How to Flip a Website

Was talking geek to a web buddy of mine last night and we were discussing new trends in the market and brainstorming on ways to make money online.

He mentioned 'flipping websites' and since I had never heard of that, I asked what he meant.

So basically, here's the process, which is similar to flipping a house:

1. Identify a website to purchase.
2. Evaluate, negotiate and finalize the purchase.
3. Increase the value of the site.
4. Find someone to buy the site from you and sell that sucker.