Doorvest Review (2026): Its SEC Filings, Fees and Annual Reports

What Doorvest sells in October 2026

Most Doorvest reviews describe a turnkey rental: Doorvest finds a home, renovates it, puts a tenant in it and manages it, and you own the house outright. The company's current pages still say that, with a change of emphasis. The home page (October 11, 2026) says “Buy, manage, and sell investment properties — all in one place.” and shows “>$250M” of assets under management, “>$20M” of rent earned annually, “95%” on-time rent collection and “under 5%” vacancy. These are Doorvest's own claims; no filing we read gives those totals. In the Form C it filed on March 5, 2025, the company put it differently: “400+ homes” and “$100m+ in assets” under management, and an average cap rate of 6%.

The buy page lists three sample homes, each with a 30% down payment: a $256,000 house in the Houston metro ($76,800 down), a $330,000 house in the Cincinnati metro ($99,000 down) and a $275,400 new build in the San Antonio metro ($82,620 down). The same page claims “22-31% Year 1 ROI”. The March 2025 deck said something smaller and different: for roughly $45,000 an individual could own a rental yielding 6% a year. The page does not define either figure, so treat them as marketing until you see the numbers for the specific house.

Management is offered in seven states: Oregon, Ohio, Texas, Georgia, Oklahoma, Tennessee and Florida, according to the manage page. The fee terms say that if a home came to Doorvest through the acquisition of another property manager, “your existing agreement is honored as signed until renewal”, so the fees below may not be the fees an inherited owner pays.

Where Doorvest's revenue comes from: the sale of the house

Doorvest Inc.'s March 2025 annual report attaches consolidated statements for 2023 for three entities: Doorvest Holdings I LLC, Doorvest Inc. and DV Communities LLC. They are unaudited, and the page says they rely on “unaudited financial and non-financial information”. They are the only line-by-line statements in the SEC record we found.

Two things follow for a buyer, and both are our reading of the statements. First, the spread between what Doorvest paid and renovated and what it sold for averaged about 10% of sales in 2023; on the $256,000 sample house that scale would be about $26,600 (our arithmetic, an illustration of scale and not a quote of what you would pay). Compare any Doorvest price with an independent appraisal and an independent inspection. Second, the management side, which collects your monthly fee for years, was not covering its own costs in 2023, and the home sales were funding it. That is a common shape for a young company; it also means the manager's staying power depends on how many homes it keeps selling and how it is financed.

The statements show one more feature a buyer should know about: the three entities hold customer money. They list a “Trust Fund Payable” of $649,716 in the management entity at December 31, 2023, and Customer Deposits of $149,107 in Doorvest Inc. We do not know how those accounts are titled or what protects them if the company fails, and the filings do not say. Ask in writing where your rent and deposit sit.

Doorvest's Regulation Crowdfunding filings, 2020 to 2024

Doorvest raised small amounts from the public through Wefunder under Regulation Crowdfunding, which requires an annual report with financial statements certified by the chief executive when they are not audited or reviewed (17 CFR 227.202(a)). That is why a private startup has a public numbers trail.

Debt is the other half of the story. The FY2021 report shows short-term debt of $15,369,581 against total assets of $29,559,034. At December 31, 2024 short-term debt was $6,364,514 and long-term debt $1,415,774, which add to the $7,780,288 of liabilities stated in the annual report; with $6,325,008 of assets that is negative equity of $1,455,280 (our arithmetic). Using the Form C's $6,346,408 of assets it is $1,433,880 negative. The company's own investor letter lists a “Debt Ratio” of 123%. It said in the same filing that it has been financed with $75,009,465 of debt, $15,550,000 of equity, $235,000 of convertibles and $7,172,941 of SAFEs, and that it was “not yet profitable”, expecting to turn profitable by the end of the second quarter of 2025. The filings we have end in March 2025, so we cannot say whether it did.

In February 2025 Doorvest reported $502,391 of cash and three-month averages of $681,285 of monthly revenue, $560,823 of cost of goods sold and $362,209 of operating expenses. On those averages revenue less the two costs is a loss of $241,747 a month (our arithmetic), the burn rate the filing itself states.

The filings disagree with themselves

On March 5, 2025 Doorvest filed an annual report and a new offering statement together. Several figures differ between them. These are the ones we could verify in the documents:

The FY2023 statements attached to the annual report do not tie to themselves either: Total Assets of $9,286,351 against Total Liabilities & Equity of $10,037,178, a gap of $750,827 (our arithmetic), and a stated Total Equity of $2,530,405 where assets less liabilities of $7,506,773 would be $1,779,578 (our arithmetic). The earlier pair of March 2023 filings shows the same pattern in a smaller way: the FY2021 annual report lists 37 employees and the Form C filed the same day lists 24. Small differences like these do not prove anything about the business. They do show that no one outside the company has audited these numbers.

The loan table deserves a closer look. Both March 2025 documents say Pollen Street Capital lent $50,000,000 on June 22, 2022, at 10.0% a year, with a stated maturity of June 22, 2024, and a balance of $15,000,000 “as of 02/26/23”. Eight months after the stated maturity, neither document says whether the loan was repaid, extended or refinanced. The investor letter adds an earlier loan: $25,000,000 from Pier Asset Management, issued May 7, 2021 at 15.0%, due May 10, 2022, with $0 outstanding.

Who lent Doorvest money: a fund's marks

A registered fund filed an outside price for a Doorvest loan position. The Variant Alternative Income Fund (SEC CIK 1736510) reported a holding named “DOORVEST CREDIT FACILITY” in its Form N-PORT filings:

The position rose 214-fold in twelve months (our arithmetic) to $11.2 million, and in the fund's July 31, 2022 report there is no line with Doorvest's name. The filings do not say what the facility financed, and we cannot tell whether it is the same loan as the Pier Asset Management loan above, which has a similar maturity date. We include it because it is an independent, dated record that Doorvest was funding its inventory with institutional credit in 2021 and 2022, and because the borrower's own filings never describe it. For a buyer the relevance is indirect: the homes you are offered were bought with borrowed money, and the lenders are repaid out of sales like yours.

What the fee terms say

Doorvest's Property Management Terms page says it was effective on October 1, 2025 and last updated in September 2026. It opens with a notice that deserves reading before any number: “Your PMA permits updates to fees and operating practices through written notice, and this document serves as that notice.” It also says the executed agreement controls where the two conflict: “your PMA controls”. You should therefore read your own Property Management Agreement and its Key Terms Overview, which the page says are available in your Doorvest account.

Read the table with two caveats. The terms say many fees vary by market and by state, and only Ohio is named with figures. And the amounts on this page are fees on top of the purchase price, not instead of it. The changelog shows the page moves: in July 2026 the eviction fee was cut, in the words of the changelog, “from $795 to $300”, and in September 2026 a cash reserve of $500 and the month-to-month premium were added. Our check on October 11, 2026 found no rent guarantee or renovation warranty on the buy or manage pages we saved, although the FY2023 statements show $1,217,754 of rent guarantee payments to homeowners and $19,500 of Extended Rent Guarantee revenue. If a guarantee is part of the deal you are offered, it has to be in your purchase documents.

What the website says and what the filings say

HomeUnion: the other name searchers type

HomeUnion is a separate company with a thin but real SEC trail. HomeUnion Holdings, Inc. (CIK 1639241) filed a Form D in April 2015 for an offering of $8,000,000 (sold: $7,583,601), amended it in December 2015 to $16,000,000 (sold: $15,853,601), filed a Regulation A offering statement in 2016 (final amendment November 18, 2016: 2,272,728 securities at $11.00, about $25.0 million, our arithmetic) and a Form D in May 2018 for $12,041,753 (sold: $9,329,141). It has filed nothing since May 7, 2018.

On October 11, 2026, homeunion.com and www.homeunion.com each returned HTTP 301 to stessa.com/investment-properties, a page titled “Investment Properties Powered by Roofstock”. HousingWire reported that Mynd Property Management had acquired HomeUnion; Mynd later merged into Roofstock. The result for a buyer is that “HomeUnion” is not a separate turnkey provider you can sign with today. Our Roofstock review reads that record, including Mynd's California license.

Complaints and court records

A search of the federal dockets in CourtListener's RECAP archive on October 11, 2026 returned no case with “Doorvest” in it. RECAP is a partial copy of PACER and state courts are not covered, so this is a limit, not a clean bill. Doorvest's FY2023 notes say the company is “not involved with or know of any pending or threatening litigation”. We did not rely on review-site ratings, and we did not search state real estate regulators; the Doorvest site footer carries a Texas Real Estate Commission consumer protection notice and an Information About Brokerage Services link, so check the license of whoever acts as your broker in the state where the house sits.

What a buyer can do with this

• Ask for the Property Management Agreement and its Key Terms Overview before you reserve a house. Check the notice period, the termination terms, who can change fees and how you are told. The terms page says a written notice can update fees.
• Ask where rent and deposits are held. Ask for the name of the bank, whether the trust account is in your name, and how often you get statements. The FY2023 statements list $649,716 of trust-fund liabilities and the filings say nothing about how they are protected.
• Test the price. A 2023 average spread of about 10% between cost and sale price (our arithmetic) is a reason to get an independent appraisal and a separate inspection, not a reason to walk away.
• Get every guarantee in writing. The pages we saved mention none; the FY2023 statements show rent guarantee payments of $1,217,754.
• Price the whole cost. Use your own taxes, insurance and vacancy in a tool such as our rental property calculator, and add the fees above. For the tax side, read depreciation recapture on a rental.
• Compare it with the alternatives. Buying a house through your own agent and hiring a local manager is the other route; see real estate crowdfunding vs buying a rental. If you finance, a rental held in an LLC is usually underwritten on rent; see what a DSCR loan is.
• If you are tempted to invest in Doorvest itself, that is a different decision. The company sold SAFEs to the public through Wefunder, with a valuation cap of $60,000,000 in the March 2025 offering and a 5.0% intermediary fee; our Wefunder review explains the form.

Doorvest Inc. has not filed since March 5, 2025, so the alert below covers the next filing by Doorvest Inc., including the annual report that was due on April 30, 2026.

FAQ

Sources: SEC EDGAR filings of Doorvest Inc. (CIK 1880364; Forms C of November 18, 2021 (0001670254-21-001310 and -001312), Form C and C-AR of March 7, 2023 (0001670254-23-000208, -000206) and Form C and C-AR of March 5, 2025 (0001670254-25-000150, -000148) with their attached offering statements, investor letter, pitch deck and FY2023 consolidated statements, read from the PDF images by OCR and checked against page images); Variant Alternative Income Fund (CIK 1736510) Form N-PORT-P filings 0001145549-21-037404, -21-058960, -21-076207, -22-019705, -22-039434 and -22-060362; HomeUnion Holdings, Inc. (CIK 1639241) Forms D and 1-A/A; 17 CFR 227.202 (eCFR); Doorvest's home, buy, manage and property-management-terms pages saved October 11, 2026; HousingWire's report on Mynd and HomeUnion; an HTTP header check of homeunion.com; CourtListener RECAP search. Company website claims are Doorvest's own. This is analysis of public documents, not investment, legal or tax advice.