How to Build a Multi-Million Dollar Real Estate Business With Nick Perry

May 5, 2022

Expert CRE Secrets Podcast

Nick Perry does single-family wholesale and fix and flip. We are fortunate we get a ton of leads all over the country so our deals are nationwide. He is based in Austin TX and always looking to create strategic profitable partnerships.

Nick started working at the early age of 14 and has been working ever since. He was a personal trainer and trained a lot of wealthy individuals. has done well over, 1500, wholesale deals. Nick did 165 units, mobile home parks, and oil and gas, a bunch of other stuff in e-commerce. He is 32 right now and he’s on track to retire by 35

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How to Build a Multi-million Dollar Real Estate Business with Nick Perry

Brett:

I’m excited about our next guest. His team is located in Austin, Texas, he's out of the great state of Florida. He's here to talk about how to build a multi-million dollar real estate business and we're going to talk about buying deals, selling deals, and coaching people along the way to do the same. This gentleman as well has done fix and flips in wholesales and so much more. Please welcome the show with me, Nick Perry. Nick, how are you doing?

Nick:

You're honored and excited to be on here can't wait to connect with you. You’re just able to be a servant and give as much value as I can on the show.

Brett:

For our listeners to get to know for the first time would you give us a little bit more about your story and your current focus?

Nick:

I started humble beginnings grew up in Northern Virginia, right outside Washington, DC, lower-middle-class families didn't have a lot growing up. I started working at an early age because, my dad who I live with, during my adolescence, paycheck to paycheck. There's a lot of times when we couldn't afford groceries. I realized that early age, I had to take personal accountability for my own success. I got a job right when I was 14, and I've been working ever since my first career after high school after doing retail jobs and what you do in high school, I was a personal trainer. You’ve trained a lot of wealthy individuals. Through training a lot of wealthy individuals, I wanted to figure out what were these people doing that I wasn't because I was working my butt off only making 60 grand a year and they're, taking these luxury vacations and you have this dream life. What I noticed was the majority of them either owned businesses, or they're in some sort of tech or they were in do high ticket sales of some sort. I said, I'm not really a techie, and I am good at sales.

But what can I do to provide the most value and be my own boss, and that's when I came across Real Estate in 2014. I'm from Northern Virginia, I moved down to Austin, Texas, I was kind of at a period of my life and I wanted to become my own business owner. I didn't have a job lined up down there. I had no connections. I had big I had like five grand to my name and that I found real estate wholesaling through YouTube. started listening to podcasts what watching YouTube videos, and just took massive action. Here we are in 2021 You have done well over, 1500, wholesale deals, I've done 165 units, mobile home parks, and oil and gas, a bunch of other stuff in e-commerce. I'm in cryptocurrency as well. It's been a tremendous vehicle for me to get to where I'm trying to go. I'm 32 right now I'm on track to retire by 35. Looking forward to my first retirement.

Brett:

What a cool story. We're gonna be diving into how you built this multimillion-dollar real estate business here in a minute. I do want to take one other step back, though, I believe we've all been given certain gifts in this life. Some people call them superpowers, some people call them strengths. I want you to go back to your high school days or your college days or earlier. I want you to think about maybe one of those one or two gifts that you believe you were given. How does that help you help and bless people today?

Nick:

I would say the one single biggest gift that I've been given is just tenacity and grid. Some people may call it stubbornness. Maybe that's my biggest blessing, my biggest curse. But I'm very when I put my mind to something, it doesn't matter. How many obstacles come in my way out. You figure out a way to learn from the failure and get back up over and over again. I'm just bullheaded that I will not give up, hell or high water. That's been really my biggest, biggest strength because I didn't make it through high school. You have 10th-grade education. You're never was super book smart. But I can tell you, I know how to you fall down and get back up again, over and over again. Until I get it right. That's definitely number one. then just being resourceful you as an entrepreneur, you got to be resourceful. Mind a person place your name to help you.

Brett:

Tenacity and grit, stubbornness. I have some of those traits as well learn from failure and improve, constantly improve, get back up, keep going. Then being resourceful. Is that a fair summary?

Nick:

You got it. That sounds me up and I in terms of my strengths right there.

Brett:

Now let's dive right into the number one secret to building a multi-million dollar real estate business. Nick, if someone's coming to you, he asked the question, what's the one secret, or maybe the gift that you just talked about? But you could say that and what's the split-step number one, to get this real estate business going?

Nick:

Step number one is, you're getting your first deal. In terms of getting your first deal, my recommendation is, nothing happens until the phone rings. Don't sit there and get paralysis analysis and get stuck in watching your video after video, podcast after podcast. Do what you need to do in terms of marketing, to get the phone ringing with motivated sellers. You can start having conversations. That's literally what starts the snowball down the hill is getting the phone to ring with leads is step number one, don't worry about all the other things, out the gate, if you're just getting started, just focus on that one thing, getting the phone rang, and having quality conversations with other human beings. That's really it. I think a lot of people overcomplicate it and want to get their LLC and their business card and do all these other things. But just literally get the phone ringing, and you'll start to get momentum.

Brett:

Getting leads, getting the phone ringing, nothing happens. The first until the phone rings until you're having quality conversations. I guess what's been the best secret to getting these leads coming in or uncovering these deals or getting motivated sellers to call you when it comes to wholesale or brokering deals for finding deals.

Nick:

I do all digital marketing, I don't do any telecommunications and telecommunications is cold calling ringless, voicemail texting, things like that. That's pretty typical. The industry that I'm in is real estate, wholesaling, and fixing, and flipping. But everything that I do is actually in down. I advertise on Google and Bing and a bunch of other search engines for motivated sellers to reach out to me, which completely changes the dynamic of the conversation and leads to a much higher conversion rate. My team converts one out of every 14 seller leads that we get in the door, which is a huge leverage factor. Because if you look at telecommunications, it might take you 40 or 60 leads to get a contract, as opposed to taking me 14. Not only am I spending less time and energy, but I'm also spending less money as well to get these contracts.

Brett:

That sounds saying so it's inbound, all-digital, it's not outbound cold calling, and then you're advertised on Google and in being to get these coming in and then and then your team takes in qualifies has the quality conversation builds the report finds out the needs, I find that there's a way to make it a win-win. I'm assuming we can get that here in a minute. But I'm curious, are you also YouTube advertising versus Google versus being? Why one versus the other? What are your thoughts on that?

Nick:

We do a ton on YouTube as well. YouTube is actually owned by Google. Within your Google Ads platform, you can create YouTube campaigns. Those have been phenomenal. It's kind of untapped blue ocean right now. We get a great cost per lead on YouTube. The only thing that I don't do in digital is I don't do any social media, like Facebook, Instagram, etc, just because the intent of those people that are scrolling on Facebook and clicking to go to your website isn't as strong as somebody that types into Google, how to sell my house fast and then goes to your website. The quality of search engine traffic is higher than social media traffic in the hundreds of 1000s of dollars I spent on Facebook and social media, it can't come close to a search engine.

Brett:

That's really interesting. I think that makes a whole lot of sense. You're focusing on what obviously works for you, maybe you've tried the other ones in the past? But you're like what, I want someone who's very specific, who knows what they're looking for. Let's advertise to those folks. Let's have them inbound. Call us Is that a fair summary so far?

Nick:

Here's the thing If you want, I'll just give you the million dollars, blueprint right now. You have high-quality leads, and an amazing high-quality team, you're going to be a millionaire. If you can drive high-quality leads to high-quality people on your team. Everything else will work itself out.

Brett:

Let's talk about building a high-quality team. Because that might be an art and a science in itself. Talk to us about your team. How did you train and build them? That because I imagine at a certain point, you're getting so many calls, and you're like, and you're on your own meetings all the time, you had a delegate. You had to train. Walk us through how you did that?

Nick:

I actually worked at indeed.com I was an inside sales rep there, when I first came down to Austin, I was getting my real estate business going. Through working at Indeed, I was able to, get to know the inner workings of how to drive candidate flow. How to properly funnel people in a yo hiring funnel to get the top quality people to rise to the top. That's actually one thing we go in-depth on in the mentorship program I have is how to basically hire rock stars on autopilot. Because of hiring, I don't care what business you're in, you need to get good at it because you're not going to scale to a billion-dollar, multi-million dollar billion-dollar business by yourself. Nor do most people want to most people get into entrepreneur to have freedom. When it comes to hiring, we utilize indeed, to drive tons and tons of candidate flow.

We have somebody actually going through all those resumes, and getting you getting these people to rise to the top. They'll find the people that their resumes, fit the criteria, do a phone screen with them. Then if there's if they pass through our executive assistants phone screen, they'll get put on a calendar invite for a quick zoom call with our CEO.then our CIO will go through that candidate even further, and if they like them, then that will bring them in for in an actual in-person interview in our office in Austin, where we kind of take it from there. The biggest thing is just like I told you just a minute ago, it's all about getting leads, will you treat the candidates that you can't have coming in just like leads because one high-quality acquisition manager and our business is worth a million dollars to my company, are you our top acquisitions last year drove $1.2 million in assignment fees. When you're looking at candidates, just keep that in the back of your mind, this person who just put in their resume could be worth, seven-plus figures a year to you and your family and your business.

Brett:

Hire rockstars and on autopilot, figure out a hiring funnel filling a system and a process for that, doing screening multiple screenings, and then bring it in in-person to find out if it's going to be a good fit. Is that a fair summary?

Nick:

We take them through a more, we'd actually put them on practical calls where they have to call motivated sellers. Because everybody can interview well. When you sit down and interview, everybody's gonna tell you what you want to hear. But make sure if you're actually hiring salespeople to do mock phone screens and make them do practical assessments, it's very important when you're hiring salespeople. then another quick tip is to bring people outside of the office as well. You're doing this sit down across each other from the office, come on zoom is important. But one final round interview always uses this either a coffee or a lunch a happy hour. Because you're going to get that came to the outside of the office, we're going to be able to relax a little bit more, you get to have more of a normal conversation. They're sitting there cos we're in your office.

Brett:

Makes perfect sense. Thank you for sharing that. We've established that we want to get your first deal done, you want nothing to happen to the phone rings. You want to do some advertising to get inbound coming in as quickly as you can. Then you want to sort through high-quality leads. Then you want to make sure you're hiring rock stars so that you can convert these leads and move deals forward. Is there a third step?

Nick:

The third step is you got to actually be able to make the cash register ring and get these deals sold. You're going to need to make sure that you have not only high-quality people negotiating with homeowners and getting the properties under contract at a deep discount. But you also have to have another department called dispositions and these folks are, speaking with investors, your realtor’s buyers to actually sell the deals at a higher price, or they're doing property management or project management if you're fixing and flipping the property you're holding as a rental internally. If not, you're going to be stuck doing that and that's a tough place to be full-time.

Brett:

I know you brokering deals too. Are you guys mostly just wholesaling, finding the finding of the buyer, and assigning the contract?

How to Build a Multi-Million Dollar Real Estate Business: “If you have high-quality leads, and an amazing high-quality team, you're going to be a millionaire.” - Nick Perry

Nick:

We do a ton of assignments, but we also fix and flip the property all over the United States. We have projects going on, literally, all over from coast to coast, where we'll have, my team, will work with local realtors and contractors in the area and oversee, that entire process. then we hold rentals and totally we have a pretty decent rental portfolio that we've built over the years. We're taking a nice property Using appreciating markets that are in good school districts.

Brett:

I think we covered a lot there. He did great, it was a rapid-fire there. We're going to shift a little bit to Capital Gains Tax Deferral. Part of this part of the goal of the podcast is to give people freedom from feeling trapped by capital gains tax on the sale of crypto real estate 1031 Exchanges, not using 1031. I'm just curious, what's been your biggest frustration when it comes to capital gains tax deferral and the 1031 exchange, and it could pertain to your fix and flips short term rentals, it could pertain to, the 45 days, it could pertain to being able to sell your crypto at a higher, higher price and defer the tax. But what would you say your frustration is?

Nick:

My frustration is just, for me, I've always, even with, we make millions and millions of dollars a year, and it's, I'm continually having to put that money into somewhere that I can't touch it. I never touched the money when it comes to taxes. If I've got money left, at the end of the year, it's going into a mobile home park, or it's going into, some sort of real estate where I'm never stuck with a lump sum at the end of the year, which is good. But then when it comes to bankability and things like that, you're walking a fine line. I like to be able to continue to put my money into, appreciating assets. Then, with 1031, we haven't had a big problem with 1031. I've been taking a lot of my single-family properties and 1030 morning them into the mobile home park.

Brett:

Right now, you're pulling on your money and you're buying a post, you're getting the depreciation to do some cost segue if you can, to offset some gains or some income. But you, there's part of you that would like maybe more liquidity, you can have some more bank abilities?

Nick:

But how much do you want to give up in capital gains is the real question.

Brett:

There is a way to that can, that we can help. For listeners who are listening about that thing called Deferred Sales Trust, what's cool is you can sell high, defer the tax, and put it into liquid investments, stocks, bonds, mutual funds, it doesn't have to be like-kind doesn't have to equal or greater value, no time constraint. That amount can show the bank that you have some more liquidity. Is it the trust level, you get to work with a certain bank who understands this, but it's a promissory note that's owed to you the money back, versus putting into an illiquid asset, right, there has to be typically equal or greater value, and there's more typically more even more debt, depending on the deal. By the way, you can learn more about that at CapitalGainsTaxSolutions.com, that's called a Deferred Sales Trust. that being said, we're running out of time you ready for the lightning round?

Nick:

Let's go.

Brett:

All right, knowing what you know now, Nick, if you go back to your 20, or 25-year-old self with the one Golden Nugget, he makes sure to tell yourself to do?

Nick:

I would have just hired somebody that was way further along than I was, and just paid them as a mentor to get me to where I am now. Because I spent a lot of years just trying to figure everything out on my own, put myself through YouTube University, screwing the business up over and over again. If I would have just gone back and, hired somebody that was already where I'm at, I would have gotten to where I am way faster. That's the reason why I created, my coaching group is because I went, and, I did everything the hard way. Now I'm able to offer help to other people that are getting started in their business.

Brett:

Which by the way, you can learn more about Nick Perry at 7FigureCartel.com at 7Figure Cartel, and no, folks, he's not selling anything illegal. He's just gonna help you create and preserve more wealth with real estate, and build a multi-million dollar real estate business. He's 32. He's doing all of this. It's pretty, it's pretty incredible. He's also really smart because he moved to Florida, to establish residency to get some better tax stuff. We absolutely just love that, Nick. Can you tell us about your move to Florida, and how that's working out?

Nick:

It's been incredible. I got my business to the point that, I hired the rock stars, I did everything we just talked about, in the prior 30 minutes. What that left me was an incredible sense of freedom that I didn't have to be there working 40 hours a week in my business, babysitting you, I have a phenomenal team that I was able to relocate, myself to Miami Beach, Florida. Now I have the freedom and flexibility to go where I won’t do what I want whenever I want. I still go back to my office in Austin once a month, but that's by choice. They really don't even need me there but I just enjoy being with my team. I still get back there often. My move to, Miami Beach was just I came to you I got to a point where I was getting complacent. Anytime I moved to a new city, it always helps me grow personally and professionally.so I wanted to challenge myself to feel like a small fish in a big pond and, for your real estate in Miami, it's as good as it gets. You got some of the top commercial investors here and I wanted to want to come out here and network and it's been phenomenal.

Brett:

That's fantastic. I met a man one time about two years ago during that big football game, the Super Bowl there, the Niners got lost in the fourth quarter. I'm still hurting about that, cuz I'm a Niner fan. But what an amazing city like we're a cool place. Man. I love my time down there. Next question, what's the number one book you've recommended or gifted most in the past year?

Nick:

The biggest one that gifted in the past year that I would recommend you guys go and download right now on Audible is The Third Door by Alex Banayan. This is great for all the listeners out there that are getting their business started. Because what they do in that book is interview all these top entrepreneurs, actors, athletes. From the Warren Buffett's to my Angelo's to the Snoop Dogg's, literally everybody, and they single in on what was the key pivotal thing that got them started in the very beginning. They don't go through like an autobiography on each of these people. They focus on what was the pivotal thing in the beginning that helped them get their foot in the door and get their career launch. That really opened my eyes. It's a great lesson on Audible. It's one of those ones you listen to you on the plane, you're gonna listen to it, as you're walking through the terminal.

Brett:

The one pivotal break is the key thing that changed and got them going. Is that what the third door is all about?

Nick:

It's there's a lot of common denominators for all of these people that they interview in the book and say, success leaves clues. I like to study other successful people. If you're just getting your business going, or even if you have a successful business, yeah, go download The Third Door by Alex Banayan. Great. Listen on Audible. It's my favorite one I've had I've listened to it a long time

Brett:

Next question. What do you most curious about right now?

Nick:

Most curious about right now. I mean, cryptocurrency is something that you know, as a passion. I try not to mess with it during working hours, but I always love you know, right now I'm into crypto staking. I have miners, I've got a pretty decent crypto portfolio. That's been like a hobby of mine, outside of the real estate.

Brett:

Nice. I'm gonna buy my first rig. I'm teaching my kids how to how to mine for a theory. My wife's like, what are you buying? I'm like, babe, like, we just did a $5 million cryptocurrency deal for an Ethereum seller, he bought 100,000 for 13 million, and we just deferred all the tax, he's gonna buy real estate, get cash flow, do a bunch of stuff all tax-deferred. I'm like, baby if we can teach the five kids how to do this. We might as well introduce it now. Get them going. It's like a family hobby project. She's like, but no, it's becoming a hobby. But more and more of a passion as we help people defer tax on cryptocurrency sales. Next question. What's the biggest challenge facing real estate investors right now?

Nick:

Biggest challenge facing? I would say if I speak for the industry right now is inventory. It's the markets as hot as it's ever been. Since probably 2006, and there's been a record low inventory. Finding deals is becoming harder and harder. It's more competitive every single day with new investors targeting the market. You have to be extremely good at lead generation and extremely good at sales and solving problems.

Brett:

What's the one question to find out if someone's real? I mean, you get a lot of leads coming in, right? What I mean, by real I mean, qualified or, or serious or motivated, however, you want to put it when you when I say real, like what's the one key question that you have your team focus in on? To figure that out? Maybe it's two or three questions?

Nick:

I mean, we always ask, Hey, if we were able to come to an agreement on price, yeah. Would we be able to move forward to debt? That's if somebody if you can come to an agreement on price, and they're, they're willing to move forward today. Now, you got somebody that's serious and ready to do business right now. You get a lot of people that are shopping or just, really high up in that model, you don't want to deal with it.

Brett:

It's called the conditional close. If we can agree on pricing terms, assuming that you're on price on terms and maybe there are one or two things that maybe are still held up. Are you willing to do a deal today? Is that a fair summary?

Nick:

Correct?

Brett:

Are you asking that midway through the call?

Nick:

Right in the beginning before you start getting into their property condition and you know, all the other factors that go into underwriting the deal. You want to get that question out of the way first, and then also identify any decision-makers, early on as well.

Brett:

It's like you're starting out. My name's Nick Perry. We do wholesale we do. We want to see if we can make a deal. We're going to talk here in a minute, but if we can agree on pricing terms, are you willing to sell the deal today?

Nick:

Then we follow up? Is there anybody else? I don't want to step on anybody's toes. Is there anybody else that you might need to be involved in the conversation that would need to sign off on this for you? And then you don't get blindsided at the end?

Brett:

Then if they say, yes, there is my spouse, then you, are you saying, come on into the call Brink? Can we bring him on the call right now or do you want to schedule another time? Do you continue to have the rest of that conversation until the next one?

Nick:

Do you always want to make sure all decision-makers are on the call? If not, they're going to have to be on the same page anyway. What tends to happen, though, is that your husband or wife or somebody is not on the call, they're always going to brush you off? Well, let me check with my wife. Let me check with the tooth fairy, whoever they want to check with somebody. You want to make sure that the decision-makers are all on the call together so you can handle any objections, and you'll get the contract.

Brett:

That's good wisdom. I'm glad we could be doing that a little bit more. Last question, Nick, that for all your success building a multimillion-dollar real estate business, helping countless, students and team members build wealth in real estate. what's the one thing that helps you stay centered in your values, and encouraged to charge forward to reach new heights?

Nick:

My relationship with God. I'm always continuing to get closer with him every day. Whether that's through your gratitude, giving back prayer, I keep that first as you've got right at the top of the priority list. Anytime I get my priority. I start putting other things before God, whether it's money or games, my life was out of whack, and I don't feel better. Just keeping faith and fitness first. Because if you don't have health, you don't have anything. Putting God in health for everything is made sure that my business and everything else.

Brett:

Nick Perry, it's been more than a pleasure having you on the show. I want to encourage you to keep using your gifts of tenacity, of the grit of being a bit stubborn to help people learn from their mistakes for you to continue to learn from your mistakes and to help people grow and be resourceful to create and preserve my wealth to real estate and build multimillion-dollar businesses. You've dropped a ton of wisdom and a ton of knowledge and encouragement for me today. I'm sure our listeners and those who want to get in touch with you. Can you remind them one last time what's the best place for them to find you?

Nick:

What a great show. Thank you so much for having me on Bay if you want to connect with me. Instagram is a great place I usually get back pretty quickly and all my DMs there, it's just Nick Perry Rei, you can follow me on Instagram, or go check out the 7FigureCartel.com.

Brett:

I'm happy to help. Awesome thanks, Nick for being on the show. Also want to thank our listeners for listening to another episode of the Capital Gains Tax Solutions Podcast also streams on eXpertCRESecrets.com, like to bring on experts that can fit on both shows. Hopefully, you found value on one or the other show today. wherever you may be listening, if we can help you defer capital gains taxes. we believe that the Deferred Sales Trust is an amazing option for you. We want to give you that opportunity again to go to CapitalGainsTaxSolutions.com and learn more about that and really have an exit plan and also tap perhaps hire a coach to help you build leads to help source leads to help close more deals, build systems and processes from someone like Nick Perry. I know I'm better for hearing what he's he's he and I've been in the business a long time and I'm hearing a lot of really neat stuff there. Check out Nick Perry again, and thanks so much for listening. Please rate review, subscribe. We so appreciate everyone out there and we wish you well.