The criticism

A line of critic videos on YouTube, running from 2022 into 2025, says the company "steals homes from desperate families": that a cash buyer with investor money outbids first-time buyers and turns owner-occupied houses into rentals. It is the strongest version of the complaint made about every landlord that grew during the 2020s, and it deserves a specific answer rather than a general one. 4

Kevin's account

Kevin's account

We actually add rental supply. The houses we buy are fixers that are unlivable when we close on them, the kind a family cannot get an ordinary mortgage on. We fix them and rent them out, so a home nobody could live in becomes one somebody does. That is a unit added, not a unit taken. 1

What the filings say

The September 2, 2026 offering circular defines a wedge property as one that "is priced below fair market value" and "can be improved through renovations, development, or operational improvements," with the qualifying problems listed as "below-market rents, excess vacancy, deferred maintenance." After buying, "the Company generally seeks to renovate, rent, and manage those properties," and it "performs its own property management." It also "develops certain properties, including accessory dwelling units and larger projects," which is new construction on land it already owns. The two Utah lots are development parcels. 2

At June 30, 2026 the company held 38 properties with no mortgage debt: 32 single-family houses, 4 multifamily buildings with 63 apartments and 1 commercial unit, and 2 development lots. 3

Where the criticism has a point

Three things the record does not settle. First, the filings describe condition in accounting language, not in photographs; "deferred maintenance" covers everything from a dated kitchen to a gutted house, and the company has not published how many purchases were vacant or uninhabitable at closing. Second, a cash buyer closing in days does compete with an owner-occupant who was willing to renovate with a 203k loan, the way Kevin himself bought his first house in 2012. Third, a wedge purchase is by definition below market, which means the seller took less than a patient sale might have brought; the filings say nothing about who those sellers were. 25

What would settle it

A property-by-property list with condition at purchase, days vacant before closing, and rent after renovation would answer the charge with numbers. The company has not published one. Until it does, the honest statement is: the model is renovate and rent, the filings say so, and the "unlivable at purchase" claim is Kevin's. 2