The stats on home ownership in a town like Jackson, Wyoming, aren't pretty. The average value of a single family home in that town: $1.3 million. Which means your chances of ever buying one are roughly similar to you winning the lottery—not good. Enter Brad Bradley (insert joke about his name here). He tried selling his home and wasn't getting many offers. So he did what any crazy ski bum trying to sell his three-bedroom, 1,300-square-foot home in downtown Jackson so he could move to Virginia (insert joke about leaving Jackson to move to Virginia here) would do—he put his house up for a raffle. "With the median home price in Jackson Hole at $1,345,000, $100 and a 1:15,000 odds of winning a home is pretty solid,” Bradley says.
Tickets are $100 each and in order for the raffle to take place on October 1, he needs to sell at least 10,000 tickets. A maximum of 15,000 tickets will be sold. And if not enough tickets are sold for the raffle to happen, ticket buyers will be fully reimbursed. The house was appraised last year for $735,000. Bradley hopes to break even on his mortgage and donate the rest (which he figures could be around $500,000) to charity, including the Jackson Hole Firefighter's Association, the JH Community Counseling Center, The National Outdoor Academy, and Philmont Boy Scout Ranch. He also hopes that the raffle will pay all federal income taxes and closing costs for the new owner. Now that sounds good.
Here's another not-so-pretty stat: The odds of winning $1 million in a state lottery are approximately one in a million. But we'll leave you with a more positive stat: The odds of winning this home are one in 15,000.
Find more info at www.howtorafflemyhouse.com.