This can be a lucrative side hustle
I love making extra money via side hustles and have tried many over the years.
One of those is buying and selling domains. Don’t think this is easy, because it’s not.
The toughest part is finding great domains for sale at reasonable prices.
Selling can also be tough. Professional domain sellers usually sell just 1–2% of their portfolio every year. That means that if you have 100 domains, you can expect to sell 1 or 2 in a year.
When you do sell, it can be a big payday. It’s a game that takes a lot of patience. More patience than I have personally.
My biggest winner in recent years was a domain I bought at auction for $975. It was a pretty awesome domain, and I was very surprised when I woke up in the morning to find that I was the winner.
I didn’t hang around and wait for a buyer. I made a list of companies that I thought would jump at the chance to buy this domain. I contact all 8 of them. 3 replied expressing an interest.
I negotiated a price of $5,550, which gave me $5336.20 after escrow fees.
The sale was completed around 2 weeks after I bought it.
So that was a profit of $4,361.20.
It was one of my easiest domain sales, as well as my most profitable one.
Finding such a great domain name at such a good price is quite rare. It can take hours of work sifting through the tens of thousands that are listed for sale every day. Even if you find a great one, you usually get outbid.
I’ve sold plenty of others, mostly in the $250-$1,000 price range.
I have other side hustles that make more money, so I plan to retire this one. I still have a few domains left, and hopefully, a few will sell. If not, I’ll likely let them expire.
It’s not a bad side hustle to run as a background project if you have the time for it.