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I have a great idea

by Iamnotherenow
7 replies
I want to sell my home. I was looking at the local news one day when I seen this couple who raffled their home.

I purchased my home for $140k 2 years ago. I have a kid and me and my fiance want more so we think we're going to need some extra space.

I want to have a raffle of my own. I was thinking of selling the raffle tickets for $150 each with the option of entering as many times as you'd like. I kinda wanted it to be a nationwide auction instead of local. On the date of the drawing, I will open my doors to those who wish to attend the drawing...and I'll do the raffle live over the internet as well.

Is this a good idea? I want to get atleast what my home is worth right now. What if I don't reach my goal? What should I do?
#great #idea
  • Profile picture of the author matthewd
    I read about some people doing this once and they had to cancel it b/c they didn't sell enough tickets.

    I am not sure what their methods of promotion were but I think it is safe to assume that they are not IMers and you could market it better... then again, the fact that I read about it means they did achieve national media coverage.

    I would think it would be pretty easy to get come coverage from the media on something like this, but I am not positive.
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  • Profile picture of the author R Hagel
    I think the first thing you'd need to do is look into the legalities of holding a raffle. Check your local laws/regulations and consult with an attorney.
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  • Profile picture of the author 4today
    WOW!! What a great concept!! You would have to sell alot of raffle tickets. It would depend on your location though - big city compared to a small town.
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  • Profile picture of the author Iamnotherenow
    I live a relatively big city Cleveland, Ohio.
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  • Profile picture of the author garyv
    Raffles in your state can only be held by charitable organizations:

    http://www.ag.state.oh.us/business/p...HB95and325.pdf

    Check out page 20.

    Good idea though.
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  • Profile picture of the author danto2
    The best advice I can give you, being a Real Estate investor specializing in Dayton OH, is that today is not a good time to sell. Houses in Cleveland are going for under $100K. In certain areas foreclosures are an epidemic.
    My advice to you is to contact your lender and work out a reduction in both the mortgage and the interest rate.
    By the way I just bought a house in Dayton for $11,000 no mortgage. You can do the same in Cleveland.
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  • Profile picture of the author Steven Carl Kelly
    Disclaimer: A lawyer I ain't, but...

    Ok, you can have a CONTEST but not a RAFFLE. A legal contest may charge an entry fee, but the winner must be determined by skill and not luck or drawing. Therefore, you could run a CONTEST in which each entrant had to submit an essay describing why they should win the house.

    Then, those essays must be judged by a panel of judges (3 or so people) with someone who is considered an authority in their field (like a college professor or life-long teacher). They should judge it on things like writing skill and originality.

    There are plenty of resources on the Web, just search for "how to run a legal contest" or similar keywords to find advice from ACTUAL lawyers who have written about the topic.
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