Comments on: Own This House for $50 http://blog.sellsiusrealestate.com/marketing-tips/own-this-house-for-50/2008/10/08/ Mon, 22 Mar 2010 07:07:29 -0400 http://wordpress.org/?v=2.8.4 hourly 1 By: Prismas Basalticos http://blog.sellsiusrealestate.com/marketing-tips/own-this-house-for-50/2008/10/08/comment-page-1/#comment-266214 Prismas Basalticos Tue, 14 Oct 2008 08:36:19 +0000 http://blog.sellsiusrealestate.com/marketing-tips/own-this-house-for-50/2008/10/08/#comment-266214 Yeah I think this is something too good to be true.<br><br>-M from Mexico Yeah I think this is something too good to be true.

-M from Mexico

]]> By: Brett http://blog.sellsiusrealestate.com/marketing-tips/own-this-house-for-50/2008/10/08/comment-page-1/#comment-266038 Brett Fri, 10 Oct 2008 20:38:27 +0000 http://blog.sellsiusrealestate.com/marketing-tips/own-this-house-for-50/2008/10/08/#comment-266038 Brett Shaw from Cyberhomes:<br><br>@yattermatters: The $15,750 will not be just extra profit if the raffle is cancelled. If you look at the rules, it states that 99% of the $50 will be RETURNED to the entrants. This means that there will be 31,499 checks mailed back to the entrants (assuming there is one entry per person). At $.42 postage, this means that they will pay approximately $13,229.58 to send the money back. The only profit realized is the remaining 8 cents. So that would be ($.08)(31,499) = $2,519.92<br><br>This is still a profit, but take into account utilities, mortgage, etc. over the course of the raffle (plus an additional 120 days if needed) and you are going to come out pretty close to even. It seems like they've worked through the financial aspect of this pretty well. Brett Shaw from Cyberhomes:

@yattermatters: The $15,750 will not be just extra profit if the raffle is cancelled. If you look at the rules, it states that 99% of the $50 will be RETURNED to the entrants. This means that there will be 31,499 checks mailed back to the entrants (assuming there is one entry per person). At $.42 postage, this means that they will pay approximately $13,229.58 to send the money back. The only profit realized is the remaining 8 cents. So that would be ($.08)(31,499) = $2,519.92

This is still a profit, but take into account utilities, mortgage, etc. over the course of the raffle (plus an additional 120 days if needed) and you are going to come out pretty close to even. It seems like they've worked through the financial aspect of this pretty well.

]]> By: jfsellsius http://blog.sellsiusrealestate.com/marketing-tips/own-this-house-for-50/2008/10/08/comment-page-1/#comment-265988 jfsellsius Fri, 10 Oct 2008 02:42:27 +0000 http://blog.sellsiusrealestate.com/marketing-tips/own-this-house-for-50/2008/10/08/#comment-265988 In Maryland, Yes. But the laws which vary from state to state. <br><br>According to Bruce Anderson, who has successfully raffled a home in MD:<br>In Maryland an appraisal must be completed at the time of the permit and if the drawing is more than 90 days after the permit is issued a second must be completed. In Maryland, Yes. But the laws which vary from state to state.

According to Bruce Anderson, who has successfully raffled a home in MD:
In Maryland an appraisal must be completed at the time of the permit and if the drawing is more than 90 days after the permit is issued a second must be completed.

]]> By: karl baker http://blog.sellsiusrealestate.com/marketing-tips/own-this-house-for-50/2008/10/08/comment-page-1/#comment-265943 karl baker Thu, 09 Oct 2008 21:49:36 +0000 http://blog.sellsiusrealestate.com/marketing-tips/own-this-house-for-50/2008/10/08/#comment-265943 is this legal? is this legal?

]]> By: jfsellsius http://blog.sellsiusrealestate.com/marketing-tips/own-this-house-for-50/2008/10/08/comment-page-1/#comment-265808 jfsellsius Thu, 09 Oct 2008 14:59:12 +0000 http://blog.sellsiusrealestate.com/marketing-tips/own-this-house-for-50/2008/10/08/#comment-265808 Perhaps the organizers of the raffle will weigh in on the 1%. Maybe there<br>are some state laws on raffles requiring the state to get a piece of the<br>action. Good point. Perhaps the organizers of the raffle will weigh in on the 1%. Maybe there
are some state laws on raffles requiring the state to get a piece of the
action. Good point.

]]> By: yattermatters http://blog.sellsiusrealestate.com/marketing-tips/own-this-house-for-50/2008/10/08/comment-page-1/#comment-264986 yattermatters Thu, 09 Oct 2008 02:03:15 +0000 http://blog.sellsiusrealestate.com/marketing-tips/own-this-house-for-50/2008/10/08/#comment-264986 So you sell 31,499 tickets. Oops didn't make the 31,500. At 1% that's $15,750 +- in my jeans. I did what for that? <br><br>That's the minimum. Let's get wild and think 100,000 tickets are sold. Remember the caveat "raffle can be canceled for any reason". You do the math!<br><br>Am I missing something about the too good to be true part? So you sell 31,499 tickets. Oops didn't make the 31,500. At 1% that's $15,750 +- in my jeans. I did what for that?

That's the minimum. Let's get wild and think 100,000 tickets are sold. Remember the caveat “raffle can be canceled for any reason”. You do the math!

Am I missing something about the too good to be true part?

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