1 min read
Sources:
his own videos
["default","default","default","lime"]
Short answer
On YouTube, in three weeks, with its own subscription system. The raise launched around September 10, 2022. On September 28 Kevin reported $21,631,500 raised in 19 days at an average investment of $53,998, about $1.14 million a day, and said the company had avoided crowdfunding platforms that charge 5% to 10%. On October 2 the total was over $27 million in 21 days; by October 22, over $29 million in commitments. By January 2023 the company held $21.5 million in Treasury bonds while it looked for properties. The first two raises, he later said, were for an idea with no operations yet. 12345
19 days: $21,631,500 (average investment $53,998)
21 days: $27M+ (October 2, 2022)
By Oct 22, 2022: $29M+ (in commitments)
Jan 2023: $21.5M (parked in Treasury bonds)
September 2022
Kevin’s account
We have raised $21,631,500 with an average investment of $53,998, in 19 days, via YouTube: $1,138,500 per day. We have done it by setting up our own efficient systems at the lowest cost possible rather than listing on crowdfunding websites that charge five to ten percent. 1
The same video defended charging investors the $15 wire fee: an investor sending $50,000 can pay the wire fee, and the company intended to minimize every expense.
October 2022
Over $27 million in 21 days by October 2, filmed scouting South Florida. By October 22, over $29 million in commitments, with a caution that the housing market might have another leg down and that the company would not rush to buy. 23
Where the money sat
At January 2023 the company held $21.5 million in Treasury bonds, earning interest while the HouseHack Trips searched markets. Payroll at that point, ten to eleven people, was being paid by Kevin personally, and the company had been billed nothing for his flights. 4
What the filings say
The Form 1-SA records the September 2022 Regulation D private placement at $1.00 a share with a minimum later reduced to $19.5 million, and the 2023 Regulation A offering, qualified September 15, 2023, that raised $15.2 million. The video figures are gross commitments as he announced them; the filed figures are what closed.
A million dollars a day from a YouTube audience, held in Treasuries until the houses were found. He charged investors the $15 wire fee and explained why. 14
Simply put
✅ How fast
➡️ $21.6 million in 19 days. $27 million in 21 days. $29 million in commitments by late October 2022.
✅ How
➡️ His own audience, his own subscription system, no crowdfunding platform taking a cut.
✅ Then what
➡️ The cash sat in Treasury bonds earning interest while the company scouted markets, which is what the HouseHack Trips were.
Sources
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 with an average investment of 53,998, in 19 days via YouTube” Watch from 5:04
Kevin on YouTube, "Spending $27 Million Dollars in Real Estate | The Beginning." (2022-10-02), at 0:00: “my real estate startup that has now raised over 27 million dollars in literally just 21 days” Watch from 0:00
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, "Portfolio Reveal | Is HouseHack Paying for Meet Kevin's Jet" (2023-01-29), at 6:07: “we have 21.5 million dollars in treasury bonds” Watch from 6:07
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
