If you bought the domain name, the typical procedure is to unlock the domain name, then either push it to your account at the same registrar (such as https://www.domainsherpa.com/how-to-push-a-domain-name-at-godaddy-com/) or send you the authorization code so you can transfer the domain name to a different registrar (https://www.domainsherpa.com/how-to-transfer-a-domain-name-to-another-registrar/).
But unless the domain name you want is undesirable to anyone else (e.g., it does not include real words or have a high search volume for the words), the odds are not in your favor. With over 210 million domain names registered and an active, worldwide domain name investing community, it is highly likely that someone else will also find interest in the domain name you are watching. As such, skip to Step 4.
Of course, this does not happen equally across the board. Some site owners are lazy and barely put in any effort. As you can probably tell, the four situations I outlined above probably will not occur for website owners who are lazy. Now, for website owners who put in the work and the time for their online properties, you can bet that they would get to benefit from the four situations outlined above.
If you buy keyword specific domains, you're really buying the type in traffic.  I use the URL builder and redirect through that URL so you can see how much traffic your getting from the keyword domain.  There seems to be no rythme or reason to what keyword domains deliver traffic and what don't.  By tracking traffic with the Google URL builder you get a feel for what names are giving you traffic and which are not. ie. the plural, the singular, two words, three words, the possessive, etc.
We do not only have Expired Domains, but you can also find lists of Deleted Domains for a lot of TLDs. Deleted Domains or Dropped Domains are available for registration and can be picked up for just the normal regfee at your preferred domain registrar! All Domains have the typical SEO relevant data, like Number of Backlinks, Archive.org Birth Date and a lot more.