The idea of becoming an investor for real estate for just $ 5 can look too good to be true.
And for many Lande users, the propec company that just promised it – was.
Landne appeared from the concealment In August 2022. year announcing a total of $ 33 million financing and planners for helping everyday Americans approach to investing housing real estate through fractional actions.
The Director General Ishai Cohen and former CTO AMIT Assaraf was founded by Landa in 2019. in an effort to invest investment in real estate more. The only applications applications were for users to be 18 years of age or older and residents. They could start investing just $ 5, and buy and sell action, as well as to look at real time updates on their properties from Landa App. (Assaraf left company in December 2023., according to his LinkedIn profile. Did not respond to comment requests.)
Today, Landa’s location of the investment portal down and its application is unofficial. Users claim that they cannot access their means and a dividend was not paid in months. The startup was involved in the litigation, including a lawsuit from his Viola investor in early endeavor.
One early beneficiary told Techcrunchund that Landa stopped paying him the dividance of her actions in January. When he asked Landa about it, they “slipped the question,” he said.
“I’ve sent them more times about it and I just got a deviation of answers, nothing real,” the user said. “Then a few months after that, the application became unusable. It would not open.”
The user then asked if he could delete his account, which opened 2021. years and sells actions. But found Landa disabled his ability to sell actions.
“They often froze me from their funds and just turned off the app,” the user said. “Where’s the money? Why don’t they come back?”
Over 130 complaints They were filed against Landa in a better business office, with dozens of people who resonate similar allegations. For example, 1. May, one user who has submitted such a appeal The community that they invested over $ 8,000 through Landa and stopped receiving dividends last fall. The user said Landa service users answered their emails, saying that the company “works on it”.
In mid-April, when Techcrunch asked Landa about the issue – including the status of his footage and did the company ‘s director – Cohen Director said, “Of course not. The site will be sure to copy.”
When asked why the application did not work and why users did not receive dividends in months, the Cohen’s third response seems to be on the website, wrong with the servers. It is from our servers. “
After a further pass, Cohen 18. April shared the following statement, “We are aware of our platform and we want to actively work at all updates. They appreciated investors in price that investors informed all the information.
Cohen did not answer our status update request. May. NFX and 83North investors did not respond to our more comment requests.
Inserted into the lawsuit
These are not only users who are upset with Land. The primary lenders of the company sues.
Viola Credit and L finance filed a lawsuit In New York, the Supreme Court at the State Court against Landa in November 2024. year, accusing it “numerous default files” to loans worth $ 35 million, which extended the company. (Viola is also an investor in Landa through its division in the venture.)
The lenders also accused this of missing property tax payments that led to forced sale of these properties, neglecting properties, and even collect rental.
Lawsuit – first reported The publication of the Real Estate Bisnov industry – after more than a year, the lenders removed Landa in the Homeland Manager and appointed an independent property manager and the Secretary-General for Restructuring.
After further negotiations, creditors later asked the court and they had a ban blocking Landa with access to bank accounts, distracting their attempts to restructure business and returning money that is owed – including property sales revenues.
Despite the ban, the lenders returned to the court in January 2025. years, claiming that Landa said to the tenants to send the payment to another bank account not covered by the verdict. They discovered that while making the repair of a septic system of a property. They also accused Land’s general director of retrying or refinancing some properties.
The court ordered Landa to explain himself. Instead, in early March, Landa asked the court for limiting orders against viola loans and L finance, claiming that independent manager is “illegally installed”.
JUDGE JENNIFER G. Schecter was not satisfied. In March, it ordered both sides to find a solution “That is good for all your customers.” The Landav prohibition request was rejected and ordered the company to pay nearly $ 100,000. A few weeks later, Landa filed a formal number. The case is still in progress.
Challenging model
Landa is just one of several startups that have emerged in recent years offering a fractional investment of real estate. It is obvious that the only one who was fighting – especially after mortgage interest rates began to roar 2022. years.
Grimace raised millions of dollars Before it seems to offer “AI agent to automatically automate financial and real estate operations with human level performance”. Dallas-Based Nothingwhich offered investment investment-like investments called “Citifunds”, which enable non-accredited investors to buy in the city capital market with only $ 250, it also seems to be turned. Its website now promotes a new tag: “Access to home capital to finance anything.”
Arrived There may be the highest profile of the crowd – and the only one that seems to actually act under the same model. In May 2022 year, Techcrunch reported to arrive raised $ 25 million In the series, it is funded, including nonzaws, to allow people to buy shares in one family for rent with “only $ 100”. According to her website, starting to date over $ 13 million in dividends and interests and has 766,000 registered investors.
As for these people who invested in Landa, the future of their money seems uncertain. From 23. Maja, Landa is an investor’s website and further redirection to the “return” maintenance message.
