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Andrew Moon is the CEO and co-founder of Doorvest. This fully online platform simplifies the process of purchasing and managing affordable, high-efficiency, out-of-state rental properties through a customized approach to property purchase that helps you build capital and increase the value of your assets.
Doorvest’s mission is to democratise financial security for all.
In an exclusive interview with Andrew, he declares
A good plan that is now brutally executed is better than next week’s perfect plan for George Patton – a quote I love and am inspired by.
I think most people spend too much time on the theoretical understanding of the possible outcomes versus the actual outcomes. The beauty of this system is that it lets the market know whether you are on the right track or not.
Read on to find out more about Andrew Lyon and his background.
Tell me about your personal experiences and what motivated you to work for your company.
Andrew Moon: I have long been disappointed with the lack of personal finance in standard training programs. When I worked as a young professional in a technical start-up, I found individual houses for rent to build a nest on the side. During this period I became a real estate agent and mortgage specialist and built up a portfolio of rents for single-family houses. When friends and relatives became curious, I gave them advice and even started to inform some of them by buying their capital goods. When I heard about the aspirations of the owners, but the difficulties my family encountered, I realised that the participation gap was due to the fragmented nature of real estate investments.
I founded Doorvest with technical director Justin Casad and restructured the real estate investment process so that professionals who work every day can now easily invest in the $3 trillion rental market to increase their financial independence. Throughout the year, Doorvest is the only platform that offers complete transparency to anyone who wants to own an income-generating rental property, while at the same time providing documentation and investment monitoring through the Doorvest property portal and guaranteed housing for tenants.
What is your current main product and can you give a product sales history?
Andrew Moon: We have created a modern, hassle-free way to buy and own fully online rental properties.
How much money have you raised so far? When was the last financing cycle?
Andrew Moon: In September, we raised $1 million to fund the screening.
What are the internal decision-making processes that determined the start of fundraising and what logistics are involved? And how many investors did you meet, how did you get to know these investors and which channels worked best for you?
Andrew Moon: The most important factor to consider when starting fundraising is to understand how money speeds up your business. Internally, it can be cash to pay your salary, spend on marketing or to hire team members.
We have spoken to more than 70 venture capitalists and received a no from almost all of them. A typical approach is to get to know the other founders in a nearby room and outside. They will be the best source you can represent for your investors, and sometimes they can be potential angel investors.
But we are eternally grateful to Mucker Capital for betting on us, even though we were completely outside their ecosystem and were contacted via a cold email!
What are the main challenges and obstacles in the fundraising process? If you had to start over, what else would you do?
Andrew Moon: The circle of friends and family was difficult when we tried to introduce the Angel Investing to our friends and family.
What are the milestones for the next cycle? And what are your goals for the future?
Andrew Moon: Our mission is to create financial security for everyone, starting with real estate investments. Our goal is to do more business, better, faster and more efficiently on the road to the vision.
How did you attract users and what strategy did you use to grow your business from start to finish?
Andrew Moon: The marketing strategy that has worked for us so far is advertising on Facebook.
That most starters are usually wrong about marketing?
Andrew Moon: Sometimes start-ups get stuck by doubling the number of distribution channels that work but do not offer sufficient resources to test/diversify the different channels in time.
How would you like to develop your activities worldwide?
Andrew Moon: We believe that American property is a valuable asset class and that there is a strong worldwide appetite to buy property without having to exploit it.
What are the most common mistakes companies make in their global expansion?
Andrew Moon: I can’t say that because we haven’t done it yet! We all have to wait together!
How do you manage the Kovid 19 flash situation to ensure the survival of your company?
Andrew Moon: The pandemic has accelerated the appeal of a fully accessible online platform for private real estate and has prompted customers to look for more reliable investment methods, away from volatile government markets. We have seen a 32% increase in the number of customers month-on-month and a 250% increase month-on-month after the success of COVID-19.
What are the most common mistakes founders make when starting a business?
Andrew Moon: I think most people spend too much time on the theoretical understanding of the possible outcomes versus the actual outcomes. The beauty of this system is that it lets the market know whether you are on the right track or not.
What is the best advice you have ever received? And what advice can you give to someone who wants to do similar things with you or go in a similar direction?
Andrew Moon: A good plan that is now brutally executed is better than next week’s perfect plan for George Patton – a quote I love and am inspired by.
What are the three most popular books or movies (series) that changed your life and why?
How do you maintain your motivation on a daily basis?
Andrew Moon: The ability to make a positive contribution to the lives of others, starting with helping to invest in real estate.
What are the three most important life lessons your (future) sons and daughters need to know?
Why do you want to be remembered?
Andrew Moon: I hope to have a small positive influence on the world.
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