Landa promised real estate investing for $5. Now it’s gone dark.

The idea of ​​being a real estate investor as $ 5 may seem to be true.

And for many users of Lander, a propotc company that simply promised – it has been.

Land Grown from the stealth In August 20222, a total of $ 33 million was funded by funding and a daily share of Americans with fraction of American real estate investment.

CEO Ishai Cohen and former CTO Amit Saharf founded Landa in 2019 in an attempt to further include real estate investment. The only requirement for the application was that users are older than 18 and residents of the US. They can start investing with only $ 5, and can see real-time updates on their property from the Landa application as well as buying shares. (Asharf left the company in December 2021, according to his LinkedIn ProfileThe He did not respond to the request for the comment.)

Today, the lander investment portal site is down and its app is unable. Users claim that they cannot access their funds and have not paid dividends within a few months. The startup is involved in the case, including the case, from the investor Viola in the initial initiative.

An early user told TechCrunch that Landa had stopped paying him dividends to his shares in January. When he asked Landa about it, they “punished the question,” he said.

“I repeatedly emailed them about them and just got the answers, nothing is real,” the user said. “After a few months then, the app becomes uncle. It won’t open.”

The user then asked if he could delete his account, which he opened in 2021 and sold the shares. However, he found that Landa had disabled the ability to sell his shares.

“They basically frozen me from my funds and simply stopped the app,” said the user. “Where’s the money? Why don’t they give it back to me?”

More than 130 Complaint Landa has been filed in a better business bureau, echoing dozens of people like this. For example, May 1, a user who has filed this national Complaint They have invested more than $ 8,000 via Lander and stopped receiving the latest fall dividend. The user said that the Landa Customer Service replied to their emails that the company was “working on it”.

In mid-April, when TechCrunch Landa asked the matter about the matter-the status of the down-site and whether the company itself was closed-CEO Cohen said: “Of course not. The site will be back up.”

Asked why the app was not working and why users did not receive dividends in a few months, Cohen’s Tares’ reply still referred to the website, blaming the servers: “It is not related to dividend it is it from our server. We are in it.”

After further raising, Cohen shared the following statement on April 18: “We are currently working on all investors to recover the full effectiveness of our platforms and products that are currently influenced by our platforms and products.

Cohen did not respond to our request for a status update on May 25th. Investors did not respond to our multiple requests for the NFX and the North North our comments.

Fall into a case

This is not just a user that is disturbed with launda. The initial ND donors of the organization are suing.

Viola Filed Credit and L Finance Case In November 2021, in the New York State Supreme Court, it is “numerous default” that they expanded to the company with more than $ 35 million loans. (Investor in Landa through Violao’s Initiative Department.)

The ND donors also accused of being missing the property tax, which failed to pay compulsory sales of these properties, neglect property and even collect the rent.

Suit- First report Real Estate Industry Publications Bisono – It is said that more than a year later to honor Landa, ND NDs were removed as the director of the house and appointed an independent property director and a major reconstruction officer.

After the further discussion failed, the creditors later asked the court, and they were granted, to prevent Landa from accessing the bank account, interfere with their efforts to restructure the business and what they say – the money they pay from the sale of the property.

Despite the prohibition of the order, ND donors returned to court in January 2021, claiming that Landa asked the tenants to send rent to a separate bank account that was not covered by the verdict. They discovered it while repairing a septic system of a property. They also accused the Lander CEO of trying to sell or re -finance some property.

The court ordered Landa to explain himself. Instead, in early March, the Landa court asked for a control of Viola Credit O and L Finance, claiming that the independent director was “illegally installed”.

Judge Jennifer G. The sketcher was not satisfied. In March, he ordered both sides to find a solution “It’s good for all your clients.” He denied the Lander request to ban the order and directed the company to pay about $ 100,000. A few weeks later, Landa filed a formal countersut. The case is still pending.

Challenging model

Landa is one of the several startups that offer fraction real estate investment in recent years. Obviously it is not just fighting – especially after the mortgage interest rate starts to increase further in 2022.

Grimse Raising a few million dollars Apparently before the “AI agent to automate the finance and real estate operations with human level performance” before it is apparently pioneering. Dallas -based NothingIt also seems to be introduced in the Index-National Estate investment product “Citifunds”, allowing non-recognized investors to buy a city home equity market with less than $ 250. Its website now promotes a new tagline: “Access home equity for money for anything.”

Reached Probably the bunch’s highest-profile-and only seemed actively operated under the same model. In May 2022, TechCrunch reported that it arrived Has collected $ 25 million In a series of bezos campaign, in a funding round, people allows people to buy shares in single-family rentals with “as low as $ 100”. According to its website, the startup has paid more than $ 13 million for dividend and interest to today and has 766,000 registered investors.

The people who invest with the Landa seem to be uncertain as the future of their money seems uncertain. Until May 27, the Lander Investor Portal website still reinstates a “low-back” maintenance message.