Yes, buying existing domain names can be profitable too. Existing domains with a potential for profit can be found using Sedo. Make sure you pick domain names that have good traffic, backlinks and Google PageRank under 17 characters. Also, steer clear of existing domain names containing special characters or numbers because they are not likely to be sold.
Before you park any domain names, you must focus on finding hot keywords that buyers would be interested in. The best way to make sure you get a good return on your investment is to pick a domain name with acceptable traffic, somewhere around 10,000 searches a month. You can do this conveniently by using tools like Google Keyword Planner or Niche Finder Software.

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.
I remember the glory days of the Internet where people did make a ton of money buying domain names. Until I came across this post I actually didn't even realize that people actually still thought they could.make.a.lot of money by doing this. I have some domains that people would be interested in buying and I get contacted about them but mostly it is for people wanting to purchase them for like $1200. And for that price I would rather just hang on to the domain name. I also get contacted by a lot of people offering to sell me complimentary domain names at what I would call ridiculous premiums. The knew google is all about branding. I would consider paying for a domain name that has a great brand attached to it but I could care less about most keyword rich domain names. Of course there are always exceptions.

Justifiably, any attribute or factor that is known to be influencing prices, is doing so as it leads to demand. On how easy basis of such factor demand is raised and thus the price. Hence, these domains of media like segments as you say like http://www.hindi.media gain worth from the same factors that lead to demand. When price is enhanced or goes premium, the domains are thus known as premium domains.

The easiest and least time consuming option is to 301 redirect the old domain to your existing site. This tactic obviously works best if both sites are in the same sector and are targeting the same keywords; otherwise, if you have a pet supply site and you buy an old Texas Hold 'Em poker site, a redirect probably might raise some eyebrows among the search engines. If, however, your site is brandnamepets.com and you buy onlinepetsupply.com and 301 redirect the domain over, you're inheriting a lot of topical and appropriate links.
Your domain name registrar may provide you with a free one-page Website tool, which you can use to create a “this domain is for sale” landing page. Alternatively, you can create a single page (perhaps a hidden page hanging off one of your existing websites) that indicates that your domain names are for sale. You can then forward all of your domain names that are for sale to that one page.
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!
They see a domain’s price tag and they can instantly tell whether it’s under or overvalued. This is probably the most important skill one should have in this industry. Neil Patel has an interesting related quote: “The most important thing to remember when buying sites is that you always make money on the buy, never the sell.” In order to successfully do this, you must be able to spot undervalued domains. This is what will ultimately translate for you into a handsome profit margin when you get the opportunity to resell the domain for its “real value”.
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