A Message From Doorvest In Response to COVID-19
The last few weeks have been devastating in terms of public health as well as global economics but we’re confident the medical heroes all around us will continue to fight and ultimately bring about a cure. This is purely a matter of time.
We’re writing to you today to reiterate our commitment during these trying times. At Doorvest, one of our core values is bringing certainty and transparency to the opaque world of real estate. As such, we wanted to remind you that we’re here to partner with and support you during this tough time.
Rents
Many unfortunately have or are expected to lose their jobs or sources of income as the economy grinds to a halt. Cities have also passed eviction moratoriums that ban evictions for a set time period. This may lead to residents that are unable to make payments - creating hardship for owners that have financial obligations like mortgages, property taxes, and insurance. Our belief is a policy that strikes the balance of creativity and empathy will make the most sense to weather this storm.
What exactly is Doorvest doing?
We are being proactive and staying in close touch with residents. If it appears that there could be hardship, we’ll begin exploring options such as extended the grace period, creating a payment plan option, or accepting credit cards for rent transactions. We will update you if the resident is experiencing hardship.
What can I do?
- Reserve funds - We recommend increasing your reserve fund allocation. This could be helpful in the event the situation becomes increasingly worse.
- Mortgage forbearance - Many lenders are offering forbearance on mortgage payments. This would allow you to essentially “pause” mortgage payments for some months. The saved amounts could be set aside as reserve funds.
Lastly and most importantly, we wanted to remind you that we guarantee all our resident leases for the first year. That means, if the worst case happens and our residents aren’t able to pay in a timely manner, Doorvest will continue to pay out these rental payments.
We’ll continue to monitor the situation and update you when new information arises. We will all get through this together and stronger at that.
If you have any questions at all, please feel free to reach out.
Sincerely,
Andrew Luong | Co-founder | Doorvest