Internet Investment Summit 2012 - Website Buying and Selling Summit

[Clinton]

Chris, sorry, I wasn't aware it was private. Your site didn't seem to have a robots.txt or meta block and it's already ranking in Google (as is this thread! Chicken or egg, I don't know)

I'd also love to hear what people in the industry would like to see for content at an event like this

Very frankly? I would like to see an acknowledgement from sellers of products in this space recognising

1. That between crap at Flippa, scattered listings elsewhere and ridiculously overpriced brokers, it is extraordinarily difficult to find decent sites
2. That the flipping ship has pretty much sailed. Flipping sites are closing and even Flippa probably regrets their choice of name now.
3. That there are more and more seller scams and these are getting more sophisticated
4. That if you don't already have lots of experience you'll likely get scammed (i.e. no place for n00bs)
5. That it will take you hundreds of hours of searching to find a decent investment ($200 sites aren't "investments" to people paying $1,500 a go)
6. That even after hundreds of hours you may fail because there's a lot, lot more competition now (partly because of products such as your own)
7. That if you're new, withdrawing $10 bills and selling them for $5 will likely make you more profit than getting into buying websites
8. That the best place to go and talk about website buying and selling is not some closed gate private affair but a certain very public and free forum (I've read numerous ebooks and seen plenty of videos on site buying/selling and it's funny how the best free resources aren't mentioned in those products)

You guys have some great content and you've bought in some more good stuff such as posts by Eppie and Travis. Stay focused on quality even if that quality means calling the industry as it is rather than talking up the "potential".

Personally, I love it - it's a massive ego boost and I make a point of answering everyone, but some people need more than a few emails to answer their question; You get to 6pm and realise you've spent the last two hours composing emails which takes you away from your main business. You can either be a jackass and start ignoring people, or...

At the risk of sounding egotistical, I was probably the first person with this problem (time cost of people writing in for advice on buying/selling/valuing sites) and I was dealing with scores of emails every week. Then I started this forum and for the last couple of years have been sending out a boilerplate reply telling them to sign up and ask here as they'll be better served by getting a range of advice from various experts and that these replies together with mine will be publicly available to help others in their position.

[TeamFreedom]

I would have had the same attitude about three years ago but that's changed. The more public you become, providing you put out material that's at a decent enough level, people WILL come to you for help and advice. I receive around 14 emails each week from people who want help or advice on various issues.

Personally, I love it - it's a massive ego boost and I make a point of answering everyone, but some people need more than a few emails to answer their question; You get to 6pm and realise you've spent the last two hours composing emails which takes you away from your main business. You can either be a jackass and start ignoring people, or charge a fair amount and have somewhere to direct people - this is the reason why some (or at least the more legitimate) people have membersites, coaching groups or mentoring calls.

I have recommended FlipFilter to start charging.

I think those who teach people to large groups is a huge risk & liability because there are so many dynamics. When I go to these functions, I go for certain workshops but I mainly go for the networking & the knowledge that I get from the individual interactions from other members who have attended.

It's a toss up. Some get a lot out of it and others walk away with whatever they feel they need to take away.

I think that people who get in this business needs to focus to the core of the process of the business.. Not focus on the shiny objects or the glamour that you get at the end is perceived.

[Kay]

I'm with Clinton on this about getting such info onto a forum rather than trying to deal with it all personally. About 12 years ago I used to receive a lot of emails from people asking for my advice about living abroad and various expat issues. I too was flattered that people seemed to think I was a source of good advice. However, it took up an awful lot of time to reply to everyone individually. And in any case, a lot of them were asking the same questions. It just made so much more sense to do it on a forum where one answer to the same question could satisfy many different people.

Another benefit of group discussions is that you're likely to get different opinions and suggestions from the various participants. That can be a huge help sometimes and it often uncovers something that no one had thought of before. The big problem with that, of course, is when you get people spouting "advice" when they don't know what they're talking about. But generally I think it's helpful to have a team giving their opinions.

I guess you can do it all at seminars - listen to talks, participate in workshops, meet people, make contacts, discuss things one-to-one. I really enjoy attending such events. It's just that I'm sceptical about how I would benefit from listening to someone talking about how they made their money online.

[Clinton]

I believe a forum is the best option for sharing information and discussing these matters and there are many reasons. As you've pointed out, the reader benefits from wider expertise. By using just one person he is subject to that person's experiences, prejudices and mistakes. It's better to get a range of opinions and form your own mind. A forum allows you to raise further questions as you progress on your journey even if it's several days or weeks later. As this is not a static subject - new business models are emerging all the time raising new DD matters, for example - it pays to be plugged into a support and advice group of like minded individuals.

But there is no harm in charging for one's expertise whether it's via private consultation, a seminar or, indeed, a paid forum. And there are advantages to the private consultancy (confidentiality), the seminar (personal contact) and other paid services (you can demand service).

[visiongroup]

We aren't 100% on the venue

Hi All,

We're 100% on our Venue which will be Wynn Las Vegas. If you'd like a less expensive room in walking distance, I'd recommend Treasure Island. After hearing some feedback from EP members, we've also toned down our sales letter to take out any "flipping" focus. We're officially open for signups. You heard it on EP first! Hope to see you all there.

Chris.

[Denny]

4. That if you don't already have lots of experience you'll likely get scammed (i.e. no place for n00bs)
6. That even after hundreds of hours you may fail because there's a lot, lot more competition now (partly because of products such as your own)
7. That if you're new, withdrawing $10 bills and selling them for $5 will likely make you more profit than getting into buying websites
8. That the best place to go and talk about website buying and selling is not some closed gate private affair but a certain very public and free forum

While I agree that EP is a great place to learn about site buying, I don't agree that a private venue can not serve serious potential online investors as well.
One of the major benefits is; you're away from your office and can give 100% focus to the seminar. The other is meeting and talking with others one of one that share the same interests.
And while Clinton's 8 points above are very valid, and should be mentioned, it sounds to me like if you're not an experienced site investor, you should not get involved. With all due respect Clinton, I completely disagree with point #7. Unless you mean that a newbie will blindly purchase sites without first gaining the proper knowledge needed to get his/her feet wet.
Again, I'm extremely thankfull for the FREE knowledge I've gained with EP and will continue to gain and contribute as much as I can. But I've never had a problem with paying for seminars, mentors, coaches, experts etc. that I've used over the years.

[Clinton]

it sounds to me like if you're not an experienced site investor, you should not get involved. With all due respect Clinton, I completely disagree with point #7. Unless you mean that a newbie will blindly purchase sites without first gaining the proper knowledge needed to get his/her feet wet.

I'll wager good money that the vast majority of newbies buying sites - maybe well in excess of 90% of them - end up losing the game.

In other news, flipfilter sent out a newsletter promoting the seminar. He's offering his affiliate commission as a discount taking the price down to $850 if you use his link. Decent of him to not take the affiliate commission.

By the way, another participant / speaker has been added, Kyle Wakefield.

[Thread split to new VIP Lounge thread - Clinton]

[Denny]

I'll wager good money that the vast majority of newbies buying sites - maybe well in excess of 90% of them - end up losing the game.

I don't doubt that for a minute. But that may not be too different from newbies entering a bricks and mortar business either. I guess my point is; the fact that you're a newbie should not deter you from getting your feet wet. And to me, it sounds like you're strongly discouraging newbies from getting their feet wet. Back to the subject at hand though. I believe that a seminar should cover the pros and cons of site buying (in this case). So again, while I agree with including the cons and pitfalls one can encounter, I'm more interested in the success that can be realized if you work hard and properly towards your goal (as you and many others on EP have done) which I would hope the seminar would spend the most time on.

[Clinton]

To the extent that the seminar points out honestly the real risks and difficulties above and teaches those skills that can reduce the chances of a newbie losing money, great!

[[Thread split to here - Clinton]]

[ChrisGuthrie]

I could see some value in an event like this, if only to meet other buyers / sellers operating at different price points. Personally I like buying sites for a minimum of $10k+ (picked one up in Jan right at the $10k mark) so if I take and improve the site the way I always do and hold for at least one year to meet capital gains tax requirements and resell after really improving the income etc. then I can sell at a higher valuation to some of the people I met that are looking for a good higher end site they don't have to go and find. This way I could bypass the brokers and the public auction sites like Flippa and sell direct to someone who met me in person / knew more about me.

This is all assuming that there are buyers coming to the event looking for much higher end sites.

Judging from the responses it looks like no one is planning on going though? I'm in Seattle so a quick flight down to Vegas isn't too bad, if it were east coast I wouldn't even be thinking about attending.