I have a challenge for you. Turn $20 into $5k in 60 days. Think you’re up for it? You should be because I’m going to give you some tips to help you on your journey. Before you take this ride, make sure you learn how to develop your valuation instincts first!
Spend the first day or two exhaustively searching for the perfect $20 domain name. My recommendations are to search the GoDaddy Closeouts section on ExpiredDomains.net. Narrow your search down drastically so you weed out all the garbage and leave yourself with a domain name you can easily double your money on! If you don’t know how to use ExpiredDomains.net filters, check out my post on How to Setup ExpiredDomains.net Filters Like a Boss & my video on ExpiredDomains.net.
You’ll want to focus primarily on a generic or exact match, two-word .com. For instance, while writing this post and in under a few minutes, I found the domain name TantraBooks.com in the closeout section. Sure, not a great premium domain name, but I could double that up immediately. And, as of writing this post, the domain name is still available. That is an exact match, eCommerce ready domain name. Think you couldn’t flip that for $40? Think again.
Once you have your $20 domain name. Begin immediately listing it in the “buy now” domains for sale forum of NamePros.com or any other location. If you don’t know where to list your domain, read the post Best Places to Sell Domain Names. I can assure you, though, that NamePros is your best bet, why? Because it’s free, and, you need 100% ROI to accomplish this challenge.
You may even want to list it for $100, just to leave yourself some negotiating room. Don’t worry about over-selling, the goal here isn’t to make a fortune on one domain, it’s to finish the challenge successfully and to gain experience along the way.
Sell that domain for no less than $40. Ready? Go.
Now that you have $40, time to do it again. Except this time, you are going to spend the entire $40 on one domain name. This will open up the doors to more marketplaces. You can seek out Flippa, GoDaddy, Sedo,SnapNames, NameJet; it doesn’t matter. You will still want to focus on the generic or exact match, two-word .com’s. Aside from being the bread and butter of the industry, they are very easy to flip.
Got your domain name? Great. Now repeat the selling process on NamePros.
$80 in the pocket and a new domain name to seek out. You could venture off into different types of domain names now, but I highly suggest you stick to what has been working for you so far. Again, dig through the auctions, find a domain name that is undervalued, buy it, and then rinse and repeat the selling process.
$160 in the bank now? Time to double it up. From here, you now have a bankroll worthy of upgrading your domain name. Seek out only auctions, I recommend GoDaddy Expired Auctions using ExpiredDomains.net to filter out the garbage. You can nab up some great domain names for $160! I’ve turned $50 names into $500 names with ease; you can too. $160 to a $320 flip is no big deal if you buy the right domain! Focus this $160 on an exact match domain, as they make it easier to write a sales pitch. Plus, an investor can always appreciate monetization potential.
List it, flip it, repeat.
By now, you should have $320 in the bankroll. Time to get real crafty, you can now afford a nice one word .net and an even finer one word .org. While they may be harder to flip, if you manage to seek out just the right one, it should be no problem at all. Being that it’s harder to sell a .net and .org, stick to a generic, English dictionary, one word domain.
You now have the option to run a domain name at auction. While this may lengthen the time it takes you to complete the challenge, you can run a seven-day auction that will only put you back a few days. Think it through. List it on NamePros first, give it a day or two. If not, list it at one of the many marketplaces. GoDaddy 7 day auctions, Flippa, or elsewhere. But be careful, you WILL be paying a success fee. Try the forums first.
With $640 to invest, the world is slowly becoming your oyster. Keep in mind, however, the more you spend, the more risk you take. This point will be your make or break for the challenge. Spend it very, very wisely.
I recommend finding a one-word, undervalued .com gem. I’ve found some great ones for only $500, they are out there, but it will take quite a bit of digging. Otherwise, focus on a generic, two-word .com here. This one, I recommend taking the domain name to auction to increase the exposure, competition, and give you the ability to triple if the auction takes off. I would set the reserve at $1,280 + Success Fees so you take home exactly $1,280. This one will likely push the timeline back, but who cares, this is a challenge meant for the experience. The only way to lose is making poor investment choices.
Now, decide how you want to sell it, and double up!
What’s up baller? $1,280 to invest now? Let’s go! Time to find a real GEM. One word .com all day long. I’ve managed to seek out $1,000 one word .coms regularly and flip them for 3x-5x within a week. You can do it too. This one, however, you may want to spend a few days seeking out. Try to focus on singular, call to action words, plural product domains, or singular generic words. For instance, I picked up Tamer.com for $1,000, flipped it for $3,000 within a week or two. Seek out words like that have multiple uses! Try to stay away from words that end in “ing”. Spend this money very, very wisely.
This one you will likely have to take to auction, but I challenge you to flip it through your network the same day it hits your account!
By now, you should have at least $2,560 in the bankroll. Time to get serious. Find the best one word .com domain name you can find for the price. That is your fast track to a quick, double up flip. A while ago, I managed to grab Strider.com for $2,500. Sold it almost instantly for $5,000. Albeit, that domain name is worth much more than that, and the new owner will be able to 5x+ long-term easily. But, I flip domains, that’s what I do, and that’s what this challenge is all about. Seek out the perfect domain name, and this time, run a 14 day+ auction, set your reserve at $5,000+ success fees. Sit back, relax and know that you are right around the corner from successfully completing this challenge!
Congrats! You are now a part of the $20 to a baller club. Don’t worry if it took you longer than 60 days, focus on the fact that you completed it. And even if you triumphantly failed… you are only out $20. Try again till you nail it.
Once you successfully complete the challenge. You can start again, this time, buy two $20 domains, repeat the process x2. Complete it again, and repeat the process with three $20 domains. Eventually, you’ll get to the point where you can run this process with $100 domains, $1,000 domains and so on. Good luck!