What Happened to HomeUnion? A 2016 Nasdaq IPO Filing, a $9.3M Raise in 2018, Then Mynd

HomeUnion in one paragraph

HomeUnion sold remote investors single-family and small multifamily rentals through a website, then managed them. Its 2016 circular describes the company as formed in 2009 as innovativeREsolutions LLC, renamed HomeUnion Services LLC in March 2010 and converted in 2013 into HomeUnion Holdings, Inc., a Delaware holding company. It said it operated in 18 markets in 10 states and had 100 full-time employees on September 30, 2016. The service had three parts: a transaction (property selection, brokerage and closing, with a mortgage-broker subsidiary, HomeUnion Lending, Inc.), asset management (tenant placement, rent collection, repairs through third-party contractors) and research tools. Customers chose whether to use its management: the circular says they “have the choice and the right to manage the properties themselves or engage other service providers.”

That is the model the Roofstock and Doorvest pages on this site describe: you buy the house, you own it, and a company that earned a fee on the sale also collects a monthly fee to run it. Our Doorvest review and Mynd Property Management review read two of the companies that now sit around the same space.

The record in order

The 2016 IPO: what was filed and what EDGAR does not show

The cover of the November 18, 2016 preliminary circular says: “This is our initial public offering. No public market currently exists for our shares. We are selling 2,272,728 shares of our common stock.” The expected price was “between $10.00 and $12.00 per share”, and the company had “applied to list our common stock on The NASDAQ Capital Market under the symbol ‘HMU.’” B. Riley & Co. was lead underwriter and Feltl and Company co-manager. It was a Tier 2 Regulation A offering, so the document follows the layout of an S-1.

A Regulation A offering becomes real only when the SEC qualifies it, and the buyer's money is not taken before then. EDGAR's filing list for HomeUnion Holdings has the four 1-A filings and then nothing: no notice of qualification, no Form 253G2 (the final circular), no annual report (Form 1-K), no semiannual report (1-SA), no current report (1-U), no exit report (1-Z) and no withdrawal (1-A-W). That is what a company that never completed the offering looks like, and it is also what a company that sold and then stopped reporting looks like. The filings do not tell the two apart. What they do show is the next step: the company sold stock privately in 2018.

The emails that went to customers

The November 18 amendment attaches the “test the waters” emails. The first, headed “HomeUnion is going public!”, tells the reader that the offering was available “starting with as little as $250”, “Provided by Motif Investing and led by B. Riley & Co.”, and that “the IPO is targeted for November 18”. A reminder says the company had “reserved 5% of the total shares offered in the IPO for certain persons associated with us, including valued clients”. Both carry the Regulation A legend: “No offer to buy the securities can be accepted and no part of the purchase price can be received until the offering statement is qualified.” If you were a HomeUnion customer and “bought” shares in November 2016, the paperwork should show whether the purchase was ever accepted; nothing on EDGAR shows it was.

Why a company in this position goes public: the circular's own numbers

At June 30, 2016 the consolidated balance sheet shows cash of $137,000 (against $1,395,000 at December 31, 2015 and $2,015,000 at the end of 2014), restricted cash of $1,122,000, total assets of $4,461,000 and total liabilities of $12,168,000, of which $8,609,000 was convertible debt owed to a related party. Stockholders' equity was a deficit of $7,707,000. The circular says the auditor's reports for fiscal 2014 and 2015 carried an emphasis paragraph about “the uncertainty of our ability to continue as a going concern”, and that “as of June 30, 2016 and December 31, 2015, the Company has a working capital deficit of $9.8 million and $0.4 million, respectively.” Cash used in operations was $8.6 million in the six months. Divided by six, that is about $1.43 million a month, so $137,000 of cash was under a tenth of one month's burn, about three days (our arithmetic); the restricted cash is reported on a separate line, so we did not add it back.

The business was growing fast from a small base: net revenue up 554% in the half year, assets under management up from $6.07 million to $36.48 million. Asset management fees, the recurring part, were 24% of gross revenue at June 30, 2016, up from 8% a year earlier according to the circular. The company's own risk factors list the same issues a landlord would care about: customers may leave “if the rate of return of their rental property declines”, and the circular says “we have also voluntarily provided certain investors with concessions related to low investment property performance that resulted in a decrease in our revenue”. The six-month table shows $204,000 of those investor concessions.

What a house bought through HomeUnion cost in fees (our arithmetic)

The circular does not publish a percentage for the transaction fee or the management fee, and the 2019 capture of homeunion.com we saved states no fee schedule either. The circular says only that “Asset management fees are charged as a percentage of the rent, which is dependent on the AUM, along with other fees.” What it does give is how much of each purchase dollar came back to HomeUnion as transaction revenue:

• First half of 2016: $924,000 of transaction revenue on $16.80 million of closed purchases is 5.50% (our arithmetic).
• Fiscal 2015: $1,051,000 on $17.71 million is 5.93%; fiscal 2014: $306,000 on $4.41 million is 6.94% (our arithmetic).
• On a $150,000 house those rates are $8,250 (5.50%) and $8,895 (5.93%) (our arithmetic).

The caveat matters: “transaction revenues” are made up of the fee charged to the customer for selecting and buying the property, the brokerage commission earned on the purchase, which can be paid by the seller's side, and mortgage referral revenue from lenders. So this is the company's revenue per purchase dollar, not necessarily what one buyer paid out of pocket. If you bought a house in 2015 or 2016, your closing statement and your purchase agreement show the actual figure. For what management costs today, on a published schedule, see our property management fee guide.

After 2018: Mynd, Roofstock and a redirect

The May 2018 Form D is a private equity raise of $12,041,753, of which $9,329,141 was sold to 30 investors with a first sale on April 23, 2018; it lists “HomeUnion Services, LLC” as a previous name. It is the company's last filing. Fourteen months later, HousingWire wrote on July 26, 2019 that Mynd Property Management “announced recently that it has acquired HomeUnion, an online real-estate investment management firm.” Mynd's chief executive is quoted: “Adding HomeUnion's capabilities to the Mynd platform solidifies our position as a leader in the small residential real estate investment business.” The article gives no price and no terms, and neither do the filings we read: HomeUnion Holdings filed nothing about the sale and we found no other SEC filing describing it. So we cannot say what the holders of HomeUnion common or preferred stock, or the holders of the 2015 to 2018 Form D securities, received, or whether it was anything.

The Internet Archive shows what happened to the website. Its December 9, 2019 capture is still a HomeUnion site with “Buy”, “Sell” and “Fund Investment” in the menu and “About Mynd” under “About Us”, and a banner reading “Up to one year rent guarantee- Limited time Year End Special-”. Captures with a normal HTTP 200 answer run to May 4, 2023; from May 12, 2023 the index records redirects. Mynd merged into the Roofstock corporate entity, as HousingWire reported on May 17, 2024, and on November 12, 2026 both homeunion.com and www.homeunion.com return HTTP 301 with Location: https://www.stessa.com/investment-properties, a page titled “Investment Properties Powered by Roofstock - Stessa”. Our Roofstock review covers that side, including the Mynd records.

Regulators and courts

California Department of Real Estate. The lookup for license 01989732 (read on November 12, 2026; the page is stamped November 11, 2026 7:44 PM) shows a corporation named Mynd Mortgage Inc., “Former Name(s): HomeUnion Lending Inc.”, license issued October 29, 2015, expiration December 14, 2027, status LICENSED, “NO DISCIPLINARY ACTION” and “NO OTHER PUBLIC COMMENTS”. The page itself warns that discipline information may have been removed under Business and Professions Code section 10083.2(c) and may be available on request. This is the mortgage arm; the circular says HomeUnion's real estate brokerages were separate state subsidiaries, and we did not search each state's regulator for them. The circular lists brokerage licenses in Alabama, California, Florida, Illinois, Indiana, Ohio, Oklahoma, Tennessee, Texas, North Carolina, South Carolina and New York, and mortgage brokerage licenses for HomeUnion Lending in 13 states. Brokerage licenses belong to the entity and state, so if a house was managed in one of these states, look up the manager's license there.

Courts. The federal docket search at CourtListener returned an authentication error (API) and an access block (website) on November 12, 2026, so we have no docket count. A general web search for lawsuits naming HomeUnion, HomeUnion Holdings, HomeUnion Services or HomeUnion Lending found no case. That is a limit, not a clean bill: state courts and small claims are not covered. The circular states that the company was “not involved in any litigation” it believed could have a material adverse effect, as of 2016.

BBB. The Better Business Bureau page for the company blocks automated access and we could not read it; we did not use review-site ratings.

What a reader can do with this

• If you hold HomeUnion shares or a Regulation A reservation: the 2018 Form D is the only equity sale the filings show, and the Regulation A offering shows no qualification. Ask whoever sent you the confirmation, and keep it. Nothing we read tells you what the 2019 sale paid shareholders.
• If a house you bought through HomeUnion is still managed under a HomeUnion-era agreement: find the agreement, who the current manager is and whether the agreement was assigned in 2019. The rent guarantee on the 2019 site banner is the company's claim at that date; get any guarantee that applies to you in writing.
• Check the deed, not the dashboard. Confirm in your county recorder's records that the property is in your name or your LLC's, and ask the manager for the trust-account bank, the monthly rent ledger and the deposit balance.
• Check the license of whoever manages the house now, in the state where the house sits. For California that is the DRE lookup used above; each state regulator has one.
• If you want to refinance or buy another rental, lenders underwrite rentals on the rent, not on who manages them: see what lenders ask for in a DSCR loan, and for who owns single-family rentals at scale see our single-family rental landlord census.

HomeUnion Holdings has not filed since May 7, 2018, so the alert above is by topic: it covers new filings or reports that name HomeUnion.

FAQ

This is analysis of public documents, not investment, legal or tax advice. Sources, read on November 12, 2026: SEC EDGAR filing list for HomeUnion Holdings, Inc. (CIK 1639241) and its Form D filings 0001639241-15-000001, 0001639241-15-000002 and 0001144204-18-025478; Form 1-A 0001144204-16-118820 and amendments 0001144204-16-128633, 0001144204-16-133048 and 0001144204-16-135261 with the preliminary offering circulars and test-the-waters exhibits 13.4 and 13.5; HousingWire, “Mynd Property Management acquires HomeUnion, expands offerings for real estate investors” (July 26, 2019) and its May 17, 2024 article on the Roofstock merger; California Department of Real Estate public license lookup, license 01989732; Internet Archive CDX index and capture of December 9, 2019; HTTP headers of homeunion.com and www.homeunion.com. Not reached: CourtListener (access errors), the BBB profile (blocked), state brokerage regulators other than California.