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What you’ll learn in just 17 minutes from today’s episode:
- What mistakes in real estate that you need to avoid and why
- What you need to know about the buy and hold strategy in real estate
- Why Patrick decided to venture into capital partnership deals
Patrick Francey is best known as the CEO at the Real Estate Investment Network (REIN). He’s also a multiple business owner, real estate investor, host of The Everyday Millionaire Podcast, speaker, coach, husband, father, and a grandfather.
In this episode, Patrick shares his main strategy of buy and hold in real estate. He gives some good pointers about what to do and what not to do so that you can enjoy more success if you are a buy and holder yourself.
01:14 – What is the Real Estate Investment Network
02:41 – Looking back at his journey into the real estate
06:10 – From a trenches partner to a capital partner
07:59 – Mistakes commonly committed by newbie investors
11:21 – What is REIN’s goal
12:43 – What could he have done differently when he just started
“If there were a common theme and mistake is that people aren’t putting themselves in the right environment surrounding themselves with the right culture and in the right community. You need to be surrounded by likeminded individuals.” – Patrick Francey
“Don’t try and do it on your own. Get the education, get all of that. But I still would say, don’t try to do it on your own, have some experience around you, have some advisors, some guidance, some people who are in it and then get the hell out of your own way.” – Patrick Francey
“Did I make a lot of big mistakes? You bet. I was to do it again, I would’ve bought newer. Because my strategies were bought and hold. And if you’re doing buy and hold and you buy an older property and you hold it, then you have to then realize that in five, seven, 10 years, whatever it is, there’s going to be a renovation. You’re gonna have to put costs into it. And those properties just keep getting older.” – Patrick Francey
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