Patrick Francie
Appearances
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
there's always another deal don't chase it do your diligence don't get caught in your ego but this is such a great deal yeah okay well it's not that great and it's going to stretch you and you're not ready for it there's always another real estate deal
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
It's not a correction. The only way I would reword that is that I think it's simple. I don't know that it's easy. The first time especially, it is simple. but it's not necessarily easy because you got to go through all the things you got to go through. So I don't try and paint any, you know, rose colored glasses, pictures.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
Well, a little bit about me, Cole's notes is I've been in business just over 40 years. I'm still fired up, ready to go. You know, there's that old phrase that when your vocation is like a vacation, you never work a day in your life. That's how I've been feeling for a number of years. I started in Edmonton, Alberta, Canada, a couple of retail businesses out there. I've been entrepreneurial.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
So you got to work and you got to be a little bit courageous and, and you got to put time into it. Right.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
Yeah. It is. And there's another side to that too, which is, you know, I use the term courageous, you know, you could use the term big balls, it all matters, right? The point is, is that you're willing to take it on and go through it. And you don't need to have all the answers.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
There's a good friend of mine who, like you, and I'm going to call you young only because listen, at my age, anybody under 50 is young. So
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
uh you know i refer to them as kids that's just that's how i'm wired but a good friend of mine who like you is very successful at a young age and he just turned 40 or 41 and you know he probably got a net worth of 50 or 60 million dollars but he has a very fundamental philosophy and that is he's the guy that'll jump out of the airplane without a parachute
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
And the reason he'll do it is he's 100% confident that he'll get that parachute built before he hits the ground. So when he starts on a project, he sees the vision. The vision is, I'm going to jump out of that airplane. I'm going to have a soft landing. It's going to be the ride of my life. and I know I can do this and I don't need all the details.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
I'm willing to do that, take that dive and build it as I go. And he's built that way because he has that level and that degree of confidence in himself. So when he takes on a project, He looks at the end and he goes, okay, I'm just going to take the next step and then decide what needs to be done next.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
Then I'm going to take the next step and decide what needs to be done next, given the circumstances that occur. That's how he builds things out. And that way he doesn't get too deep. He doesn't build a baby grand piano when all he needed was a player piano. If you get that analogy, he doesn't overbuild things.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
It's where I did a lot of my real estate investing. And in 2000, when I started real estate investing, I came across an organization called the Real Estate Investment Network, which was all about providing education to primarily do it yourself real estate investors. We didn't sell real estate.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
Yeah. And you got to do your own work. I mean, it's no different than you building your business. So recently there's a group in Canada called McKay CEO forums. Now McKay is CEO peer to peer forums. So they put a maximum of 14 CEOs in a room that do a minimum of five million top line, five, you know, it's really five million to five billion.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
And, you know, once, well, six times a year, these CEOs get together peer to peer. I facilitate them. It's considered a chair. And, you know, there would be a room full of Tommy's in there and not non-competing businesses, by the way. But what you just shared, Tommy, as much as that is a normal conversation for you and I to have,
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
depending on who your listener is, you are just speaking Greek or some other language. Right. And so the reason I share that is because putting yourself in a group of like-minded individuals, wherever you are on your journey, is critical to upping your game, to learning what you don't know, to gaining the insights into what's possible.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
And so as you go through your willingness, what makes you great is your willingness to research, to do what it takes to learn what you need to learn, to grind it out, and that's what sets you apart. And what you just described is your willingness to take that level of education of yourself on, and then making sure that you're reaching out, having conversations with people.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
We literally had a subscription or membership-based business community of like-minded individuals that wanted to learn how to invest in real estate. That organization grew to be national right across Canada. That's the coolest notes of where I'm at today. I started my podcast, The Everyday Millionaire, in 2014.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
Even when, and I'm sure you're the same as I am. If you're, you know, if you happen to be chairing a meeting, you know, and there people are, you know, having conversation, I can't tell you how many times in a given meeting is I'll say, guys, we, you know, ideas are the last things that we need right now.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
Well, as you know, I think the term mindset gets overused, but I don't know that anybody's come up with a better word at this point. But ultimately, I'm going to use the example. So my wife, Stephanie, her background was in the world of ice hockey and skating. And so she was the first female NHL skating coach. And so you think about that for a second. You've got
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
players that are of a quality that they're at an NHL level, what was she going to do? Technically, she could support them a little bit, but what she discovered early on in her career back in the 90s was that
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
It was less about what was happening technically, but as she was having conversations with these young men, they have all the same problems that everyday people have, you know, relationships, family stuff, money issues. And if she could listen and hear them and talk them and, you know, have conversation with them and help them break through some of the challenges that they were facing, guess what?
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
They became better players. And the next thing you know, she was being talked about as this really amazing NHL skating coach and she went on to work with St. Louis Blues and Florida Panthers and then many NHL players. The point of that is only to say that They're already at an NHL level. They're already, you know, somewhere in the, you know, front four lines.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
And so technically as skaters, what can you really do? And although that was the point of entry, it was what she was having the conversations with them on the ice while she was working with them. And so that was, you know, that point of entry for her. And she left that gig, you know, in that position. role who she saw as a business in that, but she went on to work.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
She works now with a, you know, figure skating couples. She, as a matter of fact, works with the USA, uh, Olympic team in, in figure skating. Uh, it's one of her clients. She has 14 or 16 different countries that she represents through her business. I am, or, or her and her partners out of Montreal.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
And my wife, who is an Olympic and world-class mental performance coach, and I, we do a weekly show called Mindset Matters. It's under the umbrella of The Everyday Millionaire Mindset Matters. And both her and I have done a lot of the personal professional development coaching over the years. And that's a little bit about me.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
But the point of it is, is that aside from what happens technically and physically nutritionally, you know, in the world of figure skating, there's choreography. So there's a whole team of people behind these individuals that you see. On the ice surface, although there's only two of them, there's all team of people behind them.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
Same as a basketball team, but you know, each player has a team behind him generally, especially the better players to your point, they have specialists that come in and work with them. And the mental performance of it is not necessarily that they, the, you know, it's not a psychiatric thing necessarily. It's how do I deal with my life?
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
And that's where it gets in the way, whether it's marriage or friends or in-laws or kids, other team players. You know, how do you handle some of the things that go on? And that's a mental thing. It's not a physical or technical thing.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
Yeah, it's an important aspect of it all. I'll give you a quick story that was in only because I was kind of connected to it. She worked with a player who was a fourth line player. He was better than the fourth line. He believed himself better to be than the fourth line. But he could never cut a spot on the second line or the first line. And so she started working with him.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
And she's seeing what he's operating on top of his resentment for the coaches. And he doesn't feel like he's being seen and da-da-da. And she said to him, she said, I'm going to give you a little different view of the world. She says, why don't you consider being the captain of your fourth line? And why don't you focus on being the best fourth line in the whole league?
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
And so she started working with him to be the leader on that fourth line, not the whole team, be the captain of your fourth line and be the best line on the ice, drive your guys to do that. Well, interesting. I knew that backstory, you know, a few months in where I'm happy to watch a hockey game, which I rarely do, but the announcer said,
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
when that line came on and he talked about that particular player, he goes, definitely the best fourth line in the league. Every time they come out, they make something happen, blah, blah, blah. By the end of the season, he was playing second line. And so that was not a shift in his abilities. It wasn't a shift in what he did technically and how he stick handled or how even many goals he scored.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
It was a shift of how he viewed his world. He upped his game and how he occurred. And ultimately the coaching staff couldn't help but bring him up in terms of playing time and who he was on the team.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
Well, I don't want to say obviously. To me, coaches are a big – They have a big impact on the whole team, their strategy, how they treat the players, how they can read players. So I have a trainer that comes into my home and works out with me two or three days a week. Here's the thing about it. I've worked out most of my life.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
I know how to lift a weight, but my own self-talk, my own body says, no, you can't do this. My coach who I've been, my trainer who I've been working with for several years knows my body better than me because I bitch about it. I go, there's not a chance. I can't, I'm not doing 10 of those. And he goes, He says, you'll do 10, no problem. He says, I'm expecting you'll probably do 12.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
He's generally right. My point is, there's a good coach that knows the team. And when I've worked with a couple of NHL coaches, he said, because I was doing some technical stuff with a player, and he said, we'll see if this works. He goes, if it improves him a half a stride, I'll know it. That's a coach. That's like, if you, if you improve him a half a stride, I'll know it and you're in.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
And like, if you can do that, if you can repeat that, we're all over it. So that's a coach, you know, they know their players, they know what it takes.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
Well, you know, I'll give you a little bit of a quick backstory was that I had been approached back in about 2014 and leading up to that to write a book. You know, Patrick, you got to write a book. It's all about branding. You've got a great message. You should do that. I didn't feel like I had a book in me, number one.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
I don't know that I, you know, that's a good question, Tommy. I think that, you know, personally, I didn't have what I would call, I did have what I would refer to as a mentor early on in my own, like when I was from 18 to, let's say, 25. And a guy I hung out with a lot. Now, he passed away of cancer back in those years.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
But that's not to say I had great relationships with individuals that were very insightful and we were, you know, we could have lots of conversation. I would consider them a mentor, but they weren't, you know, we didn't recognize, I didn't recognize them as a mentor in the capacity as an official mentor. You're my mentor.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
You know, what we did was we got together and broke bread and maybe had a beer and we chatted business. That's how I operate it. I'm not saying that's the right way, by the way. I actually am a mentor to a couple of different people.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
And secondly, you know, hindsight, I'll probably still end up writing a book at some point in the near future. But at that time, I always was under the, you know, there's things were changing so much. And I say, and it's great to say you're an author, but I want my work to be current. And it,
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
So let's unpack that a little bit if you're okay with it. I think that first and foremost, to this day, I live well below my means. That's just how I was raised. It's what I believe. I live below my means. We invest. We do all the things that we do. Our focus is on lifestyle and our health. And our health, by the way, when I talk about health,
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
you know we use a context of seven areas of life you know physical mental emotional spiritual vocational familial are you healthy in all those areas of your life because you can be very healthy physically but emotionally you could be a train wreck you know mentally the same way so there's a fundamental back to worrying about what people will think that's a unique quality that you seem to have and i believe that you're pretty intense
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
And hence you drive success. Now you can still have success to different degrees, not being as intense, but of all of the very, very successful guys that I've met the most on the outside successful in terms of what they've done with their businesses and their net worth have been the most intense individuals. Their whole mantra is your opinion of me is none of my business.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
You know, it's like, I don't care. I'm moving on. So having said that, A friend of mine, and I'm going to give this example and then see how you relate to it. So a friend of mine comes out and he says to me, and we live in the country, and he one day is over and he says, I'm going to buy a, gosh, what do they call them? I'll call it an earth mover for lack of better words right now.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
And big piece of equipment. And I said, really? I go, what for? And he goes, well, I use it to do this and that. And I go, okay. I said, what do they cost to rent? He says, probably a couple of grand a week. And I go, gosh, what are they to buy? He says, 200. And I said to him, I said, wow, you can, you can do a lot of rent. You can rent that thing a lot and not spend 200 grand.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
know if you got a book unless it's a really special book you know they kind of have a shelf life so that's all to say that as i'm contemplating the you know a little bit of peer pressure that i was feeling i was literally on the beach in st lucia kicking back and reflecting and taking some down time and the whole concept of podcast popped into my mind in literally in a meditation on the beach and i
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
Why would you spend 200 grand? And I'm thinking of it as a business thing, you know, like, why would you? And he said, well, you know, my neighbor's got one and, you know, he kind of got his helicopter and we were joking about a little bit. And I finally, I said to him, I go, Answer this question for me. If nobody knew you owned it, but you, would you still buy it? Anyway. Yeah, no.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
He says, that's a great question. He goes, that's a really great question. I should ask myself that more often, but he's, you know, he's certainly got lots of money and it's not like he can't, you know, it's, it's not a case of, I can't afford 200 grand. He's not going to go into debt for it. That's for sure.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
But the point of it is, is that sometimes we make these decisions and you know, when you really think about it. So at this point in my life, as I said, I'll be 67 shortly when I reflect and I worried too much about buying stuff and I worried too much about what somebody might think.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
And if I was giving any guidance, if I was a mentor to anybody, that's the question I would often ask them before they made a purchase of anything that they didn't need, that didn't have a actual application. You know, are you going to get a return on the investment? That's how I look at it. Yeah.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
emotional fun i guess the best word for me is fun experience like memories that matter because really in the end that's all we've got well i think there's a there's a fundamental around that and yes at the end of the day you know it's always about relationship when you create that financial kind of wherewithal to have and to create those memories for others there's another part of it which drives you which is just your desire to
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
not only have fun and create memories but to be a contribution because many of the people that are at your party could never have that could never do that and and or you know this is about your ability to be a contribution to share in the experience with others that you want to have relationship with and and that's that's creating memories that's not even buying stuff although
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
It can be an expensive party. You know, you're not, it's not about buying this stuff. It's about creating the environment to have a ton of fun and create many memories, build relationship. And I mean, there's nothing more valuable than that.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
didn't know anything about podcasting it was pretty new back then i mean it was not a lot of you know podcast was not common and i thought well what a great way to stand out and then the concept of the everyday millionaire because of what i found myself tommy is across we have 3 000 members across the country and just ordinary people
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
Yeah. It's either an appreciating asset or a depreciating asset or a depreciating cost.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
To newer investors, there's always another deal. you know, is don't chase it. And, you know, if you do your homework, do your diligence, don't get caught in your ego. There's always another real estate deal. But this is such a great deal. Yeah. Okay. Well, it's not that great and it's going to stretch you and you're not ready for it. There'll be another deal.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
So, you know, depending on I'm often there because they're chasing it rather than really stepping back, they're buying it or investing in it for the wrong reasons. So that's from a, from an investment point of view, does this really support the outcome that you're looking to achieve? And if you're having to force the river, yeah, you're probably better to walk away.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
There'll always be another real estate deal.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
I don't, you know, that's a great question. I think ultimately, you know, I do the podcast. I do it because I enjoy it. I enjoy having conversations like this one. You know, part of what I want to do in this next phase of my life is terms of my brand is to be able to continue doing the coaching that I want to do.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
I'm excited about bringing that level of CEO into the same room and facilitating those conversations. These are not coaching. And I'm really, as much as I enjoy coaching,
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
coaching, I spent 25 years speaking and being a facilitator, and I love doing facilitation, being able to support a room of coming to answer, solving somebody else's problem, being able to draw out answers from others who are in the room. create swim lanes for people to swim in so that they can be a contribution and get a lot out of it and recontextualizing things.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
that were growing and building their real estate portfolios, but within our cohort was a number of business owners, 60% of them. And I realized that everybody aspires to make money, invest in real estate as one of those avenues and to build that network of a million dollars, that was a target.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
And so from within the podcast, it's really about meeting people about the brand and continuing to get my brand out there and and grow within that context and and support others in their success. You know, I want to be able to when, you know, as people listen to your podcast, by the way that you and I did,
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
know my goal is for the listener to go gosh tommy can do it i can do it you know like i want that and and you're the kind of guest that i have often have you know that kind of attitude that you bring which is you put it all on the table here's what i did here's how i do it this has been my life i'm not far from perfect but this is what i've been able to create and you know your story your results
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
People won't change until the pain of staying the same gets greater than the pain of change. So that's the first part. You know, secondly, is that there is a discomfort that people aren't willing to go through. And, you know, you show up the way you show up and you if you know to get stronger, you have to be prepared to get uncomfortable.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
So we use this analogy, you know, of the gym, you know, so we go in. Nobody can do your pushups for you. And you say, OK, well, I'm going to do 10 or 12 or 50 pushups, whatever your number is. But to get stronger, you got to do one or two more. You got to push harder to build that muscle.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
And the, you know, you've learned this is, I mean, think about the first time you, whatever your deal was, whatever the first sales call you made, or maybe.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
whatever big deal you did what was big back then maybe it was a fifty thousand dollar deal well now it's that's almost passe you know you know you want million dollar deals and multi-million dollar deals because you've worked that muscle you know oh i you know now i do a hundred push-ups because i'm stronger like okay 50 is boring 25 what the hell it's not even a warm-up you know that's what we have to get to but if you're not willing to do that if you're not willing to get uncomfortable and actually risk
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
not completing that exercise, going through it and actually failing it, you know, then if you're not willing to risk that, you just don't get stronger.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
And still to this day remains that, although it doesn't sound like a lot of money these days, it still is a goal.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
It's why sports are important. You know, we talk about, you know, sports often, you know, I'll use figure skating as an example, but it could be anything, you know, are you willing to keep falling down until you get it right until you can do it? And that's where good coaching, technical, comes into play. Good coaching, mental.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
Like, you know, can you inspire somebody to do it again and do it better and try harder and work harder and get the hell out of their own way? If you can't do that, and that's what sports does for kids. If you give it that context, it isn't about winning. It's about who you need to become to win. I look and say, OK, well, in a few short years, I'm going to be 70.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
So my hack is, you know, I look at other 70 year olds that I admire.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
for many and i realized that i was surrounded by individuals who just quietly were people who lived their life went to work quietly built their businesses and the next thing you know they are what i would refer to as everyday millionaires and so the premise of my show the everyday millionaire was really just built on seemingly ordinary individuals who achieve extraordinary results.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
You know, I've actually had that thought many times. So I look at somebody like yourself, you know, at your age and based on conversation we had on our podcast, and I look and say, you know, where wasn't I that, you know, what were my.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
what was in my way i cared too much of what people might think that was one thing so at 25 i would have dumped that a long time ago i would have focused a lot differently on how i built relationships and the kind of relationships that i built Now, having said that, I don't tend to spend a lot of time back there. I don't have regrets. We have an amazing life.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
I have an amazing wife and children and grandchildren. And, you know, so I got absolutely nothing to complain about. So I don't spend too much time there. I'm still on my journey of always every day. How do I become and be the best version of myself? And sometimes I do a great job and other times I don't. So my question to myself is,
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
In the back of my mind, always running in the back of my mind is how can I be the best version of myself? And am I doing that?
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
You know, one of the, a more recent book, recent as in the past three or four years, but one of the more, and this probably goes back to even the original question that you, you know, that question you just asked. I read the book by Jocko Wilnick, Extreme Ownership.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
And I had my whole team read it. One of my very good, I'll call him a business partner, read it. We all read it. And it was really, it changed a lot of things for me. It just fine-tuned what I already knew, and it gave me some insights into a conversation that I had with a CEO that I admired and was a good friend of mine many years ago. I had a very successful business.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
I made some comment to him literally about his stock boy. And it was a, it was a serious issue because we were doing business with him. And he said, you know, at the end of the day, it lands on me. I said, no, it was your stock boy. It was your inventory guy. He goes, no, he says, I got to look in the mirror on this one because he said that my stock boy is the way he is because of me.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
So it was like, oh, okay. You know, but it didn't really register in, in the way he meant it to register for me. But ultimately after I read that book, I went, oh, you know,
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
The everyday millionaire.ca is, is, you know, certainly my podcast P Francie. I'm, you know, Instagram and Patrick Francie on LinkedIn, that kind of stuff. I'm pretty available. If somebody literally wanted to email me, CEO at rain Canada.com. So it's CEO at R E I N Canada.com.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
I answer emails all the time and yeah, that would be the best way to get ahold of me and would look forward to having any conversations.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
Hence, I enjoyed having you on my show because here you are, this young man that had this weird idea, went through all the trials and tribulations that you went. The next thing you know, you're crushing it in a whole new business and doing your thing and making a difference in the world. And that was the whole concept.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
Well, I think we're going into some very I don't know if challenging, I'll use the word challenging times ahead, you know, both politically, economically, globally, I think it's important to make sure that you're surrounding yourself with the right people, make sure that you've got a great community of individuals who are like-minded that share common values.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
honor your integrity, be true to yourself, don't compromise your values or your identity to fit in, be willing to stand up and even stand out. And for 2024, and we carried it into 25, we had a theme called clarity equals velocity.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
We see often that where things get sticky, where people don't achieve goals, where the teams get in their own way is because of breakdown of clarity, which is about identity, it's about communication. And so when you start to think about, are you clear? Are you leaving questions unasked because you're uncomfortable? Are you nervous about having a courageous conversation?
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
Those are all things that, look in the mirror,
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
Look forward to it. Thanks, Tommy. Have fun in Cabo, you know, Cabo Wabo, all the things you do. Anyways, have fun. Thanks, man.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
The actual definition of having a millionaire status is a net worth of liquidatable assets of a million dollars or more, not including your principal residence. That's the kind of the box that... Oh, I didn't know that. Yeah. So that's the box I play in so that... It is the benchmark. It is a benchmark. And it's not my benchmark. I adopted it from that explanation that I was given.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
Because ultimately, you know, to be that individual that has a net worth of a million dollars, you don't want to have to give up your home. You don't want to have to give up your key assets. You know, you don't have to sell your Rolex watch. I mean, ultimately, you want liquidatable assets. I guess a Rolex watch could fall into that category.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
But, you know, assets that are a million dollars or more.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
I know Dave Ramsey. I own the trademark for the everyday, the everyday millionaire here in Canada. I think he's got it for the U S or he has that tagline somewhere along the line.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
Well, ultimately, we showed people how to invest in real estate, what we would consider the right way. So a lot of people get into the world of investing in real estate because they see a boom cycle. You've been through it in the US, different states, of course, in Canada, same thing, where you get into these boom cycles and everybody becomes a real estate genius.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
My brother-in-law, hey, he just did a pre-construction condo and he didn't even have to take possession of it and he made $150,000. Well, now he's bought five of them and I can do that too. So it isn't really investing. It's speculating. Some would even argue gambling.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
So, you know, ultimately what we were teaching is how do you invest in real estate the right way based on the economic fundamentals that drive real estate? So in the world of real estate as investors, what is it we're trying to do? We're trying to look into the future.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
put our capital to work, leverage our capital through that whatever mortgage program you might have, 20% down, 5% down, 25% down, whatever it is, and you're going to leverage that capital into the future and own that hard asset knowing that when you've got a strong economic fundamentals, and I'll give you some parameters for that, that we know real estate will generally appreciate in value.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
So in a simple,
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
context of buy and hold you're going to buy that piece of property today in a city and you're going to go a minimum of five seven ten or even longer years into the future and get a return on that investment of capital and because it's leveraged you get a bigger gain now how do we look into the future what do we know drive real estate it's not rocket science but some people don't think about it population growth driven by gdp
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
because people move into areas where there are jobs. And when people move into an area generally, especially immigrants,
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
have to rent and they have to rent because they may not have a credit rating when they come into the country or into a state whatever it might be or they don't have a credit rating they don't necessarily know what their job is is it sustainable culturally they go well i don't even know where my people live like i want to so they rent for a couple of years so that drives rental demand up and we want to be the rental housing provider that
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
We operate as a business and people rent that property from us. We get cash flow, hopefully at least a little bit of cash flow. We get mortgage buy down and we get appreciation. That's in the most simple explanation.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
Those are all strategies and tactics. So yes, we taught many different strategies, many different tactics. uh depending on what your goals were you know we also i'm part of an initiative called the self-funding house because our affordability particularly here in the country where we have an average house price of 780 000 across the country
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
the point of injury for you know that cohort of under 40 year olds is like we'll never own a home we'll never have that you know white picket fence in the backyard we can't afford it here in vancouver you know you're almost buying a teardown for 1.2 million so that's the challenges so we then said okay well there is a strategy most are familiar with it but they're uncomfortable with it so we educate people in what we call a self-funding house which is nothing more than
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
Buying a property with an ADU, an additional dwelling unit on it. And that could be a basement suite. It could be a laneway home as in a coach home. Something along that lines that really supports the home owner, the new buyer, being able to live in that house. offset their costs and be able to get financing because the bank looks at it.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
And when they go to get that financing, they say, okay, well, you're making a hundred grand a year. Oh, you're a little bit short on that particular house. You know, your affordability, you can only afford, you'll only qualify for a $750,000 mortgage. But the next thing you know, if you can get an extra $2,000 a month in rent, they add that to your income. So they, it's called a rental offset.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
And then all of a sudden you can afford an $850,000 house. And because you've got that rental offset and the bank looks at that as a positive. So it's a way to own that home, hang onto it for five, seven, 10 years, work your way through it. Then you might just say, okay, I'm done. I'm gonna keep that as a rental property, put it into my portfolio, hold it as an asset. Now I'm gonna go buy my home.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
And that's how that is. And by the way, in Canada, Because that's your principal residence. If you were to sell it, you don't have a capital gain.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
Similar, different programs.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
Well, let me, I'll share this with you and then I'll ask you this question. So when I first got into business many years ago, 40 some years ago, I had my first business and it was doing relatively well. I was working hard and doing all the things that we do in business in a You know, I'd surrounded myself with some really great people. They were business owners and many of them very successful.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
And my observation of those individuals was that regardless of how well their business did, they all owned real estate. And so I looked at that and one day I had a conversation with my friend and a friend of mine and he says, well, you know, he says, ultimately, what are you doing with the capital that you're making in your business? What are you doing with the profits?
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
How are you reinvesting in the business? Got it. You're paying yourself well, got it. But how are you preparing for the future? Because ultimately you don't have a retirement plan and you hope to one day probably exit your business and sell it. That may or may not work out. But on,
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
the other hand you know the way to safeguard that is to have other investments and real estate is the way to do that so for me i got into investing in real estate because of that kind of fundamental thought process so when you look at you yourself how much real estate do you own oh um let's see i've got two two small apartment 120 i got probably
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
I rest my case because it makes sense to do that, to park your capital. You know, there's a fundamental and you know this as well as anybody is, you know, we think that our capital property prices and our assets are increasing in value. I mean, arguably, it's really the devaluation of fiat currency. And I mean, that's not a new concept.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
It's just really in our face the past several years that we realized that our dollars are being devalued. So whatever the reason that is, we can debate that all day and blame banks and central banks and politicians and do all the things that we want to do. But ultimately it's up to us to go, okay, this is the environment we're in.
The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
These are the crap decisions that are being made that we don't have control over. So how do we play the game and win the game? And the way we do that is buying and owning stores of value, what we call assets and real estate happens to be one of those assets. You a fan of Michael Saylor? Oh, a huge fan of Michael Saylor. I've made a lot of money off of Michael Saylor, so that's just me.