An extra twist to the "broken link"-link building strategy

I read and commented on Kristi Hines' article on "How to Use the Broken Link Building Strategy to Get Links". The basic strategy is very simple:

• You find a broken outgoing link on a website.
• You email the website's owner telling him you found a broken link and you suggest a good replacement link (one to your site of course).

One way to build on this strategy and make it better is to check why the link is broken. Is it pointing to a missing file on an active website? In other words; does it return a 404 error page? Or does the domain name no longer exist? In other words: did the domain expire? If the domain expired, you may have found a good opportunity to add an extra mini-site to your network. If one webmaster still has a link on his site pointing to that domain, chances are other sites still have them up as well. Do your standard domain background check, the same way you would for any other aged domain, and if it looks good; register the domain and throw up a mini-site about your niche. That way all those broken links have now become normal working links again and you are now the recipient of all that link juice.