2 min read
Sources:
press and public records, Form 1-SA, his own videos
["default","default","default","lime","rose"]
Short answer
Partly, and later than pitched. The 2023 offering circular aimed at up to $75 million, three to five markets, first properties within six months, and 25 to 100 properties within a year followed by refinancing or tranche sales. The company raised $15.2 million of the $75 million, chose one market plus two Utah lots, bought its first houses in late 2023, and reached 25 properties in mid-2025 and 38 in mid-2026. It never refinanced, having decided against mortgages, and it has not sold a portfolio tranche; it funded growth with $38.6 million of convertible bonds instead. The 2022 private placement’s targets are not yet quoted here. 1234
Pitched raise: Up to $75M (2023 circular)
Raised: $15.2M (in that offering)
Pitched: 25 to 100 properties in a year (and three to five markets)
Delivered: 25 by mid-2025, 38 by mid-2026 (one market plus Utah lots)
Refinance and recycle: Not done (no mortgages; no tranche sales)
What is on the record
The early public framing was a $100 million real estate buying program, with an early scouting trip to Gilbert, Arizona. By June 2026 the company owned 38 properties at a cost of $65.9 million, all without debt, concentrated in Southern California, plus a membership and software business it took over in November 2025. 12
What would complete this page
The original documents’ own milestones, set beside what happened, with Kevin’s account of the changes. A fair scorecard needs the targets as written, not as remembered.
In his own videos
September 28, 2022: $21.6 million raised in 19 days, before any operations. 3
October 22, 2022: over $29 million in commitments, and a stated decision not to rush purchases if prices had another leg down. 4
February 23, 2024: the first two raises were for an idea with no operations; 175 days in, $24 million of real estate. 5
What the 2023 offering statement promised
The August 2023 circular set out the plan in its own words: raise up to $75,000,000 at $1.00 a share through the Dalmore Group at a 1% commission; enter three to five markets, yet to be identified, and build a local presence in each; invest in first properties within three to six months; and, within a year and if 25 to 100 properties had been purchased, hold and refinance or opportunistically sell parts of the portfolio in tranches, retaining management, and repeat, which it abbreviated BRRRRR. It also said the company did not intend to flip.
What happened, from the later reports: the offering raised $15,211,338, about a fifth of the maximum. The company entered one market, Southern California, plus two development lots in Utah, rather than three to five. It bought its first houses in late 2023 and eight more in the first half of 2024, was at 24 properties by June 2025 and 38 by June 2026, inside the 25-to-100 range a year late. It has never refinanced, because it carries no mortgage, and it has not sold a tranche of the portfolio; the MiniFund idea remains a plan. In place of the refinance-and-recycle model, it raised $38.6 million of convertible bonds. The 2022 private-placement memorandum’s targets are still to be quoted. 6789
Fewer markets, a smaller raise, a slower start, and a different financing model than the 2023 pitch, arriving at roughly the property count promised, a year late. The pitch and the results are both in the filings. 13
Simply put
✅ What was promised in 2023
➡️ Up to $75 million. Three to five cities. First houses within six months. 25 to 100 houses within a year, then refinance or sell pieces and repeat.
✅ What happened
➡️ $15 million raised in that round. One region, Southern California, plus land in Utah. 38 houses by mid-2026.
➡️ No refinancing, ever. No pieces sold. Bonds instead.
✅ Fair reading
➡️ The property count got there late. The recycling model was abandoned for a no-debt one. Both changes are disclosed.
Sources
YouTube, "Spending $100 Million on Real Estate: Gilbert, AZ [HouseHack Trip 1]" (early framing), cited in company research, Open
Form 1-SA, Balance sheet, June 30, 2026 (real estate at cost $65,880,838; 38 properties) Open the filing
Kevin on YouTube, "How much my Startup has Raised in 19 Days | HouseHack." (2022-09-28), at 5:04: “we have raised twenty one million six hundred thirty one thousand five hundred dollars” Watch from 5:04
Kevin on YouTube, "a tough update on my startup & mistake... HouseHack." (2022-10-22), at 6:37: “we've raised over 29 million dollars of commitments” Watch from 6:37
Kevin on YouTube, "Revealing the Profit (or Loss) of my Startup: HouseHack." (2024-02-23), at 0:00: “the first two times that we fundraised we had no operations we just had an idea” Watch from 0:00
Form 1-A/A, offering statement for common stock, File No. 024-12302, filed August 24, 2023, Use of Proceeds; Proposed Plan of Operations; Plan of Operation and milestones Open
Form 1-SA for the six months ended June 30, 2024, filed November 26, 2024, MD&A and Note 4: eight properties acquired in the first half of 2024 Open
Form 1-SA for the six months ended June 30, 2025, filed September 29, 2025, Plan of Operation: 25 properties, no mortgage debt, the MiniFund plan Open
Form 1-SA, Balance sheet, June 30, 2026 (38 properties; $38.6 million of bonds; no mortgage debt) Open the filing
