The Home Service Expert Podcast
Unlocking the Secrets of Real Estate Success with Patrick Francey
Mon, 12 May 2025
In this conversation, Tommy Mello and Patrick Francey delve into the world of real estate investing, discussing the mindset required for success, the concept of the 'Everyday Millionaire', and the importance of investing wisely. They explore various strategies for real estate investment, including the innovative 'self-funding house' concept, and emphasize the significance of courage and risk-taking in business. Don’t forget to register for Tommy’s event, Freedom 2025! This is the event where Tommy’s billion-dollar network will break down exactly how to accelerate your business and dominate your market in 2025. For more details visit freedomevent.com 00:00 The Mindset of Real Estate Investing 03:13 Understanding the Everyday Millionaire 05:57 Investing in Real Estate: The Right Way 08:49 Strategies for Real Estate Investment 11:56 The Self-Funding House Concept 15:04 The Importance of Real Estate in Wealth Building 17:59 Courage and Risk in Business 20:49 The Role of Mindset and Performance Coaching 30:37 Transforming Mindsets in Sports 32:29 The Role of Coaches in Player Development 34:02 The Importance of Mentorship 37:09 Living Below Your Means for Financial Growth 38:49 Creating Meaningful Experiences 45:39 Advice for New Investors 46:40 The Purpose Behind the Everyday Millionaire Podcast 49:42 Embracing Discomfort for Growth 56:33 Navigating Challenging Times with Clarity
Chapter 1: What mindset is essential for real estate investing success?
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
Welcome to the Home Service Expert, where each week, Tommy chats with world-class entrepreneurs and experts in various fields, like marketing, sales, hiring, and leadership, to find out what's really behind their success in business. Now, your host, the home service millionaire, Tommy Mello.
Before we get started, I wanted to share two important things with you. First, I want you to implement what you learned today. To do that, you'll have to take a lot of notes, but I also want you to fully concentrate on the interview. So I asked the team to take notes for you. Just text NOTES to 888-526-1299. That's 888-526-1299. And you'll receive a link to download the notes from today's episode.
Also, if you haven't got your copy of my newest book, Elevate, please go check it out. I'll share with you how I attracted and developed a winning team that helped me build a $200 million company in 22 states. Just go to elevateandwin.com forward slash podcast to get your copy. Now let's go back into the interview.
all right guys welcome back to the home service expert podcast i am doing this podcast from cabo super excited i got patrick francie here uh he's an expert in real estate finance podcasting his podcast the real the real estate investment network and he's the host of the everyday millionaire podcast uh he's near vancouver uh but spends a lot of time all over the place yeah why don't you just tell us a little bit about you and uh how the audience gets to know you a little more
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Chapter 2: Who is Patrick Francie and what is the Everyday Millionaire concept?
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.
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.
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.
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.
Yeah, talk to me about what that means, everyday millionaire. How does that – I talk about this a lot. Yeah. But I want to hear your explanation and definition of it.
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.
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,
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Chapter 3: How can you invest in real estate the right way?
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
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
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.
And still to this day remains that, although it doesn't sound like a lot of money these days, it still is a goal.
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.
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.
If you put money away early enough, I looked this up the other day on ChatGPT. I think it was 9% of change are millionaires in the United States. And I don't know if that number is accurate, but it makes sense because just to buy a piece of real estate now in Phoenix or California or Denver, I mean, you're looking at half a million to a million bucks for something decent.
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.
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.
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Chapter 4: What is the Self-Funding House concept?
You know, this is my memory might be off, but I used to work on this program called it was it was by Dave Ramsey. And it was I got I entered into this for my whole company, not really for myself. And he sent me a book and I think it was called Everyday Millionaire.
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.
That's okay. Yeah. I wasn't sure. So when you guys, so tell me a lot of, tell me what this program was. Cause it sounds like you've been 3000 members, 60% of them own a business. What, what did you, what's the purpose? I mean, what do you guys coach on?
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.
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.
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Chapter 5: Why is real estate crucial in wealth building?
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.
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.
So in a simple,
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
because people move into areas where there are jobs. And when people move into an area generally, especially immigrants,
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
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.
And is there a formula for, you know, I used to work with this couple. I used to provide their garage doors and their plan was to buy one house a year for the first 10 years. and then sell the first house to number year 11. They'd flow up to 10 years and flow down through 20. Do you guys have any type of formula like that or not really?
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
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Chapter 6: How do mindset and performance coaching contribute to success?
know what i was in 2015 i was hanging out with a actually a competitor of mine but really a mentor and he said tommy my best thing i could ever tell you is buy your buildings he goes throughout the years as i buy a building grow into it grow past it sell it grow into the next one he said i think he had done four buildings he's like that made me millions and millions and millions of dollars
And so, you know, I tell people, make sure you got great credit, make sure to get ahold of Don's and Bradstreet, build your business credit, make sure you really understand what the SBA does and get a building as soon as possible. As long as you know, you're going to be able to make rent and you're not buying something way too big.
But if you buy something way too big, hopefully you can put a second suite there and, you know, rent it out until you're ready to fit into it. That's an easy way to make money. Those that are listening, I wish I would have known to buy a building right away. Everything turned out really great, but I know I could have bought one a lot before I did.
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.
So you got to work and you got to be a little bit courageous and, and you got to put time into it. Right.
Well, the, you know, my, my stepdad used to tell everybody that he'd meet, they go, why did, why is Tommy so successful? And let me see. I always want to say this on the podcast. He said, he's got the biggest balls I've ever seen. He goes, his ability to take risks, you know, educator risks, but, but not like, I always was like, I knew there was a path to do what I wanted.
So I think a lot, what stops a lot of people is they're just, they're waiting for this perfect time. Like they're waiting for this perfect building or these perfect things to perfect is the enemy of just getting started, you know?
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.
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
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Chapter 7: What role do courage and risk play in business growth?
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.
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.
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?
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.
Makes sense? Yeah. Well, it reminds me of the show. I didn't watch a lot of it, but it's called Billions. And they got this the guy's name is Axel and his shrink or whatever is called. Her name's Wendy, but she's got to help everybody out mentally be ready to do their best. You know, they're stock trading and doing big deals every day.
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.
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?
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,
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.
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Chapter 8: How can you benefit from networking and mentorship?
There'll always be another real estate deal.
So when you started the Everyday Millionaire podcast, what was the, I know you talked about, I think it was 2014, you thought about writing a book. What's your goal now behind it? And what do you hope listeners take away from it?
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.
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,
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.
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,
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
if somebody listening to that can go oh gosh well gosh if he can do it i can do it you know that's ultimately what i hope to be able to share with others yeah this idea of why not me is has been a big thing that's kind of pushed me is like i get into the right room and i'm like wait a minute they got the same 24 hours in a day 168 hours in a week and all of a sudden light bulbs go off and this but
It's fun to be around those type of people because they think differently. When you watch the way they think and the way they act and the way they represent themselves, it rubs off on you. That's the thing. When I watch somebody... not growing is because they're in the same circle the whole time. Nothing's changed. Nothing changed. That's the same employees.
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