Ok heres the deal I have a duplex that brings in $10,400 per year $5,200 each side I want $30,000 but no luck in selling so far I have 2 ideas im toying with to get rid of it 1,Sell like lotto tickets 3000 x $11 (The extra $1 to cover paypal costs) 2,Set up a shared ownership club and expand buying another house/duplex with the rent money as its no risk for the club owners as they each own a share and now is a good time to buy Will i need a real estate licence for my state and what about taxes Also willing to hear other ideas on how to sell this
$30,000 for a duplex? You sure aint in my So Cal neighborhood! That won't get you a garage. Seems rather cheap no matter where you are. You don't need a real estate license to sell your own property, but my advice is to get a real estate agent quick. You think you're going to use paypal for a lottery and sell a duplex??? I don't know about the other nonsense, but probably just stick with it. Sounds like easy money to me. Stephen C
Not sure what you smoking but got any spare? you wont get your money if you use palpal for a lotery - read their AUP. 30000 for a duplex - where is it at that price - the middle of the mohave desert?
1,Sell like lotto tickets 3000 x $11 (The extra $1 to cover paypal costs) Law covering lotteries and sweepstakes varies significantly from state to state. You need to find out if this is even legal where you live. Also, you need an attorney to draw up rock-solid terms for the contest - for example, what would happen if you only sold 100 tickets, not 3,000? 2,Set up a shared ownership club and expand buying another house/duplex You need to speak to an attorney who specializes in real estate law to - at the minimum - help draw up the documents. It's not just that many people would have to share the title to the property, but you'd have to also set up an agreement in advance to avoid complications from disagreements between the property owners regarding management of the property. But the easiest thing might be to simply market your property to out of state buyers - as others have pointed out, 30k is peanuts for a property in most places.
I didn't say that, I was quoting the original poster - I guess I should have used the "quote" function rather than lazily using italics to make that clear. This is what my post should have looked like: Law covering lotteries and sweepstakes varies significantly from state to state. You need to find out if this is even legal where you live. Also, you need an attorney to draw up rock-solid terms for the contest - for example, what would happen if you only sold 100 tickets, not 3,000? You need to speak to an attorney who specializes in real estate law to - at the minimum - help draw up the documents. It's not just that many people would have to share the title to the property, but you'd have to also set up an agreement in advance to avoid complications from disagreements between the property owners regarding management of the property. But the easiest thing might be to simply market your property to out of state buyers - as others have pointed out, 30k is peanuts for a property in most places.
Hi HarleyBoy Sorry I can't help but agree with some replies here, but to add my few dollars worth. Thinking of selling at a 3:1 ratio seems like a fire sale to me. If I does to me then real buyers will think the same. OK I am from Europe, and figures will differ, but, on a rental of 10.4K I would not expect to pay 30K, more like 1.5 -2.0K (only!) I would expect to see a minimum return of 7:1 i.e. divide 10.4. by 7 would give me the real price. If I was greedy I would look for 14:1. Sorry that's totally incorrect - where ever you are. There are always ongoing costs. If you expect those to be met from any rental income think twice. I cannot see anybody investing in a property club wil such small returns to see any possible income swallowed by the ongoing costs. OK different continent but one property we are involve with has an income inexcess of $45.000 pa. but has ongoing costs of at least 35% plus marketing. i.e. between 15 & 20K p.a. OK it's always full but...... Sorry to say it your fiqures just don't add up. Plus you cannot sell lottery tickets etc without permissions, and certanly not via PayPal. Opps........