Building Stamina in Real Estate Through Mentorship | Nick Perry | EP 55

Bottom line is you'll do whatever it takes. Most people, they will start and then they'll be like, yeah, I ran out of funds or I can't figure this out.
And they just give up. You're not, what is the failure rate in this business? Cause you've probably, oh, 98%.
So you gotta be that 2% that is resourceful, doesn't quit and is willing to do whatever it takes, work long hours in the beginning and, you know, make it happen. You've got, nobody's gonna do this work for you.
What up?

Science flipping. and is willing to do whatever it takes work long hours in the beginning and you know make it happen you've got nobody's going to do this work for you what up science flipping family we are coming live outdoors very unique here in scottsdale arizona with my boy nick perry we are back with another episode bro dude it's been a decade this is where we started scottsdale arizona so to think that now you're in my house that Scottsdale, Arizona, full circle moment.
Awesome to have it. Yeah, dude.
And literally your house. So as we're sitting here right now, he just moved in this beautiful house.
We're on his tennis court, basketball court. He's got the pool.
He's got the bars. He's got the wine, liquor.
He's got everything. I'm excited for you.
Couldn't be prouder of you, bro. It's been an incredible 10 years yeah man yeah we started a decade ago and uh it wasn't an easy uh start it wasn't an overnight success you see the finished product now sure but the decade a lot didn't happen i'm just getting warmed up that's it i'm just getting warmed up so i'm grateful i'm proud but never satisfied um you know it's been a decade and I think I worked with you.
I coached you eight years ago, give or take. And I take such a little amount of credit for what you've been able to do, man.
You took the whatever wisdom and knowledge and little nuggets I was able to give you eight plus years ago and built a damn empire. And now not only that, you're taking a leadership role in the industry of real estate investing.
You are now mentoring and coaching other high level performers, people who are looking to actively do deals, whether it's wholesale fix or flip or buy and hold, but you're really taking a leadership role in the community, dude. And I couldn't be prouder for you.
Well, you know, mentorship is the secret hack to getting from point A to point B. There's not a lot of hacks in business.
There's not a lot of shortcuts because I've tried. There's not shortcuts.
There's no secret pill. There's no secret software, but I'll tell you one thing.
A wise man will learn from his mistakes, but a brilliant man will learn from another man. That's right.
So, you know, I'm just a by-product of having great people in my life, such as you and other great mentors, Sean Terry, guys like that have come in, put their arm around me and, uh, you'll help me to avoid costing mistakes. And you know, here we are now.
Great. So I had to go make those mistakes, right? You made it first.
So I appreciate it. And trust me, I made plenty 18 years in this game.
I made plenty of mistakes and, and you know, that's part of the game though. I think people need to realize like Justin Colby or Nick Perry doesn't just walk around shitting gold and every real estate transaction doesn't just print money.
There's mistakes to be made. And that's something that people need to be aware of is maybe there's a level that you can get to, but those getting to that level goes through the peaks and the valleys to be able to get to that level.
Absolutely. And the problems never stop, no matter where you're at.
If you're poor right now, you're scraping by, you got money problems or you're super rich, you still have problems and the problems don't go away. You just get better.
Yeah. Yeah.
So let's talk about your kind of community because I think it's really impactful. And frankly, when I started getting into PPC four years ago, I came to you and joined your group.
And the reason being is you actually teach people how to do their own Google in being PPC, correct? Correct. And that's really different because not only just showing them how to go find a deal and negotiate a deal and comp properties, but you're teaching them how to find the lead.
And the lead is absolutely everything in the business. You have no leads, you have no deals, right? And you're showing them how to do it so they don't have to go pay an agency 10 grand a month to run the ads for them.
They can actually just do it themselves. That's the place where 80% of investors fail is on marketing.
There's three mountains that you're going to climb in this business. And marketing is the first one, learning how to do acquisitions and contract properties, and then dispositions.
There's the three mountains. And marketing is the largest mountain that you're going to climb.
And most people can never generate consistent, reliable, high-quality lead flow for a sustained period of time. They just struggle with it.
And so that was one thing that I was able to do early in my career. And that is why I've been able to, you know, do very well as I just really dialed in and focused on that aspect and becoming the best at it.
The thing that I want to make clear to this audience, right? Cause you're going to hear it on Apple. You're going to watch on YouTube.
It's going to be all over our Instagram pages. Google PPC is not for everyone.
If you have financial restraints, would you suggest for someone to go in it? Like you really can't get very far if you have a thousand dollar marketing budget. No, you don't have three to five thousand dollars a month to put towards marketing.
I would not advise you go into PPC. Yeah, that's about right.
And then even then, what kind of runway do you need to see? Right. So I just, for me, I took a market that I did really well in this year, Birmingham, Alabama.
I had the opportunity to do TV ads there. So I took it.
And so now I'm on TV everywhere. Justin buys Bama.
Right. But even the guy who runs that says you got to give this, you cannot give this less than six months.
So there's 10 grand a month, every single month churning whether I do a deal or not. What would you say in terms of Google or at least PPC, if you're running your own marketing, what kind of real runway do you wanna be able to give yourself? So let's just say the audience is, all right, I got three or five grand a month, Nick, but how long do I have to go to give myself some runway? Well, the great thing about Google pay-per-click is there's no higher quality lead than somebody searching you out on Google and going to your website and asking for you to reach out to them.
So your conversion rate is really good as opposed to cold calling, direct mail, TV. One out of every 20 leads on average is going to be a contract.
If you're really good at sales, maybe one out of 10. Yeah.
So it doesn't take you a lot of leads to get a contract. Here's where there's people mess up in this business.
Just because you have a contract doesn't mean you have money in the bank. The sales cycle for our industry is about 60 to 75 days.
So from the time you put a dollar in your business to the time you've got a deposit in your bank account could be 60 to 90 days. So you have to think about that and be able to financially forecast out, you know, at least three months of advertising budget to see a return on your ad spend.
And that's where I think there's a break in education. That's why I love what you're doing and taking a leadership role in this

because specifically in PPC, it's a very popular subject.

You know, you were one of the leaders

along with Sean Terry

to kind of do this national wholesaling thing.

But people, I think, underestimate really the,

not cost, but the length of investment

you have to be able to endure and have

to actually reap the reward, right?

So I've been around 18 years. I've literally done every single marketing strategy.
I think there is out there. Um, everyone that is paid, no one talks enough about this, you know, stamina through the winter, meaning you're paying, you're cutting checks, you're running your credit card every month.
The money's not coming back in yet. And you still got to at least pay those monthly minimums, but that's the reality.
But if you can do that and you have a good coach like you that can say, hey, listen, if you do this the right way and you use these credit cards and you do this thing and you pay the monthly minimum, day 90, day 120, as long as you're good at negotiating and selling and you can convert, it's going to start coming back to you. Because no one talks about the longevity or not the longevity, but the that you're going to need to be able to you know have you want to know what i did when i first started because it took me 11 months to get my first deal so what am i telling you is gonna be very unpopular i got a fucking job so right so everybody's like yo how can i do this with no money no credit like can you and bootstrap this? Yes.
But you want to know that easier and faster way to do it, have a job or some way that can generate income that can be your safety net while you're getting started. So while I was, you know, working every night and on the weekends, I was also doing real estate.
So if you want this dream bad enough, you will work for it. The first three years of starting any business, there's not going to be many vacations, days off.
You're going to work your ass off. And that's what I did for the first three years.
I worked my 40 hour week job and then I'd come home and I'd work until midnight every night and then Saturday and Sunday, all day, every day. I tell people all the time, if you're an aspiring entrepreneur, the best thing America has given you is Uber.
That's right. Go be an Uber driver.
Go be an Uber driver. Go make your hundred to $200 a day in the timeframe.
Like, listen, you and I travel a lot. We speak on stages or whatever.
I talk to my Uber guys all the time. I only take black SUVs.
Yes, I'm bougie and it's expensive, but dude, these guys are making a quarter, the good ones are making like a quarter million dollars a year. They time it where they're running the airport runs in the morning for people like you and me.
They time it at night. So they have the whole night scene.
Like they just know how to move there. And then they have the whole middle of the day.
And I ask them, I'm like, what do you do all day? They're like, whatever I want. Go to the gym.
I take a nap. Me and my wife go and play, you know and play you know whatever i'm like this is brilliant you're making a quarter million dollars a year on your own schedule the best thing an entrepreneur has that america's giving them right now is uber for that reason you can and then you can do what we do all day every day literally stop driving uber at 10 a.m you have 10 a.m to 6 p.m that's eight.
Bottom line is you'll do whatever it takes. Most people, they will start and then they'll be like, yeah, I ran out of funds or I can't figure this out.
And they just give up. What is the failure rate in this business? Oh, 98%.
So you got to be that 2% that is resourceful, doesn't quit, and is willing to do whatever it takes, work long hours in the beginning, and make it happen. Nobody's going to do this work for you.
Now, specifically, if they want to know more about Google Pay-Per-Click, you run Cartel, which is your coaching group mastermind. Where can they go find that, research that, and get to know what you're actually providing a little bit better? Just follow me on Instagram, reach out.
If you've got questions, I'll put you in contact with my team so you can talk shop with them, but super easy. You can find me on all the social platforms.
Just Google like Nick Perry, REI, and you'll find me on the internet. Yeah, make sure you go see that.
If you're an aspiring investor, if you're actively doing deals, and especially if you're actively doing deals, if you've never done a deal, wouldn't you say probably not the right fit, right? You need to have some people doing some level of deal, some marketing budget, something. So I call the cartel is like getting your PhD in wholesaling.
Okay. So go and learn.
There's a lot of free education and good education online that you can take advantage of right now. There's a lot of entry-level groups that you can go become a part of.
Start getting your first couple of deals. And then when you're ready to jump up and really start scaling your business, reach out to me and we'll take you to where you wanna go.
So I run a group called reilive.co. reilive.co.
It is for newer people who are struggling to get their first deal. They trying to do the work they don't know how to comp they don't so we're like this last week we contracted eight properties this last week we've done 12 over the last 10 days and it's because me and my team are helping them get the deal across the finish line those aren't the right people yet no but shameless plug so when i first started my career i was broke busted, didn't know what I was doing, had never run a business before in my life.
And Justin was my first mentor. Justin was the guy that ended up sitting down with me, helping me learn all the fundamentals of real estate, not only just real estate, but how to build a business, how to turn this in from, you know, just being a hustler to being an actual business owner.

And that beginning was what catapulted me

and set the foundation for the rest of my career.

So yeah, if you guys are looking for a good quality coach

who practiced what he preaches,

then you guys just do what I did

is might be my recommendation.

Well, I appreciate that, brother.

It's reilive.co, but in reverse, if you're actively in doing deals and spending money, I'm going to push you next way. You go find Nick.
You understand PPC. You do it yourself.
You run those ads. You get your PhD.
And Nick Perry, look him up all over social media, is going to be the guy in his cartel group. And so, brother, I'm happy we can run this decade run together i look

forward to another three or four decades with you my friend absolutely but uh let's every year or so

at least get one of these out on the podcast uh stream and let's run it up yeah let's run it up

appreciate it man let's go