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Sources:
Form 1-A
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Short answer
Non-voting common stock in a private company, indefinitely. There is no put right, no redemption, no maturity on the stock, and no public market. The bonds convert to that same stock; the preferred converts to it in 2029. The company can pay dividends on common stock if the board declares them and once any preferred arrears are paid, and it could be sold or list later, but nothing obliges it to. The offering circular says plainly that investors should be prepared to hold indefinitely. 12
If no exit: Hold indefinitely (non-voting common)
Put or redemption right: None
Common dividends: Possible (if declared, after preferred arrears)
Market: None (and none expected)
What the stock is
Non-voting common stock of House Hack, Inc. Every class sold to the public ends up there: the 2022 to 2024 common, the bonds if they convert, the preferred when it converts in 2029. Holders cannot vote, cannot force a redemption, and cannot sell without finding their own buyer under transfer restrictions. 1
What it can pay
The board may declare dividends on common stock once preferred dividends are current. Nothing requires it to; the company’s stated plan is to keep reinvesting in real estate. A holder’s return, absent a sale or listing, is whatever the board chooses to distribute plus the unrealized value of a growing, unmortgaged portfolio. 2
What it could become
The offering circular describes a possible listing when the company is large enough, and the 2030 cap table page explains the sequence. It also says no assurance can be given. An investor should read the shares as permanent capital in a private business, because that is what the company calls them. 1
You would own a piece of a private company that owes you nothing on a date. The upside is what it earns and what it might be worth to a buyer; the downside is no exit. 12
Simply put
✅ The shares
➡️ Non-voting common in a private company. Nobody has to buy them back.
✅ What could happen
➡️ Dividends on common stock, if the board decides and preferred holders are paid up.
➡️ A sale or a listing someday. Not promised.
✅ What the filing says
➡️ Plan to hold forever.
Sources
Form 1-A, Risk Factors ("There is limited transferability of Shares and no public market"); Liquidity Strategy and No Guarantee of Public Listing Open the filing
Form 1-A, Securities Being Offered, Dividends (no common dividend until preferred arrears paid) Open the filing
