See the NEW and updated guide here! (July 2014)
Update 2013-11-16: Added how to get superuser access.
Update 2013-11-20: Download link now points to the newer “krt16s” version.
Disclaimer: I am not responsible for anything that happens if you follow these instructions. I am just describing what worked for me!
I have just updated my LG Nexus 4 from Android 4.2.2 to Android 4.4. I followed these instructions from Android Police but ran into a minor problem that I solved – and here’s how I solved it. In fact, let me do a complete step-by-step here for your convenience!