The Science of Flipping
Building Stamina in Real Estate Through Mentorship | Nick Perry
Fri, 24 Jan 2025
In this episode, I’m thrilled to sit down with my good friend and real estate powerhouse, Nick Perry, as we reflect on a decade of growth, grit, and game-changing lessons. From where it all started in Scottsdale, Arizona, to Nick’s incredible success as a leader in the real estate investing industry, we dive deep into the power of mentorship and the stamina required to thrive in this business. Nick shares how coaching and learning from great mentors helped him avoid costly mistakes and scale his empire. We also tackle the critical role of mastering marketing, with Nick breaking down his expertise in Google PPC and why it’s a game-changer for real estate investors. Whether you're just getting started or looking to level up, this conversation is packed with raw insights, actionable advice, and the real truth about what it takes to build lasting success in real estate. Follow Nick Perry: Instagram - @nickperryrei The #1 training and coaching system to launch, grow, and scale your investing business! 𝐋𝐞𝐚𝐫𝐧 𝐌𝐨𝐫𝐞: http://www.thescienceofflipping.com Turn cold real estate leads into engaged motivated sellers on auto-pilot using the power of A.I! 𝐋𝐞𝐚𝐫𝐧 𝐌𝐨𝐫𝐞: https://www.rocketly.ai/ Have a question? Ask me anything at https://www.askjustin.ai/ 𝐀𝐛𝐨𝐮𝐭 𝐉𝐮𝐬𝐭𝐢𝐧: After investing in real estate for over 17 years and almost 3000 deals done, Justin has created a business that generates 7 figures in active income through wholesaling and fix and flipping as well as accumulating millions of dollars of rental properties including 5 apartment buildings, 50+ single family homes, and 1 storage facility Justins longevity in real estate is due to his ability to look around the corners, adapt to changing markets, perfecting Raising private capital, and focusing on lead generation which allows him to not just wholesale and fix & flip, but also accumulate wealth through long term holds. His success in real estate led him to start The Entrepreneur DNA podcast and The Science Of Flipping podcast and education company, where he has coached and mentored thousands of aspiring and active investors over the last decade. He is a nationally recognized speaker and is on a mission to educate as many people as possible on becoming a successful dynamic real estate investor. 𝑾𝒉𝒂𝒕 𝒕𝒉𝒆 𝑷𝒓𝒐𝒔 𝑯𝒂𝒗𝒆 𝑻𝒐 𝑺𝒂𝒚 𝑨𝒃𝒐𝒖𝒕 𝑱𝒖𝒔𝒕𝒊𝒏: “Justin is one of the best trainers in this space. He really gives everything to his tribe.” – Brent Daniels (TTP) “Justin’s ability to connect with people and help them understand what he is teaching, is unparallelled” – Kent Clothier (REWW) “We have been in the trenches flipping homes in Phoenix for over a decade, he is one of the best to do it.” – Sean Terry (Flip2Freedom) Subscribe To Justin Colby: http://youtube.com/justincolby View All My Videos: https://www.youtube.com/c/JustinColby
Chapter 1: What does it take to succeed in real estate?
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? Because you've probably... 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.
What up, Science of 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. It is. So to think that now you're in my house. That's right. Scottsdale, Arizona. Yo, full circle moment. Awesome to have it.
yeah dude uh in 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 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 can 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. 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.
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Chapter 2: How important is mentorship in real estate?
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 byproduct 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 you'll help me to avoid costly mistakes. And, you know, here we are now.
Great. So I had to go make those mistakes, right? You made it first. I appreciate it. And trust me, I made plenty. 18 years in this game, I made plenty of mistakes. 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. You know, 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, 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...
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Chapter 3: What mistakes should you avoid in real estate investing?
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. Those are 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 do very well is 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, because 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.
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Chapter 4: Why is mastering marketing crucial for real estate investors?
Yeah, that's about right. And then even then, what kind of runway do you need to see? 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 want to 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.
Chapter 5: What is the role of Google PPC in lead generation?
So you have to think about that and be able to financially forecast out 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 is 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. Everyone that is paid, no one talks enough about this opportunity
you know, stamina through the winter, meaning you're paying your 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 runway that you're going to need to be able to have.
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Chapter 6: How much budget do you need for PPC marketing?
You want to know what I did when I first started? Because it took me 11 months to get my first deal. So what I'm gonna tell 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 go out and bootstrap this? Yes, but you wanna know the 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 uh working every night and on the weekends i was also doing real estate yeah 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 a 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 $100 to $200 a day in the timeframe. Listen, you and I travel a lot. We speak on stages or whatever. I talk to my Ubers 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, 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 is giving them right now is Uber for that reason.
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Chapter 7: What is the sales cycle for real estate transactions?
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 hours.
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? Because you've probably- 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 the cartel, right? Which is your coaching group mastermind. Where can they go find that, research that, and kind of get to know what you're actually providing a little bit better?
Chapter 8: How can you effectively forecast your advertising budget?
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. I'm 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, you know, learned. 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 want to 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're trying to do the work. They don't know how to comp. 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, disgusted, 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 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 my recommendation.
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