1 min read
Sources:
Kevin's account (Sept 29, 2026), Form 1-SA, his own videos
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Short answer
Most of the country, by Kevin’s account, and he judges markets by meeting agents rather than reading reports. He and the company have met agents and evaluated Washington, Oregon, Georgia, Hawaii, Tennessee, New York, Pennsylvania, Colorado, Nevada, Arizona, Utah, Wyoming, Idaho, Texas, North Carolina and South Carolina. He says he saw fear in the eyes of Texas and Florida agents in 2022 and still sees it in Florida at the end of 2026, which is his read on overbuilt markets. The company bought in Southern California and holds two Utah lots; a 2024 Texas contract ended in litigation. 12
Method: Meet the agents (on the ground, per market)
Markets evaluated: 16 states (plus California and Florida)
Where it bought: Southern California, Utah (38 properties, including two Utah lots)
Fear seen: Texas 2022, Florida still (his read on overbuilt markets)
The method
Kevin’s account
Meeting with agents is one of the best ways to determine what is actually happening on the ground in a specific real estate market. We saw the fear in the eyes of real estate agents in Texas and Florida in 2022. We still see that fear at the end of 2026 in Florida. 1
The scouting was done largely by air, in the aircraft Kevin provided to the company without reimbursement until it was sold in October 2025.
The list
Kevin’s account
We have met with agents and evaluated our opinions of their markets in Washington, Oregon, Georgia, Hawaii, Tennessee, New York, Pennsylvania, Colorado, Nevada, Arizona, Utah, Wyoming, Idaho, Texas, North Carolina, South Carolina, and otherwise. 1
The verdict
Southern California, on the thesis that permitting failure keeps supply scarce, plus two lots in Utah, one of which the company plans to build on. Texas produced one contract that became the earnest-money lawsuit. Florida, in his reading, is still absorbing the overbuilding that he says cut values there by more than 25% while Southern California rose; those market figures are his account of the trend. 2
What the list tells an investor
That the concentration in California is a choice made after looking elsewhere, and that the reasons for rejecting other markets, supply and agent sentiment, are consistent with the thesis on every other page. Whether the thesis is right is the bet.
In his own videos
2022 to 2023: the HouseHack Trips series, ten scouting videos plus South Florida, listed on their own page. 3
He flew to sixteen states, talked to the agents, and bought in the one where nobody can build. Florida and Texas looked scared to him; California looked scarce. 12
Simply put
✅ How he scouts
➡️ Meets local agents. He says their fear or confidence tells you more than the data.
✅ Where he looked
➡️ Washington, Oregon, Georgia, Hawaii, Tennessee, New York, Pennsylvania, Colorado, Nevada, Arizona, Utah, Wyoming, Idaho, Texas, North Carolina, South Carolina.
✅ What he saw
➡️ Texas and Florida agents scared in 2022. Florida still scared in late 2026.
✅ Where the money went
➡️ Southern California, plus two lots in Utah. One Texas deal fell apart and became a lawsuit.
Sources
Kevin's account (Sept 29, 2026), Question 97, markets scouted: “We saw the fear in the eyes of real estate agents in Texas and Florida in 2022; we still see that fear at the end of 2026 in Florida.” Read the excerpt
Form 1-SA, Balance sheet, June 30, 2026 (38 properties including two development lots); Form 1-K Legal Proceedings (Texas earnest-money dispute) Open the filing
Kevin on YouTube, "Spending $100 Million on Real Estate: Gilbert, AZ [HouseHack Trip 1]" (2023-01-10), at 0:00: “Spending $100 Million on Real Estate: Gilbert, AZ [HouseHack Trip 1]” Watch from 0:00
