저자: Kevin · 외국인
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하우스핵 Q2 업데이트: EBITDA 흑자, 일반관리비 절감. 4~5조달러 부동산 시장 겨냥 AI SaaS(부동산 AI 앱)를 Q4 베타, 2026년 확대 출시 계획. 9~12월 약 1천만달러 주택 매입 예정(약 400만달러 리노베이션/예비비). 5% 전환사채는 9월 17일 마감 목표, IPO 2028~2030년 목표. AI 지출은 자본의 1% 수준, 수익은 90% 부동산 재투자 방침. 자산 약 7,500만달러, 은행 부채 없음.
다듬은 글
Nothing like a great article from the Wall Street Journal to talk about the real estate market and provide a house hack a Q2 update. Uh EBIT Profitel still doing great cutting costs, cutting GNA expenses, but now investing more into R&D. Why? Because we expect in Q4 or Q1 we are going to release uh a beta of our software as a service real estate AI app.
We actually think it'll be the uh first ever uh that uh provides AI to both investors and real estate agents. And really, it's just product that we use internally anyway. And we figure, hey, the real estate market is a, you know, 4 to5 trillion market. Why not license this product that we use to other buyers or agents across the country when, you know, we can't go shop in every single market.
In fact, that's really what this Wall Street Journal article refers to is this article talks about this breakdown of people who are buying single family rental properties and how much money there is to be made in buying, renting out and hodling essentially these single family homes. And what you find is it's not private equity with, you know, thousands of properties and billions of dollars.
uh it's actually more investors with three to nine properties that dominate the market. You know, house hack would be more in this sort of blue territory over here, but nowhere near this sort of like private equity level. But this idea of investors buying homes, total investor purchases of single family homes now around 30% nationwide, some of it is being driven by big discounts from home builders like Lenar and Dr.
Horton who are really trying to clear inventory. Uh in fact, you're finding that now is this fantastic time for smaller investors to buy homes. And so that's what this Wall Street Journal article is about. Small investors who own fewer than 100 homes are securing more discounts and financial incentives from sellers eager to close deals quickly as inventory piles up as traditional home buyers sit on the sidelines.
This is a huge advantage to a house hack and it's exactly in line with our strategy. Uh small investors are more active because they see a solid business and buying, fixing up and renting out single families. There's no shortage of uh of deals out there. We find uh smaller firms uh in in you know they're talking about the Strand in South Carolina uh taking on more risk.
We personally don't think we take on a lot of risk at all. and we'll talk about our uh AI and R&D spend at the moment, but uh you're seeing a lot of deals in Texas and Florida because of the over supply, the overbuilding. We've been warning about that since 2022. We saw that happen. So, not a surprise at all.
Here are the discounts uh from inventory from LAR and Dr. Horton. So, certain parts of the country certainly overs supplied whereas other parts of the country, you still look at California for example, very under supplied still and underbuilt. Uh but uh in line with this uh article, we may as well give sort of a quick road mapap of what our uh our intentions and game plan uh game plans are and how they're evolving for house hack.
Uh so uh remember that when we started uh house hack, which remember you can invest in house hack, it's uh open to nonacredited investors. Uh you could go to househack.com and uh read the paperwork there, read the disclosures, the ppm, the offering circular, right? Every investment has risk. Uh but we we still have our 5% bond round open.
Uh but this is convertible uh into stock uh at a buck 40 a share uh as uh as as soon as as soon as 2027 or later. The goal is to IPO 2028 to 20, you know, 30 depending obviously if we're like in a big recession during this time. We'll we'll delay it a bit, but that's when our goal IPO is. That's still on track.
This is the round. The reason we're structuring, by the way, the current offering as a bond, a convertible bond, is because you basically you get preference on the company. Bond holders always get preference over equity holders. You get a 5% yield paid to you monthly, right? So, it's an annual yield paid monthly.
Uh, and it converts into stock with no premium. So, like we actually think this valuation is pretty low. We will probably close this. Uh my my goal is to close this round uh once the Fed starts dropping rates because 5% is just going to be too high at that point. So probably September 17th. Uh so I I'll say maybe, right?
Cuz it's it's not just up to me. It's up to the board of directors, obviously. But the board of directors did just approve uh we just approved our uh AI spending uh and investment plans uh for our SAS biz uh just last week. We did uh and our plan is uh in Q4 to have uh our limited beta and wider release uh into 2026 uh for agents uh and investors.
And we actually really want to target exactly this market right here. And so we're really excited about it because, you know, we look at, for example, just the numbers that we have in the community here. Uh, you know, we like the Meet Kevin community. Uh, we know we have uh over, you know, 4,000 I think it's actually like 3,700 something like that.
Uh, real estate investor uh course members, you know, something. I can't remember exactly what it is, but it's uh plus uh over, you know, um I can't I think it's like 1,800 agents, maybe even more, right? So, like we look at this community as as people who would be so perfect to be as, you know, part of our beta testers and then obviously eventually we'll expand this into uh software biz.
But what what we don't want to do is is no Elon. Uh you know so this is actually really critical and this is something the board uh and I spoke about in depth. So something that we want to provide to investors when it comes to house hack is is we just want to give people the confidence that you know no politics no politics uh not anytime soon.
you know, obviously can't make a guarantee like forever, but now is not the time to integrate politics and mess with politics or like run for governor or something stupid. Like now is the time to focus. And so the focus for house hack right now uh needs to be really really clear and simple. and that is September uh to December uh we'll probably buy, you know, $10 million of real estate uh holding about $4 million uh of real estate for builds or reserve.
That's the tentative plan. So, we'll be buying wedge deals. You know, we think what we do is when we buy deals, we think we once we fix them up, we're up 20% on them is usually what we think. Uh so uh we could see a $2 million, you know, plus or minus boost from those wedges this year, which is great.
Uh this is on top of the, you know, uh the assets that we already have. Uh all of our tenants are paying, you know, uh all tenants current uh and paying timely. Uh and we're fully occupied, which is great. Uh there's there's really you know there are no issues here. The uh gross margin uh is about for a property is about 32% expense.
So gross margin I guess would be 68%. Which is roughly in line. Usually you see about 65% gross margin. Uh which is great. Uh this is fantastic. We're reducing our GNA as well. Uh which is great. reducing GNA uh by decreasing uh some uh internal costs and open to uh open to interns. Again, uh if you're interested, I did put out a post on X and uh one of them is for our contracting AI team and the others would be in-house, but uh some of them could also just be for meet Kevin, so it's separate, but uh you know, hiring AI talent.
We've got a good contracting team already for our AI talent. Uh, which is great because it gives us a lot of flexibility and we're doing some great things. Uh, legal, uh, if you get a bar license, California, Texas, Florida, you could be a new graduate, uh, or you could have experience. Doesn't matter.
Just follow the instructions, send us your application. We're always hardworking, non-entitled badass, as I always like to say. But, uh, we think we're very, very efficient with our expenses. And uh that's that's a big deal for us because you know recession or not we always like to say hey you want to be prepared and be in the best case pol uh best best position with the company right so no politics uh now when I say no Elon strategy as well I want uh investors in house hack to know that about 5% like I'll I'll put it this way uh maybe five to 10% uh dedication towards uh or or I should say spend not dedication because dedication would be more spend on AI.
Uh I uh you know we the board and I board and Kevin do not want to pull an Elon where you know one year Elon says we're going to manufacture 20 million vehicles. Uh then a few years later, JK, we're going all in on robo taxis and Optimus robots and we need a whole new plan. Like that to me is is a bad strategy.
You know, other people might disagree and say, "No, this is great. This is what Elon should be doing. He's pivoting." I I don't think like Houseack will not make that kind of pivot. Let's put it that way, right? So that's why we think if we put we can put a lot of our efforts in but we don't want to spend more than like 5 to 10% of our capital on artificial intelligence uh because we got to prove our model first right so we're going to we're going to show the AI SAS that we have we'll we'll do our limited beta in Q4 probably you know course members and uh you know anybody who signed up at mekevin.com you guys will hear about it first and then we'll like beta test with you all and and the goal is to get to a wider release in 2026 or so.
The cool thing about this is uh it'll really allow us to be sort of data dependent. Uh and and we'll see because if you know let's say we you know we can uh license our product for $199 a month and you know through through YouTube um we get to 5,000 subscribers, right? Let's just say if this product is so amazing or whatever, right?
I mean, if you think about it, that works out to like $2,400 a year, which if you get one wedge deal with this this sort of product that makes you $100,000, $2,400 is cheap. It's like a discount. This might honestly be too low. But if you go 199* 5,000* 12 uh you know that works out to uh about 11. Oh well I could I guess I could have just hit equal.
That's awesome. AI. It's really just a calculator built into the notepad, I guess. But uh yeah, I mean that's that would be $11 million of at is like that would like uh you know 5x the gross you know our our income now uh which is like insane. So like what SAS could do for house hack is insane. uh you know that on a valuation basis uh you know people say companies will trade uh for 20x ARR you know 20x ARR is what is that $238 million uh it's insane so like there's this really big opportunity we think with house hack right now and and so this is why we we're going to end the fund raise you know probably before uh this is why we want to probably end the fund raise before uh we really go wide with our uh AI product.
We we we don't know if it'll catch on, but we think the potential is really high with with what we've built because we've been building our, you know, sort of we called it big data before it was AI. We've been building this out since 2018, since before Houseachack even existed. Uh and so it's it's going to be really really exciting.
uh and and we think we can, you know, easily uh grow this, you know, just through through, you know, the smart investor people who watch the channel. So, we're really excited about that. And we think that like we think the downside is really limited because again, we're not going to pull like this Elon all-in strategy and pivot.
So you the way you got to look at house hack is look at house hack as you know $75 million in assets and uh right now maybe we'll spend 500k on AI you know m maybe you know plus or minus so honestly 5 to 10 is is is wrong it's probably more like you know 1% on AI spend for now until we prove it right so 5 to 10% % would be more like if we really started rolling right so if the AI takes off if the AI really takes off and this would be like annual right uh as we prove it if the AI really takes off sure 5 to 10% is reasonable to blow it up but what we plan to do is any profit from AI which the margins uh we think will be insanely good.
Uh, we'll just dump into buying more real estate. So, basically, think about it like this. You know, se Howac is basically a $75 million asset company. Uh, and you know, obviously we've got some bond debt in there, but we have no bank debt, right? No bank debt. We take this, we we take our IP and launch uh, you know, an AI SAS biz for real estate.
and uh any profits from this back into real estate mostly, you know, I I call it like 90% back into real estate. So, we get to take like take this high cash flow uh high margin AI SAS and throw it into a high capital intense real estate investment. But that also then creates tax benefits, right? which also generates uh sick tax benefits.
Uh both R&D expensing for AI and uh real estate accelerated depreciation which is huge for real estate uh you know for well frankly for investors in house. So you know if we pull this off obviously the buck 40 per share uh that house hack was uh valued off uh valued as you know basically just as a real estate holding company in aug 2024 will look and that was the low end uh which was uh towards the lower end uh of the range of 1.4 four to 2x book uh is going to look tiny, but this is a risk, right?
Like, but we don't know if we can pull it off. So, we're going to try, but that's like for us, this is a pretty incredible Q2 update because it really it it shows that we've got some really amazing things going on here. Uh, you know, again, we're like EBA profitable. We're cutting even more GNA expenses.
Now, we're putting more into R&D, though. So, we are putting some more expense uh into R&D, which is reasonable. Uh we think this Q4 limited beta, you know, people will tell us right away if if they like this. Like, you'll tell us. So, if you're, you know, course member, you'll be like, "Oh, yeah, this is awesome." You know, or not.
And and if it's not, we'll try to make it better and we think it's awesome. And uh and then if we can make it better and it works, great. we think there's huge potential profit in and we'll just throw all the money back into real estate. Well, 90% of it. Uh that's the goal, right? I maybe shouldn't use percentages because obviously these numbers can change.
This is just sort of like a live like non there's no like script here. I'm just like verbally trying to share information uh with with investors. Uh we also um we we had a really expensive uh like I think the easiest way to just put this is is we had someone in house uh that did legal work that was very expensive.
We don't need them. We we just don't have the need for them. So we are saving a crapload of money um by not having that. Uh, so and and we'll be contracting or or working, you know, with with interns because we we just always want to value sort of like the value we're getting for what we're paying. And I think we were paying way too much.
Uh, so this is good. Like this is always where Yeah. As the CEO, my job is to go through and make sure like we're not wasting money and we're cutting expenses everywhere we can. Like this sounds crazy, but I'm like, "All right, House Hack is not getting enough benefits from this MX Platinum. we are going to be downgrading this before our renewal.
These fees are too much. And so like but I think that's really important for a business to stay in business is you look at all of the little expenses. But then I mean this Wall Street Journal article is is like right on. It's basically this idea that there's there's money to be made on real estate and this is what house does but there's no shortage of money to be made and that's why we think this this AI is really exciting.
So, uh, you know, somebody in the chat's here saying, "Any update on how Sahil funding?" So, you know, as far as as far as lending, all right, this is this is kind of like way down down the road kind of stuff in my opinion. Uh, so I'd say Q4 buy homes and beta AI, Q1 wide release AI. um 2026 maybe we'll look into uh some you know broker dealer and uh MLO heliloc lending ideas but uh these will be delayed until AI uh proves itself because if AI takes off I'm not touching uh these ideas because like why would I like we're just going to throw more money at AI rather than do that, right?
Like this is this is like down the road kind of stuff. Doesn't matter right now. It's like buy homes and beta the AI. Okay, a very very simple business. Okay, we buy homes with our AI. We have bought homes with our AI. We think other people will benefit from it. So, we want to potentially license it.
We'll see how it goes. Uh and again, you know, potentially uh TBD, uh September 17th close, uh fund raise, TBD, TBD, TBD, maybe, I don't know. Uh again, if you, you know, want to invest or you want to increase your investment into Houseack, a lot of people have been emailing us for that. Remember, you could just go to house hack.com and you could click invest.
Uh and then if you're an accredited investor, great. Just hit yes. If you have questions, you can email us at [email protected]. If you're not accredited, hit no and then you can invest. Uh you could read the offering circular, you know, whatever. You could read about what we do. These are actual properties, by the way.
Like these are actual house hack renovations. That is an actual building house hack owns. Like the the thing that's unique about us is we're like in my opinion of course like like I don't see us as some like flash in the pan like AI startup or some you know BS or whatever that's here today gone tomorrow.
Like we actually have about $75 million in assets and and very little bond debt with no bank debt. Like this is great. So like we have such solid foundations in my opinion. Like you'd really have to try to screw it up, you know? So, uh, yeah. What's how house extra cash doing right now? Money markets right now, baby.
Or short-term treasuries like 3 to six months, right? But that's because we're just we're getting ready to go shopping in Q4. I don't like buying in Q1 and Q2. I I don't want to be part of the spring rush. So, I I don't do that, right? Uh so uh Kevin I think you said this but starting the testing of the software with course members, real estate investors and agents to get early feedback to build from it.
That pool can give valuable feedback. That's exactly what we're going to do. Totally right. Uh so yeah, we've already spent a lot like building out our AI. So that's why like some people are like, "Oh, is is that enough that you're spending on AI?" We don't need to spend more than this. We don't need to spend more than this.
It's like we already have a really good AI product. We don't because we're not building something off the ground. Uh so it's it's actually pretty impressive I think what we're what we're able to do. Uh do you only do single family? Oh, I mean I I just showed you we had this is a this is an apartment beautiful apartment building.
We've got a few beautiful apartment buildings but uh this winter we will only be buying single families. Yeah. Uh somebody says jet fuel expenses. Nope. Houseach has paid $0 for any aircraft expenses and that remains to be true and will remain to be true for as long as I can tell. Uh so let's see here.
Okay, so I answered that. I like your plans, Kev. So glad to be a first round investor. Oh, thank you for saying that. Is this the house hack master plan? Well, I mean like this is the same plan that we've had from day one, right? Like if you go back to 2022, it was buy houses and by the way, we've got some cool AI.
Maybe one day we'll license it in the future. Like we've literally done everything we said we would do I is is what we have done. Like in 22 we promised we're going to go buy homes in Q3, Q4 of 2023. It's exactly what we did. We said we had in-house AI. Maybe we'll license the future. It's exactly what we're doing right now.
Uh, you know, last year we're like, hey, we'll go buy again Q3, Q4 of 2025. That's exactly what we're doing. Uh, we said we would buy a bunch of homes, stabilize them, and that's exactly what we've done. The tenants are current. Uh, tenants are timely. Like, we have a stable portfolio. Uh, we're I think we're in an awesome spot.
Like, we don't need to blow uh money, and that's not what we're going to do. Would Houseach use Robin Hood's token feature before going public? No. Uh, I mean I I don't have anticipations of that right now. Uh, it I Yeah, I I I don't I mean I don't know. I like how am I supposed to answer that right now?
We're we're not in a place to even think about that. Uh, so section 8's great, you know, as long as the tenant the underlying tenant uh uh is is is properly qualified. Does Houseack invest in commercial real estate? Well, I I want to say no, but technically we do rent to one restaurant uh because it's built into our apartment building.
Uh but beyond that, no. So, yeah. Yeah, good question though. Good question. So, yeah, there you go. So, I I appreciate you listening in on uh on a little house hack update here. Again, if you ever have questions, I think the one of the best ways to ask questions, frankly, is just come to these live streams that we do uh on sort of a daily basis, you know, pretty much live almost every single day.
You're always welcome to ask questions. It's not like you have to pay to ask a question, right? So, just ask questions. Usually, I love answering the house questions. Uh so um you know then um if you want to email us you could also do that. It's IR like investor relations at houseack.com. So we think it's pretty straightforward.
Uh as always though you know like you have to say it but it's obvious every investment has risk. You know read the offering circular or the ppm depending on if you're accredited or nonacredited. And uh there you go. There you hav.
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