In this second part of our insightful conversation on the Exit Strategies Radio Show, host Corwyn J. Melette continues the deep dive with Patrick Francey, CEO of the Real Estate Investment Network (REIN) and host of The Everyday Millionaire podcast.
Building on Part 1, where Patrick shared his “entrepreneurial accident” story and how a mindset shift took him from the oil industry to a thriving real estate career, this episode delves further into the strategies and principles that have fueled his success.
Patrick expands on the importance of mindset in navigating the unpredictable world of real estate and business. He shares how resilience, education, and the willingness to help others have been foundational to his growth, and he offers practical advice for real estate investors at any stage of their journey. This episode is packed with key insights about scaling real estate portfolios, leveraging economic cycles, and the power of community through REIN.
If you haven’t heard Part 1, we encourage you to listen to that episode for a complete understanding of Patrick’s unique path to success.
Key Takeaways:
- 4:12: Mindset is Key – Patrick emphasizes how a growth mindset is critical to finding success in real estate and entrepreneurship.
- 9:00: The Value of Resilience – Learn how to bounce back from failures and keep moving forward in business.
- 13:25: Leveraging Economic Cycles – Patrick explains how to identify and capitalize on market trends and economic fundamentals.
- 17:45: Scaling Your Real Estate Portfolio – Discover how Patrick transitioned from single-family homes to diverse real estate assets.
- 21:10: The Power of Community – Patrick discusses the value of joining real estate networks like REIN for mentorship, education, and support.
Tune in for this final installment with Patrick Francey as he shares his playbook for building wealth and creating a lasting legacy through real estate.
Connect with Patrick Francey:
- Website: https://reincanada.com/
- Email: ceo@reincanada.com
- Linkedin: https://www.linkedin.com/in/pfrancey
- Instagram: https://www.instagram.com/pfrancey/
Connect with Corwyn@:
- Contact Number: 843-619-3005
- Email: corwyn@corwynmelette.com
Shoutout to our Sponsor: ROBYN COLLINS
Do you want something more? More Meaningful Moments opportunities, deeper relationships and memorable experiences? Do you want to make a difference? If you say YES, a career and real estate could be the opportunity you’re looking for guiding people to one of the most important decisions they ever made, the purchase or sale of their home can be both rewarding and lucrative.
Exit Realty has a revolutionary compensation model training and technology that provides you with the tools you need to start and build your successful real estate career. Call me today ROBYN COLLINS with REDROBYN HOMES at 843-557-5003. Again that’s 843-557-5003 or visit RedRobynhomes.com/join.exit and make your Exit today.
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ROBYN:
Do you want something more? More meaningful moments, opportunities, deeper relationships, and memorable experiences? Do you want to make a difference? If you said yes, a career in real estate could be the opportunity you’re looking for. Guiding people through one of the most important decisions they ever made, the purchase or sale of their home can be both rewarding and lucrative. Exit Realty’s revolutionary compensation model, training, and technology that provides you with the tools you need to start and build your successful real estate career. Call me today, Robyn Collins, R – O – B – Y – N Collins with Red Robin Homes at 843-557-5003. Again, that’s 843-557-5003 or visit us at redrobinhomes.com/joinexit and make your exit today
PATRICK:
Now you do that coaching through the Real Estate Investment Network. I want to make sure I get in at least this segment. Where can people get to that information at? What is it? Yeah, in these scenarios, I make it really simple. You can go to reincanada.com, R-E-I-N canada.com. Or you can literally email me at CEO at R-E-I-N canada.com, C-E-O at R-E-I-N canada.com. And my team picks up those emails. I respond to all of them. And we share with you what the programs are. And that’s really that simple. I’m on Twitter or X. I’m P Franci. On Instagram, I’m P Franci. And you can follow me if you want to see me rant about what’s going on politically in Canada. That’s all.
CORWYN:
Well, look, that’s kind of almost like what’s going on politically in America. Everywhere. It is terrible. So a couple of things. I’m going to go back and pull a conversation forward when you talked about when you got in and what was going on. Politically, the impact and economically doing essentially a significant downturn in your country’s history. We see things similar. So our listeners, guys, I don’t want you to put things into a box, OK? Sometimes we, OK, that was there or that was here and that doesn’t affect me where I am or what have you. And the fact of the matter is there’s nothing new under the sun. It just cycles here. Cycles there. It’s the same thing. So what I heard you say as we pulled this forward is during that downturn, you made a shift in adjustment and moved forward. It’s kind of like I don’t know what kind of car you drive. You think about it as a gear shift. You pop the clutch. You move. You shift it over. You got into the right gear. You let the clutch up, hit the gas and was gone. Does that sound about right?
PATRICK:
Yeah, I think there’s a couple of different ways to look at things, Corwyn, which is here’s how and I state this often. There are no bad real estate markets to invest in. OK, there are no bad markets. There is no bad economic times to invest in real estate. There are wrong strategies given what’s happening economically. So there are times in an economic cycle that it makes sense to buy and hold. There are times in an economic cycles where fix and flip or burr or whatever strategy you want to use in terms of renovate to rent. Those strategies work. Other times a strategy and based on what’s going on economically, rent owns a great strategy. So what happens, though, is when you don’t treat your real estate investing like a business, you are, in fact, being a speculator. And when you treat it like a business, you look at the economic cycles and say, given the economic cycle, what would be the best real estate strategy to use? There are times when through different cycles, given what’s going on with bank and lending and maybe even the municipalities in terms of their zoning. Gosh, I should see I could do a small development. I could do an eightplex development and that would really make sense. And then there are times when that makes no sense. So we have to look at the real estate world that we want to deploy capital in and ask ourselves, what’s the strategy we want to use? And number two, Corwyn, without doubt, one of the biggest I’m going to call it oversights that I hear and I see called mistakes made is that somebody is going to use a strategy. And this one, you know, this one, and that is the myth of buy and hold five hundred bucks a month cash flow, a thousand bucks a month in cash flow. You want to make an extra thousand bucks a month by this property, thousand dollars a month cash flow. That is just a myth, a total myth. And at the end of the day, that thousand bucks cash flow is going to go right back into that business because you’ve got to build a reserve fund. You’ve got to maintain that property. It’s not going to go in your pocket. And anybody who tells you it is is maybe if you do a great job, you’ll start pulling cash out of that pot in five years. Maybe that’s just the truth. So at the end of the day, you look at a buy and hold strategy. That is an income for today. That’s income for later. That’s income in years to come. You have to say, well, why am I investing in real estate? Am I investing in real estate because I need income today? So I need working capital. I need revenue today. Or is this I’m putting capital to work for future state where I’m going to secure my financial future by building this asset, by buying a mortgage down or refinancing or whatever strategy used within that world. So the first part of it is what strategy are you going to use in that market? Does it serve what it is that you’re trying to achieve? So you need active income today. Well, then you better use an active income strategy, an active income strategy, like a fix and flip, like a rent to own gives you some income. Right. These are things that you can take a look at and say, OK, a renovation and resell a BRRRR strategy. So the point is, is that you need active income today or a future state. So when I started my investing journey back many years ago, when I had my business, I had a business. I was making great money. I was paying myself well, and I didn’t need more Apple. I didn’t need a higher income. What I needed was to secure my financial future for today. Now, of course, back then, I’m looking at my at 66 years old today. I’m going, crap, I’m on the Freedom 95 program. I’ll never retire. I love what I do. And I don’t ever see myself retiring. But back then I’m going, well, holy cow, when I turn 66 or 65, am I going to want to retire? You know, back then, it seemed so old. Of course, today at 66 years old, I know, gosh, I could do this for another 40 years. All to say this is be very clear on what it is that you want out of real estate. And then what is the strategy to use given the market? And there’s going to be times, you know, if you’re wanting to invest in your own backyard, in your own city, and because you want to generate active income, it may be harder because, for example, a fix and flip or a burr or a rent to own, depending on what’s going on economically, it may not be the best or the most opportune time to deploy some of those strategies. So you’re going to be struggling.
You’re going to go, crap, how am I going to drive revenue in this market? What is the strategy I would use if driving revenue today is your goal?
CORWYN:
So let’s talk about passion. Let’s talk about the podcast. I love the name. Yeah, I just I love it, man. It’s because I literally and I’ve said this a few times on the show for our listeners. You heard this probably from before. I say to people that, you know, average millionaire goes broke from not only observation, but I’ve heard this some years ago, at least three times, and they find themselves somewhere and they figure out they made a mistake. They took a wrong turn, misstepped or whatever. OK, it went complete. Economy caught them wrong, whatever. They reset. OK, well, I know how to get here. I know where I went wrong. I’m going to do it differently next time. I’m going to get further and then they may have another misstep or whatever. And granted, that’s not necessarily everybody’s case. But that does happen where you have a misstep and you got to reset and go. I love the fact that that every day is more than just the financial. It’s also how you perceive yourself, how you believe as well. But let’s talk about the podcast. What is like the subject matter? What are you guys talking about on the show?
PATRICK:
Well, the premise of the everyday millionaire is really was built from and came to me was I started that podcast eight years ago. I have achieved about one hundred forty thousand downloads a month in the audio side of things. I launched a YouTube, but man, I’m not that committed. So anyways, I still put stuff up on YouTube, but audio is really the game that we play. We’ve done over a million downloads this year, so it’s really become a popular show given Canada. And so we’re excited about that. But having said all of that, the show came from a place where I was being asked to write a book. And I just didn’t feel like I had a book in me and didn’t really interest me. But I came up with the thought process. Well, I was sitting on the beach in St. Lucia and I went, I wonder what I should do. And eight years ago, podcasts, I’d only heard the term. I didn’t know what it was, but I investigated it. And I went, what do I notice about the community that I’m in? And that was a bunch of real estate investors who had learned to treat their real estate investing like a business, who had gained a lot of wealth and were just working hard. They were literally everyday millionaires, just people who quietly created wealth. No fanfare. They weren’t the Richard Bransons of the world or the Bill Gates or whoever you want to put on. They weren’t the big Tony Robbins. They were just individuals who had created quite a significant net worth and just quietly went to work every day and did what they did within their community, within their families. They were a contribution. And so within the premise of the everyday millionaire was seemingly ordinary individuals who had achieved extraordinary results. So my show is a long format show, but it really is. What is the journey that you are on? What is the business that you’re doing? And what was the journey that got you here? I often ask the question for one. Is it nature or is it nurture? How did you be? How did you show up as an entrepreneur today? What was your upbringing? What was it? And then what are your practices every day? What are the things that you do? What do you believe about leadership? What are some of the books you read? So it really is. It’s a case of with my guests. And of course, over the years, I’ve really elevated in terms of the guests that I have on the show. But ultimately, they’re everyday millionaires who go to work every day, do their thing, live the lifestyle that they live, try and be a contribution. And I just get them to share the story because I believe that a listener will hear something and go, holy crap, if he can do it, I can do it. He has that story. Look what he did. That’s cool. So that was really the premise of the show. And that’s what it has evolved to be. Like you, I noticed that you ask great questions. You’re very engaged in what I’m saying. And you’re listening and you’re unpacking. It’s my style, too, by the way, Corwyn. I go in pretty much organic. I want to be curious. I want to hear what people have to say. And that was the premise of the show. And because we also have the Mindset Matters component of that show on it that my wife and I do, we start to ask questions around leadership. Is it nature? Is it nurture? Do you study leadership? Does it just show up for you? Or are you reading about it? Are you self-reflective? Do you do a lot of self-development? Do you look and say, how can I improve? So it’s just a case of using other people’s stories and their own journey to share with the audience so that they relate to and go, hey, I could do that.
CORWYN:
Perhaps I’m going to share this, and maybe at some point in time it may take root and grow. But I said this some months ago, maybe a year or so ago, because as an observation of leadership, and to me, leadership is stepping forward when others stand still and some step back. Most times people don’t seek to lead. It’s not necessarily we’re looking for leadership. It just happens. Something happens, whatever it is, it deeply pushes you in the chest. Ho, ho, this ain’t going to work. We got to do something. Hold on. Let’s go. Let’s do something. Not I’m going to go. Let’s go. And you step forward, but everybody else, hold on, what are we doing? I ain’t doing that. And then some people back away from it. And you find yourself being a leader because when you look around, it’s just you out there. Now you’ve got to try to coax or convince other people to come join you or what have you. To me, that is an observation of leadership. We’re going to storm this hill. If you go back to World War or whatever, Normandy, whichever war that was, I wasn’t around yet. But you go back to that time period, we’re going to storm this hill. Who said it? Number one. And who took the first step in storming the hill? Those are your leaders. So that is something just an observation, if you will, that kind of sets people apart. And I’m loving. I want to get into this. I love the challenge of people’s minds and their belief systems and stuff. And these quotes and things that you guys drop and talk about in the episode. So if you don’t mind, share some. I got a couple of them here. I’m going to start with this one here. Just throw me down. I think I’m going to write it on my wall. So when people come around me, they look at me and see it and be like, oh, he might not want to try that with him today. High performance is a result of low tolerances. One of my favorites. What does that resonate from?
PATRICK:
Well, it was it came from the understanding and this came back to an old coach of mine who we worked with extensively. When we look at understanding us as a team or even as an individual, what do we tolerate? So let me give you a little bit. And this answer will get a little bit long, but I think provides. I need to do that to give you some context. When we look at the concept of high performance is a result of low tolerances. So if we look at, for example, I don’t know, just an ordinary car, I don’t care what it is. It’s a neon. It’s a kind of thirty thousand dollar, twenty five thousand dollar car. And we can put a professional driver behind the wheel of that car and he’ll drive the wheels off it. He’ll get it up to 100 kilometers an hour or 65 miles an hour, I guess, in the US. But my point is that he’ll drive that car and it will only do what that car can do. And he’ll blow the wheels off it. Because why? The tires aren’t designed for taking corners at 60 miles an hour. The suspension isn’t that way. The drivetrain, the steering mechanism, none of it is designed to go that far because it’s got very high tolerances. You can drive down the road. The wheel moves two or three inches to either side and nothing happens because it’s these tolerances are just they’re not there. And so when you look at that car, it will only do what it can do, even with the best professional driver behind it. Now, as you go up in scope, let’s talk about, I don’t know, let’s talk about a Porsche. Well, all of a sudden, low tolerances, the tires are better, the drivetrain is tighter, the brakes are tighter, the steering is precision. Everything about that car is designed to do 200 or 150 miles an hour, whatever the number is. And you go, gosh, those are really low tolerances in order to do that. Because at a high speed, there’s a phrase that we used to use. 25 miles an hour, the wobble in your car is annoying. 60 miles an hour, it could kill you.
So then you look at that Porsche and you go, holy cow, this car will take corners at 80 miles an hour. It’ll do all the things in 0 to 60 in 2.3 and all the things that it does. Now you go, wow.OK, well, let’s talk about a supercar. Let’s talk about a Bugatti or let’s talk about a Pagani. The next thing you’re looking at a $2 million, $3 million car. And everything about that car is designed with precision. Every screw, every nut, every bolt. The way the car’s interior is designed is to wrap its arms around the driver, the drivetrain, the tires, the brakes. Everything is designed to go at high speed safely and the precision and the tolerances are tight. They’re so low. That’s high performance. So if you don’t have low tolerances, you can’t be a high performer. Now, let’s translate all of that to a team. When I sit down with my team and we do this, I’m going to give you a really this is for entrepreneurs who are listening. I’m going to give you the cold notes of how to create culture. And I sit down with my team every year and I bring everybody in. I bring part time, full time. I even bring in some of my vendors and I lock things down for the day. We bring in food and we create a really fun environment. OK, let’s get to work.
And we talk about the business and the mission and who are and what do we stand for? And then I ask this question. I put a flip chart up. This is such a great and effective tool, Corwyn, I can’t even describe it. I just facilitate. I go, OK, guys, you’re here. I’m not here.
But let’s talk about who we are as a business. And we say, OK, who are we? How do we serve clients? What do we represent? What can they go through? And we list all those things. And I go, awesome. Now, who was we? Are we as a team? What’s some of the rules that we want within our culture? And they start putting things up there. And I, of course, prompt and I, you know, I’m pretty good at strategically helping them come to the conclusion. Oh, no gossip. I hate gossip. That’s just toxic. Everybody’s got to show up on time.
We’ve got to treat our clients front facing. We’ve got to be this way. We cannot and we got to be able to no complain, no blame.
So in other words. Oh, OK, well, let’s put that on the list, too. I like that. What does that mean? Well, it means that no complain, no blame. If you’ve got an issue with the guys, you go and deal with it. And if you can’t deal with it, then you go talk to the boss. You talk to a supervisor. OK, so we have this no blame, no complain. Oh, don’t take things personally. Oh, OK. So that means you can’t direct something personally at somebody. In other words, you can’t throw cheap shots across the board and offend somebody intentionally because you’re making it personal. OK, well, no, that’s a personal shot. OK, so we have this list. And I go then I go through the list on that flip chart, Corwyn, and I go, OK, guys, anything here that we should add or take off? No, I like it. That’s man. If we could have that culture, I go, what do you mean if we can have it? OK, is this the culture? Is this what we agree to? Yeah, that’s what we agree to. I go, great. I want everybody to come up here and initial this page. So they all go up and they initial that flip chart page. Here’s what we agree to. No blame, no complain, no gossip, no personal shots. Show up on time. Do what you say you’re going to do. That’s culture. Right now, we’ve all initialed it. I go, great. I rip the sheet off and I go, where do you want to hang this where everybody can see it? OK, that’s what we agreed to. Now, everybody’s on side. Great. Reach across. Shake hands. Everybody’s agreed. We’re all good. Yeah. Boom. Done. Now, what’s the environment we want to be in? OK, well, I want it’s got to be clean. It’s got to be organized. People got to clean up after themselves in the lunchroom. All of the things that’s also part of culture, but it’s also part of environment. I want a clean environment. I want when my clients walk in, I want this place to be spotless. I want it to look organized so they have a whole story around it. Flip chart. Boom, boom, boom. Everybody agree with this? Yes. Now, Corwyn, here’s the thing. They self-police. Now, when somebody complains, when somebody blames, when somebody gets caught gossiping, which is easy to do, it’s an excuse. High performance, low tolerances. We don’t tolerate gossip. We don’t tolerate blame and complain. We don’t tolerate personal shots. We don’t tolerate none of it. Now, somebody breaks down, somebody new comes onto the team. Those are the rules. They self-police. Now, Corwyn comes up to me and goes, Patrick, I’m just so tired of the way blah, blah, blah is doing that. I go, Corwyn, just settle down.
We agreed that there was no complaining. Now, if you’ve got a problem, let’s talk about it. If we can’t resolve it, let’s call Patrick in.
Let’s call Joe in. Let’s call the boss in and we’ll get it handled. But this gossip thing, this complaint thing, this blame thing, we don’t play that game. So you start to understand that high performance is a result of low tolerances, but you decide what the tolerances are. Now, that’s on a team scenario, Corwyn. What about personally? What do we tolerate with ourselves? And that can be the mindset part of it.
Where do we blame ourselves? Where do we give ourselves and beat ourselves up because we made a mistake? And we, oh, I’m such a loser, whatever the story is, right? Where do we break down? We make promises to ourselves that we don’t follow through on. Those are all low or high tolerances we put up with ourselves. And this is a way to tighten that up. So I know it’s a long answer to a short question, and I hope that is helpful for people.
CORWYN:
Look, it’s been helpful for me, so I’m going to say it’s been helpful for others because, to paraphrase it, your life is what you allow into it.
PATRICK:
But you have to set the standard. You have to decide what, are you a neon or are you a Porsche or are you a Ferrari?
CORWYN:
Pagani. A Pagani, there you go.
PATRICK:
I like a Pagani, but anyways.
CORWYN:
Yeah, funny, I was looking at some of those, not that I’m buying one. So, look, our listeners, don’t you dare think I’m making too much money over here, okay? Look here, don’t do that. But yeah, but just, I was reading an article or something about those the other day, but that’s so true. Again, we are a reflection, if you will, about the things that we allow into our life. So, Patrick, look, man, we’ve had a dynamic time. I really appreciate you taking the time to be with me. I want to make sure that our listeners, for those who may have missed the first segment, I need you to go to the website, exitstrategiesradioshow.com. I want you to pull up last week’s episode, and look, we had a great time. We’re having fun. We’re getting some very good information out. I want you to pull that episode and listen to it. So, this episode today, it makes a sandwich for you, so to speak, and you’re able to keep up and understand what we’re covering here. But Patrick, how can people reach out to you? How can people get connected with you to learn more about not only the everyday millionaire, but also about the Real Estate Investment Network and how they can get coaching and training and assistance?
PATRICK:
Well, we do a lot of things around both real estate and entrepreneurial and personal professional developments. One of the easiest ways, to be honest with you, is to reach out to CEO at reincanada.com, R-E-I-N-C-A-N-A-D-A dot com, and ask your question or put up your hand and say, hey, listen, how do I get more information? And then we just connect with you based on what you need. REIN Canada, R-E-I-N-C-A-N-A-D-A dot com is the real estate component of what we do. And then we, like I say, we do different things within the podcast, but CEO at R-E-I-N-C-A-N-A-D-A dot com is definitely the best way to get ahold of me or even DM me on Instagram, P-Francey is another great way to do that. I’m also on LinkedIn, by the way, Patrick Francey on LinkedIn. I’m kind of out there. I don’t push social media too much, but I’m out there.
CORWYN:
Well, look, you’re available whether or not you’re accessible. I love it. Patrick, thank you. Thank you so much for being on the show with us today, for taking time out of your busy, your dynamic schedule. I’m grateful, very grateful, very humbled and honored that you would take time out to be on with us and to drop these jewels and nuggets on our listeners. So again, if you will, from the bottom of my heart, I want to say thank you for being a part of the Exit Strategies Radio Show family.
PATRICK:
Thank you for having me on. I’m grateful to have had the opportunity.
CORWYN:
So for our listeners, guys, look, y’all know, look here, but I’m going to do it anyhow. Y’all know, y’all know how I feel. Y’all know what I say. Y’all know I always put the two of those things together and deliver it to you this way, which is to tell you I love you. I love you. I love you. And we’re going to see you guys out there in those streets.
