Freedom to go on different ventures, explore different areas of life, helping other real estate investors become financially free.
These are the things that Nick Perry wants to share with everyone as he talks with Jay Conner about how he started his real estate business until his company became one of the largest wholesaling companies in the US.
Nick is the Owner/Founder/Executive Chairman of Want To Sell Now. The largest nationwide wholesaling company in the United States is based out of Austin TX.
He also owns a fleet of semi-trucks multiple eCommerce businesses and invests in multiple companies and commercial real estate. He also owns the 7 Figure Cartel mastermind that gets people quickly through the hurdles to become multiple 7 figure real estate investors.
He grew up in Northern Virginia and spent the first 5 years of my career in Personal Training before moving to Austin TX where he now resides. Nick moved to Austin with no job, network, and very little money. Soon as he got to Austin, he decided he would do whatever it took to be successful in real estate in pursuit of new opportunities.
He didn’t come easy. It took him 11 months to get his first deal but he did not give up. Nick worked 18 hours a day 7 days a week. He got a six-figure sales job at Indeed.com while he was building my real estate business. Nick devoted all of his sales commissions and time outside of my 9-5 to building my real estate business until he was able to go full-time. As soon as he went full-time, he quickly scaled his real estate company to where it is now in less than 3 years. He now has 8 streams of income and is working on creating more.
Timestamps:
0:01 – Get Ready To Be Plugged Into The Money
1:02 – Jay’s New Book: “Where To Get The Money Now” –https://www.JayConner.com/Book
1:59 – Today’s guest: Nick Perry
4:45 – Nick Perry talks about how he got started in the real estate business.
5:47 – What is your definition of freedom?
6:25 – When did you start your real estate business?
6:47 – Nick talks about some of his early struggles.
8:40 – As the owner of one of the largest wholesaling companies in the USA, Perry talks about what his company looks like and the number of deals they are making now.
10:04 – Nick Perry talks about what wholesaling is all about.
11:32 – Nick explains what is a Novation deal.
12:28 – What makes your company/organization different?
14:00 – How do you run your real estate business remotely?
16:10 – Nick talks about how he manages the rehab or repairs of a property.
17:51 – Tips on building buyers lists.
19:40 – Do you agree that it’s more challenging to find real estate deals now than a couple of years ago?
22:18 – How much money do you spend in marketing to get a contract?
23:21 – What tools in your real estate business that you can’t live without?
24:19 – What is the most important lesson that you learned from real estate investing?
26:42 – Nick Perry talks about his passion for helping other real estate investors.
28:18 – Connect with Nick Perry: https://www.7FigureCartel.com
Private Money Academy Conference:
https://jaysliveevent.com/live/?oprid=&ref=42135
Have you read Jay’s new book: Where to Get The Money Now? It is available FREE (all you pay is the shipping and handling) at https://www.JayConner.com/Book
Free Webinar: http://bit.ly/jaymoneypodcast
Jay Conner is a proven real estate investment leader. Without using his own money or credit, Jay maximizes creative methods to buy and sell properties with profits averaging $64,000 per deal.
What is Real Estate Investing? Live Private Money Academy Conference
YouTube Channel
https://www.youtube.com/c/RealEstateInvestingWithJayConner
iTunes:
Listen to our Podcast:
Become A 7-Figure Real Estate Investor with Nick Perry and Jay Conner
Jay Conner (02:10):
I don’t know about the rest of you, but today he’s down in Miami, on the beach. Anyway, this company is the largest nationwide wholesaling company in the United States, and it is based out of Austin, Texas. Now my guest also owns a fleet of semi-trucks, multiple e-commerce businesses, and he also invests in multiple companies and commercial real estate. Now he also owns this mastermind, the 7-Figure Cartel Mastermind. I can’t wait to hear about that. And that gets people quickly through the hurdles to become and enjoy a multiple 7-figure real estate investing company. Now he grew up in Northern Virginia, spent the first five years of his career in personal training before moving to Austin, Texas, where he now lives and moved to Austin with no job network, very little money. And as soon as he got to Austin in pursuit of new opportunities, he decided he was going to do whatever it took to be a successful real estate investor.
Jay Conner (03:12):
Well, it did not come to him easy and as it does for most of us. It took him 11 months before he got his first deal and he didn’t give up. He worked 18 hours a day, 7 days a week, got a 6-figure sales job at Indeed.com, while at the same time, he was building his real estate investing business. He devoted all of his sales commissions and time outside of the 9 to 5 to building his real estate business until he was able to go full time. So as soon as he went full time, he quickly scaled his real estate company to where it is now and did all that in less than 3 years. And today he has 8 different streams of income and is working on creating more. With that, let me welcome to the show here, my friend, Nick Perry. Hello, Nick. Welcome to the show.
Nick Perry (04:04):
Jay, what an intro man. That was incredible, but I’m honored and excited to be with you guys right now. So looking forward to learning it from you and, hopefully, being able to give it a lot of value to the audience as well.
Jay Conner (04:15):
Absolutely. Nick. So it looks like you’re relaxing down there in Miami.
Nick Perry (04:22):
I am. I actually just moved into a new house here in Miami Beach. So I’m getting my office set up, the interior designer’s coming back and forth. So I’m hanging out on the couch, working from the couch today.
Jay Conner (04:33):
Awesome. Well, there’s nothing wrong with that. Well, I appreciate you taking time out to join me and the audience here on the show. So are you ready? You got your seatbelt on?
Nick Perry (04:43):
Let’s go.
Jay Conner (04:45):
All right. What got you into real estate?
Nick Perry (04:49):
My entire life, coming from a kind of middle-class family, everybody that I surrounded myself with was your W-2 employees. They work 9 to 5, just like the majority of the world. And when I was a personal trainer, most of my clients were really, really well off. They were business owners, they were in sales. And those were the guys that were taking nice vacations, they were driving fancy cars, they had freedom and all the things that I wanted in life. And so rather than going with the flock to continue on a 9 to 5 path, I realized that in order to be financially free, I better go out and build a company or get into some high-ticket sales because that’s what everybody who actually had money was doing. So I didn’t know what I wanted to do, but real estate ended up turning out to be that vehicle. And it’s been incredible, as you know, it’s the best decision I ever made in my life.
Jay Conner (05:47):
So you mentioned the word “freedom.” What’s your definition of freedom?
Nick Perry (05:50):
Well, I mean, I’m sitting here right now in Miami Beach. I live two blocks from the ocean. I’ve got the freedom to be able to go where I want when I want, be with the family when I want, so yeah. If I was working at a 9 to 5 job, you just can’t do that kind of thing. So that is also freedom just to be able to go into new ventures and explore different areas of life. That’s really what it’s all about for me. So yeah, I’ve been able to create that for myself and it’s been a heck of a ride.
Jay Conner (06:26):
So, what year did you start?
Nick Perry (06:29):
- I landed in Austin, Texas, like you said, without really anything. I had like $5,000 in my name and I just started learning and taking action and I just didn’t give up. And now here we are 7 years later.
Jay Conner (06:45):
Yeah. So what were some of your early struggles?
Nick Perry (06:51):
Early struggles? Obviously, everybody’s got a learning curve, but in 2014, I was doing a lot of direct mail. I wasn’t getting a lot of results either. I would handwrite the cards myself because I didn’t have enough money to pay for a fulfillment house. And I had to get good at sales, too. When I moved down to Austin, it was a much different place than Northern Virginia where I grew up. So, I had to adapt my sales style. You can’t talk so fast down in Texas like you can up in Northern Virginia. So I had to slow down a little bit, and really, the biggest thing was I was getting too much information. I think this is what happens to a lot of investors, as I’m watching YouTube video after YouTube video, trying to absorb as much as I can. And I really didn’t start getting traction until I hired my first mentor and just plugged directly into him. So I started working with Sean Terry, a great guy, in the very beginning, and I would visit with him every quarter and he would tell me exactly what I needed to do and I’d come back the next quarter. And I did that for a couple of years and that really got me going. So hiring a good mentor early was critical for my success. I was fumbling around trying to watch YouTube videos for the first 11 months.
Jay Conner (08:17):
Right. I got you. So yeah, getting a mentor, getting a really, really good coach up front was very important for you. So you’ve got one of the largest, if not the largest, wholesaling company in the US. What does your company look like?
Nick Perry (08:51):
Basically, what does it look like physically? It’s an inside sales office, right? So we’ve got 11 employees and inside of it, we’ve got 5 in Acquisitions. We’ve got 3 in Dispositions, we’ve got my seat as CEO. Then we’ve got a couple support admins and then myself. So we’re not huge, but we’ve been doing it long enough that all of our people are just A players.
Jay Conner (09:23):
So, how many deals are you doing these days in your organization?
Nick Perry (09:28):
So, when we’re in the office, we’re getting anywhere from 3 to 5 contracts every single day. So between 40 to 60 closed and funded deals every month.
Jay Conner (09:39):
Gotcha. And how many different markets are you in?
Nick Perry (09:43):
So the unique thing about my company is we market the entire United States. So I don’t have a specific market or pockets or different markets. I literally blanket the entire US.
Jay Conner (09:59):
Got you. So about five contracts a day. Day in and day out. Let’s make sure everybody understands what we mean when we say “wholesaling.” Different people have different definitions of wholesaling. So what’s your definition of wholesaling? How does that work?
Nick Perry (10:14):
Yeah, wholesaling is, you’re going and you’re contracting a property. Wholesaling, you could literally wholesale any item, but we’ll just use real estate for the example. So you negotiate with a motivated seller to get a property under contract for a certain amount that you can turn around and give it to an investor for a higher amount. So easy numbers, you’ve got a $100,000 property. It’s worth a hundred grand. You get the seller to agree to let you have that property and put it under contract for $65,000. And then you turn around and you find a fix-and-flipper or an investor that wants to buy that property. And they’ll buy it for $75,000. Well, when you get a contract with both parties and turn them into the title company, the title company will give you a $10,000 check or however much the difference is.
Jay Conner (11:03):
Right. So would you say wholesaling in your company is sort of synonymous with assigning or collecting assignment fees?
Nick Perry (11:11):
Correct? Yeah, so we collect a lot of assignment fees, but we’re not just a one-trick pony either. We do “subject to” deals. I hold a lot of rentals in my portfolio, as well. We do novations. So we’re always looking for different exit strategies to monetize more deals.
Jay Conner (11:32):
Right? Explain to everybody what a novation is. What’s a novation deal?
Nick Perry (11:36):
So a novation deal is basically if you have a seller who wants close to retail, their house is in pretty good shape, right? You can go ahead and contract that property. Say they want thousands. We’ll use the $100,000 example again. You got a house that’s a hundred and the seller doesn’t want to take a dime less than 90. Well, you put that property under contract with a novation agreement at 90,000, and that novation agreement will allow you to actually list that property at full retail. Sometimes there’s minor repairs that you do as part of the novation agreement. You may go in and do some carpet or paint or landscaping, but you’re not doing any heavy remodels. These are properties that are in fairly good condition and you can put them and list them and get full retail from a conventional buyer at the end.
Jay Conner (12:27):
Right. What would you say is different about your organization, say from some of your other friends that have real estate investing companies, or say, from some of your other competitors?
Nick Perry (12:41):
Well, being nationwide is completely different than being in a select handful of markets because we don’t have boots on the ground. That would be really impossible, as well. So in order for us to be successful, we have to literally do everything over the phone from acquisitions to dispositions, to coordinating the showings. Literally, everything from A to Z is done remotely from our office in Austin, Texas. So that’s something that’s different than a lot of people, is we’re not having any boots on the ground or anything like that. And then, additionally, my people, that’s the biggest key to my success is the caliber of candidates that we’ve attracted into our organization. I think bar none, I’ll put my team up against anybody’s team that I’ve got a great group of guys.
Jay Conner (14:02):
Give us a 30,000 foot view of how you run a totally virtual remote operation, no boots on the ground. Like what are the key components that you have to have in place for that to work?
Nick Perry (14:27):
So, we do a ton of inbound marketing pretty much through PPC. So we do all online marketing. We don’t do any telecommunications. So a lead will come in and we’re talking to them very similar to the way that most people are talking to these sellers, but when we negotiate, we negotiate over the phone. So we’re going through the property condition. We’re evaluating the property right there on our computers in Austin, and based on the comparables and the condition that the seller describes, we’ll go ahead and contract that property via DocuSign, like electronic signature. And once we have that electronic signature, then the next step is to actually get real photos on file. And that way we can actually start to market that property. So we’ll have the seller take photos for us, or we’ll hire a local handyman or a realtor to go get photos for us on our behalf.
Nick Perry (15:22):
And then from there, once we’ve got our photos, we’ve got our contract and we know how to get access into that property, then we can start locating interested parties who actually want to buy that property. So we’ll go out, we’ll find the buyer, we’ll have them usually put a deposit down before they even go out to the property, once their deposit is in and they’ve agreed to purchase it based on the inspection, we’ll give them one walkthrough after they put their deposit down. Then from there, they’ll do their walkthrough and we’ll use a local title company, or we have national title companies that we use that’ll facilitate the closing with all parties and you send the wire right into our bank account.
Jay Conner (16:08):
So a little more specifically, how do you get really close on estimating repairs?
Nick Perry (16:17):
It’s an art. So one thing that we do is we have a detailed property description and then pictures tell a thousand words, right? So yeah, sellers don’t always know the exact condition of their property, or they try to hide things, you know? But once you have a detailed Rolodex of photos to look at, that’s going to get you really close. Also, after we send somebody in there, if they find out that there’s additional repairs that are needed, we’re going to disclose that to the seller and all parties and make sure that it’s a win-win for everybody involved. We want the investor to get a great deal, solve the seller’s problems. So, nothing’s really getting past us.
Jay Conner (17:08):
You say the majority of your buyers are other real estate investors that are taking the deal down and you’re planning on an assignment fee from them?
Nick Perry (17:21):
Yeah. And unless it’s a novation agreement or sometimes, we’ll just list the properties on the MLS on behalf of the seller. And in those cases, it’s a conventional buyer, but the majority of our clients are all real estate investors like yourself. And you guys that are watching the show that are fixing-and-flipping property, or you’re a buy-and-hold investor looking for additional cash flow properties. Those are our end clients at the end of the day.
Jay Conner (17:51):
You’ve got someone that’s starting out and they want to be in wholesaling. One of the first things they need to do, I suppose, is build a buyers list, right? So what are some of your tips and secrets and strategies on how you quickly build a buyers list of other real estate investors to market wholesale deals today?
Nick Perry (18:15):
Well, yeah, that was one of my biggest challenges going nationwide. I had leads coming in from everywhere, but I didn’t have buyers everywhere. And so one thing that was really helpful to me was you’re going to these masterminds and things like that because I got to know so many other investors from different markets. I was either able to barter, trade, or buy a ton of different buyers lists. So I quickly built up a large buyer’s list just from that. And then, additionally, Facebook is a great tool. There’s tons of real estate investment, Facebook groups, all over where there’s active investors looking for deals. So that and a lot of these small towns, we just reach out to the realtors there because those realtors know everybody, right? They know the doctor that wants to buy a couple of rental properties a month. They know the big fix-and-flipper that’s doing 40 homes a year. So you just get resourceful, roll your sleeves up, and talk to people.
Jay Conner (19:18):
You can’t be picking up the telephone, can you?
Nick Perry (19:22):
Now, we are big on that. I’m big on being on the phones. We don’t do a lot of texting or emailing. My guys, it’s old school, pick up the phone, and make contact and have a conversation.
Jay Conner (19:37):
Yeah, there you go. I love it. We’re in a crazy market nationwide, pretty much every market. There’s no inventory to speak of in the multiple listing service. I hear a lot of my real estate investing friends say it’s the most challenging time that they’ve ever had, finding the off-market deals. And so we gotta be consistently marketing. So first of all, would you agree with that statement that it’s more challenging to find deals today, say than a couple of years ago?
Nick Perry (20:13):
I don’t know. I mean, I’m making more money than I’ve ever made in my career right now. So I think it just comes down to being smart with the way that you’re marketing because if you’re doing telecommunications, which is cold-calling, ringless voicemail, texting sellers, that’s an uphill battle. You’re beating on their door, knocking on their door, asking to give them a cash offer and everybody else is doing that. So one thing that was critical for me was to get really good at online marketing. All I do is pay-per-click advertising. I don’t do any other form of marketing. It’s been that way for a long time just because it’s a completely different approach when somebody’s reaching out to you, asking you for help versus you reaching out and trying to help somebody.
Jay Conner (21:06):
Absolutely. I was gonna say, it’s a whole different conversation when they’re raising their hand looking for you versus you raising your hand and you looking for them. It’s a different, whole conversation when somebody is clicking on your ad and saying, “Hey, please contact me,” versus you’re coming into somebody’s newsfeed or a Facebook ad or anything like that. I love it. So that’s interesting. You’re the only person I’ve talked to that only has one marketing channel. So that’s fantastic. I would think your sales guys, your acquisitions guys have a lot happier day than some other wholesalers.
Nick Perry (21:54):
Big time. If I were to give them cold calling leads or texting leads, they’d probably quit because I mean, it’s a completely different vibe. We get our conversions and it’s 1 out of every 10 to 15 leads is a contract. So they’re having to do much less outbound dials to get deals.
Jay Conner (22:16):
Right. What’s your average cost of a deal these days? What’s your conversion cost? How much money do you have to spend in marketing to get a contract?
Nick Perry (22:31):
I know it fluctuates between $800 and $1200. So our cost per contract’s really low because I’ve been working on PPC for so long. I’ve got my cost per lead really low at this point, which obviously plays a huge part in the cost per contract and profitability and all of that.
Jay Conner (22:49):
That’s fantastic. Do you use virtual assistants in your business?
Nick Perry (22:55):
We do. We have some virtual assistants that help out on the disposition side. We have some a couple of full-time virtual assistants that help follow up within our internal database, but the majority of my staff is all in-house right there in Austin, Texas. And they’re 5 days a week, Monday through Friday just going after it.
Jay Conner (23:21):
What kind of CRM or tools or systems do you have in place that your business really couldn’t live without?
Nick Perry (23:31):
We’ve customized our Podio to do everything that we needed to do. So that’s been phenomenal. If you’re using Podio, find a good developer to help customize it to the way that you like to do business. And then additionally Zillow, we comp using Zillow and we comp using PropStream. So those are really helpful. And then on the selling side of the properties, we use a software called InvestorLift, which is really helpful. It’ll show you all the LLCs of the people that are flipping property there in the area and give you their contact information. So InvestorLift has been a powerful tool for finding those investors across the country.
Jay Conner (24:18):
Interesting. So you’ve got quite a few years of experience right now. My next question, you would probably be able to answer this in more than one way, so I’ll just let you pick one. What’s one of the most important lessons you’ve learned since being in real estate investing?
Nick Perry (24:35):
Oh man. There’s so many. If I had to boil it down to one though, I don’t want to give you a cliché answer, like, “Don’t give up” or anything like that, but in terms of real estate investing is, “It’s going to be okay.” So here’s what I tell a lot of my students, too. It comes down to your team, and let me elaborate on that. “A” Players are the only thing that work in this business. If you have an A Player and B Player, here’s what happens. You got the B Player that ends up getting half of the leads, and that deal that your A Player would have closed and made $70,000 on, your B Player is going to fumble on that and it’s not going to become a deal. So you end up having a lot of lost revenue. So you look at that and you take that scenario and you extract it out over a week, a month, a quarter a year, you could, you could be potentially losing your multiple 7-figures if you don’t have the best talent. So I think people want to try to settle for inexperienced people, people that aren’t A Talent because they don’t think they can afford them and things like that. But I’m telling you, good talent is really the key to my success.
Jay Conner (26:01):
And what are your favorite ways to find that talent?
Nick Perry (26:06):
So I worked at Indeed before coming into real estate. So I know a lot of the tricks on how to get a ton of candidate flow there. And then we’ve come up with a proprietary way of just being able to quickly funnel through people and get near the best people that rise to the top on Indeed. So, Indeed, by far is number one and then referrals, as well. We’ve had a lot of great people come through who work with me just through referrals.
Jay Conner (26:36):
Gotcha. Super! Well, Nick, I tell you what, you have got the experience and you are one impressive human being. What is a final thought or thoughts that you would like to share with the audience?
Nick Perry (26:50):
Yeah, final thoughts. The biggest thing is if you’re already in the business, what tends to happen a lot of times is you plateau, you end up getting stuck. I got stuck in what I call “wholesaling purgatory” for 3 or 4 years where I couldn’t get past 5 to 8 deals a month. And what I did was now that we do 40, 50, 60 deals a month, the biggest difference was 1. Your team, 2. Your marketing, and then 3.) Also being nationwide. So I literally downloaded everything I know into video format and then created a mastermind behind it, as well, where I work with already experienced real estate investors that are looking to get from maybe a handful of deals a month to 7+ figures, multiple 7-figures a year. That’s what I’m really good at is helping people that are already successful in getting them quickly through those growth pains in this business because I already went through it. So that’s my new passion now is working with other investors I get to help. That’s really rewarding to me. And that’s been my new passion since I don’t do much in the day-to-day of my wholesaling operation anymore. I just get out of those guys’ way and let them close deals.
Jay Conner (28:11):
Yeah, man, and I’ve gotten the same passion and that is making a difference in other real estate investors’ lives. So let’s give everybody your website because we got some viewers and most of the people that are going to be listening to us will actually be listening to the podcast. So that website is www.7FigureCartel.com. Did I get that right, Nick?
Nick Perry (28:49):
You got it. Or you can just reach out to me on Instagram. It’s just my name, Nick Perry and then REI like real estate investments. So just Nick Perry REI, or you can go to the website, but yeah, happy to connect and help you guys any way I can.
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