Apply this to domains and be successful (4.Viewing)

@GeorgeK made an interesting tweet


You can apply this 100% to domains.

Someone will say you paid too much for a prime spot (premium domain) and laugh when they hear what you paid.

Then a few years later a developer comes along and the sky is the limit.


Domains are virtual real estate, hold on to your premium domains and use them to generate leads but the big money will come when the surrounding real estate builds up. In other words when premium one word domains are almost all in use and you're one of the few available. Kind of like this little gas station

I have a friend who's owned a Auto Repair Shop for decades on some pretty now-prime (and large) real estate and he's always getting offers to buy, and like the "poor student" routine we're familiar with, it's the old "I've always wanted to run a garage of my own", etc. which he knows is BS and he's also had many $$$ developer offers so far.

He told me "We have so many people pouring into Canada that I'm just gonna wait for the right offer to come across my desk."

DomainRecap said:

I have a friend who's owned a Auto Repair Shop for decades on some pretty now-prime (and large) real estate and he's always getting offers to buy, and like the "poor student" routine we're familiar with, it's the old "I've always wanted to run a garage of my own", etc. which he knows is BS and he's also had many $$$ developer offers so far.

He told me "We have so many people pouring into Canada that I'm just gonna wait for the right offer to come across my desk."

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Its all just a matter of time - and planning your exit strategy... When do you want to retire? Is it worth waiting until you're nearly dead to cash out? He should just consider listing it for sale as a development property, not as a business for sale. That kind of property could bring in enough to retire now rather than later.

rlm said:

Its all just a matter of time - and planning your exit strategy... When do you want to retire? Is it worth waiting until you're nearly dead to cash out? He should just consider listing it for sale as a development property, not as a business for sale. That kind of property could bring in enough to retire now rather than later.

Click to expand...

He's not even trying to sell at this point and all the offers are unsolicited.

And don't be painting retirement as some pie-in-the-sky goal. A guy I know just retired from the government (it was all he could talk about for years) and not even a year into it, he feels totally lost and doesn't know what to do each day. He had a lunch with his previous co-workers and he was telling me it was the highlight of his month and he'd been looking forward to it for weeks.

For a lot of people their job or their business is their identity and you lose something of yourself when you become a "retired hobo".

DomainRecap said:

He's not even trying to sell at this point and all the offers are unsolicited.

And don't be painting retirement as some pie-in-the-sky goal. A guy I know just retired from the government (it was all he could talk about for years) and not even a year into it, he feels totally lost and doesn't know what to do each day. He had a lunch with his previous co-workers and he was telling me it was the highlight of his month and he'd been looking forward to it for weeks.

For a lot of people their job or their business is their identity and you lose something of yourself when you become a "retired hobo".

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Well - that's a very good point. Everyone is different and I suppose some people might fall into that retired hobo scenario.

But I honestly can't relate to the concept of not knowing what to do with myself if I didn't have a job... but that's because I haven't really had any normal job since 1998 when I moved to Canada.

And at this point in my life, I'm also realizing I have way more things I wish I could do with my life than days left to do it. I joke that I need to start believing in whatever religions believe in reincarnation - simply so that I can come back and try my hand at all the many things I wish I had more time for.

So for me - I'm pretty confident I'll never be that "retired hobo".

BTW - suggest to your friend to volunteer somewhere. Its a great way to find new social connections and do some good while your at it.