Mud: Real Estate Wholesaling Strategy from Matthew McConaughey
What can Hollywood actor, Matthew McConaughey teach you about real estate wholesaling strategy?
Matthew McConaughey might not be the first person investors think of as a real estate investing guru, but his latest movie performance, starring in ‘Mud’ delivers some very poignant wholesaling strategy lessons for those building businesses flipping houses.
McConaughey’s character in the movie is named ‘Mud’ and in the film the character’s name has become mud due to some poor choices. When it comes to wholesaling homes and building a business this is a powerful reminder that your name, brand and reputation are incredibly important and intertwined with the longevity and prosperity of your business. It’s easy for your name to become ‘mud’ in the real estate industry unless you are committed to excellence. Once the damage is done it is incredibly difficult and expensive to restore, and you don’t want to be on the run as the character in the movie.
The second lesson following on from this is the incredible power and value celebrity has. Certainly if Matthew McConaughey turned his hand to becoming a real estate investment guru he’d probably make out very well, even if he didn’t know the first thing about buying or selling homes at all. It’s all about celebrity and there are millions of individuals out there that will buy anything their favorite celebs back. That’s why the likes of 50 Cent and Kim Kardashian can bank $10,000 plus per Tweet. So consider investing more in building your own personal brand and celebrity or if you don’t feel comfortable in the spotlight enroll a celebrity to promote and endorse you and your product.
Thirdly is the power of online reviews today. Matthew McConaughey fan or not if you are weighing movie choices there’s a good chance you’ll check out online reviews to make sure you aren’t blowing your money or time on a dud film. You want a good return on your ROI. The same applies to wholesaling homes. Cultivate online reviews and their influence on opinion. Think Yelp, Goolge+ Local and real estate forums like BiggerPockets.
Lastly and perhaps most importantly, not just for wholesaling strategy but for all real estate investors is knowing when to walk away. In Mud, McConaughey ends up wrecking his life, alone on a deserted island, with no food and on the run from the cops and an army of bounty hunters. It all comes down to a common wholesaling strategy mistake; not knowing when to walk away from something you are in love with. All too often investors buy properties they fall in love with and either can’t bear to sell them or do so blindly, ignoring the reality, and the numbers. That’s a recipe for disaster.
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