Now THATโs what i call getting creative! And these days, i donโt blame him โ it sure is one way to sell a house (you hear that stupid foreclosure neighbor?!). Imagine, owning a 6,000 square foot 6 bedroom 4.5 bath house for a crisp $50 bill โ AMAZING. Hereโs a clip from the article i found on MSNBC:
โAfter more than a year of making major improvements on the home, Walters has been hit doubly hard. Heโs in the mortgage business, and as his property value plummets, his paycheck is also shrinkingโฆ.Walters has to donate a portion of the ticket sales to charity, so he calculates that he must sell 31,000 tickets by the end of the year to meet his goal. Heโs already more than a third of the way there, with 10,000 tickets sold.โ
So is it really worth the shot? Man, i dunnoโฆthe gambler in me REALLY wants to play, but the smart-financial side of me says hooooooooooooold up โ your odds of winning are slim to none buster.
While this is true, the odds are MUCH better than winning the lottery! Here you have a 1 in 31,000 chance of winning (possibly even less if he canโt reach this desired #), whereas you have like a 1 in 175,000,000 chance of hitting the megamillions. True youโre also blowing through 50 $1 bills instead of just 1, AND your prize is much smaller, but still โ SOMEONE has to win it!
But then again, letโs just say for the fun of it you DO win. Now youโre a proud owner of a whole bunch of taxes, upkeep, etcโฆesp if you already own a home (and iโm willing to guess most people playing donโt actually NEED this home). So what if someone wins who canโt afford to maintain and keep it all up like some neighbors are afraid of? Well, then you just sell it! But now, if you sell it, the neighbors get SUPER pissed! Esp. if you, letโs say, unload it for half itโs value โ $500k. Now it lowers all the other property values in the neighborhood, right? Boyโฆ.what a crazy situation! Wanna play yet? Hereโs some more on it:
So yeah, Iโm still considering getting in on the action (visit fiftydollarhouse.com to play), but iโm more likely to chalk it up to a โgood ideaโ and then forget about it tomorrow ;)
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