Press - AsiaTechDaily - Own High-Yield Rental Homes Entirely Online!
Doorvest's CEO and co-founder, Andrew Luong, had an opportunity to interview with AsiaTechDaily regarding his views on real estate, business, running a start-up
Please tell me about your personal background and What motivated you to get started with your company?
Andrew Luong: I have long been frustrated by the absence of personal finance from standard curriculums. During my time starting as a young professional working at a tech startup, I found single-family rental homes as a way to build my nest egg on the side. I became a Realtor and mortgage loan officer along the way while amassing a portfolio of single-family rentals. As friends and family became intrigued, I offered guidance and even started coaching some through purchasing their investment properties. After hearing the aspirations of homeownership but the struggles people close to me faced during the process, I realized that the participation gap was attributed to the fragmented state of real estate investing.
I co-founded Doorvest with CTO Justin Kasad, restructuring the process for real estate investing so that everyday professionals can now easily invest in the $3 trillion single-family rental real estate market to build their financial independence. Within a year, Doorvest is now the only platform that provides complete transparency for anyone looking to own an income-generating rental property while providing documentation and investment tracking through Doorvest’s property management portal along with guaranteed tenant placement.
What is your current main product, and can you share any previous product pivot story to the current product?
Andrew Luong: We’ve built a modern, frictionless way to buy and own income-generating rental homes entirely online.
What were the internal decision processes in determining when to begin fund-raising, and what were the logistics for this? And how many investors have you met so far, and how did you meet these investors, and which channels worked best for you?
Andrew Luong: The key factor to consider when beginning to raise is understanding how cash will accelerate the business. Internally, this can be cash to pay yourselves a salary, to spend on marketing, or hire team members.
We’ve met with over 70 venture investors and received a “no” from nearly all of them. The typical approach is to get to know other founders in an adjacent space and further along. They’ll be the best source of introductions for you to their investors, and sometimes, they can be potential angel investors too.
That said, we are eternally grateful for Mucker Capital to place a bet on us even though we were entirely outside of their ecosystem and got in touch through a cold email!
What’s the best advice you’ve ever received? And What advice do you have for someone who is interested in doing similar things like yours or in a similar direction?
Andrew Luong: “A good plan, violently executed now, is better than a perfect plan next week,” by George Patton is a quote I love and live by.
What are the top-three books or movies (TV series) that changed your life and why?
Andrew Luong:
Four Hour Work Week – taught me to dream
Rich Dad Poor Dad – taught me about real estate
Thinking in Bets – taught me to make good decisions
What are the top three life lessons that you want your (future) sons and daughters to know?
Andrew Luong:
Dream. Don’t let the world train you to live “normally”
Passion is earned. Try out many things, double and triple down on the things you enjoy and are good at
Be nice! Being nice builds this virtuous cycle that makes you and the world happier
What would you like to be remembered for?
Andrew Luong: Hopefully, I make a small, positive impact on the world.
You can follow our CEO and co-founder here, Andrew Luong here.
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