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My First Experience in Website Flipping
August 2nd, 2008 | Author: 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
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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 My Web Estate. He also runs a web design business, Chalcedony Design, specialising in Wordpress theme creation, and plenty other web business.
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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.