A few days, I bought an e-commerce apparel website on Flippa. The website was generating <$5,000 in monthly profit. I bought it for a multiple under 3x monthly profit (I know thiI paid the seller via paypal (with paypal buyer protection).
Here is the first red flag: I was communicating with the seller via email during my diligence and then signed an agreement with the seller, after which, they directed me to coordinate with them via Skype. Since I signed the agreement, all correspondence has been via Skype. I highly doubt it is the same person on email and skype.
And thus far, the "seller" has been very slow to transfer ownership. He has sent over the website login details, so I can run the website, but this is not useful until I have all of the necessary tools to run the actual business.
A few outstanding items: 1. He hasn't transferred the domain rights to me 2. He has not provided me all of the copyrighted design files necessary to fulfill orders with the supplier 3. He has not provided with me any info on how to set up paid advertising on facebook in order to bring traffic / sales to the website
The seller keeps saying that they are "working on it" but I have almost no faith and them delivering 100% of what was promised.
The thing is, the website is legit. The traffic is legit and the sales are legit. But I just know something is fishy.
What do you all suggest I do? Wait it out a few days longer and then contact paypal to demand a refund?
Regards.
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