| Posted By |
Message |
| Pages: 1 [2] |
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
|
Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
so if you owned this house free and clear and the car free and clear
why you would just not sell it?
that's car alone new is over $100K
I don't get it
and those taxes are LOW for that area and house...
something just doesn't seem right to me
|
Posted 8/31/09 11:34 AM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
MRSE
LIF Adult
Member since 5/05 1420 total posts
Name:
(112903)
|
Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
I think the guys who own the house need to get rid of it asap.. it was been on the market for a while, but didn't sell
|
| Posted 8/31/09 11:43 AM |
| |
|
MRSE
LIF Adult
Member since 5/05 1420 total posts
Name:
(112903)
|
Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
Posted by Beth
so if you owned this house free and clear and the car free and clear
why you would just not sell it?
that's car alone new is over $100K
I don't get it
and those taxes are LOW for that area and house...
something just doesn't seem right to me
Those are the taxes listed on Mynassauproperty, but I am sure the house will be reassed once it changes hands
|
| Posted 8/31/09 11:46 AM |
| |
|
Jenn627
Laaaaaaaambert!
Member since 5/08 9818 total posts
Name:
Jenn
|
Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
My mom told me about this. I think it's genius.  I hope he sells enough raffle tickets!
|
| Posted 8/31/09 12:15 PM |
| |
|
dbleplay17
My 2 boys!
Member since 10/06 4578 total posts
Name:
Chrissy
|
Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
Posted by MRSE
That house is in my neighbor hood!!!!
it is right near my moms house. 
|
| Posted 8/31/09 12:18 PM |
| |
|
dbleplay17
My 2 boys!
Member since 10/06 4578 total posts
Name:
Chrissy
|
Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
is anyone hear going to try it...it is soooo friggin tempting!
|
| Posted 8/31/09 12:18 PM |
| |
|
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
|
Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
Posted by MRSE
I think the guys who own the house need to get rid of it asap.. it was been on the market for a while, but didn't sell
I am guessing they don't want to take a loss on it- so they are doing the raffle
that makes sense...
I might buy a few tickets just for fun-
|
| Posted 8/31/09 12:33 PM |
| |
|
-Lisa-
---------------
Member since 5/05 6530 total posts
Name:
Lisa
|
Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
it appraised for $1.5M in 2008 - doesn't mean that's what its worth now. I'm sure its taken a hit (but for a $50 investment, its ok if its worth a lot less )
I don't think he owns it free & clear - he probably has a large mortgage on it (particularly since he is/was a mortgage broker and claims he put $750K into it). He could pay off the mortgage with the raffle money and the winner would get the house free of any liens.
It'll be interesting to see how this plays out.
Message edited 8/31/2009 7:19:03 PM.
|
| Posted 8/31/09 7:18 PM |
| |
|
MRSE
LIF Adult
Member since 5/05 1420 total posts
Name:
(112903)
|
Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
looks like a lot of people are interested... The site is looking for a new co to handle the volume of purchases
|
| Posted 9/3/09 10:36 AM |
| |
|
dapnkap
Our 3 angels
Member since 7/07 4824 total posts
Name:
Karen
|
Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
Just remember this is considered a raffle prize - just like winning the lottery - you will have to pay taxes on prize winnings. On average a person would pay about 33%.
And then if you try to sell the house in less than 3 years, you have to pay capital gains.
|
| Posted 9/3/09 10:39 AM |
| |
|
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
|
Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
Posted by dapnkap
Just remember this is considered a raffle prize - just like winning the lottery - you will have to pay taxes on prize winnings. On average a person would pay about 33%.
And then if you try to sell the house in less than 3 years, you have to pay capital gains.
Aren't there breakpoints? Also if it's your primary residence and you buy something else after you sell there aren't penalties?
|
| Posted 9/3/09 11:23 AM |
| |
|
shiv
Twinsanity!!
Member since 5/07 4747 total posts
Name:
Shiv
|
Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
Posted by Meaghan729
you could always take a HELOC out to pay the taxes!
I was going to say the same thing- than you'd only have a small mortgage on the house.
|
| Posted 9/3/09 4:05 PM |
| |
|
shiv
Twinsanity!!
Member since 5/07 4747 total posts
Name:
Shiv
|
Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
Here's the link to the house on zillow, only worth $1.1m
House on Zillow
|
| Posted 9/3/09 4:13 PM |
| |
|
annoyedTTCer
LIF Adult
Member since 4/09 3272 total posts
Name:
|
Re: So you can buy a $50 raffle ticket to win a $1.6 million house in Massapequa...
Posted by dapnkap
Just remember this is considered a raffle prize - just like winning the lottery - you will have to pay taxes on prize winnings. On average a person would pay about 33%.
And then if you try to sell the house in less than 3 years, you have to pay capital gains.
Would you have to pay income tax AND capital gains taxes?
|
| Posted 9/3/09 4:36 PM |
| |
|
| Pages: 1 [2] |
