Here's an old post on search engine roundtable that claims google's policy is to discount previous backlink juice when a domain changes ownership.  I'm not convinced whether this is actually true or something Google says to discourage excessive domain buying / 301 redirecting for SEO benefit.  The comments above seem to give varying opinions on this matter. Would be great to get to the bottom of that one!
I have some pot related ones I've purchased recently that deal with the manufacturing of hemp like hempmfr.com, hempmoulding.com, hemp-textiles.com, hempecofuel.com etc.  Some of the older domains I've been sitting on are ones like internetpot.com, califunk.com, cafunk.com, caedibles.com, 1tokewonder.com, govherb.com, grasspeddlers.com, pot-megastore.com, usgov420.com etc.  Another interesting recent on I've purchased is Dogparkdates.com and dogpark-dating.com. Do any of these seem valuable in your eyes?

When speaking about an expired domain’s backlink profile, this refers to the incoming links that have built up from when the domain was previously in use. Recently-expired domains that have long histories aren’t unheard of. While the pre-existing content of the domain rarely remains visible when the domain is re-registered, links on the other hand do remain, as long as the new owner doesn’t devalue or delete them.
When I first started online, I'd register domains that I thought I could develop and sell at a later time. After learning my way around the cloud, I realized many of the domains I'd registered are pretty much useless, or so I thought, and I let them expire. Come to find out several of these domains have been picked up by parking sites and are being offered for sale for thousands of dollars! Now I'm not saying they're actually selling for the asking price, but I learned my lesson. I never allow a domain name to expire. I add content to it, backlinks, some AdSense and try to sell it for something.
While getting a new domain name will give your site a clean slate and allow you to start a fresh marketing campaign, you may not be aware of the fact that some expired domains come with a high Page Rank value. A company that buys such a domain will not have to work so hard on website promotion and backlink building techniques. Thanks for updating this really informative post!
Domains are nonmaterial goods. When sold, the only transaction taking place is transfer of domain rights from one user to another. Barring any form of copyright or trademark violation, virtually any domain name can be bought or sold. Generic domain names, such as car.com or computer.com, are not legally protected and can therefore theoretically be reserved by anyone.
Great article on what to look for when buying expired domains! I’ve looked at the domain and page authority of expired domains but haven’t checked if they are blocked by Google like you’ve listed. I haven’t pulled the trigger yet to purchase one (probably good that I didn’t since I didn’t do all my homework) but this will make it easier to finally go. Thanks for the great info!
HIM: "Mainly small-medium sized local businesses looking for a way to increase their ranking. Most already have a branded domain in place, and have heard that using a keyword domain can help. Or they have seen a competitor ranking using that method. The problem I face is that they don't have a lot of money to spend, so I get lowballed on the asking price. There have been a few that make a ton of profit vs what I purchased it for, but that boils down to luck: what is for sale, when I find it, things like that."
The first thing you need to do is signup at Namejet in order to get your account (signup is free).  You can then use their search functionality to sort through all the upcoming domains for auction.  Place bids for $69 on the ones you want to go to auction for.  If you bid on 100 different domains for $69 each, and there is 50 bidders for each auction you need to understand you aren’t going to owe any money, you are not committing $6,900 to Namejet.  By entering that $69 you are getting an entry into the live bidding when the 30 days expire.  Only if you are the ONLY bidder on a domain would you automatically win the domain and owe $69 to Namejet.

There are currently two main types of domain speculators: those that buy domains, build sites around them, and then flip the domain and accompanying website, and then there are those that buy and sell domain names without web sites attached. While both can be very lucrative businesses, the second type is much easier for novices to learn, and as such, shall be the topic of discussion for this article. 
When you backorder the domain it will say how long you have to place your bid in. Let’s say it says 25 days. If the domain is from one of Namejet’s partners then the auction will start in 2-3 days. If this is an expiring domain and Namejet has to catch it there is a chance they won’t catch it in which case it won’t go to auction at Namejet. If they do catch it then 2-3 days before the auction starts.
To sell a domain name, one should learn to price it. Many sellers fail to sell names in the marketplace, simply because they overpriced the domain, and thereby lost the chance to sell it. A lack of knowledge leads to erratic pricing. Experienced buyers will not try to bargain, unless you have a very rare name. A seller should therefore, understand how good the domain name is. What price will he get from a buyer? What suffix does it carry? For instance, .com names are likely to sell fast and will bring greater profits than, say .info names. Similarly, .net, .org and .in domain names are the best to make decent profit.
Each of the third parties we integrate with charge for getting metrics for a domain. DomCop pays for their API to get this data for you and therefore you do not need to purchase additional accounts to get these metrics. One DomCop account will do it all. As new players enter the market, we integrate with them so that you always have the best and most comprehensive set of metrics to help you decide which domain to buy.
When you are selling a domain name, you don’t want to suffer because of failed transactions or being tricked by defaulters. Safeguard your monetary dealings; the best way to do this is to take the help of a secure domain transfer and escrow service. The escrow system is highly beneficial because a buyer has to deposit money at the trusted source prior to purchase, and the dealing between a buyer and a seller takes place through a secure domain transfer and escrow service. This makes the transaction safer for both parties with the involvement of a neutral third party.
Current Craze: When PokémonGo was HUGE last year, my domain flipping friends (Matt of Handshakin.com is one) were all about buying domains like PokeStopNearMe(.com) and other related domains associated with the PokémonGo craziness. It’s like the day trading of the domain world. You’re buying domains during the hype and hope to sell them for a higher price quickly before the hype fades.
That being said, many things have changed over the years. The days of MFA and quick flips are mostly gone. My advice to those new to domaining and wanting to give it a try is to take it slow, do your research, and if you do purchase a domain with the hope of turning a healthy profit - put some real time into it and build something useful. That way it's easier to monetize and easier to sell.
It’s also not so easy to manually re-register. This is due to backorder providers which are paid to keep an eye on expiring domains over a certain period of time and then register them for the customer as soon as they become available. Promising expired domains are therefore usually sold before they have a chance to be put back on the registry menu for the public to look through.
Length: This is pretty self-explanatory. Generally the shorter the domain name, the more valuable it is. This difference in value decreases exponentially as the name gets longer, though. For instance, the difference in price between 3 and 4 letter domains are significant, while the price difference between a 7 and 8 letter domain would usually be much less significant.
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