Which is the Smarter Bet?

Reply #21

Coin Toss — Fri, 21 Dec 2007 23:51:47 GMT

Not sure if it's stlil the case, but at one time Idaho was reported as having more millionaires per capita than any other state.

Must be a lot of money in potatoes

Reply #20

LuckyLilly — Fri, 21 Dec 2007 18:49:16 GMT

Perhaps you are willing to direct some of these smart investors to Idaho?

They're already here. Over the last year on my street alone (2 short blocks) they've bought 4 homes for around $150K to $175K. Then they turn around and rip them down and where 1 home once stood they build 3 or 4 in-fill houses with tiny yards and sell them for $250K - $350K each. They all sold for the asking price except the last lot of 3. Those didn't get finished until Oct. when the bubble had already burst, bu... [ More ]

Reply #19

sirbrad — Fri, 21 Dec 2007 11:59:41 GMT

Go for the house, think about how much money it will save you in mortage or rent payments. Also these types of raffles only come around once in awhile, the powerball is always there to lose.

Reply #18

KY Floyd — Fri, 21 Dec 2007 08:37:39 GMT

Whether you want to live in the house or can afford to live in it are just one piece in figuring out how much you're really playing for. Even if you were already planning on buying a 400K house, you aren't playing for achnace to win that much, because ypou'll be paying taxes on the value of the house. Other than actually shopping for the house, the most optimistic scenario would be reselling it yourself for its fair value. More likely you'll lose about 20 grand in fees to a real estate agent (th... [ More ]

Reply #17

justxploring — Fri, 21 Dec 2007 08:21:12 GMT

Time*treat, real estate is in the dumper here too. Florida is one of the worst markets in the nation. But people are still buying bargains. You are right about opinions. Many people predict the market will continue to fall for the next couple of years.

I was only saying that houses are still selling and people will always have their eyes open for houses selling below appraised value, especially a new home. $400,000 in Boise isn't that outrageous from what I've seen. It's way out of my le... [ More ]

Reply #16

time*treat — Fri, 21 Dec 2007 07:25:46 GMT

Well, I'm not trying to force you (or anyone else) to see the matter in any particular way. I'm stating the way I see it. Real estate is in the dumper here right now indicates that there is some waiting going on. Perhaps you are willing to direct some of these smart investors to Idaho?

Cost is not always money.

Now, if we all saw everything the same, it wouldn't be much of a discussion, would it? One statement followed by 20 people each saying I agree and Me, too... [ More ]

Reply #15

justxploring — Fri, 21 Dec 2007 00:23:10 GMT

Your win could cost you more than $100.

That makes no sense at all unless the person winning the house can't manage money.

I just don't see how winning a house can ever be a loss. We aren't talking about a trip on Wheel of Fortune. This is a piece of property. After all, even if you sell a $400,000 home (that cost you only $100 in the first place) for $300,000 you are still a big winner. What difference does it make if you have to pay taxes on the money you get? First of all, you w... [ More ]

Reply #14

LuckyLilly — Thu, 20 Dec 2007 23:24:41 GMT

The PTB are the ones expecting. Boise's housing market hasn't been hit as hard as some because we're a growing community. New homes are overbuilt here, but sales continue, and they expect the slack to be taken up by spring.

If the house ain't worth $400K at the time they transfer it to the winner, then you'd only pay taxes on the actual value. So if you put it on the market and get offers of only $350K then you take the offer and pay taxes on the $350K. Yeah, your profit would be less,... [ More ]

Reply #13

time*treat — Thu, 20 Dec 2007 22:49:11 GMT

Who's doing the expecting ? If you don't want/can't afford the house, then you also are relying on someone coming along who wants and can afford it. Meanwhile, you're eating the carrying costs while plenty of other comparables are dropping in price. Your win could cost you more than $100.

Reply #12

justxploring — Thu, 20 Dec 2007 21:02:28 GMT

Captain Lotto - and the person who buys 100 tickets might win nothing at all, not even a lower tier prize in the lottery, while the person who spends a dollar might win millions. I would never go to a store and buy 100 tickets, but it happens. There are people who buy piles of scratch-offs and stay in the store scratching and scratching for an hour. Then someone walks in 20 minutes after he leaves, buys 1 ticket, and wins $50,000 a year for life.

Regarding prizes, when I see a game show I... [ More ]

Reply #11

Captain Lotto — Thu, 20 Dec 2007 20:45:32 GMT

OK CoinToss and Justxploring, you're both right. What I meant was, the odds are good on the House giveaway, but there are other factors involved - Is the house somewhere you want to live, can you pay the taxes if you win, will you be able to afford property taxes and potentially higher utilities EVERY YEAR? With all due respect to St. Judes, how about can you trust the raffle is fair? That said, it's also a charity which has other rewards. Certainly, the odds on Lotteries are higher, but yo... [ More ]

Reply #10

LuckyLilly — Thu, 20 Dec 2007 18:46:59 GMT

Lilly, I think the raffle for Saint Jude's is a good idea. It's a great hospital.

Yep, that's what got me to buy the first 2 years. They gave away dozens of other prizes besides the house, and I didn't win a thing. I was kind of glad when they quit doing it so I wouldn't have to make a decision.

Reply #9

justxploring — Thu, 20 Dec 2007 05:21:06 GMT

Captain Lotto, I know we all have our personal opinions, but you wrote

It's also important to remember that your odds don't improve by buying more tickets. The odds are the same for every ticket you buy.

Yes, the odds are the same for each ticket, but your individual chances of winning increase if you have 10 tickets instead of 1. You do only have 10 chances out of 7,777 but with a raffle, someone is going to win and a limited amount of tickets are sold. With a jackpot game like PB or... [ More ]

Reply #8

Coin Toss — Wed, 19 Dec 2007 23:38:12 GMT

Captain Lotto

One in 7,777 is pretty good odds, but the entry price is pretty steep. For $100, you could buy 100 chances on your state Lotto or Powerball. The odds of hitting Powerball are fairly high - 1 in 46 million. Of course, hitting the second prize is easier, 1 in 3 million, and comparable to the prize on the house raffle.

Fairly high? Second tier, 1 in 3 millions is easier ? You're killing me.

One $100 shot at a $400,000 house is a far better bet than 100 $1 shots at... [ More ]

Reply #7

tntea — Wed, 19 Dec 2007 23:27:17 GMT

I would most definitely sell it or give it away.. I am very happy where I am living.

Reply #6

LuckyLilly — Wed, 19 Dec 2007 22:50:57 GMT

If i did not want to move in , just thinking of reselling it.........i would not buy any tickets.

FloridaGirl

Are you thinking that the hassle of selling it would be too much? Or is there another reason you'd not try to win it just to sell it

Reply #5

ThatScaryChick — Wed, 19 Dec 2007 22:12:55 GMT

A hundred dollar raffle ticket is too steep for my budget. The odds are of course nice, but I don't think I could put 100 dollars down all at once on one ticket. I would rather stretch that amount over time on Powerball/Hot Lott/Wild Card 2.

Reply #4

FloridaGirl — Wed, 19 Dec 2007 22:08:21 GMT

I will never put money on a dream home raffle ticket , ever again.

I did in the past and i believe its fixed..........because the people who has won , never did live in the house. They put the house for sale the next day of the win.

If i had won, i think i would have live in that dream house. Even if the house was in a different town. We would have move into that dream house.

If i did not want to move in , just thinking of reselling it.........i would not buy any tickets.

FloridaGi... [ More ]

Reply #3

JackpotWanna — Wed, 19 Dec 2007 22:07:29 GMT

It be smarter to spend $100 on a Dream Home raffle ticket. You can flip it, or make it a rental income, if you win.

I would buy 1 $100 ticket and pray. :)

Good Luck.

Reply #2

Captain Lotto — Wed, 19 Dec 2007 21:59:45 GMT

One in 7,777 is pretty good odds, but the entry price is pretty steep. For $100, you could buy 100 chances on your state Lotto or Powerball. The odds of hitting Powerball are fairly high - 1 in 46 million. Of course, hitting the second prize is easier, 1 in 3 million, and comparable to the prize on the house raffle.

Of course, the caveat is being able to pay the taxes on your winnings, should you be selected. It's also important to remember that your odds don't improve by buying more ti... [ More ]

Reply #1

pumpi76 — Wed, 19 Dec 2007 21:54:16 GMT

If i was me i will go for the home...It is such a great idea that i believe every raffle should giveaway houses, because then the 100 dollar price is correct/valid...

More important than winning all of the state' lotteries is the movie Red Planet .....

Which is the Smarter Bet?

LuckyLilly — Wed, 19 Dec 2007 21:11:20 GMT

St. Jude's just announced a new Dream Home raffle here in SW Idaho. Over in Star for those of you in the area. Anyway, they're selling 7,777 tickets at $100 each and the winner gets a $400,000 home.

Suppose I couldn't afford to keep the house (pay income taxes on the $400K, increased property taxes, etc.) and would have to sell it. Real estate is in the dumper here right now, but it's expected to pick up by spring and the house won't be given away till June, so it should sell fairly easil... [ More ]