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Building Stamina in Real Estate Through Mentorship | Nick Perry

The Science of Flipping

Published: Fri Jan 24 2025

Summary

Podcast Summary: The Science of Flipping – "Building Stamina in Real Estate Through Mentorship | Nick Perry"

Release Date: January 24, 2025

Hosts:

  • Justin Colby – Full-time Real Estate Investor and Host of The Science of Flipping podcast.
  • Nick Perry – Successful Real Estate Investor and Mentor.

1. Introduction: Celebrating a Decade of Success

The episode kicks off with a warm reunion between Justin Colby and Nick Perry in Scottsdale, Arizona. Reflecting on their decade-long friendship and professional journey, they celebrate their progress and growth in the real estate industry.

Notable Quote:

  • Justin Colby [03:05]: "I'm just getting warmed up. I'm just getting warmed up. So I'm grateful, I'm proud, but never satisfied."

2. The Crucial Role of Mentorship in Real Estate

Justin emphasizes the importance of mentorship in navigating the complexities of real estate investing. He credits mentors like Nick Perry and others for helping him avoid costly mistakes and for providing valuable insights that accelerated his success.

Notable Quotes:

  • Justin Colby [04:16]: "A wise man will learn from his mistakes, but a brilliant man will learn from another man."
  • Nick Perry [03:25]: "You took whatever wisdom and knowledge and little nuggets I was able to give you eight plus years ago and built a damn empire."

3. Overcoming Challenges and Embracing Mistakes

Nick shares his extensive experience of 18 years in the real estate game, highlighting that mistakes are an inevitable part of the journey. He stresses that understanding and learning from these mistakes are essential for long-term success.

Notable Quote:

  • Nick Perry [04:30]: "Justin Colby or Nick Perry doesn't just walk around gold and every real estate transaction doesn't just print money. There's mistakes to be made."

4. Mastering Marketing and Pay-Per-Click (PPC) Strategies

A significant portion of the discussion revolves around marketing, particularly Google PPC. Justin explains that marketing is the first of the "three mountains" in real estate investing and the most challenging to conquer. He elaborates on the necessity of generating consistent, high-quality leads and the high failure rate associated with marketing efforts.

Notable Quotes:

  • Justin Colby [05:48]: "The three mountains in marketing is the largest mountain that you're going to climb."
  • Nick Perry [06:35]: "Google, PPC is not for everyone. If you have financial restraints, would you suggest for someone to go on it like you really can't get very far if you have a thousand dollars marketing budget."

5. Financial Strategies and Ensuring Runway for PPC Campaigns

Justin discusses the financial commitment required for effective PPC campaigns, advising that a substantial marketing budget (typically $3,000 to $5,000 per month) and at least a six-month runway are essential to see a return on investment. He highlights the importance of financial forecasting, considering the 60 to 90-day sales cycle in real estate.

Notable Quotes:

  • Justin Colby [09:14]: "You have to financially forecast out, you know, at least three months of advertising budget to see a return on your ad spend."
  • Nick Perry [10:12]: "It's about the length of investment you have to be able to endure and have to actually reap the reward."

6. Building a Community and Leadership in Real Estate Investing

Both Justin and Nick emphasize the significance of building a supportive community and taking on leadership roles within the real estate investing sphere. Justin mentions his coaching group, "Cartel," which offers advanced strategies for scaling a real estate business, while Nick promotes his group, "REI Live Co," aimed at assisting newer investors to secure their first deals.

Notable Quotes:

  • Justin Colby [14:30]: "I call the cartel is like getting your PhD in wholesaling."
  • Nick Perry [15:11]: "When you're actively in doing deals and spending money, I'm gonna push you next way. You go find Nick. You understand PPC."

7. Practical Advice for Aspiring Real Estate Investors

Justin shares his personal journey, revealing that it took him 11 months to secure his first deal. He advises aspiring investors to maintain a stable income source while building their real estate business, suggesting roles like Uber driving to provide financial security during the initial, challenging phases.

Notable Quotes:

  • Justin Colby [11:20]: "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."
  • Nick Perry [12:14]: "The best thing an entrepreneur has that America's giving them right now is Uber."

8. Harnessing Perseverance and Resourcefulness

The hosts discuss the high failure rate in real estate investing (approximately 98%) and stress the importance of being part of the resilient 2% that perseveres, remains resourceful, and is willing to work tirelessly to achieve success.

Notable Quotes:

  • Justin Colby [13:28]: "You gotta be that 2% that is resourceful, doesn't quit, and is willing to do whatever it takes."
  • Nick Perry [13:31]: "Because you've probably, oh, 98%."

9. Promoting Coaching Groups and Continued Learning

In the latter part of the episode, Justin and Nick promote their respective coaching groups. Justin invites listeners to connect with him on social media for more information about his coaching services, while Nick directs aspiring investors to his "REI Live Co" group, emphasizing its effectiveness in helping members close multiple deals.

Notable Quotes:

  • Justin Colby [14:12]: "Just follow me on Instagram, reach out if you got questions."
  • Nick Perry [14:27]: "REI Live Co, it is for newer people who are struggling to get their first deal."

10. Closing Remarks: Looking Ahead

The episode concludes with Justin and Nick expressing their commitment to each other's continued success and the mutual goal of empowering more investors through future podcast episodes.

Notable Quotes:

  • Nick Perry [16:19]: "I'm happy we can run this decade run together. I look forward to another three or four decades with you, my friend."
  • Justin Colby [16:25]: "Appreciate it, man. Let's go."

Key Takeaways:

  • Mentorship is Vital: Learning from experienced mentors like Nick Perry can significantly reduce mistakes and accelerate success in real estate investing.

  • Marketing Mastery: Effective marketing, particularly PPC, is crucial but requires substantial investment and patience.

  • Financial Planning: Maintaining a stable income and having a sufficient financial runway are essential during the initial stages of building a real estate business.

  • Community and Leadership: Building a supportive network and taking on leadership roles can enhance growth and provide additional resources for investors.

  • Perseverance Pays Off: Success in real estate investing requires resilience, resourcefulness, and a willingness to work diligently despite high failure rates.

For Aspiring Investors:

  • Join Coaching Groups: Engaging with coaching communities like Justin's "Cartel" or Nick's "REI Live Co" can provide valuable guidance and support.

  • Start with Stability: Consider maintaining a stable income source while building your real estate portfolio to ensure financial security.

  • Invest in Education: Continually seek knowledge and mentorship to stay ahead in the competitive real estate market.

This episode of The Science of Flipping offers a deep dive into the importance of mentorship, strategic marketing, financial planning, and community building in achieving sustained success in real estate investing. Through candid conversations and shared experiences, Justin Colby and Nick Perry provide invaluable insights for both new and seasoned investors aiming to build a resilient and profitable real estate business.

No transcript available.