The idea of being a real estate investor for a little $ 5 seems so good to be true.
And for many Landa users, a company owner promises that only – it’s done.
Landa emerged from theft On August 2022, announcing a total of $ 33 million in funds and a promise to help daily Americans access real estate investments.
CEO YISHAI COHEN AND KANTO CTO Amit Assaraf builds Landa in 2019 in an effort to make more real estate investment more. The only app requirements are that users are over 18 and US residents. They can start investing with only $ 5, and sell parts as well as real-time updates to their belongings from the Lando app. (Assaraf left the company in December of 2023, according to his LinkedIn IMAGE. He did not respond to requests for commentary.)
Today, Landa’s investment portal site went down and its app is unresponsive. Users claim they cannot access their funds and have not yet been paid for dividies in months. Starting is set to litigation, including a lawsuit from early venture investor Viola.
An early user tells TechCrunch that Landa stopped paying parts of his parts in January. When he asked Landa about it, “they punished the question,” he said.
“I always changed them about it and just got answers, nothing is true,” says the user. “Then a few months after that, the app becomes unavailable. It does not open.”
The user immediately asked if he could delete his account, he opened in 2021, and sold parts. But he saw Landa stopped his ability to sell the parts.
“They give me my fund outside my funds and just shut the app,” says the user. “Where is money? Why don’t they bring it back to me?”
Over 130 COMPLAINT Adjusted against the Landa to the best business bureau, with many people who echoed the same allegations. For example, on May 1, a user who files so COMPLAINT They shared investing over $ 8,000 by Landa and stopped accepting divisions last fall. The user says the Landa customer service answers their emails by saying that the company “works it.”
In the middle of April, if TechCrunch asks Landa about the issue – including its crumpled site and if the company himself shut down – CEO Cheen will reveal: “No.
When asked why the app is not working and why users do not receive dividends in months, Cohen responds as well as on servers. “It’s from our servers. It’s available.”
In addition, Cohen on April 18 shares the following statement:
Cohen did not answer our request for a status update on May 20. Investors nfx and 83nts did not respond to our many requests for commentary.
Quoted in a case
It’s not just those users who are angry with the Landa. The company’s primary lenders hurt.
Filed with Fiola Credit and L Finance a DEMANDS In the New York State Supreme Court within November 2024, which accuses “many disabilities” of more than $ 35 million worth given to the company. .
Lenders also accused of lost property tax payments that carry compulsory sales, neglected assets, and even failure to collect rents.
The case – First reported By Real Estate Industry Publication Bisnow – states that after over a year of attempting to get Landa to honor their commitments, the lenders removed Landa as manager of the homes and appointed an independent property manager and a chief restructuring officer.
After further negotiations failed, creditors later asked the court, and awarded, an injunction blocking the Landa from accessing bank accounts, and changing the money they said to debt.
Despite the injunction, lenders returned to court on January 2025, claiming that Landa told tenants to shipping hiring fees to a different bank account. They discovered it while repairing a Septic System system. They also accuse the CEO of Lando to try to sell or reduce some assets.
The court ordered Landa to explain himself. However, in the early March, Landa asked the court for a restraining order against Viola Credit and L Finance, claiming that the independent administrator “was installed unlawfully.”
Judge Jennifer G. Schecter is not pleased. In March, he ordered both sides to find a solution “good for all of your clients.” He denied Landa’s request for a command and ordered the company to pay nearly $ 100,000. A few weeks ago, Landa submitted a formal counter. The case is still waiting.
Model model
Landa is just one of the many starts emerging in recent years offering fractional real estate investment. Also this is not the only one struggling – especially after the debt interest rates began at 2022.
Grease raised millions of dollars Before slowing to give a “AI agent to automate financial and real estate operations with a person’s level performance.” Based on Dallas nothingoffered to index investment products called “cityfunds,” allowing non-accredited investors to buy at 30 250, also found that there is a reason. Its website now promotes a new tagline: “Access home justice to spend anything.”
arrives Perhaps the highest phrase profile – and only one as active operating under the same model. In May of 2022, reported to the TechCrunch arrived Raises $ 25 million In a series a round fund including bezos expeditions, to allow people to buy parts of family hires to have $ 100. “According to its website, and have 766,000 registered investors.
Regarding people who invest in the Landa, the future of their money is found uncertain. Until May 23, the portal’s portal website is on the Portal again to a “go-back-to soon” maintenance message.
