IFB71: Combining Entrepreneurship with Investing Through Website Flipping

 

Welcome to the Investing for Beginners podcast episode 71. Today Dave is taking a break and I am taking over the reins. We have an interview for you today with somebody who has a really unique take on investing and it’s a cool little mix between investing and entrepreneurship.
We have Greg Elfrink from Empire Flippers and what his company does is provide an outlet and a unique investing possibility and approach where like I said it kind of mends these two ideas of investing and entrepreneurship. And it quite literally is something that wasn’t available before the internet.
This is something very new a new type of investment opportunity and for somebody who is particularly like me because I’m super passionate about entrepreneurship. I’m type A going to go out and spend way too many hours of my day kind of hustling and trying to make a secondary income and some of the who’s familiar with the online space is definitely this is a resource that you might be able to find useful for being creative and finding other investment opportunities.
Greg welcome to the show thanks for coming on and thanks for joining us and giving us a couple ideas today.
Greg: yeah thanks for having me Andrew I know this is probably going to be a bit different than your typical podcasts and like you said a relatively unique way of investing in creating a bigger thicker wealth machine for you in a kind of a different way not affected by the stock market and all that good stuff.
Andrew: so yeah so I actually remember hearing about you guys I’ve mentioned Pat Flynn’s podcast on our podcast before.
we’ve talked about passive income here and there so I heard about you guys on his podcast and I can’t remember if it was from him if it was for my guests but there’s something really cool you guys do and it’s essentially and you can correct me if I’m wrong or you’ll probably have a much more elegant way to put it than I do.
But buying websites online or basically as businesses and then either working in them or kind of letting them run on their own and then collecting the income. Essentially buying a small business but you’re buying these websites online.
Greg: yeah I mean that’s exactly it so what we do is we help people connect between the buyer and the seller and is it’s not always necessarily a website because it’s always a non-business but there’s a few business models on the internet that don’t really require a website which I know some weed sounds kind of weird.
But like businesses we call them Amazon FBA so that’s like fulfilled by Amazon so that’s like an e-commerce business that’s using Amazon’s platform. So they don’t necessarily have a website but we’ve sold a ton of those businesses over the over the last two three years and obviously a bunch of websites as well.
Andrew: okay yeah makes sense even that idea Amazon FBA is really new I don’t I don’t memory hearing about it like five years ago and then two or three years ago kind of everybody’s talking about it so that’s really good.
Greg: for sure one of the interesting things too like even the concept of buying and selling on like businesses like you mentioned at the top it’s a pretty new concept I mean making money online is not even really 20 years old yet.
There was some people doing it like in the 95 1995 and stuff but very few and far between and now we kind of reach this level where a lot of these businesses or are starting to mature as assets.
So there’s an it’s a very interesting time so the buy and sell space still pretty young comparatively even two making money online.
Andrew: all right so I know this might be unfair to you based on your experience or backgroun...