A new initiative in Denver aims to revolutionize home buying by offering opportunities to acquire properties at a minimal cost. FulHouse Inc., a startup co-founded by Jason Graf and Sam Cogan, is spearheading this transformation. The company utilizes a unique sweepstakes model, allowing numerous participants to collectively fund a home purchase for just $5 each.
FulHouse Inc.: Making Home Ownership Accessible
FulHouse Inc. launched earlier this year, focusing on making home ownership more attainable for the average individual. The founders believed in their concept so strongly that Graf has listed his own two-bedroom townhome as the first property in this venture.
The sweepstakes model is designed to democratize the home buying process. Participants enter the drawing, contributing a small fee, which collectively goes towards purchasing a selected home. Upon conclusion of the sweepstakes, one winner receives the home at a fraction of its usual cost.
Current Listings and Future Plans
Since the company’s inception, FulHouse has garnered significant attention, with over $15,000 in entries reported in just one month. Graf is actively looking to list additional properties as interest grows.
- Home Listing: Two-bedroom Denver townhome
- Entry Cost: $5 per participant
- Total Entries to Date: $15,000
Real estate agents in Denver have begun reaching out to the startup to inquire about listing their homes. However, there are some reservations within the real estate community regarding this innovative approach. Andrew Abrams, a member of the Denver Metro Association of Realtors, expressed concerns about the traditional selling process, emphasizing its planning benefits for sellers.
Consumer Perspectives on the Sweepstakes Model
While some view the opportunity to buy a property for $5 as exciting, others liken it to a lottery, generating skepticism about the model’s viability. Abrams pointed out that thorough due diligence is crucial, as is understanding the complexities involved in this new method of home purchase.
The first sweepstakes through FulHouse Inc. is scheduled to conclude at the end of March. If the required entries are not met, participants may opt for various refund or credit options. Graf encourages potential buyers to explore this innovative route to home ownership and has emphasized the genuine intent behind the initiative.
Graf stated, “We are just regular people trying to make a difference,” reinforcing his commitment to providing an accessible alternative to traditional real estate transactions.
