This is my second (and probably last) post on EP. In my earlier post, my problem was sort of an "internal" one. I was trying to ensure that I was ready for this undertaking, in terms of identifying my interests and the like.
With your advice and guidance, I figured that I can surmount that hurdle, and that the best course of action is taking action and engaging in "on the job training", so to speak. However, when I delved deeper into Due Diligence details, I was flabbergasted.
Time and again, your posts painted a very bleak picture of the website buying business, particularly when Flippa is concerned. Clinton himself, the Administrator, pointed out in one of his posts that today, the chances of him getting scammed stand at 90% for websites in the < 1000 range, and 50% for those in the < 10,000. I've also read many horror stories of people who got ripped off mercilessly.
So, I decided to pack my bags and move away from this world. But before bidding farewell, I decided to ask few questions.
First, is there any hope for complete newbies? Being a newbie, I can't "swim" properly. In such a case, it's only intuitive to first master swimming in shallow water. But then they are so muddy and murky, and If I try and go beyond that, the sharks will annihilate me in no time!
Secondly, I've came to a conclusion that Flippa is, to a large extent, the epicenter of this mayhem (maybe they are wrongfully demonized by EP and others? I really don't know. Too much confusion). My question is, are there any alternatives to this "evil behemoth"? I know that one can conduct a Google search and contact website owners directly. I also know that it could be a pain in the neck to sift through all the SERPs. But will that reduce the risk of getting scammed and in turn reduce DD? Are these people less inclined to engage in scam or fraud? Are there any other downsides to this approach, apart from the forgoing ones?
Finally, I saw somewhere that one can use "option contract" to acquire a website rather than making a payment instantly. Could anyone please elaborate on Option Contracts in website buying/selling context?
Apologies for writing too much, and thanks in advance!