Secrets to Real Estate Success with Patrick Francey

What this episode is about

Patrick Francey shares his extensive experience in real estate finance and investment education, highlighting his journey from entrepreneurial beginnings in Edmonton to founding a national organization dedicated to empowering do-it-yourself investors. He emphasizes the importance of mindset in achieving success and discusses his podcast, "The Everyday Millionaire," where he explores personal and professional development alongside his wife, a mental performance coach.

Key takeaways

• Success isn’t about flashy wealth; it's about everyday choices that lead to million-dollar journeys.
• Real estate investment: where ordinary people quietly become extraordinary millionaires—proof that small steps yield giant leaps.
• Podcasting on a beach? Sounds like peak multitasking. Inspiration strikes at the intersection of relaxation and ambition.
• In 2023, 9% of Americans qualify as millionaires. That’s not just a number; it’s the new American dream.
• Defining wealth: it’s not just a house; it's liquid assets. Your Rolex won't pay the bills when it counts.

Who speaks in this episode?

• Tommy Breedlove (Host) · 23 min speaking
• Patrick Francey (Guest) · 34 min speaking

What is discussed, and when

1. 0:00 – 5:00: Everyday Millionaire, Everyday Millionaire, Patrick Francancy, Mindset Matters
2. 5:00 – 10:00: Everyday Millionaire, Everyday Millionaire
3. 20:00 – 25:00: Brandon Turner
4. 30:00 – 35:00: Everyday Millionaire, Everyday Millionaire
5. 40:00 – 45:00: Everyday Millionaire, Everyday Millionaire
6. 50:00 – 55:00: Patrick Francancy, Mindset Matters, Can't Hurt Me, The Courage to be Disliked

Notable quotes from "Secrets to Real Estate Success with Patrick Francey"

• All right, guys. Welcome back to the Home Service Expert podcast. I am doing this podcast from Cabo. Super excited. I got Patrick Francancy here. he's an expert in real estate…

  about Patrick Francancy · at 0:00

• Everyday Millionaire, in 201 14. And my wife, who is a 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.

  about Mindset Matters · at 1:28

• 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…

  about St. Lucia · at 2:46

• There's a guy named Brandon Turner used to have the podcast Bigger Pockets and he and I became good friends. I went out to Hawaii, visited him and he had me.

  about Brandon Turner · at 20:58

• She still has a business in that. But she went on to work, she works now with a, figure skating couple. She, as a matter of fact, works with the USA Olympic team in figure skating.

  about US Olympic team · at 27:17

• For me. But ultimately after I read that book, I went h Yeah. Yeah. It's a great book. And then there's there's a book kind of like it by David Gogggins called Can't Hurt Me.…

  about Can't Hurt Me · at 52:45

Who and what is mentioned in this episode?

People

• Patrick Francancy — Person · Main guest · 2 mentions · first at 0:04
  Primary interview subject discussing real estate investing fundamentals, wealth-building, coaching/mentorship, and mindset; he also shares his podcasting and education-community background.
• Brandon Turner — Person · Referenced peer/industry figure · 1 mention · first at 20:58
  Mentioned as a real estate media figure and the host’s friend, used to illustrate learning via networks and real estate investing communities (BiggerPockets).

Books & papers

• Can't Hurt Me — Book · Recommendation · 1 mention · first at 52:54
  Book recommended by the host for its insights on mental toughness and personal development.
• The Courage to be Disliked — Book · Recommendation · 1 mention · first at 53:02
  Book recommended for its unique perspective on personal growth and self-acceptance.
  Thing. And then I think you'll really dig this book. It came out just a few months ago. It's called The Courage to Be Disliked.
• Everyday Millionaire — Book · Referenced work · 9 mentions · first at 0:16
  Book concept discussed by Patrick Francancy, though not yet written, as part of his branding and message.
  And definition of it. Well, for what here, I'll give you a little bit of a quick backstory was that I had been approached back in about 2014 to and leading up to that to write…

Companies & orgs

• US Olympic team — Company · Client · 2 mentions
  Organization that Patrick Francancy's wife works with as a mental performance coach.

Places & events

• St. Lucia — Place · Setting · 1 mention · first at 2:50
  Location where Patrick Francancy conceived the idea for his podcast, highlighting a moment of inspiration.

Media & podcasts

• Mindset Matters — Media · Co-hosted podcast · 2 mentions · first at 1:40
  Weekly show co-hosted by Patrick Francancy and his wife, focusing on mental performance and personal development.
• Everyday Millionaire — Media · Referenced work · 9 mentions · first at 0:16
  Book concept discussed by Patrick Francancy, though not yet written, as part of his branding and message.
  And definition of it. Well, for what here, I'll give you a little bit of a quick backstory was that I had been approached back in about 2014 to and leading up to that to write…

Full transcript with timestamps

0:00 All right, guys. Welcome back to the Home Service Expert podcast. I am doing this podcast from Cabo. Super excited. I got Patrick Francancy 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 have the audience get to know you a little more? Well, you a little bit about me. Cole's notes is I've been in business just over 40 years. I'm uh still fired up, ready to go. You know, there's that old phrase that when you're 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. Uh I started in Edmonton, Alberta, Canada. I have a couple of retail businesses out there. I was been entrepreneurial. It's where I

0:52 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 uh uh community of like-minded individuals that wanted to learn how to invest in real estate. That organization grew to be national right across Canada. And that's the Cole's notes of where I'm at today. I started my podcast, The Everyday Millionaire, in 201 14. And my wife, who is a 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.

1:46 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. Uh what what how does that I talk about this a lot. Yeah. But but I want to hear your explanation and definition of it. Well, you know, for what here, I'll give you a little bit of a a quick backstory was that I had been approached back in about 2014 to and leading up to that to write a book. You know, Patrick, you got to write a book. It's all about branding.

2:20 You've got a great message. You should do that. I didn't feel like I had a book in me. number one and and secondly that 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 said it's great to say you're an author but I I want my work to be current and it you 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 downtime 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

3:14 thought well what a great way to stand out and then the concept of the everyday millionaire because what I found myself Tommy is across we had 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 you know everybody aspires to to make money, invest in real estate is one of those avenues and to build that net worth 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.

3:55 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 there. Um, you know, if you put money away early enough, I looked this up the other day on Chat GBT. I think it was nine nine% and change are millionaires in the United States. Um, and I don't know if that

4:55 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. So, well, the the actual definition of uh 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 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 uh key assets, you know, you don't want to have to sell your Rolex watch. I mean, ultimately, you want liquidatable assets. I guess a

5:47 Rolex watch could fall into that category, but u you know, assets that are a million dollars or more. You know, this is my 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 I entered into this for my whole company, not really for myself and he sent me a book and it I think it was called Everyday Millionaire. I don't Dave Ramsey I I own the trademark for the everyday the everyday millionaire here in Canada. I think he's got it for the US or he has that tagline somewhere along the line. That's okay. Yeah, I wasn't sure. So, yeah. When you guys So, tell me a lot of tell me what this program was because it sounds like you've been 3,000 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.

6:42 So, a lot of people get into the world of investing in real estate because they see a boom cycle. Uh you've been through it in the US, different different states of course in Canada, same thing where you get into these boom cycles and everybody becomes a real estate uh real estate genius. You know, my brother-in-law, hey, we just did he just did a pre-construction uh condo and uh you know, 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. And so it doesn't it isn't really investing. It's speculating. Some would even argue gambling. Uh 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,

7:32 leverage our capital through that whatever mortgage program you know you might have, you know, 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, 10 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.

8:27 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 it sustainable culturally they go 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.

9:22 And is there a formula for, you know, I I 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 in number year 11. Yeah. So they they flow up to 10 years and flow down through 20. Do you guys have any type of formula like that or not? Really? There is those are all uh 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 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 our backyard. We can't afford it here in

10:21 Vancouver. You know, you're almost buying a tear down 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-unding house, which is nothing more than 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 and when they go to get that financing, they say, "Okay, well, you're making a h 100red grand a year. 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

11:12 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. 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 on to it for five, seven, ten years, work your way through it. Then you might just say, "Okay, I'm done. I'm going to keep that as a rental property, put it into my portfolio, hold it as an asset. Now I'm going to go buy my home."

11:43 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, which is like here when you got to live in it for two years or something. Yeah. Similar different different programs. Yeah. You know, I met a guy recently and what he does is he looks for expired large real estate RV type stuff, just just big park type stuff. And he says if they own he's got a tool, skip trace that he looks at and says if if they got it paid off. Yeah. So what he'll do is he'll get them to do a land contract on it because that way they they don't have to pay capital gains.

12:22 And I don't know exactly all the intricacies. Yeah. But when you we he's like, "I got to get my CPA on the phone with their CPA to be able, you know, their tax advisor to be able to explain why this makes more sense via tax to do a 10-year or a seven-year land contract with some type of balloon." I don't I don't know the exact strategy, but he's a really smart guy. And I was like, there's a lot of money to be made in real estate. I I Well, let 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, 40ome 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 and uh you know, I'd surrounded myself with some really great people. They were business owners and many of them very successful. And my observation of those individuals was that regardless of how well their

13:14 business did, they all owned real estate. And so I looked at that and one day I had a conversation with my friend and you 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? 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.

13:45 That may or may not work out. But on 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 got two two small apartment 12 unit. I I got probably, you know, I got a couple commercial buildings in about seven. 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 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. It's just really in our face the past several years that we realize that our dollars are being devalued. So whatever the reason that

14:48 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 in we're in. 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. Uh you've you fan of Michael Sailor? Oh, huge fan of Michael Sailor. I I've made a lot of money off of Michael Sailor. So that's just me. I just started to call see some some commonalities when we talked about fiat and money. It it was interesting because uh you know, he's a big Bitcoin advocate. Yeah.

15:39 You know, when 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 a hold of Dun and Brad Street. 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.

16:29 That's an easy way to make money. you know, those that are listening, I wish I would have known to buy a building right away. Uh, everything turned out really great, but but I I know I could have bought one a lot before I did. I think there's a the only the only, you know, and it's not a correction. The only way I would reward that is that I don't think it's I think it's simple. I don't know that it's easy. The first time especially, it's 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 uh, you know, rosecolored glasses pictures. So, you got to work and you got to be a little bit courageous and and you you got to put time into it, right? Well, the the you know, my my stepdad used to tell everybody that he'd meet, he they go, "Why why is Tommy so successful?" And I try Let me see. I always want to say this on the

17:16 podcast. Uh he said he's got the biggest balls I've ever seen. He goes his ability to take risks, you know, educated risks, but but not like like I always was like I knew there was a 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 it. Perfect is the enemy of just getting started, you know. It is. It is. And there's a there's another side to that too which is you know it 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 gonna call you young only because listen at my age anybody under 50 is young so you know I refer to them as kids that's just that's how I'm wired but good

18:17 friend of mine who like who is very successful at a young age and he just turned 40 or 41 and uh you know he probably got a net worth of 50 or $60 million but he has a very fundamental philosophy and that is he's the guy that'll jump out of the airplane without a parachute 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 gonna jump out of that airplane. I'm gonna 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. You know, 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 night

19:14 needs to be done next. 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. Yeah. My sister, I was telling her how much I might roll into this next deal with with the company, the garage door business. And uh she goes, "Why would you gamble with that much?" And I said, "This is the farthest farthest thing from gambling you've ever seen." But I learned that, you know, through my Goldman account, I could actually, this is interesting for the listeners out there. If you do it right, you know, it's easy to borrow against a public traded stock. That's how Elon Musk bought Twitter, you know, but you could also borrow through Goldman or through

20:02 Morgan Stanley against your private stock. It's not as easy. It's a little bit higher interest rate, still below six 5.9%. But if I could borrow against there, not only does the PE company borrow a ton of money, but I could borrow against my own shares and leverage it into, you know, 20 25% IRRa. So, or go buy, here's what's crazy. I could go buy all the leases of A1 garage door service, strap a 10-year lease on it. It's worth 60% more. So, let's say I've put $200 million in buying all the buildings in every market, you know, 40 markets. The good, nice buildings for A1, put a 10-year lease on them, they're worth the 100 million is now worth 160 million.

20:45 Mhm. Because it's got that 10-year lease. Yeah. So, I don't think people I don't know if people I don't think they're going out looking for the answers that sometimes I am like trying to figure this stuff out. There's a guy named Brandon Turner uh used to have the podcast uh Bigger Bigger Pockets and he and I became good friends. I went out to Hawaii, visited him and he had me speak at his last event he had in Phoenix and it's just fun learning. Uh the I'll tell you this for me for sure the most people I know that have done very very well as far as wealth has been through real estate. I mean that's just me. But I now I would say home service is catching up because I'm in a different box with these guys and I'm I'm with every big plumber and Hack and roofer across the United States. But uh real estate just seems to be one that there's enough for everybody to do well.

21:43 Yeah. And you got to do your homework. I mean it's no different than you building your business. So recently there's a group uh in Canada called McKay CEO forums. Now McKay is CEO peer-to-peer forum. So they put a maximum of 14 CEOs in a room that do a minimum of five million topline five you know it's really five million to five billion. And you know once well six times a year these CEOs get together peer-to-peer. I facilitate I'm what's considered a chair and you know there would be a room full of Tommies in there ver 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 depending on who your listener is you are just speaking Greek or some other language right you know and so we the the the reason I share that is because putting yourself in a group of like-minded individuals wherever you are on your journey is

22:52 critical to upping your game to knowing what you or learning what you don't know to gaining the insights into what's possible. And so as you go through your your willingness, you know, 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 you know 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.

23:31 Yeah. You know, people always ask me like, "What's your superpower?" I say, "Get in the right rooms." And I don't like one of my buddies, he's like, "I want you to meet," he goes, "I want you to listen to this guy." He's like, his name's Jeremy Miner. He's a sales coach and his stuff really works. I listened to one little podcast the guy had and I said, I like this guy. So, I just got a hold of him. Wasn't easy. There was a couple gatekeepers, but he took my call. We went to dinner and now he he and I are together twice a month hanging out.

24:01 BS might even and be investing in his business here shortly. You know, we have we have these things that like YPO. I don't know if you ever heard of YPO, but um everybody's begging me to get in these and I I'm never too busy to network, but I've already I'm pretty I I want to show up in a big way if I become part of those things. I don't want to like miss it all the time. So, I said it's just I'm kind of in the grind right now. So, but there's all kinds of them. There's Tiger 21, there's Eio, there's you name like there's there's a lot of these things and I want to make sure I go into the right ones when I'm ready. Um I you know for a guy like me and I'm sure you understand this is I don't need any more ideas right now. Nope.

24:51 Even 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 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." So, your wife is a uh performance coach. Um, let's talk about that for a little bit. I think you know Kobe Bryant Ed there's no major athlete Tiger Woods, Michael Jordan, Brett Favre, like they all have this idea of the mindset mental toughness performance coach. Let's let's find out like everyone should have somebody that helps them with this but nobody really a lot of people don't.

25:32 Well, there's a you know the as you know you know I think the term mindset gets overused but I you know I don't know that anybody's come up with a better word at this point but ultimately you know 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 players that are of a quality that they're at an NHL level. What was she going to do? You know, technically she could support them a little bit, but what she discovered early on in her career back in the 90s was that 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

26:28 conversation with them and help them break through some of the challenges that they were facing, guess what? 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. 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 uh left that gig, you know, in that role.

27:17 She still has a business in that. But she went on to work, she works now with a, you know, figure skating couple. She, as a matter of fact, works with the USA uh Olympic team in in figure skating. 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 a whole 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

28:08 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. Make sense? Yeah. Well, it reminds me of the 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 they're you know they're stock trading and doing big deals every day. Yeah it's an important aspect of it all. I I give you a quick story that was and only because I was kind of connected to it. She worked with a player who is a fourth line player. He was better than the fourth line. he believed himself be

29:09 better to be the 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 you know she's seeing what he's operating on top of 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.

29:55 Well, interesting. I I knew that backstory, you know, few months in where I'm happy to watch a hockey game, which I rarely do, but the announcer 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 scored goals he scored.

30:29 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. Do you think it's as a question I have to think about is uh I was with Nick Sabin recently and we were talking about is it the talent or is it the drive, the mental drive and he said both. I can't take 5'2 guys and turn them into, you know, an amazing Alabama player. But, you know, I've seen great decent players become great players from the coaching. I've also seen great players become lousy players because of the coaching. How important is the coach?

31:17 Well, obviously, well, I don't want to say obviously. I'm, you know, 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, you know, I have, 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. I know how to lift a weight. But my my own selft 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. He goes, "I I [ __ ] about it."

31:59 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." He's generally right. My point is is a good coach that knows the team and when I've worked with a couple of NHL co coaches, he said, "If you because I was doing some technical stuff with a player and 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. 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, you know, I think coaches could be mentors, but I want to talk a little bit about mentorship.

32:49 Yeah. Uh how did that how did how did your mentors how did you find them? How'd you know they were right? How did they guide you through business and investing? I don't know that I you know, it's that's a good question, Tommy. I think that, you know, personally, I didn't have what I would call I did have a me 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 and you cancer back in those years. 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 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. You know, what we did was we got together and broke bread and maybe had a beer and we chatted business.

33:45 That's how I operated. I'm not saying that's the right way, by the way. I I actually am a mentor to a couple of different people. What did you So, so I I by the way, I think that's the right way to look at it. I mean, I I guess I guess the way that I look at mentors, and it's not always been this way, but whoever I pay each year, usually there's a series of people, whether that's a couple different speaking coaches, you know. Yeah. I figure, well, I'm paying this person to coach me, so I guess I consider them a mentor, but uh I don't I think that's probably been, you know, I was with two of my buddies I grew up with from Michigan this past week, actually yesterday, and we were chatting and I said, you know what the difference was between us, you know, when I turned 20 and you guys did, and I didn't say it exactly like this, but now I'm going to be a little bit more. I said, you know, I sacrificed everything and I

34:41 lived below my means for that next decade. I lived so low, such like a scavenger, like I I could have afforded so much more, but I it started to earn interest and compound. Yeah. And compound. And that's what everyday millionaire really means to me is without even my business doing what it needed to do, I was making investments that no matter what, I was going to become a millionaire. And I just my buddy goes, "Yeah, that's not me, dude. I I I don't want to live like that." And I'm like, "Well, uh, you know, I can see." And I was trying just not to be me, but I'm like, "What? Who cares?" Like what what I think we care too much about what people think sometimes. Well, so let's unpack that a little bit if you're okay with it. I think that, you know, first and foremost, to this day, I live well below my means. We that's just how I was raised. It's how I what I believe. I I've lived below my means. We do we

35:40 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 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 and hence you drive success.

36:18 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. 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 and then see how you relate to it. So a friend of mine comes out and he says to me and we we live in the country and 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." And big piece of equipment. And I said, "Really?" I go, "What for?" He goes, "Well, I'll use it to do this and that." And I go, "Okay." I said, "Uh, what do they cost

37:12 to rent?" He says, "Probably a couple 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. 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 neighbors 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? And he went "Yeah no." He says, "That's a great question."

37:58 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. 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, I worried too much about buying stuff and I worried too much about what somebody might think. 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, it's funny. I That's a really smart question. If

38:50 nobody knew you were gonna own it, would you still buy it? I I um I got these rocks. They're called amethysts. Yeah. And they were my cousin sources rocks. Like it's his life. He's a geologist and he knows how to get rocks. So I said, "Find me the largest amethyst you could find." And he goes, "It's going to take a year to get here." I said, "Fine." He go I go, "How much?" He goes, "It's 85 grand. It comes with two rocks in the base." And I said, "What's it worth?" He said, "Well, after I get it from Urugu Uruguay and get it shipped out." He goes, "I can easily sell it for 100 grand per rock."

39:27 And I said, "Okay." And I said, 'W will this ever, in your opinion, will this go down in value? He goes, "No, these are rare. Very rare this size. In fact, you can put these we can sell these to a museum." So, you know, it's something that I think is important. Now, yes, do there's one other thing I think about when I think about purchases, and this is, you know, I'm in the midst of buying a Stancraft boat, and I think about experience, about building stories and adventures and life and like my my father's 70th birthday party, my mom's 70th birthday party, just recently, my birthday party at the house.

40:06 like everyone stays under one roof and we like have the time of our lives and we had a Super Bowl party and so some of mine is says because I lived in a I lived in a thousand square foot apartment for four years and I had a lot of other things but and I didn't care. People used to come over all the time and they'd spend the night and I pull out the couch and it did I never was like because they were like why why do you do this? I'm like just stacking stacking cash right now. But, you know, it wasn't really necessarily like I never was embarrassed. I wasn't like like people were like, "Really? This is where you live?" I'm like, "Yeah, I own the apartment complex, so relax, but this is the one I choose to stay at."

40:47 So, I, you know, that's the only caveat I'd say is like, is this going to bring 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, to the 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 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.

41:34 and andor 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 it can be an expensive party you know you're not it's not about buying the 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. Yeah, I I I kind of I got to explain that to people is I'm like, do you know how many experiences that this you know how many people that I'll grow closer to and and that I'll just and it's not necessarily because they like nice things, but it's like I'm here in Cabo. My whole team's coming out here. There's pools everywhere. There's probably lazy rivers all like we're going to go have a big volleyball game. This is an experience that we're doing with my team. So, it's

42:27 the same thing as you do. It's just going to be like around the houses that we're doing. So, I I I I look at this as a first and foremost, it'll never go down in value, the houses that I'm buying. Uh because I really I think mostly about this for houses. And then the Stancraft is an allwood boat that only goes up in value. As we know, boats go down in value right away. Not this boat. This boat I could drive for 10 years, put all the miles on it, and it'll go way up. Yeah. And that's you, you know, I start I don't know what what's shifted, but it had to be in my 20s when I'm like, is this going to be going up in value or down? Yeah, it's either an appreciating asset or a depreciation depreciating asset or depreciating cost, you know.

43:14 So, you coach a lot of people. Yeah, 100%. And that's where my mind goes. What's one piece of advice you find yourself giving over and over again to newer investors? Oh, to newer investors? Um there's always another deal, you know, is don't chase it and you know, if you're 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. 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 reason.

43:59 So, you know, 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. 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 you thought about writing a book. What's your goal now behind it and what do you hope listeners take away from it? I 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. Uh, 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 uh bringing that level of CEO into the same room and facilitating those

44:54 conversations. These are not coaching. And I I'm really, as much as I enjoy coaching, I you know, spent 25 years speaking and being a facilitator. And I love doing facilitation. Being able to support a room of coming to answers, solving somebody else's problem, being able to draw out answers from others who are in the room and create uh swim lanes for people to uh 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 uh 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, you 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

45:54 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 is 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.

46:38 and this but but they just people it's fun to be around those type of people because they think differently and when you watch the way they think and the way they act and the way they they represent themselves it's it rubs off on you like that's the thing like when I watch somebody not growing it's because they're in the same circle the whole time nothing's changed nothing changed that's the same employees they work around the same seuite the same events. They go to the same events for the next 10 years. It's all the same. And I'm like, what? But you haven't changed since 10 years ago. People won't change until the pain of staying the same gets greater than the pain of change. So that's the that's the first part. Yep.

47:28 You know, 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 you if you know to get stronger, you have to be prepared to get uncomfortable. So we use this analogy, you know, of the gym, you know. So we go in, nobody can do your push-ups for you, and you say, "Okay, well, I'm going to do 10 or 12 or 50 push-ups, 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. 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 whatever big deal you did, what was big back then, maybe it was a $50,000 deal. Well, now it's that's almost pass a, you know. You know, you want million-dollar deals and multi-million dollar deals because you've worked that muscle, you know. Oh,

48:28 I you know, now I do a hundred push-ups because I'm stronger. like, okay, 50 is boring. 25, what the hell? That'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 not completing that exercise, com going through it and actually failing it, you know, then if you're not willing to risk that, you just don't get stronger. No. Yeah. It's why sports are important. You know, we talk about, you know, sports often. You know, I I'll 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 like, you know, can 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

49:22 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 I look and say, "Okay, well, in a few short years, I'm gonna be 70." So, my hack is is, you know, I I look at other 70 year olds that I admire. So, Patrick, if you had to go back to your 25 year old self, which quite a few years ago, what what would you have be telling them? Uh you know, I've actually had that thought many times. So, I look at somebody like yourself, you know, at your age and 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 what was in my way? I cared too much about people might think. That was one thing. So, at 25, I would have dumped that a long time ago.

50:23 uh 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. I'm we have an amazing life. 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.

50:58 So my question to myself is 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 and am I doing that? Love it. Um, is there any books I've got a million I mean which you know is there any books that are not ordinary like Dale Carnegie and Napoleon Hill or the Bible that that and E-Myth and all these ones that we know of? you know, one of the uh a more recent book uh 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 that question you just asked. I I read the book um by Jaco Wilnik, Extreme Ownership. Extreme Ownership. Yep. And I had my whole team read it. You know, one of my very good I'll call him a business partner, you know, read it. We all read it and it was it was really it changed a lot of things for me and it just fine-tuned what I already knew and it gave me some insights into a

52:09 conversation that I had with a CEO that I admired and was a good friend of mine many years ago. Had a very successful business. And I made some comment to him about 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." So it was like, "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 h Yeah. Yeah. It's a great book. And then there's there's a book kind of like it by David Gogggins called Can't Hurt Me. That was another good book, but different different thing. And then I think you'll really dig this book. It came out just a few

53:02 months ago. It's called The Courage to Be Disliked. Love the title already. Yeah, I think you would dig that book. Um so Pat, what's Patrick? What's the best way to reach out to you if someone wants to go learn more about you, learn more about the obviously the podcast, you've got a couple of them. Uh you've got the Everyday Millionaire and the Mindset Matters. Yeah, the Everyday Millionaire.ca is is, you know, certainly my podcast panc, you know, Instagram and Patrick Francancy on LinkedIn, that kind of stuff. Uh I'm pretty available if somebody literally wanted to email me ceorracanada.com.

53:43 So it's CEO reincanada.com. I answer emails all the time and uh yeah, that would be the best way to get a hold of me and would look forward to having any conversations. And we talked about quite a few things here. So I'm just going to give you the stage here or the podium, I guess, the microphone to uh close us out on any topics that you feel like we may have not discussed. 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. Uh, 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

54:47 carried it into 25, we had a theme called clarity equals velocity. We see often that where things get sticky, where people don't achieve goals, where they 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? What are you let are you leaving questions unasked because you're uncomfortable? Are you nervous about having a courageous conversation? Those are all things that you know look in the mirror. Our life is a reflection of who we are and how we're being. If you don't look your life, if you don't like your life, take responsibility for it. Look in the mirror. See what you need to do differently.

55:33 I love that. Yeah, there's this there's this song, if you don't like your life, then you should go and change it and it says you're on vacation because every single day I love my occupation. I it's one of my favorite songs. I used to walk out of for that song for the last six or seven years. But uh Patrick, fabulous job. I really appreciate you doing this. I um it was fun. Well, I appreciate you, my brother, and anything you need, you uh you get in touch. I'm gonna have Ashley uh make sure we set some time to to talk again here soon. But thank you.

56:08 Look forward to it. Thanks, Tommy B. Have fun in Cabo. You know, Cabo Wabo with all the things you do. Anyways, have fun. Thanks, man. We'll see you soon. We'll catch up. Have a good time.

Questions about this episode

Who speaks in "Secrets to Real Estate Success with Patrick Francey"?

Tommy Breedlove (Host), Patrick Francey (Guest).

What is "Secrets to Real Estate Success with Patrick Francey" about?

Patrick Francey shares his extensive experience in real estate finance and investment education, highlighting his journey from entrepreneurial beginnings in Edmonton to founding a national organization dedicated to empowering do-it-yourself investors. He emphasizes the importance of mindset in achieving success and discusses his podcast, "The Everyday Millionaire," where he explores personal and…

What is mentioned in this Home Service Expert episode?

9 people, works and ideas are mentioned, including Patrick Francancy, Mindset Matters, Can't Hurt Me, The Courage to be Disliked, Everyday Millionaire, Everyday Millionaire. Each one on this page links to its own page with every episode that mentions it.

How long is "Secrets to Real Estate Success with Patrick Francey"?

The episode runs 56 min; the transcript is about 10,453 words in 69 timestamped sections.

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