advice 3 year old domain investing advice that is still valid today!

[News]

Everyone has advice on how to make money in domain investing. I wrote this three years ago and as I read it again, I still believe all 10 points stand true. Read it again and let me know what you think.

Trying to make a living on the “credit cards in the middle of the table dinner” style of domaining. When my friends and I go out to dinner we all put our credit cards in the middle of the table and the waiter will randomly draw one out of a hat. The card drawn pays for the whole dinner. Not a big deal at a dinner of 4 or 5 but I have to admit I’ve shit bricks at the 30 person dinners (I’ve never been drawn). If you’re buying 50 domains hoping that one sells for enough to pay for others you’re doing it wrong. Each domain needs to be able to pay for itself or why would you buy it.

You forget that relationships drive business. This is where so many people are clueless. Businesses that do well establish relationships with others that can help them make money. Not one time deals ,but long lasting relationships. They help and receive help from others. They play favorites and are a favorite. Morgan Linton and I have done well not because we have the most money, are the best name pickers, but because we know who to work with. Some get pissed because we get special favors but if you’ve seen our pictures it’s obvious they’re not doing business with us because of our looks. It’s because like all good businesses, we help those that help us. Every time you criticize an industry member you are burning a bridge.

No buying strategy: Do you have an end goal? An exit plan? What’s your business model? Is it buy low and sell higher? Congrats you’ve graduated from 2nd grade business class. There has to be a secondary plan beyond the “sell it for more than I paid for it” method. Most domain sellers are known for something. It could be as simple as good quality names like Berkens and Most Wanted. Or solid keywords like Elliot. I’m known for 5Ls and short domains. The more you are known for something the better chance people will come to you looking for those type. You are not going to sell all of your domains. It’s a fact...

Read More

 

[imc]

Regardless, whether each domain pays for itself, there is a factor of time. Some niches evolve more quickly than the rest. Some domains take longer to realize results. One can strategize all they want, but if one does not have the talent to spot and own good names, no amount of planning will bear fruit.

 

[maddcheddah]

I'm good making $5-$10 profit on a domain as a noob. I rather get my money back and learn the biz than to chase high dollar amounts.