How Doorvest enabled Shawn to Own Multiple Investment Properties
After researching and meeting with several other real estate companies, Shawn and his business partner decided that Doorvest’s value propositions best aligned with their investment goals, ultimately allowing them to grow their portfolio and own multiple properties through Doorvest.
It’s no surprise that Doorvest’s streamlined investing experience feels the most suitable for individuals like Shawn who works as a Management Consultant.
Enjoy our complete interview with Shawn below!
Why did you want to invest in real estate?
The power of real estate is incredible. It is an investment vehicle that can enable you to predict your financial position 5,10 and 15 years into the future.
How did you save for the down payments on your home(s) and how much did you put down?
I had recently sold my starter home-turned rental property during the time I began investing with Doorvest. Because of this I had capital to deploy into more real estate. Each property has had a 20% or 25% down, depending on the individual deal economics and current market conditions.
What factors did you consider when deciding to go with Doorvest?
My two main barriers to investing real estate were (1) time and (2) unknown variables.
As a working professional with a growing family, Doorvest gave me access to a pipeline of properties that I would not have been able to source myself. Also, knowing the rent amount and having the renovation guarantee reduces the risk of 'unknowns' and potential for unfortunate surprises.
Doorvest’s model addresses my constraints and has given me the opportunity to achieve my real estate investment goal of owning multiple properties.
Can you share how your experience working with Doorvest looked like?
I have appreciated Doorvest’s willingness to listen to feedback to help improve their processes. As a new company that is constantly rolling out new features, they have shown adaptability to respond and make changes. Our experience has been overwhelming positive and have appreciated having Doorvest as a partner to guide us through key challenges along the acquisition and ownership journey. Perhaps most impressively, the instances that we did run into issues, Doorvest demonstrated tremendous commitment to being a customer-first company and worked to promptly remediate the issues.
What was your investment strategy with a Doorvest home?
Doorvest has ensured that our first year of ownership was successful. I think first time investment property owners (myself included) underestimate the costs of traditional tenant placement (2-3 months holding costs, one month rent placement fee, etc.). Whereas with Doorvest we received $1,200 distribution the day after closing! Like all real estate investing there is risk involved, but Doorvest takes on a majority of that during the first year. This past year has been a positive experience and even when there has been a couple of bumps in the road (e.g. tenant challenges) Doorvest guided us along the way and took responsibility for correcting the situation. Two of our properties have completed the initial lease agreement and we have seen the rents increase on both properties.
