Win A Property Portfolio - Cash Winner
Why enter to win one house when you can win a property portfolio? For £10 you could become the owner of two buildings with 13 apartments in total plus £30,000 in cash. The properties are based in Wakefield and already generate approximately £75,000 per year in rental income.
Winner: Lee Thompson
Launched: 14th August 2020 Closed: 25th April 2021
Location: West Yorkshire, WA1
House Value: £1000000
Extras: Includes 13 Apartments
Ticket Price: £10.00
Minimum Ticket Target: 400000
Tickets Sold: 5318 Revenue: £53180 (Estimated)
Cash Alternative: 75% of ticket sales
Nige Coxan is using the Raffall platform to offer entrants the chance to win an incredible prize. As far as we know the apartment buildings are based in Wakefield, West Yorkshire. There are a couple of images of the buildings plus a video showing some of the apartments. Building one has seven apartments whilst building two has six. Some of the apartments have one bedrooms whilst a few have two bedrooms. Beyond that the details are pretty limited and this is a little bit of a concern.
How To Enter The Competition
The propery portfolio is valued at over £1million. The winner will also receive a £30,000 cash sum. What makes this competition attractive is that the apartments do generate revenue - this is noted as being around £75K a year. However what isn't indicated is what kind of tenants the properties attract (e.g. students) and running costs. The promoter does say that all the apartments are fully let and managed by an agent. All legal fees will be paid for as will stamp duty. Also included in the prize is one years buildings insurance.
To enter the raffle you need to be registered with Raffall. This can be done via Facebook or email login. Once at the house raffle page it's a case of answering a question and purchasing tickets. The question pops up in a window which we found disappeared very quickly. Tickets only cost £10 and there's no limit to the number you can purchase. You can purchase online using debit cards. If all the tickets available are sold then the promoter will be donating £50,000 to Prostate Cancer.
400,000 Ticket Sales
Coxan hopes to sell 400,000 tickets (total revenue £4million) before April 2021 in order to conclude the draw. If insufficient tickets are sold then the winners will receive a share of the compensation amounting to 75% of all ticket sales. All compensation payments are guaranteed and paid directly by Raffall Limited. This is a little bit different to house competitions run by individuals and should offer more assurance to entrants. The fact that the previous competition concluded within 4 weeks may also encourage entries.
This is an interesting and potentially exciting win a house prize. On the plus side the £30,000 cash and buildings insurance cover for the first year should enable a winner to get underway relatively smoothly. However there are a few things worth noting. Firstly the ticket price is expensive compared to other competitions currently running. We're also not impressed with the number of tickets required to be sold. A £3million profit on this kind of competition is in our view excessive. Many win a house competitions have failed because entrants see that the promoters are being greedy when it comes to the money they're trying to make via this mechanic.
Another issue to consider is that taking on a property portfolio is different to winning a new home. The winner will be responsible for two buildings, 13 apartments and numerous tenants. Whilst an agent can manage most of the issues the owner may be responsible for repairs and costs. Most win a house competitions don't come with surveys or back ground information about the condition of the buildings. The £30,000 cash may be better off used as a contigency fund 'just in case' rather than an added bonus. Don't forget that you will also have tax issues to consider. In our view this competition could do with a lot more detail for would be entrants.
Disclaimer: Details shown above were correct at time of writing and are provided for information purposes only. Images are used under fair use policy. Map location is approximated by Google based on postcode/location info. Any links provided are not an endorsement from Loquax. In some cases Loquax may earn a referral fee from sales this does not effect our review. We strongly advise all visitors do due diligence on each contest before deciding to enter. Terms and conditions apply. Begambleaware.org.
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