If you haven't yet- be sure to setup some "Keyword Alerts" to get into conversation in your target area.Seeya around!

If you haven't yet- be sure to setup some "Keyword Alerts" to get into conversation in your target area.Seeya around!

But the conversion will be taxable event so be sure to speak with the tax expert about tax implications. 

Here are a few recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/ If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select that person below.

Here are a few recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsIf you wish to tag someone in the conversation on the forum, type @ followed by their name and then select that person below.

Here are a few recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/ If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select that person below.

When I called the seller back, though I had a script, I let conversation take its course.

Here are a few recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alerts Read Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing Check out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/ If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select that person below.

I negotiate (other than real estate) for a living, there are times it is better to throw out the first number, especially if you think a seller has a crazy high number in their head.If you have reason to believe they think its worth (pick a number) $100k, and a fair deal would be more like $60k, throw out a low number to start, this makes the negotiations start at the lower number.Now I will say, don't throw out the top dollar you will give for the property, and I agree in most cases let them throw it out, but I'd rather defend a $50k offer that is somewhat realistic, than start at $100k and work your way down,,and don't just 'throw out a number', given the reasons for your offer before you give the number.If from your conversations you know the seller is going to use the house down the street that sold at $110k, then go ahead and deal with that now,,explain that there are houses in the market that have sold for very high prices, those houses (explain the difference),,,take away what he is going to try to use against you in negotiations before he can.

You might start with having a conversation with your partner on what the family thresholds are.