward County, which I kind of live in, flipped, I moved back to Toronto after a few years of being in Prince Edward County, and I kept that. Prince Edward County House, as Airbnb started to kind of test that model out, which I didn’t love, I didn’t love the amount of I just finished working at a hotel and I felt like I was still running a hotel by running an Airbnb, which now it’s great. There’s so many auxiliary services that you can hire all of that out, but at that time I wasn’t aware of that. So I moved back to Toronto and was trying to decide what to do next. And that’s when I really dove into real estate investing, right? So I had the two properties kind of helping, and then I started to increase my education. And that

Georges El Masri [00:05:33] was that. By the way, when you came back 20,

Randall Reashore [00:05:36] I came back in 2018. This process of like rethinking what I was going to do for work started in fall of 2016. Wow. OK.

Georges El Masri [00:05:44] Yeah, I thought it was longer than that. That’s OK. Go ahead.

Randall Reashore [00:05:48] Yeah, yeah, yeah. Well, but part of that learning led me down the podcast route. Like, we’re on here. I’m sure a lot of people learn from things like this now. And back then there was a few standout podcasts. There was Rob Break and Sandy MacKay is where I learned a ton, and I really like that one because they spoke to a lot of people from Durham region. As I said, I grew up in Ajax, so that was an easy fit and that’s how I ended up at Durham area and then into coaching with Quentin, right? So because of that, I then focused in that area because I knew it well.

Georges El Masri [00:06:17] Mm hmm. Cool. OK, so you focused on that area. You are in Toronto. So you live in downtown Toronto. You had that property there and then you started investing a little bit in Durham from 2018. Till today you’ve accumulated a lot of real estate. How most people? Yeah. For most people. How were you able to do that?

Randall Reashore [00:06:39] Yeah. So again, it’s been a lot of different strategies to get me to where I am now. So, yeah, to zoom back out. One of the reasons I went into Peterborough specifically was that I got priced out of Durham. Like I was just kind of a little late into the game of getting that real sweet left that Durham saw the last four years. Yeah. So I was looking for a little lower purchase price, and that led me up to Peterborough for lots of reasons. I don’t I can get into them if you’d like, but it was more or less because I could afford something there. Yeah, but one of the things I didn’t account for when I quit my job was qualifying for mortgages. So the strategy I used initially to get in was combining my now passion and knowledge with somebody else’s money and mortgage qualification. So I did joint ventures.

Georges El Masri [00:07:27] And was that something you were able to do with the help of a coach like Dave Quin help you do all that? Or how did you figure that out?

Randall Reashore [00:07:35] Yeah, I knew the nuts and bolts. I knew kind of the theory, but I didn’t know how to put it all together. So yeah, Quintin was a big aid in that as well as his. If you’re a member of Aria, you have access to education. Aria, which is kind of the education platform behind the

Georges El Masri [00:07:50] scenes, like we’re selling his program right now. Yeah, yeah. I both really like, appreciate everything.

Randall Reashore [00:07:55] There’s a ton of value there. I think I think the entry level membership like seventy nine bucks a month. Yeah, and you can have a Ph.D. in real estate. So yeah, it’s well worth it for sure.

Georges El Masri [00:08:06] Yeah. OK, so he helped you. He helped, kind of. He helped guide you in that moment of your life to get those joint ventures going. And then through those joint ventures, you were able to accumulate some, some properties and then I guess you just kept growing from there. Like what happened from that point?

Randall Reashore [00:08:25] Yeah. So I was able to get into the market. I was able to gain some experience through the initial joint ventures, mostly with family and friends. That’s the easiest way to start doing joint ventures, rather.

Georges El Masri [00:08:36] Probably the best way to yeah.

Randall Reashore [00:08:38] Yeah, I see a lot of people on Facebook posting asking for partners and things. I can only imagine the rate of response you get from that. Yeah, but who knows? What do I know? But yes, I started doing that. And then during that evolution, I really did fall in love with the business of real estate, so I decided to get licensed. And then I started to build almost dual businesses side by side. I had kind of my investment and joint venture projects. Yeah, and then I was also starting to transact as a realtor.

Georges El Masri [00:09:08] OK, cool.

Randall Reashore [00:09:10] And then sorry, just to answer the final part of your question there, which is what? How did I keep growing after that? Well, it was because I took the time to build that business income up so I could then qualify for mortgages again. I had down payments again. I started to refinance the early properties and then I keep rolling.

Georges El Masri [00:09:25] It’s amazing how it happens, right? Like before you know it, you get into the market, you buy one or two properties or whatever and then time passes. And all of a sudden you have all this equity. And the first one was hard to get a mortgage on for most people. You had to jump through all these hoops and then after a couple of years now the bank looks at you like, Hey, you’ve done pretty well, you own some, you have some capital will let you use that money in the next. The next property of finance is a lot easier. You know, as long as you have some income or whatever, it gets a lot easier over time, right?

Randall Reashore [00:09:57] Oh yeah, it’s snowball, especially when you combine. And that what you’re learning and experiencing. Yeah, you lose a lot of your, you know, fear of the unknown, you start to realize like every problem has a solution. And the assumption is you’re more in this network and in this industry, you know, somebody that solved that problem.

Georges El Masri [00:10:13] Yeah, 100 percent. And the thing is, the more the longer I am an investor, the more I realized that what separates from very successful investors from everyone else is action. Mm-Hmm. The majority of people, they let fear hold them back for whatever reason. Over analyzing properties, thinking of the worst case scenario and everything. And they just end up passing up opportunities. And when you pass up those opportunities, you’re giving up the equity that you could build over time and you know, all the benefits of compound interest and all that stuff. So I’m just realizing like, you got to take action, you have to.

Randall Reashore [00:10:51] I would the only caveat to that, which I totally agree with that absolutely is to dig deeper. A lot of people to that take action are kind of a little freewheeling for my tastes. But, you know, asking that why five times, like if a property isn’t selling, there’s a there’s reasons usually. And then just digging in deeper to make sure you really have your ducks in a row. I’m known, especially with my investor capital partners. I’m so conservative. Yeah, and I really like vet properties deeply and projects deeply.

Georges El Masri [00:11:20] Yeah, I’m not saying, you know, buy anything, obviously. But again, like if you have a certain property type that you buy and you do the same sort of project every time it gets easier. So by the third fourth one, you’re like, OK, we’ve been through this. We know what to expect. We know what the problems are. As long as the foundation is solid, the roof’s good, whatever, like the main things are going, even if they’re not good as long as the foundation solid or if you’ve budgeted for it. Yeah, let’s budget for it. Let’s we know what we’re doing. We know what the RV is and we know what the strategy is going in and getting out. Then then that’s it, right? Yeah, it’s pretty simple. Like, it doesn’t have to be that complicated.

Randall Reashore [00:11:55] Totally, totally. Yeah, I think I was more speaking to like, I know people that have bought wholesale deals and didn’t pull their own comps. They just use the comps in the email and I’m like, What?

Georges El Masri [00:12:05] You do all that’s crazy. Unless you know that market inside and out. And this is like your fifth time buying in that neighborhood, so it makes absolutely OK. So that was one of the things that I kind of wanted to talk to you about because I know you are into multi units, so I don’t know how many Maltese you have, but I believe you are. You just told me you have like an 11 unit building or something like our 12 unit. You said,

Randall Reashore [00:12:26] Yeah. So I built my initial portfolio like a lot of smaller investors, I initially had the two that I mentioned, and then I picked up a few student rentals in Peterborough and then a few duplexes in Peterborough. So I have a decent portfolio of small properties that I still really enjoy, and I bought two in the last month. Also, I have a duplex conversion and another student rental, so there’s a lot of that and that still does take up, you know, 50 percent of my time, let’s say. Yeah, but this past year, I partnered with an old friend of mine, a guy named Matt Carr, shut out my car and started reshore car investments. And we picked up one 12 Plex in Oshawa in the fall. And since then we’ve bought a nine plex in Oshawa and a nine plex in London. Cool. Yeah. And that’s where I think the business is heading. It’s heading into those more units under one roof.

Georges El Masri [00:13:16] Yeah, when? Why is it that you’re more interested in that as opposed to the duplexes and triplexes is sort of the single families.

Randall Reashore [00:13:23] I think it’s a combo of like pushing ourselves a little more. So taking all of that learning and experience, Matt has his own very nice portfolio of mixed use commercial residential buildings downtown and then combining with what I was doing on burying it was a nice fit, and both of our experiences bring us to being so successful in these bigger buildings. But yeah, sorry, I missed what was the question there? Why are

Georges El Masri [00:13:48] you focusing on the bigger write,

Randall Reashore [00:13:50] bigger buildings? Yeah, a little bluer water. Like if you care about the blue water, red water kind of marketing or business thinking, there’s just less competition in the in that space, even though it is incredibly intense competition. Still, we’re getting a bit all the time, too. Yeah, I think there’s a lot less people trying to do it. And part of our learnings, like we just talked about was that removal of fear through experience. So I think we’re just ready for it.

Georges El Masri [00:14:14] Yeah. So that as I was kind of alluding to earlier, we were kind of going to touch on due diligence. So you mentioned, you know, you’ve got to make sure you know what you’re getting yourself into. What does your due diligence process look like? Let’s say if we were to look at a smaller multi versus a larger, you know, 10 plus unit building?

Randall Reashore [00:14:35] Yeah. So due diligence is due diligence and each person’s going to be different. Like I already mentioned, I’m super conservative. I’d rather spend two thousand bucks up front on a on a call it a property condition report or building condition report, where some people want to carve that to ground back and cut the corner. I’d rather know I’d rather have an impartial third party pull that building apart with an engineer’s mind, not an optimistic investor. His mind, you know, so just little things like that, working through every step of the due diligence, questioning every piece of information given to me by the seller. Yeah, I don’t think anything at face value, I’m super suspicious annoys some of my partners sometimes. But it’s a risk management quality that I learned in the hotels. Like every month, we had to answer to the piano and my staff had to answer to me. I had to answer to the CEO. Yeah. And I just learned to, like, pull everything apart. So that’s what I do. I just dig in and I’m a dog on a bone. Yeah.

Georges El Masri [00:15:32] So can we dive in a little bit more? I know you said you would like to hire a third party. Let’s inspect the building. Let’s know everything we can possibly know for the time being. What other types, what, what other due diligence do you do? For example, are you requesting utility bills from the last 24 months? Are you thirty six? Thirty six months

Randall Reashore [00:15:53] when everything I want bank account statements, deposit slips, utility bills? Yeah, I want it to be, you know, as an example, insurance on these big buildings becomes a bit of a headache. Not every insurer you’re like a regular run of the mill insurance broker isn’t going to have a policy for these. Yeah, I’m told that there’s less appetite for it in the insurance market right now, even though there’s more appetite in the real estate market for these buildings. Yeah, so there’s less people willing to insure them. So connecting with the bank, finding out who they’re going to hire as a risk manager or an insurance consultant and pairing them up with your insurance broker really quickly would be ideal. Yeah, make sure you can put a policy on this thing. Yeah, same as environmental. Digging into environmental is whether it’s phase 1’s or questionnaires or whatever, you’re going to be going to be asked to do just really tying it all down.

Georges El Masri [00:16:44] Yeah, you mentioned bank statements. Why do you want to see banks limits deposit for?

Randall Reashore [00:16:49] rental deposits and confirmation that the bills were paid and there wasn’t, you know, 10 minutes later money leaving that came into the account? You know, there’s a lot of weird stuff that happens with a lot of, you know, older or less systematized landlords. Yeah, for sure. You know, even when I’m looking at building, sometimes I’ve seen a landlord get handed 40 bucks and the tenant apologized for having missed it. And I’m like, Is that on your statement anyway?

Georges El Masri [00:17:15] Probably not, no. Yeah. So, OK, sometimes people are not willing to share their bank statements with you. Screw you. You can take what you have right here and make a decision. What do you do in that situation?

Randall Reashore [00:17:28] Yeah, I’ll put it all kind of on the table and then assess it from my own perspective of risk. And what do I think? Would I give up the deal based on whatever that pieces that isn’t being? Yeah. You know, there’s always any game. There’s always a couple of cards that aren’t turned over. Yeah, and there’s going to be surprises. It’s one of the things I’ve learned doing multiple conversions on basements or renovations in general, there’s going to be surprises. But at what cost? Hmm, right? Like, I don’t want to take a risk on, you know, that’s why a building condition reports a good idea is it’s going to tell me about the foundation, the roof. Some of these big ticket items, if it’s a tenant’s rent, that’s less important to me than, say, the quality of the building. Yeah, or the contamination of the land. But so it depends. It turns out a piece of this, right?

Georges El Masri [00:18:11] Yeah, because if it comes to rent, you can always budget for that and say, OK, there’s a chance this we have one, two or three tenants that aren’t paying. Let’s account for that. How long is it going to take to evict these tenants? How long are we going to have to go without receiving rent from them? Let’s set some money aside for that. Whereas if you have a problem with the foundation, you don’t know how, how much it could potentially cost.

Randall Reashore [00:18:34] Right, exactly. And worst case I worst case scenario, if it’s an if it’s an unknown, it’s the worst case. Yeah, I don’t pretend it’s possible that it’s the best case. Yeah, I just immediately relegated to worst case, and then I build my model off of that. Yeah, and if it works, it works. If it doesn’t, doesn’t have, it’s close. I keep working on it. Mm hmm.

Georges El Masri [00:18:52] OK. What kind of systems have you put into place now as your portfolio grows, you’re going to have to change things? You’re not going to do things, you know, you’re not going to have one bank account for all your properties. That doesn’t work. What kind of systems have you recently implemented that you find have been helpful for you in conducting your business?

Randall Reashore [00:19:12] I would say mostly it’s vetting the allied resources or the dream team, right like and keeping those relationships maintained. So as an example, I had property management systems when I had five or six properties that I found that worked really well. But after I grew beyond that, I had to find a property manager who would implement my property management systems, right? So it was more about finding the key people the WHO, not the how of the systems, but you can’t skip the how. Mm-Hmm. You know, yeah, that’s what people forget. I think sometimes they want to outsource everything. They want to clear their plate as quick as possible without having learned their own system.

Georges El Masri [00:19:50] Yeah, for sure. OK, so that’s cool. What do you see moving forward for yourself? Do you think you’re going to? You to go down this path of buying these buildings or have you set a goal once you reach there, you’re done. You’re going to go move somewhere and live a good life. You know that kind of thing.

Randall Reashore [00:20:09] Yeah, it’s interesting. You bring that up. Like, obviously, we both worked at Keller Williams as realtors, but this time of year when I kind of goal set for the next year, I actually started in October. But it takes me a while to carve it up and think things through on a lot of different levels. But I think for this business, let’s talk about the goal is to acquire seven buildings next year, seven large buildings last year with three. Doubling it plus one and hoping to have a certain dollar amount. And in holdings. Yeah. So that’s the plan there. So we’re actively seeking out buildings, we’re looking at buildings, we’re writing offers and we’re trying to have strategic partnerships with people that bring other elements to the table. You’re a great deal finder. I can put together a good deal if you find me a deal. Yeah, just things like that. Yeah. So that’s one of the goals for the company there. And then personal stuff, I don’t know. I don’t know how big I need this to grow. I think about that a lot. Like, when is enough, you know? But then you look back at the years that we’ve just had with the incredible inflation and quantitative easing. I harp on it all the time. Anyone that listens to me is sick of hearing me talk about that. But it’s so true. So I don’t know what. I don’t know when to stop until the world stops a little bit. Yeah. You know, I want to. I want to live comfortably. I want my son to have a leg up when it’s his turn. And I don’t know when to press pause yet.

Georges El Masri [00:21:35] So at this point, you’re saying, I’m just going to grow, see how far I can go. I don’t have an end in mind right now. I just want to keep doing this year and build the best future for me and my son,

Randall Reashore [00:21:46] with the caveat being of like quality of life, right? Like, I think I live a fairly nice life. I work from home a lot of the time or I work for my truck and I listen to audiobooks and hang out with my family a lot. And I was in Miami for three months last year and took the summer off and, you know, camped in cottage and all that. I’m not going to sacrifice that stuff just to grow a portfolio bigger or to grow my business bigger. I’m not built like that, but I’m not there yet, either. I’m not done.

Georges El Masri [00:22:14] Yeah. Do you have a place in mind where you would go and retire and, you know, just enjoy life? Would that be Miami or would there be some other place? Potentially.

Randall Reashore [00:22:24] I love the idea of being in a lot of places. You know, I’d love to do a bit of Miami, a bit of Mexico, Costa Rica and then Canada in the summer. But no, nothing, nothing planned yet. I think especially with my son, it’s that changed everything. I used to think I could travel the world and live abroad. And then you realize, you know, he’s got to take karate lessons. Yeah.

Georges El Masri [00:22:44] And it’s pretty cool that you went from, like working, being a manager. I think you said manager at a restaurant at the Drake Hotel and you were in the restaurant industry. You were like, I think, a bartender, originally

Randall Reashore [00:22:57] just a bartender away. I served as a dishwasher,

Georges El Masri [00:22:59] as a dishwasher. And then to go from that to being, you know, like having apartment buildings and real estate, all this stuff and all these opportunities to grow. It’s pretty cool. What do you think led to that change for you in your life?

Randall Reashore [00:23:14] You know what I know, I know it was in 1999. I got into a little bit of like young man trouble, you know, like getting in fights and being just a complete idiot. And it made me kind of have to take a pause. I went out to Nova Scotia to hang out with my brother for a couple of months to cool off a little. Yeah. And while I was out there, I started reading for the first time. That sounds insane, but I don’t think I read a book and in high school. But anyways, a few months away, just kind of gave me enough of an escape from the bad kind of social network that I was probably a part of and playing a role in that gave enough of a pause that it gave me a little more insight into the there’s more to the world than hanging around Pickering village, getting in bar fights, you know? Yeah. So that was that kind of sparked this desire to read, and I like to read a lot. Now I still read, you know, many books a month and it’s become a passion. But anyways, when I got back from Nova Scotia, I, I decided to go to school and I was going to actually focus on getting smarter and being better. Yeah, yeah. And then that tumbled into lifelong learning, which has been the key to everything I’ve done because I can pull. One of the things I’ve realized is my superpower is to learn quickly. I can learn a topic very fast. So Quentin’s coaching, I was able to really accelerate a lot during that phase.

Georges El Masri [00:24:38] Well, the thing is, I bet you when you were being coached, you didn’t just learn, but you applied what you learned. Absolutely. And that was a really good thing about coaching. You were held accountable to certain things in like the way I felt was I didn’t want to disappoint my coach. I want to make sure I’m doing what he’s telling me to do because like in some ways, I want him to kind of be proud of the. Work that I’m doing because I know he doesn’t have to do this. I know he’s not in a position where like he’s doing because he needs to pay the bills, he’s doing it because he finds joy in helping others. And that’s how I felt, at least having a coach.

Randall Reashore [00:25:11] Yeah, totally. It’s one of the things I wanted to ask you are we can cut this or whatever, but are you in coaching now?

Georges El Masri [00:25:17] I’m not in coaching now. I did. Look, we actually just signed up for a real estate coach, like for our sales business. We just literally like signed the documents yesterday.

Randall Reashore [00:25:28] Oh, nice. Good for you. Can I ask,

Georges El Masri [00:25:30] who is it? Yeah, it’s Mariana, right?

Randall Reashore [00:25:32] Apple coaching. She’s coached a lot of the top agents that I know. Yeah, I’m looking at her, too. I’m trying to figure out what’s next coaching wise for me, if it’s a specific real estate investment coach or if it’s going to be more of a business coach for all of my multiple prongs or what? Yeah, that’s cool. I’ve heard good things about her. Yeah.

Georges El Masri [00:25:50] So like personally, I’m I think I might look into getting another coach as well. Not to. I’m not trying to knock Marianne. I just feel like having multiple coaches would be good because we can grow multiple businesses. So we have three team members and we’re all kind of focused on different things. So it’d be great to have an investor coach like Quinton. Again, he’s not doing it anymore, but he was like one of the best.

Randall Reashore [00:26:15] I think he’s starting something similar again. I got an email from him yesterday the day before that he’s doing an elite mastermind. OK, with Andrew Brennan. Oh, cool.

Georges El Masri [00:26:23] Yeah, that’d be awesome.

Randall Reashore [00:26:24] Look into that if it’s still available. Yeah.

Georges El Masri [00:26:26] All right. OK, so one last thing I want to ask you was about your son. So you probably grew up a certain way. You probably didn’t grow up with the kind of resources that you currently have, and your son’s going to grow up a different differently from how you did. So how do you what are you interested in like instilling a certain work ethic in your son, making sure he doesn’t have it too easy? Or how do you feel that’s going to go?

Randall Reashore [00:26:54] Yeah, it’s something I think about a lot. One of the interesting things is I think if people came to my home for dinner, you wouldn’t know that I own a lot of real estate. I still live pretty like I live in an apartment in one of my like. I live in a unit in one of my places. You know what I mean? Yeah, yeah, I and I don’t I don’t have a big old house or anything yet. But yeah, so I’m trying to be mindful of all of that. I want I want to be very intentional about how he’s raised. Like I grew up, you know, hustling for money and, you know, scrounging it up, finding golf balls in the creek and selling them or newspapers all the little things that kids do. But yeah, so I have him in like jujitsu boxing trying to teach him that grind and trying to put him in things that challenge them and are difficult. And yeah, we’re very conscious of all of that and not kind of giving in too much to every little want and desire that he has. Even though we can. We try not to and then we try to be very targeted. Like I said, we were out of Canada for multiple months last year because we could. Yeah, but we tried to. We took him out of school to do that. And but while we were away, he did workbooks and Kumon math and had little projects he worked on. And we were very conscious of not just slamming him in front of the TV and zoning out and us on our phones. Yeah, for

Georges El Masri [00:28:10] sure. Cool. So yeah, I mean, that’s one thing that I think about because we just had our son a few weeks ago and I just thought, Thank you. Yeah, I just want to make sure that he understands, like his parents had to work hard. They had to sacrifice a lot to build wealth. And I don’t want it to be easy because I’ve seen what wealth can do to certain kids. They end up going down a path where it’s either like it could be drugs, it could be a lot of partying, could be a lot of things where just because they’re bored, you know, they have everything handed to them. There’s nothing, really. I want them to be challenged. But the other the other side of the story is like, sometimes you see these athletes like Steph Curry, for example, who his father was in the NBA. He didn’t need probably to work as hard as you did, but somehow, they instilled this like work ethic, and he’s become one of the best players in the NBA. So that’s what I’m interested in kind of learning. How do you do that

Randall Reashore [00:29:03] with your kids, right? Yeah, I don’t know. If you find out, let me know. But one of the things that I do try to focus on is more on making him a good person and having him understand who I am rather than, you know, getting him to do specific things. I want him to just learn how to be a good human being. And I think in turn, you then learn work ethic or chipping in or pulling your weight, or all the many things that come from, you know, being aware of the world around you and thinking of other people is equal to you 100 percent.

Georges El Masri [00:29:33] Yeah, that’s super important. OK, so we covered a bunch of things. Is there anything else you feel like we should cover before we move on?

Randall Reashore [00:29:42] No, I don’t think so specifically now.

Georges El Masri [00:29:44] OK, so why don’t you share with us how people can reach you and what services you provide?

Randall Reashore [00:29:50] Yeah, sure. So the easiest way to reach me is at Ontario assets and most social media things that are appropriate for a 40 year old and or Ontario assets to. Com. I won’t give you my cell phone number, but you can contact me through those sites or reshore is the larger property ones you can find matter I on there. And then the services I provide, I’m a realtor so I can help you buy or sell real estate. I primarily work in downtown Toronto, Durham and Peterborough, but I’m open to discussing other things if they’re in my wheelhouse, mostly investments outside of Toronto. And then, yeah, I also offer joint ventures for people in those areas that aren’t kind of confident or comfortable to do it on their own. I’m still happy to help people doing that. I make time for that. Still, even as I grow the portfolio, I try to always have one or two on the go where I’m I consider giving back, even though I’m getting something from it. I’m helping investors learn the ropes and do what I did, which was learn from an experienced person through a coach. But I do it where they’re actually making a ton of money at the same time. Awesome.

Georges El Masri [00:30:55] Cool. Randall, thanks for coming out. I appreciate you doing this, and I look forward to seeing you again soon. Thanks for listening to this episode of the Well Off podcast. If you enjoy the show, then I’d really appreciate if you left us a review on iTunes and let us know your thoughts in order for us to get a larger audience, it’s really important to have reviews so your sport is extremely appreciated. And also, don’t forget to share the podcast with your friends and family. Until next time, I’m George El-Masri. Have a great day.

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