All Forum Posts by: Greg Mercer

I was looking to lease my primary residence out while I travel for the next couple years.

One of the gentlemen who was looking to lease asked if I would be willing to sell.  I told him if he would offer me xxx dollars, I would be willing to sell.

I guess that price was OK with him because he said his agent was writing up a contract for me to take a look at today.

I listed it myself (craigslist, zillow, etc. NO MLS) and he found my lease through zillow, he came and saw my house once without his agent, then again today with an agent.

My question, I imagine his agent is going to want some kind of commission.

All she has done, from what I can tell is help draft a contract.  What is standard procedure here?  I obviously don't want to pay her any commission at all, but it wouldn't be the end of the world if I gave her $1,000 or so.

Thoughts? 

I've been reading on Bigger Pockets for about the last 6 months and finally joined. My name is Greg Mercer, I live in Daphne, AL and just got my first investment property under contract in Mobile, AL.

I'm excited about the deal I got, its a Fannie Mae REO, 3/2 originally listed at 135k back in September. They've done a few price drops on it and I now have it under contract for 59k. Most comps in the area go for around 100-110k. I should get $950 a month in rent after putting about 4-5k in rehab into the place. Doesn't quite meet the 2% rule but its in a great area and will still cash flow.

I just wanted to introduce myself and share about my first deal.

I tried searching about this topic because I know a lot of people ask about it but couldn't find the answer to my particular question.

I have my first investment property under contract. Its a Fannie REO property and I close on it at the end of the month. I will be using it for a rental home.

I currently have the contract under my name. I will be financing the home under a Homepath Loan.

I registered for a LLC a few weeks ago but haven't received confirmation it has gone through yet.

I would like to be protected against liability therefore think I should put the home under my LLC. How do I do this? Transfer the title after closing? Change the name on the contract to my LLC?

Is liability insurance enough to not worry about transferring the title the LLC?

The property is located in Mobile, AL.

Please give me your thoughts!