Skip to content

026: Creating Passive Income Through Real Estate with Randy Molland

Randy Molland is a real estate investor based in Victoria, British Columbia. Randy aims to financially educate one million people and inspire them to invest in real estate. He and his business partner, Steven Arneson, successfully transformed their real estate investment and financial education group, The REInvestors, into a for-purpose business, with 100% of the profits from their monthly meetups supporting KidSport Victoria and allowing children from low-income families to participate in organized sports.

In this conversation, Randy discusses why real estate investment will allow you to live a more fulfilling life, explains why he began charging for The REInvestors’ meetups, and delves into why vulnerability is the most important business strategy he has.

 

Show Notes:

  • How did Randy become a real estate investor and get to where he is today?
    • Grew up in a low income family, but set high goals for himself and aimed to own a house by the age of 24—which he managed to do!
    • His mentor and strongest supporter was tragically fatally wounded in a job site accident, so Randy began seeing a counsellor who became a kind of life coach to him.
    • Counsellor convinced him to get into real estate and put his money toward something constructive rather than wallowing.
  • What is Randy’s attitude toward therapy and counselling?
    • Following the death of his younger brother at an early age, he learned the importance of both coming to terms with tragedy and making the best of it constructively.
  • Did he always plan to invest in real estate?
    • It was a brand new idea to Randy, so he thoroughly educated himself on the subject.
    • Realized how much real estate could positively affect people’s lives.
  • What does fulfillment mean to Randy?
    • Being able to look back on your life and know you’ve made the most of all your resources, opportunities and potential.
  • Why is real estate such a good way for people to reach their fullest potential?
    • Passive income, rather than income you have to be constantly working at to earn.
  • What does Randy do to protect his business from inevitable recessions and downturns?
    • He effectively has two parallel businesses going: real estate investment and real estate investment education. Even if times get tough for buying real estate, there will always be a market of people looking to make the most of real estate when the economy improves.
  • What are the most common misconceptions when it comes to investing in real estate?
    • That it’s easy, when it actually requires a lot of time, effort and learning.
    • That you need to have money to be successful in real estate, when it is more about convincing those who do have money to invest theirs in a way that benefits themselves and you.
  • How do you convince others to purchase real estate?
    • The property has to be appealing, and you need to have counter-arguments for any concerns the purchaser may have.
  • What are Randy’s tips for those looking to delve into real estate?
    • Check out free resources (blogs, podcasts, etc.); familiarize yourself with terminology.
    • Find a mentor and be willing to pay their fee.
  • What is the benefit of “paying” for friends and associates?
    • There is more commitment, and an incentive to make the most of your association.
    • He notes how more people started attending his real estate investment education classes once he began charging for them?
  • Has vulnerability proven to be an asset to Randy in his business?
    • It’s the most important thing to his business: being open and honest about your goals and past forges stronger, immediate connections with clients and associates.
    • Wrote about his approach as part of the book Being Unapologetic.
    • He’s made more of an impact being vulnerable than when he was withholding those more painful parts of himself and his past.
  • How did Randy get involved in Thrive: Make Money Matter and turn The REInvestors into a for-purpose business?
    • Heard of for-purpose business model through entrepreneur and speaker Cole Hatter. Went to one of Hatter’s events and was inspired by his story and experiences.
    • Started charging for their investment classes because it incentivized them to fill every chair.
  • Why does The REInvestors donate to KidSport Victoria?
    • Wanted to donate to a smaller, local organization whose managers they knew personally.
    • Randy played sports from a young age, and he believes they teach kids important lessons about teamwork, initiative and dedication.
  • What are the best resources for those looking to get into real estate?
  • Who has been the most impactful person in Randy’s journey to do well and achieve financial success?
    • Ray Ostrander, his mentor for the last three years.
  • Who has been the most impactful person in Randy’s drive to do good?
    • Cole Hatter.
  • When Randy is having a bad day, what does he do to get himself out of his funk?
    • Speaks to his life coach girlfriend.
  • What book does Randy recommend to those seeking a more successful path in life?
  • What is one thing on Randy’s bucket list?
    • Being able to eat whatever he wants, whenever, wherever in the world, within a 48-hour window.
  • What is the best piece of advice Randy has for our listeners?
    • Live the kind of life where people will fight for the right to speak at your funeral.
  • Places to find Randy:

 

 

 

Do Well & Do Good Challenge Nomination:

“KidSport Victoria is a non-profit organization that is part of a national and provincial network of community based volunteer groups whose goal is to ensure that kids in financial need have access to the positive experience of sport and physical activity. We believe that sport and physical activity provides a life-long opportunity for self-expression, goal setting, dedication, positive thinking and increased self-confidence for kids.”

About KidSport Victoria

Link to Donate

Visit Do Well and Do Good’s free Facebook community
here and arrange a one-on-one with Dorothy herself!

About the author, Dorothy

Dorothy Illson is the founder of Needle's Eye Media, a full-service Facebook advertising agency. She's also the host of Do Well & Do Good, a podcast dedicated to telling the stories of people who have created financial success and leveraged it to increase their positive impact on the world.

Leave a Comment