Everyone plays this game their own way. what works for some players doesn't work for others, not because it's impossible, but because they fail to see outside "their own" box. They're in their comfort zone and don't care if any other method works. Fine by me, just more domains left for the rest of us. Some domain strategies take much more work but the payday makes up for it. I prefer the development/branding route because that's what I enjoy doing. it's what works BEST "for me". But I also watch drops, comb expired leftovers and continue to spend lots of time deep in the mines.
When I hear people say:
#1) there aren't any great domains left for cheap
#2) expired names are worthless or already combed through
#3) the mines are empty
#4) it takes too much money to make money now
Based on their own experiences, they statements ARE correct. Usually, most of these statements are made to keep more competitors from entering an already fierce industry. But, based on my own personal experiences, every one of those statements is untrue. But, I remember thinking the same things until I realized that I can't wait for a partner/suitor to find me. I learned a long time ago that I have to hunt down my prey if I'm hungry.
#1) there aren't any great domains left for cheap:
The premiums I acquire are for VC/Angel safaris (a game I wish to master) and for selling equity slices. But, I buy reg-fee domains all the time. I buy them for development, quickflips, barters, trades, ice-breakers

, portfolio protection, and exploring new ideas / concepts that may part of a future that never comes. Like I mentioned before, you can dig for diamonds or dig for sand, because there is a marketplace for both. Each one can be sold to the right buyers, just know who your target suitors are before you register. And for people that have no idea how to find a suitor because they don't have the connections, guess what, use your phone. don't be afraid to cold call and let your targets know what you have to offer. the worst thing that can happen is you hear the word No. Once you learn to turn a NO into a YES, you'll find a whole new way to tap into another lucrative facet of the domain market.
#2) expired names are worthless or already combed through
Depends what you're frame of mind is when you look through the leftover expired domains. If you've got an open mind, each domain you see can lead to more domains. You may find inspiration and discover other industries you never knew existed, it may give you ideas for similar domains, or find a whole new vein you can tap. If you're ONLY looking for overture numbers, pagerank, ppc income, google results, etc, you'll be disappointed, but you may be overlooking diamonds in the rough.
#3) the mines are empty
Nonsense. The world is ever-changing and new technologies & concepts are always on the horizon. Just be sure to see the light before someone else does. For example: BLOG. Almost everyone online knows what a BLOG is now, it's become a mainstream word. From teens to journalists, everyone has their own. But back in 2001/2002, they weren't popular by any means, but I took a chance and registered NewsBlog.com, PornBlog.com, SexBlog.com, JobBlog.com, EventBlog.com, JokeBlog.com, QuoteBlog.com, TriviaBlog.com, RecipeBlog.com, DreamBlog.com, LocalBlog.com, CityBlog.com, SportsBlog.com, VCBlog.com, TVBlog.com, and BlogHost.com, plus more. I figured I'd wait to launch them in the future, "if" it became more than a fad or the "real test", wait until I heard one of my non-internet-savvy family members ask me what a blog is.

As many of you may know, google bought blogger, but I was busy doing other things in mainstream. but my Mom recently asked me what the word "blog" means cause she's seen it mentioned on TV and heard my younger sister talking about hers, and wanted to know if it was SAFE! LOL. that did it for me and now I can develop them for next year. So, if you keep your eyes open and your mind in-tune you will be able to find domains for current events, tomorrow's trends and more. all for under $10. There are plenty of diamonds still in the mines. How do you know where to look? By analyzing trends, watching news, envisioning the future, and networking online/offline. Nothing wrong with buying reg-fee domains to re-sell for under $100. Also, nothing wrong with buying them to resell for much more. Whether you're buying to flip or develop, register domains with a target suitor in mind. Grab the name and call them up to see what they say. In the end, worst case scenario, you'll still own your domain name. then what? simple. pick up the phone and call their competitors, then call them back and let them know you spoke with others in the industry... then negotiate. It takes time and practice, but it's something you can do from your home, office, on breaks, on vacation. anywhere. there is no excuse unless you are afraid of using the phone & email. or you fear success.
#4) it takes too much money to make money now
You know what. Of course it takes money. It can take $1,000,000+ like Men.com or as little as $10. Look at what KRL said, he registered an expired name and sold it for $17,500. The same person who spent $1M+ to buy a domain, also continues to mine for <$10 domains. If that doesn't teach you how to play this game, then you are on your own. But keep in mind, the little guys can fly "under the radar" because most big players are busy trying to out-bid each other on premium domains. The mines aren't empty, just overlooked. Also, look how many big boys missed out on buying LUST.com last week for $12,500 on Sedo. While it's still debatable if it was legit, if the deal truly is solid, then that domain name at that price was an absolute steal. Depending on the size of your budget, lust.com would have made any portfolio increase it's value exponentially. But you can play this game for as little as $7 (mining) or $60 (dropped domains). It's not too late to start now. Just learn to glean info wherever you can and avoid the haters, naysayers and competitors that offer lies and mis-direction. It is a very cutthroat industry. More than you could ever believe, because each domain has the potential to be a Mona Lisa.
Here's some links that may help you out:
Playing the Domain Drop Game. 1st round of droptest.
Domain Drop Test. 1st round.
http://bbs.gofuckyourself.com/showth...hreadid=339006
Domain Drop Test. 2nd round.
http://bbs.gofuckyourself.com/showth...hreadid=341595
Domain Drop Test. 3rd round.
http://bbs.gofuckyourself.com/showth...hreadid=343155
(7+ pages) investing in domains ...
http://bbs.gofuckyourself.com/showth...hreadid=338092
(4+ pages) Recent Domain Sales
http://bbs.gofuckyourself.com/showth...hreadid=341282
weekly top ten sales archive: at dnjournal.com
Mining for Domains: Local/Real Estate
http://bbs.gofuckyourself.com/showth...hreadid=339367
Places to sell/auction your name and see what's out there:
http://afternic.com (auctions)
http://sedo.com (auctions)
http://pool.com (drops/marketplace)
http://greatdomains.com (PREMIUMS)
Good Luck
Meet you in the mines.