1 min read
Sources:
Form 1-A, Kevin's account
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Short answer
It publishes results, not projections. The filings report actual rent, costs and income each half-year; the company does not put out a target yield. Borrowing-cost inflation does not apply because there is no borrowing. Property-management inflation is contained by managing in house and renovating through subcontractors rather than payroll. The risk factors list the costs that could hurt: insurance, taxes, labor, maintenance, vacancies and construction delays, and the company does not claim immunity from them. 12
Yield projections: None published (results only, each half-year)
Borrowing costs: None (no debt to reprice)
Management: In house (no third-party fee)
Cost risks named: Insurance, taxes, labor (and vacancies, delays)
What the company publishes
Actual results. The Form 1-SA reports rental income ($1.35 million for the first half of 2026), operating costs and income from operations. There is no projected yield, no pro forma return, no target IRR. 1
Borrowing costs
There are none. With no mortgage, a higher rate environment does not raise the company’s expenses. It does affect the price of what the company buys and what its buildings would sell for, which the company accepts as market risk rather than balance-sheet risk.
Management and renovation costs
Kevin’s account
Lauren runs property management for our businesses and oversees qualification. 2
In-house management removes a third-party fee; subcontracted renovation, the rule since the 2017 construction loss, keeps payroll off the books and lets the company shop each job.
The costs it names
The risk factors list what could impair results: reduced rental income, higher insurance, property tax, labor and maintenance costs, lower property values, vacancies, delays on accessory dwelling units and other construction, recession, and regulatory change. None is forecast away. 1
No projections to miss and no loan to reprice. The costs that can bite are listed in the filing, not hidden in a forecast. 12
Simply put
✅ Projections
➡️ The company does not publish a target return. It publishes what happened.
✅ Rates
➡️ No debt, so higher interest rates do not raise its costs. They do change what buyers will pay for buildings.
✅ Costs
➡️ Insurance, property tax, repairs, empty units and slow permits are the real risks, and the filing says so.
Sources
Form 1-A, Risk Factors (reduced rental income, higher insurance, tax, labor and maintenance costs, vacancies, ADU and construction delays); Business (no bank debt) Open the filing
Kevin's account, Lauren: “Today she runs property management for our businesses” Read the excerpt
