19 karma · joined December 23, 2011
Invest $50-$75 or so into some keywords/ads via adwords and see if you get signups. Fastest/cheapest way to validate.
If that goes well, put a full plan together with a schedule attached and go at it.
Good luck!
Here is the exact text from godaddy.
According to a whois lookup at the registry, the domain name [domainname] expired on 8/10/2012 and was held in a short grace period to allow the registrant to renew. Given that the domain was not renewed in a timely fashion, the domain has now entered a 30 day 'Redemption Period'. During this period the registered owner may renew the domain by paying a redemption fee.
The Redemption Period is the 42 day time line available to domain owners to renew a domain after the expiration date. From Day 19 and on the domain registrant can renew with a Redemption fee. When your domain is in Redemption Status it has passed the expiration date, but has been reserved for an extended time frame for the domain owner on behalf of the domain registrar. A Redemption Fee is an $80.00 fee that must be paid to renew domains that have been expired for 19 days or longer. The Redemption Fee is initially paid by the Registrar to extend the registration and prevent the domain from being backordered or going onto the market.
Plus, its pretty easy to just "get a job". Creating a job or a business is much trickier. Kudos to your uncle!
I find it interesting that Mark and Facebook were able to buy a company for $1 billion. Its like the joke chris rock said about being wealthy.
"Shaq is rich, the white man that signs his check is wealthy"