Club Chaos Agents - All Things Hollish, Wacked, and Jacked

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Furnish Your Home With Great Treasure Finds

So, you are moved into your new home with your boxes all over the house. As you unpack, you find that you need a sofa table here, a mirror there and a larger piece of entertainment unit would fit that space just a little better. If you are like me (against swiping that credit card and having to pay for the $50 buffet lamp for the next few years in credit card balance), you would find alternative and creative solutions to furnish your new home.

Look into:

Garage/ Estate Sales:

 I am a garage-sale junkie. I find alot of joy and excitement in turning someone else's trash into my treasure. If I ever invited you into my home, pick any one item in the house and chances are it's another great garage-sale find. I haul it back home, perfectly fit it into the corner, and (wa-la), you would never know I paid $500 for a $3000 French Antique 8-feet tall entertainment center - now proudly sitting in my family room. How about $3 for a Victorian Stained Glass lamp that easily cost the original buyer at least $80? I paid $900 for a set of (now get ready for this) solid rustic Old-World dining table that sits 8 and a buffet table that the owner had only used twice. She would have spent easily over $2000. Granted, I feel I had paid a little more for this set, but then again, once it sits in my dining area and had my friends over, no one could tell it was used. The great story was to tell them I paid only half of what it would cost. I am picky in choosing my pieces so sometimes I may have to pay a little more for the specific things I am looking for. Also, patience in virtue in this case. I waited over a year for this rustic dining table. I vowed I would not drive to the store to haul it back in my car!

Searching and spotting for garage sale signs is a skill in itself. I have been doing this for the past 10 years and I am so good at driving, making U-turns and spotting for these signs. They are the signs of your treasures!

Freecycle:

 If you have not heard about this network, today is your lucky day. Freecycle is a network of people who joins to recycle what they do not want and in return, get to exchange it with something they want. The best part is that it's FREE. Now, how cool is that. The purpose of this group is to keep good items out of landfills. If it's a chair that you want, ask for it. If it's a radiator of a car that you need, get on the network. To participate, find the area where you are located.

Craigslist:

Most people are familiar with the Craigslist network. You can purchase so many things on there. It's a great place to sell your items too. Note: Garage-sale finds are typically cheaper than Craigslists. However, it still beats having to pay full price in the retail store when compared to Craigslists.

Clearance Racks at Retail Stores:

If you saw me at a retail store, chances are you would find me at the clearance racks...... Learn to shop at the ends of racks instead of picking your items from the regular shelves. These are tremendous markdowns and it will save you alot of money furnishing your new home.

Habitat Humanity Resale Stores:

 Most cities have their own Habitat Humanity Restores. If you considering remodeling your home, you will find the items at this store at a fraction of what you would pay at a regular home improvement store. The items sold by the Restores are typically donated by building supply stores, contractors and demolition crews. The proceeds from the sale help fund the construction of Habitat houses throughout your communities. If you have not visit this gem, you'd be in awe by what you find (here in the Plano, Texas store at least!).

The most important thing is not to spend it on credit. Now, they dont call me El-Chepo for no reason!

Written by Loreena Yeo
Copyright 2007

The Freecycle and Habitat for Humanity logos belong to their respective owners.

When Foreclosure Hurts

Several years ago when the real estate investment hype was going strong, Collin County (Texas) realtors cashed in on selling real estate as investment properties. Some went to California, bought large billboard signs and phone calls/ "investors" came in by the hundreds, if not thousands. They conducted seminars about the real estate investment opportunities in this area. Many of them cashed in on their Californian home equities to purchase these properties. Business was hustling and bustling. Life was good.

Fast forward 2-3 years later, these properties continue to sit on the market VACANT. Ouch (not a pretty word for the investors).

Why????

You see, these California investors purchased properties by the dozens. Many of them bought existing homes and many more bought new properties. When you purchase 3-5 properties at one time, you betcha the Home Builders would cut you a pretty good deal on the houses. These are very large houses too (by that I mean 3,000-4,000 square foot homes). Corresponding to that, large homes tend to come with large rents.

If you knew the Texas (or specifically Dallas) real estate market, you would know that generally, most renters do not rent huge McMansions and pay over $2500 - $3500 homes no matter how new they are. So, these homes become very difficult to lease and obviously sat on the market for over a year EMPTY. Ouch. So, these investors have to resort to selling them (at a very huge lost) or many of them have been foreclosed upon.

Just to quote a specific example: Panther Creek Estates in North Frisco has too many houses such as this. Back in 2004-2005, you could purchase a home for something close to $200,000 (and by that I mean, single-story starter homes). Fast forward 3 years later, you can now buy 4,000 square-feet homes for around $200,000. And these are available by the dozens. Quite a few for you to pick from.

Foreclosure hurts everyone. Not just these investors. It hurts the Sellers who are NOT in foreclosures, trying to sell their homes for whatever their reason. Granted, these non-foreclosure houses are alot better quality and have many finishing touches in them, these Sellers cannot justify a $50-$100K more in price no matter what you have in the house! Sellers who are not realistic with their expectations continue to sit on the market, awaiting this One-Special Buyer who thinks that their house is worth that much more.

This scenerio continues to grow all over the Dallas area real estate market. When investors are foreclosing by the hundreds, it hurts everyone. Buyers will seize the opportunity to purchase.

Lesson learnt?
Think twice when some salesperson sells you something. Do your due diligence in anything concerning money. And if you are interested in investing in real estate (which I still absolutely believe in), invest in your backyard to begin with. I personally do not advocate investing in unfamiliar territories and more so, some where you cannot get to easily.
For realtors, please take on a better job in discussing the pros and cons about investing in real estate. Do not just get these Investor buyers and leave them fending for themselves (I know several realtors in town that have done so). At the same time, I understand that it takes two to tango. So, investors, again do your due diligence.

Betting/ Gambling in real estate is NOT the way.