San Diego dream house raffle is back - what would you do?

Well that sucks monkey balls. Thanks for the heads up.

It’s in California? Fuck that shit. I’d take it and sell that whore.

it’s more for married people…205k i think. and that’s modified adjusted gross income (MAGI) so you could probably earn 250k or so if you’re married and qualify, but i’m guessing on a $4M home, you’re renting it for at least $10k or $15k a month. if you had another job, you’d likely hit the limits pretty quick.

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I’m in Texas, and we don’t have income tax like California. My wife and I combined for 170k so we could roll that into a Roth IRA. It’s something that we’re looking to do with money she got for a wrongful termination suit against Texas Children’s. If you don’t mind I might have to ask you some stuff offline.

Link to buy tickets?

sure.

but unless it comes from a qualified retirement plan, you’re subject to the annual limits of $6k per person per year ($7k if your 50 or over). you have until 4.15.2021 to make contributions for 2020. so you could put $24k ($28k if you’re 50 or over) away if you act before 4.15.

The House - Giving Back Raffle Benefiting Ronald McDonald House Charities® of San Diego (sdraffle.com)

Although according to the rules, the raffle is open to any individual who is 18 years of age or older and in the state of California at the time of ticket purchase. So road trip to Cali if you don’t live here to buy tickets I guess

They also have thousands of other prizes too like cars, vacation packages, electronics etc. A couple years ago I won a really nice set of utensils. And every ticket is guaranteed to win a prize too, although last year it was between a duffel bag with the ronald mcdonald house logo on it, tickets to a concert which ended up being cancelled due to covid, or a free entry into a cash raffle.

What do you guys reckon the monthly rent would be for that place?

i’d guess 4 to 6% of the home value a year. so 13 to 20k a month.

That’s why it should be rented out

yeah, but you could go buy any kind of annuity and get 4 to 6%. or a REIT and get a 10% dividend.

4 to 6% isnt bad, but youre now a landlord of a high end property that comes with high end maintenance and high end hassles.