I bought the property partially renovated on the interior, then proceeded to do updates to increase value. I also completely renovated the exterior. I.e. - New windows, AC ducts, attic insulation, gutters, appliances, fans & lighting, paint, and tile. New irrigation, sod, plants, trees, rocks/shell, paver patio, driveway, exterior lighting, and fence.

What made you interested in investing in this type of deal?

It was a cut and dry project and since it was my first deal it was an easy entry having already been slightly remodeled. I'm not handy at all, but I am good at design and can do small things like landscaping. I also liked the fact that it was structurally sound with concrete block construction, a tile roof, and high elevation. Ultimately I had a vision for how this particular home could easily be improved and rented for top market without much headache.

How did you find this deal and how did you negotiate it?

It was sitting on the market. It was essentially a half-done, bad flip that didn't sell as expected. I submitted a low-ball offer and it got rejected. So I waited a couple months, and they reduced the price. Then I submitted a lower offer of the same ratio as before. This time the seller was anxious to get it off his books and sold to me.

How did you finance this deal?

Since it was going to be my primary home, I used 5% down, conventional financing.

How did you add value to the deal?

I added value by doing cosmetic updates and transforming the curb-appeal.

What was the outcome?

I was able to rent it furnished long term for $1,500 more than the average long term rent in the area. I self-manage and produce $700 in pure cash flow each month.

Lessons learned? Challenges?

I wish I had known more about landscaping at the time, and didn't go cheap when it came to contractors. There were several things in the yard I had to re-do because I didn't think them through well enough at the beginning. I also had to re-renovate a bathroom and some other interior work because I used cheap contractors the first time. I learned that it's better to go for quality the first time if you want it to last.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a real estate agent so I represented myself on the deal. I watch the market constantly and knew that the area was improving quickly and that it was a desirable place to rent. I would be more than happy to help anyone looking to start investing in the areas of Florida that I service.