The record

In the second quarter of 2025 the SEC opened a nonpublic investigation, “In the Matter of House Hack, Inc.,” file HO-15114. It ran approximately nine months. The company produced property records, appraisals, general ledger and banking records, financial and corporate records, cap tables, and course livestream materials. By letter dated February 9, 2026, the staff concluded the investigation and stated it did not intend to recommend an enforcement action. The company’s filings carry the SEC’s standard language that a termination letter must not be construed as an exoneration or an endorsement. 13

Kevin’s account

Kevin’s account

The investigation followed what I argue were false allegations. The commission requested everything: audited financials, ledgers, deeds, appraisals, internal communications. It had no recommendations. I believe the compliance-centric approach I built from passing the securities exams is part of why. 2

How to weigh it

A closing letter does not certify a company. What it does establish is that a regulator with subpoena power reviewed the ledger, the property records and the related-party transactions over nine months and chose not to act. For a company that had raised money from the public since 2022 and would file a new offering seven months later, that is the relevant fact.

The related-party transactions the SEC would have seen are disclosed in the Form 1-A: a 2024 building bought from Kevin for $1,600,000 against an appraisal of about $1,850,000, and a 2025 office bought from an affiliated entity for $920,000 against appraisals of $980,000 and $1,000,000. Those are covered in the real estate section.

The company continues to file annual PCAOB-standard audits and semiannual reports, which the SEC can read at any time.

What prompted it

Kevin says he does not know what prompted the investigation, and the SEC does not disclose what opens a nonpublic inquiry. The record is the outcome.

In his own videos

• May 16, 2025, one day after the SEC investigation opened: a 20-minute video answering the allegations point by point, including the ETF and the property he sold to the company. 5

The letter itself

The company has published the closing letter here, with the recipient’s email address blacked out. Its operative text, verbatim:

We have concluded the investigation as to House Hack, Inc. Based on the information we have as of this date, we do not intend to recommend an enforcement action by the Commission against House Hack, Inc. We are providing this notice under the guidelines set out in the final paragraph of Securities Act Release No. 5310, which states in part that the notice “must in no way be construed as indicating that the party has been exonerated or that no action may ultimately result from the staff’s investigation.”

Dated February 9, 2026, from the Division of Enforcement, signed by Erin Wilk, Assistant Director. The caveat in the second sentence is the SEC’s standard language on every such letter; this site quotes it rather than leaving it out. 6

What the company itself says about the closure

The 2025 annual report describes the investigation, the cooperation and the letter, and then adds: the Company is not relying on the closure of the investigation as an endorsement, approval or validation of its business, securities, disclosures or operations, and is not using the matter for marketing purposes; the SEC has not approved or disapproved of the Company, its securities, its disclosures, its business model or any offering materials. This page exists because the question is searched, and it follows that statement: the closure is a fact about a regulatory matter, not a credential. 7