In this session of the Smart Passive Income Podcast we welcome back (for the third time!) Chris Guthrie of MakeMoneyOnTheInternet.com. [Editor's note: This site is no longer active.]
The first time he was on the show in SPI Session #10—we talked about niche sites and his amazing success promoting products as an affiliate for Amazon.com. In 2010 he sold over a million dollarsof product and collected a generous commission as a result, which is awesome.
The last time he was on the podcast we had a little back and forth discussion in SPI Session #22 about affiliate marketing—tips, tricks and real life experiences from the both of us, which was really fun too.
This time, however, we hardly talk about affiliate marketing at all. In fact, we spend a good 60 minutes chatting about something completely different that Chris has recently been focusing on to grow his net worth—something that I've become very interested in as well, especially because it has to do with a major goal I have in 2012.
So what's this session about?
Buying a website means that you obviously have to spend a little bit of money, but think about this…
Instead of starting a site from scratch, developing it and getting it to a point where it's generating an income, which as we all know takes some time and money to do, you can “fast forward” and buy a web property that is already earning money.
If you can improve the earnings of that site (and even if you don't), that site becomes a very valuable asset that can continue to put money (and for some sites, passive income) in your pocket for a long period of time.
Of course, there's a lot that goes into buying a website, which is why I wanted to pick Chris's brain before I dive into this myself.
This was a great session, and thanks to Chris once again for sharing his knowledge and expertise with us on the show!
I will say, however, that if you do become interested in buying websites after listening to the show, even though it is a faster way to get a website that is earning an income online, it's still going to take some work. Deep research and analysis to minimize risk is what it's all about.
There are risks involved and nothing is guaranteed—so do you're homework if this is something you're going to look into.
Update/Comment (from Clinton of Experienced-People.net, a veteran website buyer)
I just wanted to share part of his very insightful comments here:
“You compare it to buying a house and say just do your research. That’s dangerous advice! When you buy a house you have professionals doing your due diligence and legal stuff for you, you are buying from a local seller and are subject to local laws which have evolved over centuries. Not so with buying website properties from unknown third parties in far away countries who work to no laws at all. You can’t just “do your research”. That research is a specialist skill in itself.” — see more from Clinton below in the comment section.
I hope you enjoyed this unique session here on the SPI Podcast—and look out for some posts from me in the future when I begin to buy websites and document the entire process to hopefully add some nice income generating websites to my off-SPI passive income stream.
Cheers, and all the best!
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In this session of the Smart Passive Income Podcast we welcome back (for the third time!) Chris Guthrie of MakeMoneyOnTheInternet.com.
MakeMoneyOnTheInternet.com [Editor's note: This site is no longer active.]
- Where to find websites that are for sale (and no, Chris's primary location is not Flippa.com, although we talk about that marketplace too).
- The criteria Chris uses to determine if a website is worth buying, plus signs to look out for.
- How to determine the right price to offer for a website, including market standards for different scenarios.
- How much potential is really worth (you can guess this one).
- How to not get scammed when buying a website.
- How to pay for a website that you buy off a marketplace.
- How transfer of domain and ownership works (I drill down Chris here—I had no idea how this worked before).
- Examples of successful buys that Chris has made in the past, including the purchase price and domain (and what those sites are earning now).
- Examples of a not-so-successful buy that left Chris out 4 figures and what we can learn from his experience.
Click the button to the right to download the whole episode in PDF form from start to finish.