Recently I had the great pleasure of being interviewed as a guest on the podcast show; The Everyday Millionaire; hosted by Patrick Francey.
The Everyday Millionaire podcast is a place to learn exactly what it takes to create the wealth you need to support the dreams you desire… for yourself, your family, your community.
ENTREPRENEUR – REAL ESTATE INVESTOR – SPEAKER- EDUCATOR – COACH
HOST of the Acclaimed EVERYDAY MILLIONAIRE Podcast
An accomplished speaker, facilitator, and host, over the last two decades Patrick has taught and presented to thousands of real estate investor entrepreneurs across Canada, both live and online. He is best known for providing his audiences with foundational lessons and context for understanding how to “treat your real estate investing like a business.”
Vast Business Experience
Splitting his time between Vancouver, British Columbia and Edmonton, Alberta, Patrick Francey is an entrepreneur, business owner, and real estate investor. For over three decades the businesses he has built, developed, and guided are recognized not only for their successes, but their resilience through the economic cycles. Since 1984, Pro-Skate, an Edmonton-based retail business, has continued to grow, serving both skaters and players at all levels, including professional and Olympic athletes.
Patrick began investing and growing his real estate portfolio in 2001; today Patrick’s primary focus is as CEO and Managing Partner of the Real Estate Investment Network (REIN), Canada’s leading source for real estate investor education since 1992. Patrick, his partners, and team, support REIN Members and investors by teaching proven investment strategies that assist investors to achieve their financial goals and dreams. To date, REIN Members have transacted almost 40, 000 properties worth over 5 billion dollars.
Your journey to becoming an Everyday Millionaire begins now.
The following information was produced by the folks behind the production of The Everyday Millionaire podcast.
On with the Show and Show Notes:
“What stopped us from buying [real estate] in the first place was pure lack of knowledge and education. This is why I’ve been a REIN member for over 10 years. I just feed off the education and that’s what I love about REIN. It’s incredible the amount of education that comes at us and it’s being able to focus that information and get yourself going.” –
Rick is a dynamic, entrepreneurial sales management strategist with over 20 years of demonstrated success and achievement in driving multimillion-dollar sales growth while providing award-winning sales leadership and coaching in highly competitive markets.
An active real estate investor since 2002, Rick has found a niche as an expert in vacation and recreational properties and rounds out his investment portfolio to include single-family homes, condo rentals, and income suite development. His experience and expertise set him apart and strengthens his role as a certified Real Estate Investment Advisor.
Rick is committed to improving his clients’ experience and works with them through their purchasing strategies and processes, finding investment real estate and post-purchase support. He has recently developed a podcast and has been actively blogging on the subject of real estate investment in order to share his knowledge and experience and give back to his community.
Along with his diverse interests in business and entrepreneurialism, Rick is active and committed to living a long, healthy life not only for himself but also for his family and the legacy he wants to leave for them.
Selected Links and People Mentioned from this episode:
- Real Estate Investment Advisors (REIA) and Education Program
- Vault to Investment Real Estate Success
- Authentic Canadian Real Estate (ACRE) system
- On the Move with Alex
- Real Estate Investing in Canada by Don R. Campbell
- The One Minute Sales Person by Spencer Johnson and Larry Wilson
- The Law of Attraction by Michael J. Losier
- [02:03] Patrick introduces his next guest in the REIN Member Series: Rick Harris
- [03:41] Patrick and Rick get their conversation underway!
- [04:47] What is Rick’s elevator pitch? His investing strategy is a little different.
- [06:23] Rick gives us a little more insight into how his interests are changing and his desire to give back.
- [08:23] A long-standing member of the REIN community – Rick has just surpassed ten years!
- [09:09] Rick and his wife started with their “Belize” first, buying a vacation rental in Canmore, Alberta, which then led them to the world of residential real estate and REIN.
- [12:11] The beauty and diversity of Canmore has created longevity and stability for Rick with his vacation rental investment properties.
- [13:57] Rick and his wife’s love of Starbucks coupled with their desire to have more control of their investment portfolio, brought three direct links: Starbucks linked to Chapters which led them to the Real Estate Investing in Canada book by Don R. Campbell which educated them on buying their first two residential rental properties within two months.
- [17:08] Rick delves into the first strategy he and his wife undertook while helping their daughter get a good financial start.
- [18:49] The barriers Rick faced early on which first stopped them from investing in real estate were centered on lack of education – this is where REIN stepped in to play a major role for them.
- [19:54] What is it for Rick that continues to attract him to the REIN community and the monthly meetings after ten years?
- [21:37] Rick talks about what he loves about investing in real estate and the key difference from other investment strategies.
- [23:34] A little plug for Rick’s blog!
- [23:57] The value of certified, investment-focused real estate advisors who set a quality standard.
- [25:11] Rick shares his approach to coaching, his unique value proposition and how he supports his clients to move forward.
- [28:22] The vacation rental property four-season or two-season strategy; understanding your goals for owning one will help determine where you buy.
- [31:17] A restructure in Rick’s company sets him on a different path but a fortunate one as real estate investing and good financial planning allow him the time to support his aging parents.
- [33:11] The challenge of losing his job allowed Rick to draw on his resourcefulness and dive into his investment real estate. He does caution new investors: don’t quit your day job.
- [35:17] What was Rick’s mindset during this time?
- [36:18] Rick explains the dynamics he and his wife share within their family and in their business.
- [39:00] Rick and Patrick discuss how critical it is to have alignment with your life partner when it comes to the journey of real estate investing.
- [41:30] Real life situations can rock a real estate joint venture investment and Rick gives his own personal examples of how that has shown up for him. No matter the relationship – ensure you have a joint venture agreement in place.
- [43:14] Rick clarifies the mortgage landscape around vacation rental properties and how he has changed the way he works with his investment clients.
- [46:07] A gentle reminder: don’t forget about your taxes!
- [47:03] The best way to meet the inevitable challenges is education and preparation.
- [51:30] Rick talks about weaving flexibility into your financing and staying on top of your business to take strategic action.
- [53:27] How Rick is advising his clients about building a great team around them for the important facets of real estate investing.
- [56:56] Perseverance can be bred in many ways: Rick’s started with integrity and accountability to his joint venture partners.
- [60:46] With 16 years of experience under his belt, Rick shares his insights on getting clear about what he’s good at and delegating what he’s not.
- [63:43] The collective intelligence and experience of the REIN community is a built-in enhancement to your real estate investment education and has given Rick tremendous leverage with his own business streams.
- [67:20] Rick’s new coaching niche and personal vision: The four-door strategy.
- [68:42] Rick offers some points of advice for new real estate investors around mindset, your “why”, building your team, and taking action. Ready, set, goal.
- [72:53] Whether it’s buying your first piece of real estate, starting a blog or getting rolling on a podcast: just do it! Knowledge building is essential, but the real education starts when the rubber hits the road.
- [75:00] Rick finds that the books he gives away have had the most impact.
- [76:17] Rick’s Rapid Fire! Favourite swear word, favourite quote, alternate profession in film, messages from the pearly gates, weirdness scale, Mr. Fix-it he isn’t, a clean car, favourite rock ‘n roll tune and favourite movie.
- [79:40] Rick’s gratitude is rooted in his commitment to family.