1st Year: Retail: about 2% of portfolio sold to end users, some with installments.
Now: Mainly wholesale. It happened to me recently to hold even $7.5K GD appraised domains for less than 1 week and sell them for little profit.
advantage: Very few or no renewals at all
disadvantage : the value of good domains always rises, the value of some of the them is multiplied by 10 after a few months, especially trend domains.
So it's always a good thing for me to hold a little bit to see what happens.
PS: some names, for example non pronouncable 4Ls with non premium letters have been bought and sold tens of times over more than 20 years, at wholesale market, sometimes with profit, and sometimes with loss, without ever finding an end user. I think it's something to think about.
This said, I think from my modest experience that wholesale is far less profitable than retail, but it keeps the liquidity running. I think it's a good model, especially for people like me who don't have a great capital to reserve for this business, who have an other main job, other career aspirations, and some free time.
I find domaining to be an exciting journey where everyone can have a piece of the pie. Everyone can be a winner with very moderate risk taking, no matter what business model you choose.
Regards