Episode Summary: Building Stamina in Real Estate Through Mentorship with Nick Perry

Podcast: The Entrepreneur DNA
Host: Justin Colby, Bleav
Guest: Nick Perry
Release Date: January 17, 2025

1. Introduction to the Episode

In this compelling episode of The Entrepreneur DNA, host Justin Colby invites real estate mogul Nick Perry to discuss the critical role of stamina and mentorship in achieving success within the real estate industry. The conversation delves deep into the perseverance required to thrive, the high failure rates newcomers face, and the strategies to overcome these challenges through effective marketing and community support.

2. Building Stamina in Real Estate

Nick Perry opens the discussion by emphasizing the relentless determination needed to succeed in real estate. He states:

"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."
[02:13]

Nick highlights the daunting failure rate in the industry, noting that approximately 98% of entrepreneurs do not make it. This statistic underscores the necessity of being part of the resilient 2% who are resourceful, persistent, and willing to put in the long hours required to make their vision a reality.

3. The Role of Mentorship

Justin Colby reflects on his decade-long relationship with Nick, highlighting the transformative impact of mentorship:

"You took the, the whatever wisdom and knowledge and little nuggets I was able to give you eight plus years ago and built a damn empire."
[03:37]

Nick reciprocates by acknowledging the invaluable guidance he received:

"A wise man will learn from his mistakes, but a brilliant man will learn from another man."
[04:28]

This exchange underlines the pivotal role that mentorship plays in navigating the complexities of the real estate market, allowing mentees to avoid costly mistakes and accelerate their path to success.

4. Overcoming Challenges and Failure Rates

The conversation delves into the inherent challenges of the real estate business. Justin points out that success is not linear and is often accompanied by significant setbacks:

"No one walks around gold and every real estate transaction doesn't just print money. There's mistakes to be made."
[04:46]

Nick concurs, explaining that problems persist regardless of one's financial status, but with experience, one becomes better equipped to handle them:

"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."
[05:10]

5. Understanding PPC in Real Estate Marketing

A substantial portion of the discussion centers around Pay-Per-Click (PPC) marketing, a critical tool for generating high-quality leads in real estate. Justin praises Nick's expertise in PPC:

"You're teaching them how to find the lead. And the lead is absolutely everything in the business."
[05:25]

Nick elaborates on why marketing is the foremost challenge:

"Marketing is the first one. Learning how to do acquisitions and contract properties and then dispositions. Those are the three mountains."
[06:01]

He underscores the importance of a substantial marketing budget, advising aspiring entrepreneurs to allocate $3,000 to $5,000 monthly for PPC to see meaningful results.

"Have a job or some way that can generate income. That can be your safety net while you're getting started."
[12:24]

6. Advice for Aspiring Entrepreneurs

Nick shares pragmatic advice for those entering the real estate business, emphasizing the need for financial stability and consistent effort:

"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."
[12:24]

Justin adds that leveraging opportunities like Uber can provide the necessary income while building a real estate empire:

"The best thing an entrepreneur has that America's giving them right now is Uber."
[12:43]

This strategy allows entrepreneurs to maintain financial stability while dedicating significant time and resources to their real estate ventures.

7. Community and Coaching Programs

Both Justin and Nick highlight the value of being part of a supportive community and engaging in coaching programs to accelerate growth. Nick introduces his coaching group, The Cartel:

"I call The Cartel is like getting your PhD in wholesaling. So go and, you know, learn."
[14:55]

Justin promotes his own group, REI Live Co., designed for newer investors struggling to secure their first deal:

"We're like, this last week, we contracted eight properties. This last week, we've done 12 over the last 10 days."
[15:10]

They emphasize that mentorship and community support are essential for navigating the initial hurdles and scaling a real estate business effectively.

8. Conclusion

The episode wraps up with both Justin and Nick expressing mutual respect and anticipation for continued collaboration:

"I look forward to another three or four decades with you, my friend."
[16:23]

Justin encourages listeners to seek out Nick’s expertise if they're serious about scaling their real estate businesses, highlighting the synergistic relationship between mentorship, community support, and strategic marketing as the cornerstone of enduring success.

Key Takeaways:

• Perseverance is Crucial: The real estate industry has a high failure rate; only the most determined and resourceful succeed.

• Mentorship Matters: Learning from experienced mentors can accelerate success and help avoid common pitfalls.

• Effective Marketing: PPC is essential but requires a significant and sustained financial commitment to yield results.

• Community Support: Being part of a coaching group or community provides necessary support and knowledge sharing.

• Financial Stability: Maintaining a side income, such as through driving for Uber, can provide the financial runway needed to invest in real estate ventures confidently.

This episode serves as an invaluable resource for both budding and established real estate entrepreneurs, offering actionable insights and emphasizing the importance of resilience, strategic marketing, and mentorship in building a successful real estate empire.