In today’s episode of “The Dwonderful Real Estate Podcast,” Dwan Bent-Twyford sits down with Patrick Francey, the CEO of The Real Estate Investment Network (RAIN) and the host of the “Everyday Millionaire” podcast. Patrick shares his wealth of knowledge about real estate investing and discusses how ordinary individuals can achieve extraordinary financial success through strategic real estate investments. This article captures the essence of the conversation and reveals the key principles that have helped Patrick, and many others, become millionaires through real estate.

The Importance of Mindset and Goals

The conversation begins with a friendly introduction and a few light-hearted moments as Dwan and Patrick toast to the session with their waters, emphasizing the importance of taking a moment to center oneself before diving into heavy topics. Patrick speaks about his journey, starting with the observation that many successful business owners also invested in real estate. This observation led him to explore real estate in the late 1990s, ultimately becoming a crucial part of his wealth-building strategy.

Patrick’s story illustrates that becoming a millionaire through real estate isn’t about extravagant displays of wealth. As he notes, many millionaires are “quietly wealthy,” living ordinary lives without flashy displays, such as luxury cars or expensive watches. The key to their success lies in their mindset, goals, and long-term vision.

The Power of Real Estate as a Wealth-Building Tool

Patrick explains that, over the years, he noticed a common trait among the business owners he admired—they were all investing in real estate. These business owners weren’t just relying on the success of their companies; they were diversifying their wealth through real estate. This observation sparked Patrick’s interest in property investments.

By 1998, Patrick was ready to dive into real estate but admits he had no knowledge of the field. His initial curiosity led him to discover RAIN, a Canadian organization that teaches investors how to strategically build wealth through real estate. The practical education and community support from RAIN empowered Patrick to purchase his first property in 2000, and he has been building his portfolio ever since.

The Everyday Millionaire Philosophy

Patrick’s podcast, “Everyday Millionaire,” focuses on showcasing seemingly ordinary individuals who have achieved financial freedom through various paths, including real estate. These individuals aren’t celebrities or high-profile investors; they are people who have built wealth quietly and steadily, which aligns with the central philosophy of his podcast: anyone can achieve millionaire status with the right knowledge and consistent effort.

Patrick explains that the goal for many people is to achieve a million dollars in wealth or net worth. While this may seem like an ambitious goal, the real secret lies in understanding that it’s achievable through consistent investments and careful financial management. Real estate provides a reliable and scalable method for wealth-building.

Building a Real Estate Portfolio

For Patrick, building a real estate portfolio was not an overnight success. It was a process that required education, patience, and a willingness to learn from others. He emphasizes that aspiring real estate investors should seek out education and mentorship. By learning from organizations like RAIN, individuals can avoid common pitfalls and make smart investments that yield long-term returns.

In addition, Patrick encourages new investors to adopt a mindset of delayed gratification. Building a real estate portfolio requires discipline and the understanding that the true financial rewards come over time. He points out that while some people may see real estate as a fast track to wealth, the most successful investors are those who are in it for the long haul.

How to Get Started in Real Estate

Dwan asks Patrick to provide practical advice for those just starting in real estate. Patrick outlines the following steps:

1. Get Educated: 

Join a real estate investment community, like RAIN, to learn the fundamentals. Understanding market trends, property analysis, and financial strategies is key to making informed investment decisions.

2. Start Small: 

Patrick advises new investors to start with a single property and learn the ropes before scaling up. This approach allows investors to make mistakes on a smaller scale and gain confidence before expanding their portfolios.

3. Be Patient: 

Real estate investing is not a get-rich-quick scheme. Patrick stresses the importance of patience, persistence, and long-term thinking. Over time, consistent investments can lead to substantial wealth.

4. Build a Team: 

Successful real estate investing requires collaboration with a team of professionals, including real estate agents, property managers, and legal advisors. Surrounding yourself with knowledgeable people can prevent costly mistakes.

5. Stay Committed: 

Patrick emphasizes that real estate is a long-term game. Investors must remain committed to their goals and continue investing, even when the market fluctuates.

The Role of RAIN and Ongoing Education

As the CEO of RAIN, Patrick shares his passion for educating others on how to invest in real estate the right way. RAIN has been helping Canadian investors for over 30 years, offering economic research, real estate education, and mentorship. The organization focuses on providing the tools and knowledge necessary to build a successful real estate portfolio.

For Patrick, education is the foundation of real estate success. He encourages aspiring investors to continuously educate themselves, whether through formal organizations like RAIN, books, or podcasts. By staying informed, investors can navigate the complexities of the real estate market and make smarter decisions.

Stop Doing Busy Work and Take Action

One of the first principles Francey emphasizes is to stop engaging in “busy work” and take meaningful action. He explains, “Get stuff ready and then take action. What are you working backwards from?” Many aspiring investors spend too much time preparing and planning without ever taking the critical step of purchasing their first property. Francey suggests that success starts with a clear vision of the kind of property you want, whether it’s a duplex, triplex, or a single-family home. Once you know what you’re aiming for, you can work backward and make that vision a reality.

Mindset: The Game-Changer

What sets successful investors apart from those who never seem to pull the trigger? According to Francey, the answer lies in mindset. He states, “It all boils down to mindset and belief systems.” After coaching thousands of people over the years, Francey has observed that while everyone has access to the same real estate strategies and tactics, not everyone succeeds. Some crush it, acquiring multiple properties and building wealth, while others remain stuck, running in circles.

The difference is mindset. Successful investors have a belief system that drives them to act despite fear or uncertainty. Francey says, “I’m here to coach you, not coax you.” In other words, he provides the tools and knowledge, but it’s up to the individual to take action.

Overcoming Fear and Limiting Beliefs

A key part of this mindset is overcoming fear, particularly the fear of failure. Francey acknowledges that fear is natural, but it shouldn’t be paralyzing. He compares the process to working out at the gym: “You’re going to lift a certain weight, and soon you say, ‘I’m going to try and lift more.’ Sometimes you have to back off and try again, but you don’t quit.”

The fear of catastrophic failure, he adds, is often an illusion. “Failure being catastrophic is really quite rare,” Francey says. If you follow the right systems and mitigate risk, failure becomes just a temporary setback, not a career-ending event.

The How-Tos Don’t Change—But You Do

When it comes to real estate strategies like wholesaling, flipping, or holding properties for the long term, Francey points out that the “how-tos” are consistent. “The how-tos don’t change,” he notes. So why is it that some people succeed while others don’t? The answer, once again, is mindset. Successful investors have an awareness of what’s holding them back and make a conscious effort to push through limiting beliefs.

Learning from Mistakes

Both Francey and his coaching clients have made their fair share of mistakes, but the key to success lies in learning from them. He humorously reflects on this by saying, “I should write a book about all the dumb things I’ve done.” These mistakes often turn into valuable lessons that can be shared with others to help them avoid similar pitfalls.

The Role of System and Support

Another secret to success is having a system in place. A well-structured system helps mitigate risks and guides investors through the often-complex real estate process. According to Francey, “If you’re paying attention and following a system, you’re actually risk-mitigating the whole way.” Having support, whether through coaching or partnerships, can also make a significant difference.

A Coach, Not a Coax

Francey makes a clear distinction between being a coach and a coax. As a coach, he provides actionable steps, but it’s up to the individual to take responsibility and execute. The ability to act on advice and follow through is often what separates the top 10% of investors from the rest.

Conclusion

Becoming a millionaire through real estate investing is not just about mastering strategies or following trends. As Patrick Francey emphasizes, the true key to success lies in having a clear vision, overcoming mindset obstacles, mitigating risks, and consistently taking action. While the fear of failure may hold many back, those who commit to their goals and follow a proven system can build substantial wealth and achieve financial freedom through real estate.

If you’re ready to take the next step in your real estate journey, Dwanderful is here to help. We offer expert guidance, resources, and personalized support to help you navigate the world of real estate investing. Visit our website or book a consultation to discuss your goals and get started on the path to success. Whether you’re a beginner or an experienced investor, we’re here to help you achieve your financial dreams.