#6 - Andrew Luong, Co-Founder & CEO at Doorvest
Slice of Real Estate Team
06/18/2024
In Episode #6 of Slice of Real Estate, Andrew Luong, Co-Founder & CEO at Doorvest, talks Real Estate Investment.
Listen to the full episode to learn about:
- Andrew Luong describes Doorvest as an e-commerce experience for buying, owning, and selling investment homes.
- Doorvest helps first-time homeowners and investors navigate the real estate market.
- Andrew's journey from tech to real estate and the inception of Doorvest.
- Insights on the future of real estate and navigating high-interest rates.
- A fascinating story of a squatter and the challenges of managing rental properties.
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Introduction
In this episode of the Slice of Real Estate Podcast, host Jared Taylor sits down with Andrew Luong, the co-founder and CEO of Doorvest. Andrew shares his journey from the tech industry to founding a company that simplifies real estate investment. Discover how Doorvest is helping everyday people buy, own, and sell investment homes online and gain insights into the future of the real estate market.
The Genesis of Doorvest
Andrew Luong's entry into the world of tech began out of necessity. Struggling to find employment due to poor academic performance, he found his first job in sales at a startup. This experience provided him with valuable lessons that he applies in his current role. Motivated by a desire for financial security and passive income, Andrew began investing in real estate in 2014. His success in building a rental property portfolio led to the creation of Doorvest, a platform designed to make real estate investment as straightforward as buying a pair of shoes online.
Doorvest's Unique Approach
Doorvest offers an e-commerce-like experience for buying investment homes. Unlike traditional REITs, Doorvest customers purchase entire properties, not just shares. This approach allows individuals to build a personal real estate portfolio, countering the dominance of large corporations in the housing market. Doorvest leverages the systems and lessons from big institutional players, making real estate ownership accessible to first-time homeowners and smaller investors.
Navigating the Current Real Estate Market
Andrew discusses the challenges and opportunities presented by the current real estate market, characterized by high interest rates and market dislocation. He predicts that these conditions will lead to regulatory-induced innovation and a reimagining of business models within the industry. Despite the tough environment, Andrew sees this as a period of transformation and growth.
Challenges and Lessons in Real Estate
One of the highlights of the conversation is Andrew's recounting of a challenging experience with his first rental property. Purchased for $96,000 in Sacramento, this property brought numerous headaches, including a squatter incident and difficulty finding property managers. Despite these challenges, Andrew successfully sold the home for a significant profit. This story underscores the importance of careful property selection and the psychological toll of managing difficult investments.
Advice for Aspiring Real Estate Investors
Andrew emphasizes the importance of getting started, regardless of market conditions. He advises potential investors to find a comfortable entry point and learn through experience. Reflecting on his own journey, he encourages people to focus on long-term value rather than short-term cash flow and to follow the strategies of large institutional investors.
Conclusion
Andrew Luong's insights and experiences offer valuable lessons for anyone interested in real estate investment. Doorvest is paving the way for more accessible and straightforward real estate transactions, empowering individuals to take control of their financial futures. As the real estate market continues to evolve, platforms like Doorvest will play a crucial role in democratizing property ownership.
To learn more about Doorvest:
Doorvest - Own rental homes entirely online. doorvest.com
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