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Software-powered real estate investing platform Doorvest has bought category competitor Getaway for an undisclosed sum, Inman has learned.
Both companies help investors find, lease-up and simplify the acquisition of rental property. There are differences in each company’s approach, but its focus on financing attracted Doorvest to Getaway, according to a Sept. 10 press release.
“Through this acquisition, Doorvest will now be able to offer customers a truly end-to-end experience with the launch of Getaway’s financing products,” the release stated.
Doorvest provides a suite of web and mobile tools to aid users in sourcing, analyzing and acting on rental property opportunities. Its software offers annual revenue projections, expense tracking, renovation management and a number of other resources typically assembled by an investor from a range of fragmented systems and products.
Doorvest is planning to launch a lending product, according to the release, which led to the Getaway deal. Part of the latter’s services include connecting investors to financing sources, including taking their own stake in a property that they aim to hold for five years. The buyer can then refinance with a new loan or pay Getaway directly.
“These products have armed real estate investors with the tools to expand their portfolios and we’re eager to offer this to current and future Doorvest customers,” said Andrew Luong, CEO and co-founder of Doorvest in a statement. “With the addition of financing capabilities, we’ll further streamline every step of the investment journey and provide our customers with a seamless and fully integrated experience that empowers them to achieve their financial goals.”
Financial technology, or fintech, is helping flatten and simplify the traditional real estate investing process. With secure digital conduits between personal bank accounts and the regulated mechanisms that drive sophisticated investing, it’s quickly become much easier for non-accredited investors (net income below $200,000 annually) to secure a stake in property. For example, Here, Landa, Arrived and Groundfloor are other apps aiming to make it easier to own income real estate.
Getaway states it has 34,000 investor customers.
“At Getaway, we’ve always been driven by the mission to make real estate investing more accessible,” said Ali Nichols, CEO and co-founder of Getaway, in the release. “Combining forces with Doorvest allows us to expand our impact, offering a broader range of solutions to help more people diversify into real estate. Together, we are simplifying the investing process and enhancing consumer choice, setting a new standard in the industry.”
