Doorvest Review 2023

Doorvest Review 2023 | Is Doorvest Right for Me?

Doorvest is a unique, innovative platform that facilitates the purchase and management of real estate. This helps democratize the passive income available through real estate, which can be a huge driver of wealth creation.

Whether it’s right for you, however, will depend on your preferences. It should be noted that real estate investments are generally a longer-term investment. You shouldn’t look at Doorvest as a “get rich quick” opportunity.

Plus, Doorvest is far from the only way to easily invest in real estate, with “e-REIT” companies such as Fundrise picking up steam in recent years.

But if you’re looking for a relatively hands-off approach to owning your own rental property, then Doorvest may be a great option for you. Keep reading to learn about its background, how it works, and its key features.

What Is Doorvest?

Doorvest was started by two co-founders, CEO Andrew Luong and CTO Justin Kasad. The initial inspiration came from the fact that there are considerable barriers to entry for the average investor. Most of us intuitively know that rental income is a great investment, but traditionally it takes a lot of time and effort to get started.

So, rather than have to go out and find a rental property on your own, Doorvest arranges for you to buy one virtually. And rather than manage it yourself, or find another company to oversee property management, you can do it all through Doorvest.

How Does Doorvest Work?

Doorvest provides a path to passive income through real estate that comes with much less friction than conventional methods. Here’s a brief breakdown of the five-step process:

1) Customize your ideal investment home – Simply answer a few questions so Doorvest can hone in on your ideal investment property.

2) Lock in your investment criteria – Setting up your investment criteria and locking in your agreement means Doorvest can now match you with exclusively curated rental properties.

3) Reserve your home – Once you get matched with a property that’s ideal for you, Doorvest will purchase it, renovate it, and find a long-term tenant.

4) Close on the purchase – This stage involves Doorvest’s Transactions Team, which will work with you to close on your home at Fair Market Value.

5) Sit back and enjoy passive income – Since Doorvest manages the property, all you have to do is enjoy the passive income and ensure that it’s accounted for in your taxes. Note that you may not make a profit for the first year or two.

Doorvest Pricing & Plans

Doorvest earns its money by charging various fees. The first fee is $100, which provides you access to their exclusively curated properties. This also locks in your investment criteria and shows Doorvest you’re serious about investing.

The price of the investment property will vary widely depending on your budget and preferences. In general, however, you should expect to pay at least $40,000.

Once you’ve closed the purchase and you fully own the property,  Doorvest charges a 10% fee for day-to-day management.

Is Doorvest Worth It?

Doorvest makes numerous guarantees. Perhaps one of the most important for attracting new investors is their claim that you will receive rental income during your first year. You also only pay the management fee when you have a tenant.

The idea behind Doorvest is brilliant, and it’s no surprise that many people are investing. If you want the passive income from a rental property without the short- and long-term hassle, this is a great option to consider.

Ultimately, Doorvest should be considered a long-term investment. Their own website notes that positive yields may not occur for two or more years, which is not unusual for real estate. Plus, you have to take into account all the heavy lifting Doorvest is doing at the start (curating, purchasing, renovating, placing a tenant, etc.).

If you are fine with the above, then definitely explore their site and see if it’s right for you!