---
title: "Is this newsletter listing legit?"
url: https://firstpassmemo.com/guides/is-this-newsletter-listing-legit
updated: 2026-10-16
publisher: FirstPass Memo (hello@firstpassmemo.com)
---

Is this listing legit?

# Is this newsletter listing legit? 7 red flags to check first

Short answer: you cannot prove a listing is legit from the listing alone, but you can tell quickly whether its numbers hold together. For a newsletter, check the 7 rules below first, send the seller the matching questions, and only then pay for verification. The free checker (https://firstpassmemo.com/checker/) runs all 33 rules on pasted listing text in about a minute.

Updated 16 October 2026 · By Joan Murphy (https://firstpassmemo.com/about/joan-murphy/) (pen name) · How we check (https://firstpassmemo.com/methodology/) · Corrections (https://firstpassmemo.com/editorial-policy/)

## Check a listing now, free

FirstPass Memo offers a free red-flag checker for business-for-sale listings and a $79 first-pass memo on a specific listing you send, paid after delivery. Paste any listing below for payback, the asking multiple and its red flags. Nothing you paste leaves your browser. Open the full checker (https://firstpassmemo.com/checker/) to unlock every flag with its seller question.

## What usually goes wrong with a newsletter listing?

A newsletter's value is its list and how engaged it is. Subscriber counts are easy to inflate; open rates, paid-subscriber churn and where sponsors come from are the numbers to ask for.

"Legit" means two different things. A listing can be honest and still a bad deal, or polished and still untrue. The rules below test the first part: whether the published numbers agree with each other and with comparable listings. Only access to the seller's accounts (read-only Stripe, analytics, Search Console, the platform dashboard) can test whether they are true.

## The 7 checks that matter most, with the question to send

| Rule | Severity | Ask the seller |
| --- | --- | --- |
| Platform dependence (https://firstpassmemo.com/flags/depends-on-a-platform/) | MED | What do the platform's terms say about transferring the account, and has it ever been suspended or warned? |
| No churn figure (https://firstpassmemo.com/flags/no-churn-figure/) | MED | What were monthly customer churn and revenue churn for each of the last 12 months? |
| One channel above 60% (https://firstpassmemo.com/flags/one-channel-over-60-percent-of-traffic/) | MED | What happens to revenue if the main traffic channel halves? Has it ever? |
| Few paying customers (https://firstpassmemo.com/flags/few-paying-customers/) | MED | How many paying customers are there today, and what share of revenue does the largest pay? |
| No traffic data (https://firstpassmemo.com/flags/no-traffic-data/) | MED | Can you give read-only analytics access for the last 12 months? |
| Under 12 months old (https://firstpassmemo.com/flags/under-12-months-of-history/) | MED | Can you show monthly revenue and profit since launch, with the main source of new customers each month? |
| Owner hours not stated (https://firstpassmemo.com/flags/owner-hours-not-stated/) | MED | How many hours a week do you work on it, and on what tasks? |

Rule names and severities come from our published 33-rule set (https://firstpassmemo.com/flags/) (rules.json (https://firstpassmemo.com/rules.json)). The questions are our suggested wording.

## Is the asking price in a normal range?

Our October 2026 sample had too few listings of this type to publish a type-specific figure (we publish only groups of 8 or more). Across all 36 listings priced $10k–$150k, the median ask was 26.8 months of stated profit (2.23× annual profit), and 36% of listings that stated an age were under 12 months old. Asking prices, not sale prices (data and method (https://firstpassmemo.com/data/)).

## How do you check it in 10 minutes?

- Paste the listing into the free checker (https://firstpassmemo.com/checker/) and note payback and every flag.

- Send the seller the questions for each flag raised. A seller who answers clearly and offers read-only access is a good sign; one who avoids the question is a flag in itself.

- Compare the answers with what the listing claimed, then decide whether this listing deserves paid verification.

## FAQ

### Can a free checker tell me if a newsletter listing is a scam?

No. It tells you whether the published numbers are consistent and complete. Fraud is ruled out only by checking the seller's accounts directly, ideally on a live screen share or with read-only access.

### Which red flag matters most for a newsletter?

The high-severity ones in the table, when they appear: they mean a number is missing or contradicts another. After those, the type-specific risks above (platform dependence first).

### Should I pay for due diligence on this listing?

Only once it survives the free checks and the seller's answers. A $79 first-pass memo (https://firstpassmemo.com/pricing/) (free to request, paid after delivery) ranks every flag against your own limits; human reviews cost more and work from seller documents.

## Related

- How to verify newsletter subscribers (https://firstpassmemo.com/answers/how-to-verify-newsletter-subscribers-before-buying/)

- How to value a newsletter (https://firstpassmemo.com/answers/how-to-value-a-newsletter/)

- Buying a Substack newsletter (https://firstpassmemo.com/answers/how-to-buy-a-substack-newsletter/)

- Is a newsletter worth buying? (https://firstpassmemo.com/buy/newsletter/)

- Is this listing legit? All business types (https://firstpassmemo.com/guides/is-this-listing-legit)

- Glossary of listing terms (https://firstpassmemo.com/glossary/)

General information, not investment, legal or tax advice. Benchmarks are asking prices and seller-stated profit.

## Looking at a specific listing? Get a full memo — $79, pay after delivery.

Paste the link; your memo arrives within 24 hours (Mon–Fri). $79, pay after delivery: we send the memo first, then a payment link. Human quick reviews cost $199–$390.

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FirstPass Memo is informational screening, not investment, legal, tax, accounting or valuation advice, and not an audit. Seller figures are not independently verified. HTML version: https://firstpassmemo.com/guides/is-this-newsletter-listing-legit