What NOT To Buy & Hold with Patrick Francey

2020-03-11

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Discover what mistakes in real estate that you need to avoid and why it is important to avoid them, learn the things you need to know about the buy and hold strategy in real estate, and find out what made Patrick venture being into capital partnership deals.

Resources/Links

www.rreincanada.com/
learning.reincanada.com/reiic

Summary

Patrick Francey is the CEO at Real Estate Investment Network, a multiple business owner, real estate investor, host of The Everyday Millionaire Podcast, speaker, coach, husband, father, and grandfather.

In this episode, Patrick shared his main strategy of buy and hold, how to go about it and what not to do about it so you can take the most advantage out of it.

Topics Covered:

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

Key Takeaways:

“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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