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What Happened to Landa? The $5 Real Estate App That Went Dark

Landa, the New York app that sold $5 shares in US rental homes, has been dark since April 2025. Dividends stopped for many of its properties in January 2025, the app and investor portal went down on 5 April and never reopened, and in May its lenders sued over more than $35 million in defaulted loans and had an independent manager installed. The homes are now being sold or lost to foreclosure, with most proceeds going to creditors. This is the timeline from the public record, what a Landa share actually was, why the model broke, and what its shareholders can do now.

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“A $5 share of a house is still a share of a leveraged landlord.”By ·
Table of contents

What Happened, in Order

Landa launched in 2019, founded by Yishai Cohen and Amit Samsonov in New York, with a pitch that was hard to beat on paper: open the app, put in $5, own a share of a rental house in Georgia or New York and get a slice of the rent every month. Each home sat in its own series of a Delaware series LLC, Landa App LLC, then Landa App 2 LLC and Landa App 3 LLC, with shares offered under Regulation A. The company raised venture money, reached hundreds of properties and ran an in-app secondary market where investors traded shares with limit and market orders for a 2% fee. In January 2025 the dividends stopped for many series while the app kept running. Investors asking in support channels were told payments were delayed. On 5 April 2025 the app and the investor portal went down. Deposits, trading and new offerings were paused. The portal never reopened, which meant investors could neither sell their shares nor withdraw cash sitting in their accounts. In May 2025 TechCrunch reported that Landa's lenders had sued over more than $35 million in defaulted loans and that an independent manager had been installed to run the properties. Since then the series have been selling homes or losing them to foreclosure, and the proceeds go first to the lenders. Bisnow and Propmodo covered the same case. As of October 2026 the Landa website is still up, its help centre still explains how to trade, and nothing on it says the platform is closed.

What a Landa Share Actually Was

A $5 Landa share was a membership interest in one series of a Delaware series LLC, with the series owning one rental home. Landa Holdings managed the series, collected the rent, paid the mortgage and the property manager, and distributed what was left. The offerings were exempt from SEC registration under Regulation A, which meant an offering circular on EDGAR for each batch of homes and semi-annual reports afterwards. Landa was not a broker-dealer or an investment adviser, and its legal page said so. That structure is the same one Arrived, Ark7 and Realbricks use today, and it is a sound one as far as it goes. A series is meant to ring-fence each home so that one bad property does not sink the others. What it does not ring-fence is the platform. When the manager of every series stops functioning, every series stops functioning, whatever the paperwork says about separation. The other thing to understand is leverage. Landa's homes carried mortgages, and the $35 million in defaulted loans belonged to the series and the holding company, not to investors. A lender with a mortgage on a house is paid from the sale of that house before the series' members see anything. A $5 share of a house with a $150,000 loan on it is a thin slice of the equity, and when the loan defaults the slice can be worth nothing.

Why It Failed

The reporting points to a business that ran out of money, not to fraud, and the mechanics are ordinary. The homes were leveraged. Landa bought rental houses with debt and sold the equity in $5 pieces. That works while rent covers the mortgage and the raise covers the purchase. When interest rates rose through 2023 and 2024, refinancing got expensive and some properties stopped covering their loans. The raises slowed. A platform that earns from sourcing new homes needs a steady flow of new investors. Landa had plenty of sign-ups, but the money per investor was tiny by design, and when new offerings stopped filling, the sourcing income stopped with them. The platform carried the gap. Landa Holdings appears to have been covering shortfalls at the series level until it could not. The January 2025 dividend stop was the moment the gap became visible, and the April shutdown was the moment it became total. And the lenders moved first. By the time investors knew anything was wrong, the creditors had already gone to court and taken operational control. That is the order in which every platform failure on the frozen withdrawals tracker has played out, and Landa's investors were the last to find out because the platform was the only channel they had.

What It Means for $5 and $10 Real Estate Apps

Landa was not the only app selling single-digit shares of rental homes. Fintor sold $5 shares and withdrew its offering in December 2023 without selling a unit. Ark7 sells from $20, Realbricks from $10 a share with a $100 minimum, Arrived from $100. Three lessons carry over. The minimum is marketing, the leverage is the product. A low share price tells you nothing about how much debt sits on the house. The offering circular does, under the heading for the series' loan, and the loan-to-value is the first number to read on any single-home offering. The manager is the single point of failure. Series LLCs separate houses from each other, not from the company running all of them. Ask who the manager is, how it makes money, how much it has raised, and what the operating agreement says happens to the series if the manager stops. Landa's investors found out the answer when the lenders appointed one. The app is not the record. Landa's portal held the statements, the tax documents and the trading history, and it went down without warning. Download every document the day you receive it, and if a platform's only disclosure channel is its own app, that is a reason to keep the position small. How we check platforms now, and what Threeworld shows for Landa, is in the last section.

If You Hold Landa Shares

Nothing here is legal advice, and the proceedings are ongoing. Four things are sensible regardless. Find the case. The lenders' lawsuit and the independent manager's reports are the primary record. TechCrunch's May 2025 report names the parties, and the court filings are where the schedule of property sales lives. Landa's own site has said nothing since April 2025. Reconstruct your records. If you did not export statements before 5 April 2025, your email confirmations, bank transfers and tax forms from Landa are what remain. Keep them together, by series. Know your claim. You are a member of a series LLC. The mortgage lender on your series' home is paid first from its sale, then any other creditors of the series, then members. Whether anything reaches members depends on the sale price against the loan, house by house, and the reporting suggests most proceeds are going to liabilities. Find the other shareholders. Each series had many small holders, and a group can ask the court and the manager questions an individual cannot. Investor threads on Reddit and the comments under the TechCrunch report are where those groups formed.

How Threeworld Shows It

Landa is on the Threeworld registry as a closed platform, with the closure dated 5 April 2025, the three incidents above with their sources, and its fees, exit terms and structure recorded as what it published while it operated. It has no listings on the index and never did, so no Landa property was ever shown as open on Threeworld, and the profile carries the closure notice at the top. The platforms with frozen withdrawals tracker lists Landa next to RealT, Reinvest24, Rendity, Fintor and HoneyBricks, with the same columns for each. If you are looking for where to put money that was going to Landa, the Landa alternatives guide ranks the platforms selling the same thing, shares in individual US rental homes, on the points that would have caught Landa's problems early: leverage, the manager, the filings and the exit.

Questions people ask

Is Landa still operating?

No. Landa's app and investor portal went down on 5 April 2025 and have not reopened. Deposits, trading and new offerings are paused, dividends stopped for many series in January 2025, and an independent manager installed by its lenders is selling the homes or surrendering them to foreclosure.

Will Landa investors get their money back?

Unlikely in full. Landa's lenders sued over more than $35 million in defaulted loans and are paid from each home's sale before shareholders. Reporting since May 2025 says most proceeds are going to liabilities. What reaches a given series' members depends on that home's sale price against its loan.

What was a Landa share?

A membership interest in one series of a Delaware series LLC that owned one rental home, sold for $5 under a Regulation A offering. Landa Holdings managed every series, collected rent and distributed what was left after the mortgage and costs.

Why did Landa fail?

The homes were bought with debt, rates rose, new raises slowed, and the holding company could no longer cover the gap between rent and loan payments. When it stopped paying dividends in January 2025 and went dark in April, its lenders went to court and took control. The public record points to a leveraged business running out of money rather than fraud.

What are the alternatives to Landa?

For shares in individual US rental homes with SEC-qualified offerings, Arrived from $100, Ark7 from $20 and Realbricks from $100. For the same idea on a blockchain with daily rent, Lofty from $50. The Landa alternatives guide ranks them on leverage, manager, filings and exit.
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