My First Experience in Website Flipping
August 2nd, 2008 | Author: Noobpreneur | 860 views
I have finally sold one of my web property. All this time, all I do is acquiring websites to add to my portfolio.
I can’t disclose the details – yet.
But this first-time experience is really teach me a lot, because, in fact, it’s not as smooth as I thought it would be :p
The transaction is through Paypal, and as long as Paypal has a 60 days transaction cancellation period, I have to be worry for the next 56 days or so, because it’s easy to get refund using Paypal :)
I actually eager do transaction with escrow services, such as Escrow.com, but my country is not in their list :(
All I can say is that some minor details went unnoticed, and my buyer asked me to settle the problems.
Silly me – I should’ve checked the details not when I’m about to sell it, but when I bought the site 5 months ago! A newbie mistake, I believe.
Fortunately, the buyer is keen to work this out and not rushing to get a chargeback through Paypal.
I’ll keep you updated with the outcome.
The first lesson I learn in website flipping is: Triple check every transaction detail and inquire small details as much as you can to the seller. It’s better being annoying than sorry later.
Ivan Widjaya
Website flipping noob
About the Author
Ivan Widjaya is the Owner/Editor of Noobpreneur.com. He is a web property investor, blogger and web property maker, and currently manages and writes for Franchise Note. He also runs a web design business, Chalcedony Design, specialising in Wordpress theme creation.
Visit Noobpreneur's profile and other posts.
Posted in Brought to you by...
Ah yes, I had a similar circumstance, except I was on the other side of the transaction. I was trying to purchase a domain name and ended up dealing with two brokers on behalf of the seller. The good news is I was able to talk them down from over two grand to $500, I guess because there were probably no other buyers. How much of a profit are you making off of your first flip?
Matt,
Ha! That’s too-much profit they might receive if you are not a good haggler :) Anyway I made almost a grand from the transaction.