And Even More Money Making Methods Part 3

You can equally make tidy sums of money flipping expired domain names. Now for those of you beginners that don’t know what a domain name is, a domain name is the address you type into your search bar that points to your website. It usually starts with a ‘www.’ and ends in a “.com, .net, .org, or .biz” and so on. There are tons of them. Domain names are bought from registers for a set period of time, usually 1 year or 2 years at a time. An example of a domain name is www.ejeksrecommends.com.

You might ask: what is an expired domain name? This is a domain name that the owner failed for some reason to renew after its initial purchase period came to an end. When this happens, that particular domain name becomes available for anybody to buy and build a website around.

Now you may wonder: what’s the value in an expired domain that the original owners failed to renew or don’t need any more? You see, when the original owner registered that domain name, he or she had plans for it except in some cases some people might buy a domain for just a quick sell of their product and that is all. So if he or she built a site around that domain and promoted it and built back links to it, then this domain will have some traffic still attached to it. That traffic is what makes the expired domain names valuable. So when the new owner buys the domain, he or she will be able to rank in the search engines faster than if he or she was working with a brand new domain. So all you need do is to find these expired domain names and sell them to people that want them for their inbound links and residual traffic still attached to them.

Most of these domains are very inexpensive: around $10, $20, or $50 and you can sell them for $100, $500, or even a thousand dollars depending on how lucky you are to find a really valuable one and how you go about your promotions. There have been people reported to have built multimillion dollar businesses around just finding and selling domain names. Some domain names have been reported to have been sold for thousands and millions of dollars. Will you be lucky enough to find such domains? Maybe! More than likely you won’t but with good research you can still find good valuable domains that you can sell for a really good amount of money. You need to bear in mind, though, that not all the domain names you find will sell; you will generally lose money on some, and that is where the Fast Flipping Formula (FFF) comes in. This is a formula developed and made popular by a noted internet marketer, speaker and entrepreneur, Bob Gatchel

With this technique, you can find and sort the domain names in a matter of minutes, and your chance of hitting a home run with a domain name is increased drastically. The Fast Flipping Formula can be done in 4 steps:

Step 1 - Find the Domain Names

Here, all you do is to find the domain name. You go about this like you are mining for gold: you need to sift through the dirt and rubbish to find the gems buried deep inside. The best place you can find these domain names are at a website called networksolutions.com. When doing your search, you will need to arm yourself with the right keywords that are related to the niche you want to market; otherwise, you will be flooded with thousands of domain names, making sorting through them hell on earth. So with these five or seven keywords, you can put them into the network solutions search box and push the search button, and you will be presented with a few hundred domain names which you can then easily go through.

But before doing that, you need to bear in mind that there are four key criteria that you need to follow in order to be able to do your sorting and sifting accurately.  These four criteria are:

1.      The domain names must not contain numbers, e.g. 123stomachabs.com. These are generally useless; people put the numbers when they can’t get “stomachabs.com”.

2.      The domain names must not contain hyphens, e.g., stomach-abs.com. Again, these kinds of domain names are cheap and do not sell very well in the market.

3.      The domain name must not exceed 24 characters in length. The shorter the better and the more valuable it will be. This helps to prevent spelling errors when people are conducting a search, it is easy to remember, and will not cause typing fatigue.

4.      The domain name must end in a “.com” only, no “.net”, “.org”, etc. These are generally not valuable and won’t sell in the market place.

So with all of that criteria entered into the network solutions search system, you can push the search button, and the system will present to you hundreds of domain names. Next, all you need to do is cut and paste these domain names into a text file. Then, you go to godaddy to see if these domain names are available. This is because the system is not perfect; you can be presented with domain names that are still in use due to a system error. This takes just five seconds on a godaddy bulk search tool and will help to reduce the total number of domain names even further.

Next, you will want to do what I call a sanity check: take a look at those domain names and ask yourself if they stand out to you, do they sing to you, do they make sense, and/or do they have a universal appeal to them? Would any one of them be a domain you would like to use as a website name for your business? This will further reduce the total number to probably 4 or 7 domain names.

Step 2 Acquire the Domain Names

You can just buy the domain names directly from godaddy.

Step 3 Sell the Domain Names

The next thing you do is sell the domain names. You can sell them on eBay. You can set the auction and start the bidding price at any amount you like but check what others are doing so you don’t stray far off and be the odd man out. You don’t want to price the names too high or too low.

Step 4 Transfer the Domain Names

This stage is very easy: you just pick up the phone, call godaddy, tell them you have sold your domain name, instruct them to initiate the transfer to the new owner, and that’s it.