With the poor housing market at moment why not do this?

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Because of the slump in house sales these people have decided to raffle their 1 million pound house (approx 2 million Dollars) in Devon, England

If you buy a ticket for only £25 ($50) you have a one is 46 thousand chance of winning

I have bought my ticket

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  • Profile picture of the author MommyEnterprises
    Interesting! If I lived in England I might buy a ticket.
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    • Profile picture of the author MaskedMarketer
      Or instead of just wishing to win the lottery. You can take advantage of this housing slump and make millions or billions over the next 5-10 yrs.

      BTW- I think i heard of people doing that in the US, but i think it might be illegal to do these lottery schemes here.
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      • Profile picture of the author Frank Ayres
        The main reason i bought a ticket is because i am moving to Devon next year anyway so if i wont it would save me having to buy a new house
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        • Profile picture of the author bendiggs
          I saw this raffle shortly after these folks started it and thought to myself that they were going to lose a ton of money if they did not sell all of their tickets. Then I read up on the details of the raffle and as it turns out they will not give away the house if they do not sell all the tickets. So as counter intuitive as this may be, you really need to encourage everyone to buy a ticket so that they will give away the house.
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          • Profile picture of the author myob
            Raffles like this are illegal in the US, unless it is run by the government. But houses are so cheap now, it really is a buyers market if you have the money to invest.
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            • Profile picture of the author bendiggs
              Originally Posted by myob View Post

              Raffles like this are illegal in the US, unless it is run by the government. But houses are so cheap now, it really is a buyers market if you have the money to invest.
              I do not think that a raffle of this nature is illegal at all in the US. Lotteries have to have some over sight, but raffles are ok. At least they had better be or every school in the US is in big trouble since they are always having raffles as fund raisers. Also St. Jude's Children's Hospital just did something very similar by raffling off a house, so I'm pretty sure this is ok in the US, although there have to be some laws involved.
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              • Profile picture of the author myob
                Gaming and lottery laws (which include raffles) in the US are very strict and come with severe penalties in addition to the IRS taxes.

                Running raffles as a fundraiser for recognized charitable organizations is legal. However, the winners are still subject to any IRS, state, and local taxes. I believe similar income tax laws would apply in England. So if you win a $2 million house, you would most likely have to pay more than half that amount in income tax.

                Anything other than charitable fundraising is considered gambling in the eyes of the law. Just be careful and a tax attorney should be consulted if you are involved in any way in raffling a house or other property.
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