How to do SEO 301 redirect?

Hello,

I have an expired domain that I want to use for SEO 301 redirect purposes to a live site. I found many tutorials on youtube, but there is one thing that I still don't understand. Am I supposed to install a hosting on the expired domain before using it for the 301 redirect, or can I just do it without the hosting? I use namecheap, so I know I can do it with both hosted and non-hosted domain name, but I'm not sure if doing a 301 redirect without hosting would hurt the effort.
Thanks.

Ideally, you want to host the website for a while before making the redirect,
Just recover the old content/structure or use content targeting the same niche,
Let it recover some of the previous ranking keywords (or rank for new), then 301 to your website,
This guide can be useful for your case: https://www.blackhatworld.com/seo/how-to-301-an-expired-domain-guide.1358904/
Make sure to redirect all of the pages & it would be even better to do page-to-page redirect targeting pages with the same or similar topics

For the best SEO results, it's better to host the domain and set up a server-side 301 redirect, as registrar forwarding might not pass all the SEO benefits.

it's best to host the domain first to recover its previous content and authority.
This way you can set up a proper server-side redirect, which is more effective for SEO than using registrar forwarding, then ensure that the content is relevant and then implement the 301 redirect to your live site