House flipping first house

10 Replies

Hi all, I'm very new to the business, in fact this will be my first flip. I'm doing it in partnership with a good friend of mine. The property costs 90k cash and we only have 60k cash. Is there a way where we can ask the current owner that we can pay 60k now and then the rest in weekly installments? Is there a professional term for this? Also, since it's a private sale from my friends family member. Should we still hire a real estate agent? The seller asked what kind of paperwork they would need and I wasn't sure either. Any help would be greatly appreciated!

@Mujtaba Khan

You would be able to get it done with an attorney. But in NJ most of the trasnactions need a title company. I can refer you to the one I use from the office. One of the best I have dealt with in years. 

google good attorneys that handle real estate sales in mason county or the optional route is to hire a real estate agent to handle both sides. Most real estate agents earn 3%commission for representing the seller and 3% to the buyer(you). Also do not forget commission is negiotiable and a good real estate agent knows the ins and outs and are willing to handle the full transaction for 4%. Find an eager and hungry real estate agent with atleast a couple of years under there belt.