Making money online is a dream that many people have, but the reality is that few people make it to the point of actually reducing their work hours or quitting their job to live off the cash flow generated by their websites.
A month ago, I attended a workshop with Matt and Liz Raad – a couple who have achieved that dream and more. They have acquired a portfolio of profitable websites and created a full-time income in a fraction of the time it would have taken to build all their websites from scratch.
Matt and Liz bring traditional business strategies to the online world. They are buying websites that match both their core strengths and substantial business experience both online and offline.
Matt and Liz bring a wealth of experience to the table from their business brokering background, where they sold businesses valued up to $20 million. Their background and knowledge enables them to identify the value and potential in a business or website, and how to leverage their investments to make them as passive as possible.
Matt and Liz highlighted the similarities between buying websites and investing in property. They target websites that give them the highest returns – just like you would when looking for the best investment property to buy – one that will provide the highest rents and capital growth.
They went through their “shopping checklists” for the exact criteria they look for when they buy, and also the strategies they use to build their portfolio – initially looking for what they call “money hubs” to build their mini empires around.
The key to their fast online success is to target genuinely profitable sites that have proven themselves in the market. As Liz explained – by targeting these sites, you take the ultimate shortcut. You don’t have to build the site, wait for traffic to increase, work on rankings, create a whole lot of content, build sales funnels or test sales letters – everything is already in place and already working. As soon as you hand over the money and transfer the site – that cash flow is yours.
And just like with investment property, they are looking for “fixer-uppers” – websites that need the equivalent of a kitchen/bathroom/paint job. Nothing too major – just simple little changes that make massive improvements to the cash flow and value of the sites. Again, they do this with a very focussed plan, knowing exactly where to look for the hidden gold.
They laid out all the strategies that you can use to build a portfolio – quick flips, leap frogging, long term buy and hold – all similar to the strategies you would use to invest in real estate, but applied to online business.
I was inspired and excited to see over 500 people in a room learning how to accelerate their journey and actually achieve their dream of making passive income online. There were plenty there who had followed Matt and Liz’s advice and were already making enough income from their websites to reduce their hours at work or even quit their jobs.
So, I’m very excited to announce that Matt and Liz have agreed to share some of their strategies with you here on the Flippa blog over the coming weeks.