Real estate investor holds contest for $500k home

We all know that houses are not cheap, and if you're a family that is just starting out, or going through some financial struggles, owning a home may seem impossible right now.

A real estate investor in Phoenix is hoping to make one family's dream a reality; he's holding an essay contest to give away a $500,000 home.

How would you like to hold the deed to this 4,000 square foot, newly remodeled dream home in Phoenix?

Thanks to one real estate investor you can.

"I can't wait to give this house away," said Erin O'Connor.

O'Connor is a partner in a group that owns the property. It has five bedrooms, and three and a half bathrooms, it just underwent a $75,000 remodel.

"We took a house that was very plain, it had been abused over the years, and we completely redid everything," said O'Connor.

And he means everything.

"All brand new stainless steel appliances, reclaimed barn wood that came from a barn that was built in Kentucky, all done with Spanish porcelain on top, Italian in the middle, and the marble is from Turkey," she said.

But rather than sell the property Erin wants to give the house away by holding an essay contest, and the response has been incredible.

"We've gotten tons of entries; I've read a few of them, some of them are heartbreaking, some of them are very inspirational," said O'Connor.

It costs $150 to enter the contest, and there is a maximum of 5,500 entries. Each essay must be no more than 250 words, the topic: why you would love to win this house.

"The building excitement of changing a life for somebody is really fun, we hope to see someone acquire the home and create generations of lifetime memories here," he said.

The contest runs through the end of November.

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