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In my previous making money experiment, I turned 0 dollars into $100 by making a commission on some items I sold on kijiji for someone else. I actually made $102 (and had an item left I could still sell) but, for this experiment, I am going to take $100 of that and turn it into $1000 cash in 30 days or less.

Why am I putting a time limit on it? Mainly so I will hustle to get the job done sooner. And if I don’t meet the deadline, then time will get extended because the whole idea of this money making experiment is to turn $100 into $1000, not about how long it will take to do that.

Now if you don’t have any money to start with, then I recommend you find items you have around the house (or sell someone else’s for a commission) and put them for sale on kijiji or other free local listings (in your area). Please read my making money experiment #1 to get ideas from how I was able to do it.

For this experiment, I’m not going to sell on kijiji (but you can easily do that by buying and selling on there) as I’m sticking to making money online selling domains. Why domain names? Because I can do it all online at my own convenience, no driving around or the hassle of waiting for buyers to show up.

I really like the idea of dealing in real estate (which I have in the past) but more so online by flipping domains instead of houses. Plus, out of the blue, I sold a domain for $2500 that cost me under $40 for the whole time I owned it!

I think selling domains is a good area to make money from, especially going forward when it comes to turning $1,000 into $10,000 (that is after succeeding in this making money experiment!).

Recently I bought on auction 9 domains for $155 plus another 2 on godaddy’s closeouts for $45. I believe I got a good deal and think I could get some money out of them. The thing with domains is there isn’t a time limit as to when they can be sold, as depends on the right buyer at the right time, nor is there certainty of what prices you can get for them. Maybe one isn’t even worth the domain registration fee while another could be worth a couple thousand dollars or so. The sky is the limit but you do need some understanding as to potential value before purchasing a domain name.

If you let the domain go too cheap because you couldn’t wait it out or asking too much that it never gets sold, it can be a tough call at times in determining the right price. So by doing some research can make it a little easier and, also, by letting the potential buyer make the offer first helps in negotiating the price.

Of course domain name buying and selling is speculative but if you only hand registered a domain for $10 (or bought cheap off auction), you certainly can’t lose in selling it for anything above that. It doesn’t hurt to wait it out for the right price or at least until next domain renewal that comes up a year later. Whereas if you bought a domain for $1,000, you have to be sure that you can sell it for more than that and be willing to wait for the right buyer before you do.

Sometimes they don’t sell on auction and may have to relist them plus, for more exposure, you need to list them (for free) in various places like Sedo, Godaddy and Afternic and just wait for buyers. These places do charge commissions from anywhere from 15% to 30% (when sold), depending on the venue, but it is worth it if you get a good sale and make a profit. I got some free credits (from a coupon code) on Flippa so a few of the domains are listed there. It includes one relist for free too if doesn’t sell the first time around.

Now because I paid $200 for 11 domains in total, for this experiment I can only use $100 I made from the previous experiment. So in dividing the domains to half would be 5.5 to equal the $100, I will round off to 6 to be fair. I picked 6 of the ones I believe have the most potential to sell in getting to the $1,000 (or more). One is already listed in Sedo’s Domain Hacks Special Auction Event. Basicallly if I can sell these domains for $167 each, I will have reached my target of $1,000. If I can sell for more, anything above is a bonus.

Right now I have 4 domains on auction and the other 2 I will also put on auction after I get a sale because I can only use funds from the money earned from the sales of these domains. Otherwise they are all listed (free) for buy now or offers in various places. I will update as each domain is sold or anything significant comes up.

Related: Sedo Selected My Domain Name For Their Domain Hacks Auction – I’m Going To Make Money!

Update 1 – First domain sold was Inju .red at Sedo for $199. All the way through the auction it was sitting at $126, not hitting reserve, then in the last five mins it exactly hit reserve (thank god or it wasn’t going to sell!). You have to price right even for the reserve you place on auction. Now the only thing is a big chunk of that is going to sedo for their commission on the sale and I will net $139.

Update 2: I received the $139 from Sedo, and out of that I spent $7 (was $9 but I had 2 free credits left) for an auction that runs for 14 days at Flippa (I will get one free relist if it doesn’t sell). And I spent another $6.47 for a 1 year membership at Godaddy auctions so I can list the other domains for free there. I am also considering to spend another $10 in promoting one of the domains in auction at a high trafflic blog that specifically promotes domain auctions but first have to decide which domain and if it is worth promoting. So that leaves me $125.53 and I need $874.77 to reach my $1,000 goal.

Related: My “Deer In Headlights” Experience Selling A Domain On Auction At Sedo

Update 3: I’ve already done one round of auctions at Godaddy without a single sale. One domain is on Flippa without a bid yet and that auction will end soon. If doesn’t sell, then will do the free relist that is included. Now doing round two on Godaddy auctions. It’s a little buggy with them in listing domains as each time have to verify them, where they send a link to your whois email address, for you to click, to confirm ownership. Sometimes it doesn’t work properly, have to keep trying again and this time a couple domains couldn’t be listed because of that. Also, Godaddy has thousands of auctions running at all times so you can get lost in the crowd that’s for sure. I also need to work on pricing right and whether to use make offer, buy now or a combination of both on other platforms like Sedo and Afternic. This is where it gets trickier in determining both prices and strategy so it’s a good idea to have a look at what others are doing that have had successful sales and what similar domains have sold for.

Note that the free domain appraisal tools out there can be used to get pricing ideas (godaddy’s is better than the rest) but not for exact pricing as either could overprice or underprice (as in the case of dwn.com where the seller used sedo’s free appraisal tool to set the buy now at 2,999 EUR ($3,500) when the domain was worth 10, 20 or more times the value, which a lucky buyer scooped up at a steal of a deal!). The domain that I sold for $2500 on godaddy’s free appraisal tool was valued at $1,485 but that wasn’t the correct worth because a buyer was willing to pay $1,000 more, and the market is what determines the price not an automated appraisal tool as it cannot take into all factors involved.

Update 4: The Flippa auction for weatherizers . com ended without any bids. I thought I would have to relist it but shortly after I received a post-auction offer for $99. It wasn’t the offer I was looking for and tried to negotiate higher but the buyer would only budge to $105. I accepted it even though I know this domain is worth more, just don’t have time to wait for the right buyer as have a deadline to meet in this making money experiment or to at least show that money can be made selling domains no matter what price you get as long as it is profit. (This domain I paid $22 on godaddy’s closeouts, then paid $7 to list on flippa plus a $12.60 success fee on the sale, which they reduced to 12% from 15% for using their flippa escrow service, so I netted $63.40 on it…definitely a profit!). Last my balance for this make money experiment was $139 and now to add $85.40 ($105 less $19.60 listing & success fees) to bring the total to $224.40 (two domains sold) and need another $775.60 to reach the $1,000 goal.

Update 5: I put 4 of the domains on flippa auction. Three cost me $12 in total for half price listings (listed for 12 days) and the other cost the full fee of $9 (listed for 21 days). The fourth one though will get a free relist if doesn’t sell so will use it. I’m not sure about the other 3 getting free relists since they are half price listings. That means a $21 chunk is coming out of the $224.40 profit, bringing it down to $203.40. I wasn’t planning to spend anymore money but this is taking longer than the 30 days, so have to give it a try to get them sold. The last one sold post auction, so even if they don’t sell on auction there is always a possibility a buyer could make an after auction offer. If this doesn’t work, then will have to try a different strategy!

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Update 6: Another domain has sold on Flippa, Flirty . io After a bid of $100, I reduced the reserve to $125, since the auction was going to be ending soon, in the hopes that the reserve would be hit sooner and more bidders could bid it up. But it didn’t happen that way, the lone bidder hit the reserve (the amount was openly in view) and no one else bid on it. That’s the thing with Flippa, doesn’t get too many viewers or watchers, so there’s a tendency you will get a lower price. By doing a little promoting on your own may help to get a higher price. I did promote a little on a forum but that was the extent of it.

I expected this domain to go for higher but in a time-limited running auction doesn’t give time for the right buyers to show up for a bidding war or for someone willing to pay more for it. The buyer used the flippa escrow for payment which he paid in a matter of hours from the auction end, and right after I pushed the domain to his account, he released the payment from flippa escrow and was paid to my paypal account a few hours later. I am impressed how fast this transaction was completed in 6.5 hours the same day where all parties involved were prompt, and flippa escrow didn’t delay in processing the payment. I heard some bad stories about their escrow service but the the two transactions I did through their escrow was promptly completed with no issues, first one they released the payment the next day (probably due to a cut-off time) and the second one same day. You just have to make sure your info is up to date in your flippa account beforehand, because your phone number has to be correct for them to text you a code to enter to request release of payment.

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This domain was part of the 9 domain package that I paid a total of $155 for which breaks it down to $17.22 for this domain, plus I paid $34.88 to renew it, a $4 listing fee and $15 success fee on the sale which brings the cost to $71.10…that nets me a profit of $53.90. My last balance for this making money experiment was $224.40 and now adds $106 ($125 less $19 in listing & success fees) bringing the balance to $330.40. I am slowly but surely making money from these domains.

Update 7: Another domain, cellphonecarrier .com , sold on Flippa post-auction after hard negotiating (on buyer’s part). The auction ended unsold, and the only bidder (who bid at $1) offered $49 for the domain. I tried to get him to $99, $69, $59, but each time he only moved an inch. The finally he offered $55, and I decided to take it. I’ve already tried a few rounds on this domain, so decided to just be done with it. This domain initially cost me $16.88 on godaddy’s closeouts and with the flippa listing & success fees of $10.60, it’s still a profit at $27.52. Of course though you always hope for (a lot) more. That is how it is on Flippa, they will try to low ball you to get as cheap as they can, but if you want to move domains quicker and not wait for “the right buyer” to come along, then that is what you have to do. I netted $44.40 ($55 minus $10.60 listing & success fees), which brings the updated balance to $374.80. Need $625.20 to reach the $1,000 goal with 2 domains left to sell, as 4 of the 6 have been sold.

Update 8: OnlineMovies .tv finally sold on Flippa after having to relist it. Of course a similar story, only one bidder who had bid $1 and auction ended unsold. Then I negotiated with buyer from $149 but he was stuck on $75, even had the nerve to counter lower at $74 before going back to $75. I ended up taking his offer even though I know this domain is worth more, but it was part of a package which I am already ahead on plus I don’t want to hang onto domain extensions that have high renewal costs as prefer .com. Buyer paid with paypal instead of Flippa escrow which made it higher in fees. So I netted $61.20 ($75 less $12.80 flippa & paypal fees) bringing the updated profit total to $436 ($564 to go!). With 1 domain left to sell, I don’t think it will get enough to reach the $1,000 so I will include the other 5 by deducting $100 for their cost, which reduces the balance to $336. That means 6 domains need to sell for $564 to get me to the $1,000 mark.

Turn 100 Into 500

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Turn 100 To 1000

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