Nice rehabber story - Posted by MSchmidt

Real Estate Investing
1

Posted by JT - IN on August 18, 2001 at 05:38:26:

Mike:

If they are still selling, I will take 2 tickets.
Just tell me where to send the check.

I’m sure when I win the house, seeings as it is “GUD”, (Geographically Undesirable; a holdover term from my single days, when meeting a lady that lived accross town), I’m sure you will be glad to handle the dispostion of the asset for me, at a handsome fee.

Thanks,

JT - IN

2

Nice rehabber story - Posted by MSchmidt

Posted by MSchmidt on August 17, 2001 at 09:56:39:

See house raffle story on main page.

3

Are they still selling tickets ? - Posted by JT - IN

Posted by JT - IN on August 17, 2001 at 22:54:59:

Mike:

If so, I will take a couple. let me know, if still available, how I can procure a TIX…

Thanks,

JT - IN

4

Re: Nice rehabber story - Posted by Ronald * Starr

Posted by Ronald * Starr on August 17, 2001 at 21:21:19:

M Schmidt--------

Thanks for the post. I read the story. Nice.

I worry about state law, however. When the real estate markets were poor in the recession of the early '90s, there were stories about people wanting to raffle off their homes to sell them in a tough market. I usually seemed that there was some state law prohibiting their doing so.

So, I hope they do not run into legal trouble over this. There is nothing in the post about them having an attorney involved.

If you are in that area and could contract the principals, could you call and ask them if they are sure they are on legally firm ground?

Good InvestingRon Starr*********

5

Re: Are they still selling tickets ? - Posted by MSchmidt (IL)

Posted by MSchmidt (IL) on August 17, 2001 at 23:22:43:

Will do, I purchased mine at a booth during a church fair in town. Will find out and let you know.

6

Re: Nice rehabber story - Posted by MSchmidt (IL)

Posted by MSchmidt (IL) on August 17, 2001 at 21:35:33:

Hi Ron,
The home in this article is about 5 blocks from my residence…and yes I bought a ticket, figured what the heck this might be the best RE deal I will ever find if I win =) Plus even if I dont its for a worthy cause.

I will contact the newspaper and see if they will put me in touch or simply look her up in the phone book.

My guess is they had to post a bond equal to the value of the home to run the raffle and follow other non profit guidelines. I had to do this not long ago when running a sweepstakes through work. But if I can I will find out the details and report back.