From Real Estate to Podcasting: Patrick Francey's Journey of Wealth, Mindset, and Growth

Patrick Francey, CEO of the Real Estate Investment Network and host of The Everyday Millionaire Podcast, reflects on his eight-year podcasting journey. Initially focused on sharing inspiring stories of "everyday millionaires.,"

His goal was to show how ordinary people could achieve significant financial success. Patrick’s wife, an Olympic-level mental performance coach, co-hosts their second podcast, Mindset Matters, which explores the critical role of mindset in success. 

We highlight the rise of podcasting as a mainstream platform, driven by Apple Podcasts and Spotify, offering valuable content and diverse distribution opportunities.Patrick delves into entrepreneurship, wealth-building, and mindset. He emphasizes the parallels between high-performing athletes and business owners, showcasing how mental resilience, intentional self-discovery, and values-driven leadership fuel personal and financial growth. Their discussion touches on biohacking trends and the influence of the subconscious mind on behavior.

Patrick also discusses the complexities of navigating Canadian and U.S. tax differences for entrepreneurs, especially in the context of professional athletes like NHL players.The conversation transitions into real estate investment strategies, analyzing the current market in South Florida and Canada, where high borrowing costs are impacting sales.

However, Patrick emphasizes the importance of long-term planning, patience, and understanding the economic health of cities for real estate success. His own “million dollar accident” in real estate serves as a reminder that wealth-building is a slow, strategic process rather than a quick win.

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Episode Transcript

Speaker 1 (00:01):
Podcast excellence since two thousand and five. This is the
King of Podcasts Radio Network, Kingopodcasts dot Com.

Speaker 2 (00:08):
Entrepreneurship and becoming the next everyday millionaire. And it doesn't
mean you have to hit the lottery and the King
of Podcasts Radio Network. You're a show. The King of
podcast presents another wonderful edition of Podcasters Row. Thanks for

(00:29):
listening to the program, finding as you always do, through
all various channels, including now on my YouTube channel acting
a podcast. You're going to find it there and everything
is available if you want to go and find out
where to find the show on Apple podcast, Spotify, YouTube,
YouTube music of other places, kingo Podcasts dot com. Why
am I gonna have me? You go wander around for
other places. One website, one place to go, one gateway

(00:51):
to everything right there, So right now I want to
go speak to my next guest. He has a globally
a Clean podcast which joins Forces which is actually supporting
entrepreneurs and creating high performing teams at drive employee engagement,
satisfaction and fulfillment with the help of the Everyday Millionaire

(01:14):
Podcasts and with me right Now is one of the
hosts of that program. He is the CEO of the
Real Estate Investment Network and a global top one hundred
podcast and entrepreneurship, Patrick Franci, Patrick, thanks for being on Hell.

Speaker 1 (01:26):
Thanks for having me join you as a guest. I'm
looking forward to the conversation.

Speaker 2 (01:30):
And just to give a heads up, wonderful to have
you on with us, and not just every day Millionaire podcasts,
but also you have a podcast with your wife called
the Mindset Matters Podcast. We'll go into that as well.
But when it comes to you said before we got on,
it's been about eight years now you've been hosting podcasts here.
So again it's around that trend where it was becoming

(01:51):
very cache to go and get into podcasting. People were
starting to feel like there were some mainstream podcasts that
were coming out people were really getting them cells behind it.
And you know, in the days of streaming, knowing that
Apple Podcasts, Spotify, all these podcasts that was were giving
us such a gateway to be able to go and
get content out there that radio wasn't not really offering
us to us anymore. Tell me about your in rods

(02:13):
in the podcasting in terms of these two podcasts and
expanding upon what you already have been doing for you know,
over thirty years in real estate in Canada. Where you
are talk me about what made the transition.

Speaker 1 (02:26):
Well, you know, I'd gained a lot of expertise over
the past many years of being in business and being
a real estate investor and actually educating so many and
how to invest in real estate. I was feeling some
pressure from some peers that it was time for me
to write a book. And at the time I looked
at that and I go, I don't really feel like
I have a book in me. And we went on

(02:49):
vacation and as I was sitting on the beach meditating
on life and what I wanted to do and how
would I do something different than a book, the thought
process came into me about a podcast. Now, eight years ago,
podcasts worn't that popular. I had no idea really what
was involved in doing a podcast, right, But ultimately I

(03:09):
was sitting on the beach thinking about, you know, one
of the things with the Real Estate Investment Network and
what we're really teaching people to do is how to
create a financial future investing in real estate. And the
goal for many was you know, I as simple as
it seems these days to be a millionaire that million
dollars kind of pails in comparison to the billions and

(03:32):
the trillions and all of the things that are being
thrown out there today. But ultimately, for most everyday kind
of calmon people, having a net worth of a million
dollars is built careers, built businesses, but did it very
quietly and there was no fanfare. They weren't being interviewed,
they weren't in the paper, they weren't in the media.
They were just people going to work and building a

(03:53):
strong net worth. And that's where I came up with
the term. You know, I said to myself, Gosh, they're
just every day millionaires. And because I knew so many
of them, I also knew that they had interesting stories,
and I wouldn't that be great to share with people
that having a and gaining a networth of a million
dollars was achievable. You didn't have to be outstanding in anything.

(04:15):
You just really went to work. And so I started
to examine and have that conversation on the podcast and
really the journey of people and how did you achieve
the results you achieved, And it was really just left
with one fundamental a couple of different taglines. I used,
one of which was seemingly ordinary individuals achieving extraordinary results.

(04:37):
And then ultimately my goal with the podcast is for
people to hear it and say, gosh, if that guy
can do it or that girl can do it, I
can do it too. And that was the real premise
that I built off many years. And then my wife
is both an Olympic and world class mental performance coach
for athletes and business owners, has been doing that many years,
award winning, and we said, you know, so much of

(04:58):
it is built on mindset, so we launched the podcast
Mindset Matters. So that's kind of the coolest notes of
how I got into the game of podcasting and how
I took it on. It wasn't very strategic. It was
like so many things I do. It was a bit
of my entrepreneurial accident, if you will. And here we
are today.

Speaker 2 (05:15):
In some areas. I look at what I've read for myself.
I read The Millionaire next Door. That was always a
book that was recommended to me. And another book I
went and looked for was a Simple Path to Wealth
dl cons thinking, you know, there are people that just
even realize, you know, through a long term career, if
you're able to get and put aside what thirty to
fifty percent of your earnings and put that aside and

(05:36):
let it a crew in any kind of you know,
ets or any kind of roth iris, anything like that,
you can actually go ahead and the crew and accumulate
a million dollars eventually within twenty thirty years. It can
be done that way. But for those that are in here,
you know, it's also a different environment where in business
that's what you hope for building a business that will
help you to go ahead become a millionaire or just

(05:58):
in different areas specifically, what is it do you talk
about two folks when it comes to focusing on individual
wealth or finding it through various avenues of entrepreneurship to
gain that wealth, Well.

Speaker 1 (06:12):
There's a couple of different aspects to it. And you know,
part of why we evolve to include the mindset matters
component of it was after interviewing so many guests and
hearing so many great stories. You know, I unpacked you
know the journey, but also you know what was it?
I often asked the question, you know, is your journey
as an entrepreneur, as a leader in your career, is

(06:35):
it nature or is it nurture how did you come
by it? So in other words, I'm opening up the
conversation about how did you get on this journey? Was
it because your parents were entrepreneurs? You know, what is
your story that got you on this path or what
was the fork in the road moment? And then ultimately
you start to hear the different versions of what it

(06:55):
takes to and the courage it takes to take on
initiatives to follow a path, to live into your vision,
to embrace the values that light you up, and to
continue to move forward methodically. You know, very few are
get rich overnight. As a matter of fact, I can't
even think of any that come off the top of

(07:16):
my head. It was really literally one step at a time,
grinding it out and building a future net worth. And
there was different components of that. Some were real estate investors,
some were business owners, some were just really career savvy
individuals who were willing to take their capital and put
it to work. So there's a range of ways to
achieve that outcome, but ultimately it boils down to the

(07:39):
focus to do it. The ultimate goal of most get
to it is that it's not about the money as
much as it is about creating a life and a
lifestyle that the money can bring them, but ultimately it
comes back to the values living a values driven life.

(08:00):
So I don't know if that answers your question, but
that was kind of the premise of how I approached it,
and the questions I ask are more about how did
your journey unfold how and what role did your parents
play in that? What was that fork in the road moment?
You know, what was some of the failures that drove
you to step up even more? And you know, it's

(08:21):
interesting how many really cool stories come out of that,
Yet the guests don't really look at it as a
cool story. It's just what happened. It's what I had
to do. It's the way things unfolded, you know. So
it is very interesting when you start to unpack that.

Speaker 2 (08:36):
Now the Mindset Matters podcast, I want to go and
focus on that because there's something interesting that in my
full time work, I one of the other networks I
operate is cannabisraa dot com, and in that area, we
are doing areas where we're expanding into alternative treatments, plant medicine,
and various holistic areas of treatment. And there's a show

(08:57):
that I had just started, and literally I just recorded
Yesterda the first two episodes with our host and the
show's gonna be called Igniting the Spirit Within and in
her area, she you know, is you know success coach,
does a lot of mentoring, a lot of a lot
of talks, and she explains just yesterday, we're talking about
the fact of the role the consciousness subconscious mind and

(09:18):
the process and your conscious mind being acting as a gatekeeper,
subconscious being capable of change, and to tap into that
subconscious mind that there are various paradigms that are put
into us growing up that you know, by tapping into
subconscious it's higher mental faculties helping to increase her perception, memory, will, intuition, imagination,

(09:38):
reason shaping behavior, shaping decisions in mindset matters. It's the
kind of idea of almost like biohacking that's becoming very
trendy and popular and getting a lot of more talk
in the space. Is that something towards kind of the
mindset that you and you and your wife Stephanie Hanlon
Francie also talk about. Is that kind of the area

(09:59):
you're approaching.

Speaker 1 (10:00):
Yeah, it's it's quite an expansive topic when you really
think about it, but ultimately, you know, for thirty years,
Stephanie particularly and me alongside her, has been working with
professional and amateur athletes and small business owners and realizing
that you know, in her area of expertise. You know,
she was the first NHL skating coach, you know, in
the National Hockey League. So she's a female in a

(10:21):
male world. She was the first paid female to actually
coach NHL level players to improve their skating. But what
was interesting about that is what she learned very quickly
is that when you're at that level already, I mean, really,
what can you do technically to improve? Yes, there's some
things that you could improve. But what she opened up
the door to our journey was the reality that in

(10:42):
working with these professional athletes that are being paid millions
of dollars to perform, the realization came to her is
that their technical aspects of what they were doing was important.
But what she opened the door to was conversation, giving
a space and a safe space for these young men
to have conversations about what was going on in their life.
And that could be you know, everything from financial to contracts,

(11:05):
to significant others to family matters, and as she worked
through that with them, she started to realize that when
she gave them space to clear their mind to help
them bust through some of the challenges that they were facing,
ultimately their performance on the ice improved. And that really
took us on a journey of understanding as people because

(11:28):
we can easily cross reference the similarities between the mindset
of a professional athlete or in a high performing athlete,
and that of a business owner or an entrepreneur. That
a type personality, career driven individual who wants to have
high performance. But ultimately, when we get into it, we
start to realize that, yes, we can tap into subconscious

(11:50):
you know. The first step and all of that is
even having the awareness of how we're thinking and how
the world is unfolding. You know, is there a universal law?
And you start to investigate it and you understand that,
you know, at some level, there's always this space that
we get in our own way, and we need to
consider how do we take ownership of it so that

(12:11):
we can get out of our own way. And that's
understanding the values that drive us. Are we living a
values driven life in integrity with who we really are?
And are we prepared to go on a journey of
self discovery. You know, one of the lessons I learned
early on is a young man, and it was from Stephanie.
By the way, when we first started dating and hanging

(12:32):
out over thirty years ago, I used to you know,
i'd be a little bit rough around the edges, I'll
be gentle on myself. And she would often say to me,
She goes, sweetheart, why are you that way? Like, why
do you react that way? And I responded to her
often It's just the way I am, just how I
do it right. And one day she looked at me

(12:54):
and she's when I said that. It was in a
heated moment, I was in somebody's face. We walked away,
she was pissed off. She looks at me and she goes,
why the hell do you react that way? Why do
you do that? And I goes, just the way I am?
And she looked at me and she goes, you know,
it's a choice, right, What what do you talk about? Right?

(13:15):
And that actually was, you know, the fork in the
road moment for me when I realized that as much
as I wanted to achieve a result and have an outcome,
it was really about who I was being in the
context of my life, and from that point on, I
was always looking to say, how can I be a
better version of myself? How can I evolve to be

(13:37):
the man I want to be, the husband, the brother,
the child of parents, you know. So it was really
my journey has been for many years on understanding that
fundamental it's not the goal, it's who you need to
become to achieve the goal. And I get that's a
bit cliche.

Speaker 2 (13:54):
No, No, that makes make sure, right, that makes sense.
But the thing is also it's about it's your own
personal your own personal control over what happens, over over
the destiny that you have, any existential obstacles, you're gonna
overcome because it's gonna be on you. You're gonna put
the onus on yourself. You're going to go ahead and
perform and execute because no matter there's no excuses, you

(14:16):
will persue, You're gonna you know, you're gonna push through.
You're going to you know, thrive, and you're gonna make
your way through.

Speaker 1 (14:24):
That's true. And and when I realized, you know a
few years ago, several years ago, now you know my
own purpose, you know, I live by one fundamental. My
tagline is be your greatest self, live your best life.
And that really is my purpose. And it's not just
my purpose to live that way and be that way
and operate that way. It is really to share that

(14:45):
message and support those individuals who literally do want to
be their greatest self and live their best life. By design,
it's intentional, it's a choice. It's not making excuses to
your point. It is being the best version of your yourself,
knowing that there's always a new version or a better
version of yourself. And like we often say, you know,

(15:07):
take your ceiling of limitation and make it your new floor.
And so there's different ways and methodologies, and depending on
where you are in life and the challenges you face
and what your goals are, what you have for a
vision of your life, uh, it takes on different ways
to achieve that.

Speaker 2 (15:24):
So I want to talk about the area of entrepreneurship
and the routes of getting there in comparison to Canada
versus US, because in Canada, I know that taxes significally
are a bit higher for those in the nest United States,
but obviously there's reasons for that in terms of healthcare
system and also a lot of you know, benefits that
are provided by the federal government in Canada. But the

(15:48):
one thing is that when I look at where things
are okay for taxes in you know states, like where
I'm at in state of Florida twenty two for you know,
standard tax rate here, and for nick seventy five thousand
dollars in British Columbia twenty eight percent. And when I
look at where they having you know, various incomes. If
you're just trying to now to go ahead, get to

(16:09):
the next income bracket to get to the million dollars
you're talking about, it's almost the thirty nine point five
percent on incomes of seventy five thousand, fifty three point
three percent for incomes of one hundred and fifty thousand,
And that's quite a bit of a setback because of
the fact of how much you have to go and
give back to make that amount. So when you're looking at, okay,

(16:29):
if I want to make a million dollars, I got
to be able to make two million dollars to make
that million that I want, Versus if I'm coming if
I'm in the United States, it's a quarter of that
And that's one of those things. Is it specifically where
your podcast will talk to more Canadian listeners that are
looking for that, but also realize those tax practice are
a bit of a burden, and that's going to be
a bigger hurdle decline.

Speaker 1 (16:50):
I think there's a couple of things around it, you know.
So first, just for clarification, you know, the Everyday Millionaire
was above creating a net worth of a million dollars,
the true net worth of million dollars, not in including
your primary residence. So that was about creating a net
worth in terms of income. And when we come to taxes,
these are all strategies within business, so when I'm coaching
business owners and working with them, of course in Canada, yeah,

(17:13):
our tax brackets are very high, and listen, Canada is
a very highly taxed country. And it's not just income tax,
by the way, it is taxes that you're paying on
GST and sales tax and all of the kind of
hidden taxes within our fuel and our gas. All the
things that are going on so infuriating if you're an entrepreneur,
if you're capitalists like me, a little bit of a

(17:33):
libertarian like I am, you start to really go okay,
this is enough. But having said all of that, you know,
when you take responsibility and you work and build your
team the right way, you ultimately can work around the
tax issues that you have. But it takes a very
focused effort and understanding that you know, US and Canada
there and listen governments around the world. They all operate

(17:56):
in deficits, they all operate in debt, and none of
them are great. So ultimately, when we look at government,
if they ran it like a business, they'd all be broke.
So we can all have our complaints about taxes. And
you know, in the case of the US, I mean,
you're a much bigger country, you're ten x what candidate is.
I mean, we're forty one million for the whole country.

(18:17):
You know, you're almost ten x or you are ten
x that. So when we look at tax revenues and
what this country has to generate, and you know, getting
out of the politics and the mindless spending and their
responsibility around it. My point is is that ultimately, ultimately,
as entrepreneurs, we walk the line and use the tax codes,

(18:40):
if you will, to the best of our advantage to
pay the least amount of tax. And that's really all
I can say about it, and then when I'm working
with entrepreneurs and my coaching programs, that's the kind of
discussions that we have.

Speaker 2 (18:53):
One of the years I looked at right now was
most recently, I was looking at the NHL. There was
a story that popped up in a TikTok their I
was looking at the fact that they were talking about
the issues about the taxes that are being accrued by
those basically on their contracts, and I remember I forget
which NHL player to have, where I saw they had
like a seventy million dollar signing bonus. And the thing

(19:14):
is now that signing bones is going to be kind
of the structured differently because of that, he is being
taxed based on the games being played in the United
States or in Canada, and there's a part where that
along with issues with other taxes that he has to
go to take care of. That is one of the
areas I looked at, which is like, wow, So if
a team, like say they're a US team and then

(19:36):
they're that player is going to be traded to a
Canadian team, all these different factors come into play. It's
like even the millionaires there in athletics, it's like, okay,
in sports, you're dealing with all issues here and for
those who want to diversify the portfolio and work with
other areas outside of Canada, is that something that that's
a bit of a focus or do you look at
more like just on a worldwide view.

Speaker 1 (19:57):
Well, I think that, you know, when you look at
what's happening again in Canada, I can you know have
some It's not one of my focuses, but because of
my background within the NHL on professional sport, you start
to realize that some of these individuals are paying fifty
percent taxes at some level, whether it be on their
paychecks or the bonuses that they get. I mean, it
really is crazy. And the sad part of it is

(20:19):
is that they don't have a lot of outlets in
terms of expensing things and being able to write some
things down and not having to take that as income,
which I say, in Canada is very highly taxed at
that level of income. So is there a work around?
Some have a work around? You know, when you come
from the US into Canada, American players are a little

(20:40):
bit better off because they can still keep that residence
in US even though they're playing in Canada. They have
work visas, and they have certain things so that their
tax consequences are slightly different. But you know, at the
end of the day, either government, whether it be the
US or Canada, and I've certainly made money in the
US and the US the US IRIS is stand there

(21:01):
with their handout going, oh you want that money, Yeah, okay,
well let's just take a little off the top before
we give it to you. So there's always within those
countries and within professional sport or any even business, they're
always going to take their cut.

Speaker 2 (21:15):
That's a sure, trust me. I can only think of
the time last year I had to go and drop
off fifteen percent of my total income and a check,
the cashiers check to go and drop it off the
IRS office nearby. All right, that felt so refreshing. But
either which way, I want to ask also about when
it comes to when you started the podcast again twenty

(21:37):
sixteen and now we've had the pandemic period that we
dealt with, which obviously made a big, let's just say,
a tectonic change in terms of people that go to
work for business. They're going working from an office versus
working at home. I know for me that'll be changed
because I've been working from home ever since. And the
other thing too is just the opportunities that are available

(21:59):
now in terms of if it's done more remote or
if it's something where you might change, what kind of
business opportunities that have been out there. How have you
basically navigated the changes of being post pandemic even for
Canada itself, you know, also going through a longer period
of business wise, of trying to come back from and
recover from the pandemic, us also having issues of various states.

(22:23):
But it's overall it was just an old change and
almost running on your podcast, how have you navigated that throughout?

Speaker 1 (22:31):
Well? I think there's you know, it was an interesting
time when everything was shut down and nobody could go anywhere,
and of course you know to have that interactivity, you know,
being online and doing webinars, that was all part of it.
You know. I came out of a model within the
Real Estate Investment Network where we are doing as many
as sixty events live events a year to crowds of
anywhere from one hundred to one thousand in the space

(22:54):
of education. Now, when that all shut down, it was
a big hit to the business overall, but we pivoted
quite quickly because we were already using Zoom. I have
an international team, so we were meeting on a regular basis.
We understood the platform of Zoom, so we pivoted very
very quickly with our audience and with our community to
drive live events. So that part of what was great,

(23:16):
and of course the podcast. We've always worked from home,
and I continue this day to work from home. We've
had offices in the past, but certainly since the Lockdown's myself,
my wife, our international team, we all work from home. Now.
What I am bumping up against, and I'm sure that
many are feeling or seeing it, is that people are
struggling with I refer to it as zoom gloom. You know,

(23:39):
part of their jobs. If they're already working from home,
they're sitting in front of a camera all day, They're
on webinars all day, They're interacting with others on camera
all day. And I think that the challenge that many
are facing is how do you draw and keep the
attention of an audience on Zoom and this or any
kind of platform, actually some virtual platform. So I think

(24:00):
people are a little bit tired of it, and that's
a transition that I'm feeling that everybody is going through
and having and grasping and getting attention. Having people pay
attention and buy into what you're doing is becoming more
challenging as the need for it becomes less because now
people can have live interactions with others. So it's just

(24:23):
an interesting time. I think that societal and business wise,
we're still feeling our way through what is the best approach.
How do you get somebody's attention. I mean, I'm sure
you've experienced that if you've done any live webinars, you
can have a few hundred people or a few thousand
people register and then on next thing, you know, only
twenty five percent of them show up. So these are
just the challenges in these economic times and given what's

(24:46):
going on in the world, and it's going to take
a while to sort through it and kind of crack
the code. From a business perspective.

Speaker 2 (24:52):
Well, I remember they were trying to do a lot
of virtual trade shows coming out of that and that
just didn't work. I mean, even in our in my outfit,
we were trying to go that route. But it's like
they might have some things that might look good, but
you know, virtual boosts and going to virtual sessions now no,
and I'm glad that the actual the trade show business
got back to where it is. I mean, it's not
completely gone back to where it is, but I think
people just got a lot smarter and it's got a

(25:13):
little more efficient on how they do it. It's just
not a lot of gross over spending like it was before.

Speaker 1 (25:19):
Now. I think there's a few things around that I
just want to touch on that, you know, for those
doing that are in that live event like trade show
kind of world. I mean, there's no denying that what
many are bumping up against is the increased costs of venues,
to increased costs of serving coffee at those events, just
the actual operating costs and how do you justify or

(25:40):
can you actually you know, put that kind of money
on the table and then risk not getting an ROI
on that. And as I talked to many people in
the industry, you know, when you look at travel costs,
if you're flying a team in and you've got hotels
and flights and food, and then of course the venue
costs itself, so it becomes a bigger challenge and a

(26:00):
higher risk. And that's why I'm seeing that as much
as we're seeing live events come back, they're much smaller
far and I'm Time Book Canada now, but they're much
smaller and they're far less extravagant in terms of what
they deliver for an experience.

Speaker 2 (26:15):
No, totally agree with that. A remember were so many
different events that were just the large scale types. But yeah,
it's also win. People don't realize just how much it
is to go ahead kind of put those events together.
It's just it's very difficult. Now now in your real
estate background, I would imagine that you know, with you
every millionaire podcasts, that one of the areas that I
always hear from other entrepreneurs or just people that are
just oh, here's you know, the one that is always

(26:38):
about investment in real estate. And I'm going down here
where I'm at in South Florida, so a lot of
that being done down here. There's a whole lot of
new buildings, condos, homes that are just here that are
being just bought up. And you know, when it comes
to people in other markets, you know, they don't want
to go and put their money in banks, they want
to put in holding other and other financial institutions. No,
they're going to just put into real estate, into equity
just put into property. So one of the areas that

(27:01):
imagine in your own background, you know in Canada working
for decades in real estate and also as you mentioned
the Canada's Real Estate Investment Trust. One of the areas
right now we're looking at is it's tough for housing
because in the current housing market, looking at the Canadian
Real Estate Association home sold in August fell compared to
a year ago, there's a holding pattern in terms of

(27:22):
the buying market, the amount of borrowing costs or going
down as well, and there's a lot of that change.
And you know there's supposed to be some more interest
rates are they're supposed to be better off coming up in
the next year. Prospective buyers are saying, my cons you
to hold off until improve the affordability. So like if
you want to invest in real estate, you're not going
to get the best bang for your buck. So is

(27:44):
that an area that you focus on when it comes
to what people could do with a crew wealth by
want money they were able to go ahead and earn
and what they can put aside to grow is it
is real estate? So an option that you go to
and you recommend.

Speaker 1 (27:59):
A lot, well, it's interesting is that we've been teaching
investing in real estate for thirty plus years. So ultimately
there's a couple things that everybody needs to consider. Is
that even in your own narrative today right now, is
that you talked about where real estate was a year
ago and what was happening a year ago. You're looking
at historical things, and that's fine, by the way, that's

(28:19):
not to say that that's wrong. But when we look
at investing in real estate, we have to ask ourselves
what is the future of real estate in any given region. So,
first off, real estate's regional. Secondly, as investors, we want
to look into the future. We don't really care about
the past so much or even what's happening today. These
are all things that we kind of work into our

(28:41):
view of the world. But then we have to look
into the future and say, well, where is real estate
going now? There are some real economic drivers US and Canada.
There is a system, there is a process understanding the
real estate cycle. These are all terms that people have used,
and they use a lot, but let me break it
down a little bit further. So when we look at
real estate, we say, well, what really drives real estate? Well,

(29:03):
the first thing that drives real estate is knowing that
there's going to be jobs in a given area. Secondly,
if there's jobs in the area, what do we experience, Well,
we have job or population growth because people are moving
into that area because there's work there. And if we
have jobs and we have population growth, what does that mean, Well,
it means that we've got GDP growth. So if we

(29:24):
look at the very root of an economic driver, if
gross domestic product is positive, which means there's jobs, which
means there's people moving in to see those jobs, that
means there's demand for rentals. Because people moving into a
region the first eighteen months to two years, what do
they do. They rent? So what happens is that when

(29:47):
those people are moving in, if we're what I refer
to as a rental housing provider, a little nicer term
than landlord. But when we look and we say, well,
we're in the business of investing in real estate and
providing rental units for a particular client. We then look
into the future and go, well, we see that gross

(30:07):
domestic product in Florida, specifically where in Florida, we break
it right down to region, why are people moving into
that city? You know what makes Miami hot Why are
people coming in there? Because as long as there's demand,
and that means that you're going to have that lineup
for your business of being a rental housing provider. People
are coming in, they want your product. You look at supply,

(30:29):
you look at demand, you look at the economic health,
and then you start to make investment strategies. So that's
kind of really cools notes. Yes, there's influencers in there,
like interest rates, but interest rates come and go, they're
on and they're on. It depends on what's happening. Right
This political influencer, somebody moves into a municipality goes, we're
putting in these changes. We're not being property taxes or

(30:52):
we're building infrastructure. What are we doing? So when we
look at that, we say, well, what's the economic health
of a city? So we're breaking it down different aspects,
And I mean, I could certainly go on all day
about it, but the point is is that there is
a system, there is a process, and then ultimately the
mistake that most people make is they use the wrong

(31:12):
strategy given the economic conditions. That's one issue that they make.
Why are you doing a fix and flip in an
economy that's slowing down as an example, So we have
to consider the strategy given the economy. That's the first part.
And the other oversight that many people have is they're
not clear on why they're investing in real estate. Are

(31:34):
you investing in real estate for income today or are
you investing in real estate because you know in the future,
maybe in retirement, you're going to want to supplement your tension,
for example. So being clear on what it is you
want out of real estate is so important, and it's
one of the I would say more common mistakes that
people make. They get into it because I want to

(31:56):
you know, I'm going to make a thousand bucks a
month cash flow and I'm going to put it in
my genes. Well, no, you're not, not a chance in hell.
You're actually going to take that thousand bucks a month
and keep feeding it into that property, to maintain it,
to build a reserve fund, to do all the things
that it takes to run a business. Call that I
own this piece of real estate. So a little a
long answer to a short question, but you know, I
covered as much as I could.

Speaker 2 (32:17):
Oh no, you degree. But there also is a part
where you know, with some entrepreneurs or some potential entrepreneurs
they want to fall into programming like this that feel
like they get rich quick kind of thing. Obviously I
love MLMs. Yeah, obviously thought of going into the stock
market and just hitting the stoks and trying to hit
like to the moon kind of things. That mindset that
comes in for those that feel like they want to

(32:38):
go high risk, they want to get high risk high reward.
They feel like, you know, why am I going to
go this long, treacherous route of going through investments and
you know, eventually getting accruing the wealth after I have
well done and retired. And that's the part where people
want a good file that feel that, you know, the
satisfaction now. And obviously there's those in the same mindset

(32:58):
as well that you should have mindset to get to
that goal quicker. So what do you say to those
that are going to look for the get rich quick
idea and feel like, Okay, I can go a different
entrepreneur route and get there faster. Obviously that feels like
the faster and the easiest way to get there. But
I mean for those that you want to kind of

(33:19):
bring them back down to earth and get them on
the ground, what do you tell those people if you
were able to persuade them to look at your way.

Speaker 1 (33:26):
Well, you know something, you know, in working literally with
thousands of real estate investors now over this many years,
working one on one, one on many, and with many
entrepreneurs as well as literally interviewing every day millionaires, I
don't think I have a single story of a get
rich tactic that has worked. Now that could be, But

(33:49):
ultimately what it comes down to is when you talk
about high risk, you know, risk reward, all the rest
of it. That also breaks down to how old are you.
You know, if you're thirty years old and you want
to throw a bunch of money up against the walls,
see what sticks? Okay, well you got time to recover.
A little different conversation. If you're sixty, you may want
to consider, you know, throwing money up against the wall
to see what sticks, because you don't have the same

(34:10):
length of time to recover, just based on even age
and is it what you want to do? So I
think there's a couple of fundamentals. The luckiest individuals I've
ever met have just put one foot in front of
the other and just kept on working. Now, along the way,
there's been some great opportunities. You know, I have been
in business forty plus years, and I can tell you
that I've grounded out. I've created a net worth that

(34:34):
is really great for my wife and I and we're
very proud of what we've achieved in that side of it.
We're more proud by the way of what we've achieved
just in lifestyle, in our life. That was really our vision. Now,
having said all that, I've had a couple of kind
of home runs along the way. You know, I joke
and I tell the story about my million dollar accident.
And although it's too long a story to share here,

(34:56):
is that when you have a million dollar accident, it's
in it's in the timeframe of over forty years, and
it happened, you know, ten fifteen years after I got
into the business of investing in real estate and after
I grew my business. So those accidents happen. Is that
get rich quick? I would say no, But it was
a nice addition to my existing portfolio and my existing network.

Speaker 2 (35:20):
Fantastic. All right, So we're gonna go wrap everything up
here and send people to the Everyday Millionaire dot CA
where you can find both the Everyday Millionaire Podcast and
the Mindset Matters podcast. Both the are going take a
look at for all future episodes two hundred plus episodes
of Everyday Millionaire on hundred fifty plus of the Mindset

(35:41):
Matters podcast and take them out a real quick Patrick,
just some people know about how they can get involved
with what you're doing in terms of the show, and
what are the things that you have that are upcoming
that people want to go and make sure to get
involved with.

Speaker 1 (35:55):
Well, you know, the best thing to do is follow
me on Twitter, p Francy, follow me on LinkedIn, Patrick Francy,
and even the Everyday Millionaire on Instagram. You know, there's
always something going on there. I'm in a phase of
my life. I'm sixty six years old, so I'm in
a phase of my life where I'm into a transition
of what's next for us. So we are running a
shift coaching program that we do live small group coaching,

(36:16):
like literally twenty people, very select those who want to
go on a journey of self discovery and being and
growing into the best version of themselves. And that's the
work that Stephanie and I do. And like I said,
she's an Olympic and world class mental performance coach working
with high level business owners and athletes, and so we
collectively come together. We have a great program and that's

(36:38):
really our biggest initiative right now, and it's what we
want to take on as we go into again this
next phase of our life.

Speaker 2 (36:45):
Wonderful. I really appreciate you taking time out and I'm
glad we got a chance to go and connect together,
Patrick Francy Everybody Millionaire podcast and the Mindset Matters Podcast.
I really appreciate you taking time out and leting us
know what you're doing, and you know it's wonderful. I mean,
it's great sign of advice. And you know, I want
to be one of any millions erriges as well, and
I'm sure all of us do. So anyway we can

(37:07):
get to that point. I'm glad that you're showing your
platforms out there for people to get that chance to
find their way, get the mindset that they need, and
find the wherewithal to get there to get to that
point so they can also find that wealth and success.
Thank you again, Patrick, Thank you that was fun, and
thank you listener for listening to another podcasters. Brow appreciate
all of you listening in and we'll talk to you
next time.