I was chatting at The Bowl last week with a couple of guys from Brooklyn who have found a really novel and unique way to make money: buying and selling domain names!
Domain flipping is the art of buying a domain name for a low price, and then selling it for a much higher price to a qualified buyer. (source: easydomainflipping.com)
So what these guys do is basically search the marketplaces and social platforms to find domain names that are valuable. That can be because of a short, brandable name, or an aged domain with history which can be sold for SEO purposes.
They buy the domain, and then flip it for a profit. The guide they used to do this (link above) basically says to aim for $500-1k profit per domain. Any more than that and you end up getting greedy, and having a portfolio of domains that don’t sell and cost you money in renewals.
What do you think? Have you ever flipped a domain? 100 domains a year at $1k profit is a very tidy $100k a year!
I’ve been thinking a lot about personal finances recently and where to invest my money.
I have money invested in pension funds, ISA’s and bonds, but those are more long term investments where you can’t really touch the cash for 10-20+ years.
In an effect to diversify, I’ve invested in a website which has a fair amount of traffic (100k+ visitors a month) and makes $500 a month. I won’t say how much I’ve invested, but at the current rate of earnings I should break even on my investment inside 2 years - and that’s if I left it as-is (which I don’t intend on doing).
I’ll share the URL for the new site once I’ve had time to clean it up and make improvements to it but I’m very happy!
For those of you who have been looking to invest your money and diversify, I used We Want Websites to find this particular site. They are a curated marketplace which only accept the very best websites to be listed and email them to their subscribers.
The seller was great and clearly had a passion for the site vs just wanting to build a site with the intention to flip it.
I’ll post again soon with more details on the purchase process if that’s interesting to anybody.
Over Christmas we threw a big party for all of the local makers and entrepreneurs here in NYC to get together.
One thing that struck us was just how diverse and amazing the makers in NYC are. From personal finance blogs to bank card lookup tools and SWIFT code databases - there really is so much going on here.
Some of these makers are actively seeking funding to grow their projects and take them to the next level, while others are content to just grow slowly and enjoy being an indie maker with freedom of time to work on the things that make them happy.
This is what NYC is all about and it’s the spirit we’re trying to capture here at La Gamelle!
Hello world! This is the first post on our blog for La Gamelle, a new coworking space in New York City.
This blog will cover some of the many startups and side projects that New York has to offer, as well as interviews and background on the entrepreneurs and makers who started them.
If you’re looking to keep your finger on the pulse of the NYC tech scene, this blog is the place to be7