I'm currently in negotiations with a fellow investor who says that they are firm on their price. Their property has been listed for almost 4 months with no price reductions. They are only willing to go down 2.5% of asking, saying that this is a "firm" number. Any tips on negotiating a further decreased price?
Most likely you can’t. Tell them the max you are willing to pay and then walk. It’s like two used car salesman negotiating.
If you keep coming back, then he will stay firm. You may be better off telling him you will call in a month or two and see if he changed his mind.