The record, in his videos

2012. The first house was bought with an FHA 203k loan, 3.5% down plus renovation money, and a second-lien loan from a client to speed the renovation. 1

October 2019. He borrowed $70,000 from his father, at 7% interest-only for five years, and recorded the note at the Ventura County recorder. He made a video explaining that borrowing $70,000 and holding $70,000 in cash leaves net worth unchanged. 2

March 2020. When the pandemic crash hit, he borrowed about $1.1 million, every penny he could get, and bought his favorite companies on every red day. The video is titled as a story of what happened; his framing is that it was not gambling. 3

December 2022. The Phenom 300E was financed; he said a plane three million dollars cheaper would have made only about an 11% difference once financing and fixed costs were counted. 4

The position now

Kevin’s account

No personal debt at all, and no debt on real estate. 5

The company’s filings agree: no mortgage on any of its 38 properties. Its only debt is $38.6 million of unsecured convertible bonds.

Why the history matters

Critics who cite the 2020 margin video against the no-debt rule are citing something real. The fair reading is that the rule is a lesson, and the lessons are on the crash-prediction page: he expects the next downturn to be long and unaided, and he does not want to be the borrower when it comes.

From the September 29, 2026 Q&A

Kevin’s account

The first house: an additional hard money loan of $25,000 from a client, my first for-sale listing. 6

From the September 29, 2026 Q&A

Kevin’s account

The jet: 25% down on non-callable, fixed-rate, fully amortized 20-year debt, which is exactly what Kevin teaches to take rather than variable or callable debt. The proceeds from the sale paid off his debts and taxes owed. 7