Buying and selling domain names is an exciting adventure that for some seems to conjure up images of finding hidden pirate treasure or guessing the winning combination on the next Powerball. Stories abound of domains that were purchased for $8 dollars 15 years ago being sold today for millions. Of course, that leads the more adventurous of us to wonder, “How can I do that?”

Internet users, who try to find expired domains and re-register them, will soon discover that this plan cannot be manually accomplished. Professional domain traders are familiar with the registry deletion process and rely on sophisticated algorithms that indicate when a domain is about to become available. Deletion lists are the result of this research. You can find many datasets online with domains that have already become available or will soon be. You often have to pay to be able to see this information.
Here's a test I have in process.  I bought an old $5 closeout domain from Godaddy TDname expired auction.  I put a quick minisite up and linked to it with a crazy anchor text phrase.  The domain is ranking for that crazy term now.  It's gone through one pagerank update and I'm waiting for a second to come.  Then I'll redirect the domain to another minisite.  I suspect the second site won't rank for the anhor text, but we'll see.  
The term flipping implies a sale that is done in a flip, or in a quick and sudden manner. You cannot be considered a domain flipper if all you do is just list your domain names and wait for years for them to sell. At its core, domain flipping is about spotting the right opportunities at the right time, involving strategic buying and selling of websites for profit.

I did this last month, snagged a great domain that no one else found and got it for $69 because I waited until the last moment to place my pre-bid. Flipped it within a week for a little over $1,000. And probably could have gotten more if I sat back and waited 6-12 months, but a bird in the hand… (plus I like to keep turning over inventory and maintaining cash flow).
I have an interesting twist on how I have done it in the past. I will buy a domain and use it as a development domain for blog posts and things of that nature. Then over time it will gain DA and PR. Then I will sell it off and buy another development domain and start the process over. Not quite the process you mentioned, but it works. People will link to the development site to show things off as well  sometimes, so that helps.
Many people think of domain buying and selling to be one of the easiest methods of making quick money. Perhaps, you may have heard of someone buying a domain name for under $3000 and then selling it for $25,000. A quick $22,000 profit! Such stories can be very motivating! And that sort of money does exchange hands (Go through 10 of the biggest domain name sales of all time!). But these deals don’t come as easy as they seem! Ask anyone who flips domains for a living and he/she’ll tell you the amount of hard work and skill that goes into it.
@ib2 @T-3D I've been a domain investor for over 10 years and have been very successful at it. There's a lot more that goes into it then just registering a domain name and hoping it will sell. You can list your domains on Godaddy auction listings or on premium listings, I've had a lot of success with those. Some good resources are namebio.com, dnjournal.com, namepros.com and others.
Yes! Selling domain is an emerging trade and no wonder if it can develop into an exchange. www.DomainX.org has been initiated with this view. There are some good ideas in the comments regarding which names to buy and how to grow their value. However one must not forget that it also involves a recurring cost (annual renewal) and keeping many of them might become difficult if you are not really selling at least a few to cover it. Enjoy free listing at DomainX.org.
However, I'd argue that most people in the business really struggle as they don't understand what makes a good domain name and what's a bad domain name. While I do not work in this field full-time, I can say that I can make a living of it, but it's probably because I don't ask for absurd prices (e.g. randomword247.com domain name for $8000 is just unrealistic and won't happen) and therefore can sell domains easier. 
Above you provided great information about buying and selling domain names. I have been to many blogs about the same and I have read the people make millions just by selling domain names. It's a process that one needs to learn with time and can give a good earning by reselling the domain name. The business is fruitful but one needs to read, understand the value of a domain name. Buying every domain name is a waste of money. One must see the future potential growth for that particular domain.
So, you paste the domain into here and click on the search domains button. This will show you more information about the pending delete status domain. In this case, you have to order by June 13th and today is the 10th. So, you have three days and you just add it to your cart as if you’re just buying anything online. Just check it off and click add to cart. It’s added to your cart and they will try to get it on your behalf.
Yes, we port in all of the domains from NameJet, SnapNames, etc. There are a lot of great deals to be found. Some are absolute trash of course but if you can sift through them and put some time in (hopefully that is what we are trying to do with our tools is save time and give some value add with the SEO metrics, alerts, etc.) then you can find some great bargains.
As people who normally use internet only to check emails, shop, tweet, upload pictures, update facebook status or conduct some business, a large majority of us remain oblivious to the domain name and domain flipping industry. So, when we do decide to venture into it for some reason, it is only natural for us to carry some commonly known myths associated with it. It can also be easier than building a website from a scratch. Although with easy to follow guides relating to how to create a blog – many are choosing to go down this route and add value to their domain names rather than selling undeveloped.
Most popular auctions with expiring domains are at godaddy, namejet, snapnames. Search for expired domains name its very easy if you have domains list. With a bit luck, you can drop good one with PR5 cheaper like $200, just need to know which domain have not fake pr. List of domains are not free, but updated dailly with aprox. 50.000 new expiring domain names.
To find popular phrases I opened up the Google Keyword Planner. This free tool by Google, allows you to find out how often a word or phrase is searched in Google. A phrase like “Yoga Mat’ has on average, about 10K – 100k monthly searches. That’s A LOT. However a more niche phrase like “Good Yoga Mats” only has 100 – 1K monthly searches. These seem similar, but I wanted to focus on the exact popular phrase that people are searching for.
I don’t think that there is a real way to sell your domain fast, you can put it up for sale, depending on domain name, but if there is a fastest way to sell domain name, it’s certainly - having a good enough name, that someone would want to buy. I don’t like .com domain names, but that’s my opinion, instead I prefer Hacks ( I’m from Serbia, therefore most of word in English, in plural ends up with ‘s’, so every word that ends with letter ‘r’ in plural gives you .RS ) so I think that here we have great Hack domain names which would sell fast. Either way, your contact information should be available in WHOIS , so if you have an interesting domain name, every buyer would like to be able to contact you directly.

Parking the Domain Name: When you park a domain name, every time someone enters IHateCold(.com) into their web browsers, a page with a few ads and sales info is shown. So you’re letting the visitor know that the domain is for sale and you make a few cents on the ads displayed for views. There are several domain parking services for when their buying and selling domain names, but I’ll go into that in another post.
Granted, it is not bad information, however, if EVERYONE rushes to namejet and signs up, the only people that really benefit are namejet 😉 The increase in competition means there are more bidders in the pool which will likely increase bid amounts (because the newcomers will not be able to ascertain a “true value” as much as a “pro” flipper would). The result is a lower profit margin as the method becomes saturated.
Hi guys, just a thought, you do not need to build traffic to the domain yourself, you can always buy expired domains, best to subscribe to a paid service like dropping.com (so you are the first to know) or a free one, expireddomains.net and in this way, you can get old domains that have traffic. You could use these domains for parking, getting advertising income or even to sell. I have noticed, that domains that were not hot in the past, can still be hot now, just use Google Trends to type in the keyword, and you will see its future projections. 
You can turn then into content sites, set up an actual website, or try to sell that site elsewhere. You may even luck out by selling a site that's up and running and full of great content already. In this case, you can ask a higher price. Or, you can set up a shared hosting or direct hosting website. Shared hosting and direct hosting websites can be profitable too.
So the keyword planner came up with 332 keywords related to ripple, most of which can be used to inspire a domain registration related to ripple. Let’s go ahead and get some more ideas. We already know that ripple is another cryptocurrency. Let’s head to NameBio and explore crypto-related domain sales. We’ll use bitcoin for this experiment. I’ll type in “bitcoin” in NameBio search, select “show all” and then sort by price by clicking on the price column. Here’s what it looks like:
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