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Buying an Older Domain

What are some things to look for? Where are good places to buy them? Have you bought an older domain? Was it expired? How did the expired and non-expired thing affect things? Well, myself, one major old domain I bought was RoyalKnight.com, however, I didn't do anything with it, other than resell it for $40 when I got it for $100 in an auction. It was kind of a let-down cause maybe it would have went way up in value.
 
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