Becoming a Doorvestor
Loading...Loading...Loading...Loading...Did the last 7 chapters seem like a bit of a headache? Most people think so. And I don't blame them. There's a lot of upfront work that goes into buying an investment property.
If you're finding this article online, Doorvest is a full service real estate investing platform that helps everyday people buy and own rental homes completely online. What this means is that you can go end-to-end and buy a cash-flowing rental home sitting from the comfort of your couch.
Click the Get Started button on our website.
During this process, we'll begin asking you a few questions regarding your financial and rental property preferences. We typically work with investors who have a long term investment goal with at least $45K in capital to start (as this is needed for the downpayment of a home).
You'll also be able to customize your home preferences. This will inevitably decide what kinds of houses Doorvest will send to you to view.
This form takes about 5 minutes to complete.
Reserve your ideal home for $1,500!
Once you begin receiving homes, you will get a chance to see the Doorvest Home Profile like the one seen below.
The Doorvest Home Profile provides you with the non-negotiable purchase price valuing the home at the Fair Market Value. This includes the expected renovation that will occur before you purchase the home. If renovations prove to be more expensive, you're still locked into your purchase price that we presented, and Doorvest will front the additional cost.
You'll also be able to view the expected renovations and a summary of the home and neighborhood. Moreover, you'll be able to see the breakdown of the financial aspects of the home.
To note, all Doorvest homes will be able to cash flow based on current market conditions at purchase, all on top of projected appreciation. You'll be able to see the conservative (3%) appreciation of a home as well as the historical appreciation of the home based on 20 years of data pulled from HouseCanary.
Once you reserve your home, we will require that you receive a mortgage pre-approval if you are financing or proof of funds if you are purchasing in all cash. Doorvest will then purchase the home and renovate it using our own capital.
End-to-end, this process from home reservation to renovation completed takes about 2 months depending on how extensive the renovation is.
Close on your home with Doorvest!
One of our designated Transactions Managers will walk you through the closings process, which includes mortgage, title, and escrow. During the same time, you’ll receive an update on the state of the renovations process.
For peace of mind, the contract purchase (purchase agreement) of the property during the Home Reservation process will be contingent on a professional appraisal and inspection of the home once renovations are complete.
Moreover, you'll be able to look over a Matterport (a 3D virtual tour of the home) as well as post-renovation pictures. This will show you the completed and renovated home so that you can see what you are purchasing.
Once closed, you'll begin generating passive income from day one as we will have already placed a tenant in your home. We also guarantee rental payments and home renovations for the first year. See FAQ and Terms of Service for more details on these.
Closing on the home is about a 1 month process towards the end of the renovation time period. All cash deals generally will be able to close much quicker.
Sit back, relax, and enjoy the benefits.
Our service includes long-term rental home management for a 10% of rental income fee (which was baked into the financial calculations in the Doorvest Home Profile to ensure the home would still cash flow).
This Doorvest service fee is only charged to you if there is a paying resident in the home. We also do not charge any other fees or markups outside of this. This is done in order to provide transparency to you as our customer as well as align our incentives to place a long term and quality resident in your home. In essence, Doorvest doesn't get paid unless you're getting paid (by your resident).
This service means that we'll look over the day-to-day operations of the home. We'll also send you tax documentation, an overview of your home value and projected portfolio value, rental income, and more via The Doorvest Investor Portal so that you are able to reap all the benefits all in one place.
We hope to serve you for the life of your investment home 🙂 .
You get the benefit of real estate investing paired with the benefit of technology. That's Doorvest, the way real estate investing should be.
Plus, you'll have a dedicated client advisor to guide you along the way to your path to buying your 1st (or 10th) investment property.
And the best part? You'll be a Doorvestor 😉 .
If you have any questions, please feel free to look at our Frequently Asked Questions page or you can email us at clientpartners@doorvest.com