What Landa Investors Actually Got Back: 12 Sales, 3.8% of the Money

Why this article exists

Our Landa review covers what went wrong and when: the frozen app, the court-ordered replacement manager, the lender suits. This is a different question, and it is the one people actually type into a search box at two in the morning. When a Landa property is finally sold, what reaches the investor?

The answer is in Form 1-U filings, which Regulation A issuers must file to report material events. They are public, free, and as far as I can find, nobody has added them up. So I did, and I have shown the arithmetic so you can check it rather than trust me.

The twelve sales

Every figure below is transcribed from the Form 1-U filed June 15, 2026 by Landa App LLC, covering sales completed between March 18 and June 1, 2026.

3.8% of the gross sale proceeds reached investors. The other 96.2% went to liabilities and expenses. The filing's own footnote is unambiguous about the nine zero-distribution series: "The proceeds from the sale were used in their entirety to pay liabilities and expenses. As a result, no net proceeds remained available for distribution to the members of such Series."

Each of those series is then wound up. In the filing's words, the dissolution "will be effective upon the final distribution of the sale proceeds to its investors, at which point all outstanding membership interest units of the Series will be cancelled."

The part that complicates the headline

If I stopped there I would be doing what I criticise other sites for doing, which is picking the number that tells the cleanest story. The sale is only the last event in a series' life. Each one also paid rent distributions along the way, and the filings disclose cumulative dividends per share alongside the original offering price per share.

Put those together and the outcomes diverge sharply.

Three of twelve series returned more than the money put in. Nine did not. The spread runs from 7% to 207%, and the variable that separates them is not the sale price, since almost every sale returned zero. It is how much rent the property distributed before it was sold, which in practice means how early you bought and how long the property stayed tenanted.

The worst case is worth stating precisely, because it is the one most likely to describe someone reading this. 843 Tramore Drive, Stockbridge: offered at $13.26 per share, paid $0.93 per share in cumulative dividends across its life, and returned nothing at sale in May 2026. That is 7 cents back on the dollar.

Foreclosures are a separate and worse category

A sale that returns nothing at least closes the position. A foreclosure can be worse, because the property leaves the series without any sale process at all.

Landa App 3 LLC disclosed on June 26, 2026 that one of its series lost its property at a foreclosure sale on June 2, 2026. The series had taken a secured term loan of $140,000 from Mazz Georgia LLC; foreclosure followed the maturity of a bridge loan in February 2026. At the sale, "no third-party bid exceeding the secured indebtedness was received," so the lender itself took title. The filing states flatly: "The Series did not realize any proceeds from the foreclosure sale." The property also remained subject to a senior first-priority security deed of $1,070,000 in favour of RBI Mortgages LLC.

Landa App LLC separately disclosed that 1007 Leeward Lane, Jonesboro, Georgia was foreclosed on March 3, 2026. Here the manager is fighting: it "disputes the foreclosure carried out by the Lender on grounds such as lack of statutory notices provided and misrepresentations by the Lender regarding the status of loan," and says it will "pursue all avenues, including but not limited to litigation."

The Brooklyn title fight

The most unusual disclosure is in Landa App 3's litigation filing of February 4, 2026, in Allison Lending, LLC v. Landa App 3 LLC, et al., Case No. 1:25-CV-01939 in the Eastern District of New York.

Allison Lending asserts it acquired the borrower's membership interests through a purported UCC sale, and then caused deeds to be recorded transferring title to three Brooklyn properties, 1363 Hancock Street, 24 Ditmars Street and 132 Cornelia Street, to an affiliated entity. Landa's manager disputes the validity of those transfers and "contends that the plaintiff lacked contractual or legal authority to convey title to any Series-owned real property, including properties for which the plaintiff holds no mortgage or security interest."

In January 2026 the manager filed motions seeking vacatur of the UCC sale and the deed transfers, injunctive relief against further transfers, and preservation of the status quo. These are contested allegations on both sides and nothing has been adjudicated.

Landa is not simply liquidating

The natural assumption is that this is an orderly wind-down. The most recent filing complicates that.

On July 23, 2026, Landa App LLC disclosed that five vacant properties, all on Ashley Way in Douglasville, Georgia, had each entered an "Additional Borrowing" with Landa Financing LLC, an affiliate, at 10% interest, maturing July 16, 2027:

The stated purpose is to fund improvement costs so the vacant properties can be leased and each series can "generate rental income and become self-sustaining." The manager adds that it "cannot provide assurance that the Improvement Costs will be completed within the anticipated budget or timeframe."

Note the street. Landa sold 8677, 8679, 8683 and 8691 Ashley Way between April and June 2026, and in July borrowed from an affiliate at 10% to renovate 8641, 8658, 8659, 8667 and 8697 Ashley Way. It is simultaneously exiting and reinvesting on the same block. That may be perfectly rational asset-by-asset management. It is not what a pure liquidation looks like, and an investor deciding whether to keep waiting should know it.

What this means if you hold Landa shares

I am not going to pretend there is a clever move here. There mostly is not. But some things follow directly from the filings.

1. Your outcome is series-specific, not platform-wide. Each property is its own LLC with its own debt. The filings repeat that a dissolution "will not affect any other series." Find your specific property in the filings rather than reading platform-wide commentary, including this article.
2. Cumulative dividends are the number that matters now. For nine of twelve sales the sale itself returned nothing, so whatever you received in rent along the way is most of what you will ever see. Add it up before assuming a total loss.
3. Track it yourself, for free. Every filing is on SEC EDGAR under Landa App LLC (CIK 1815103), Landa App 2 LLC (CIK 1875877) and Landa App 3 LLC (CIK 1886606). Each 1-U names the specific properties affected. This is the primary record, and it does not require an app that works.
4. A dissolved series means cancelled units. Once the manager approves dissolution and the final distribution is made, the membership interest units are cancelled. That is the formal end point for that holding, and it is what will eventually determine the tax treatment of the position. Talk to a tax professional about your specific facts; a worthless or disposed security is a documented event, and the filings are the documentation.
5. Judge any replacement platform by its exit mechanism, not its minimum. The lesson of Landa is not that $5 investing is bad. It is that a secondary market that has never been stress-tested is a promise rather than a feature. We rank the alternatives on exactly that axis in Cardone Capital Alternatives, and the same test applies here.

Sources

All figures on this page come from SEC filings, transcribed directly and recomputed by us.

• Landa App LLC, Form 1-U filed June 15, 2026 — the twelve property sales and the distribution table
• Landa App LLC, Form 1-U filed March 31, 2026 — seven earlier sales completed in March 2026
• Landa App LLC, Form 1-U filed July 23, 2026 — the five Ashley Way affiliate loans at 10%
• Landa App LLC, Form 1-U filed April 23, 2026 — 1007 Leeward Lane foreclosure and the manager's dispute
• Landa App 3 LLC, Form 1-U filed June 26, 2026 — the June 2 foreclosure sale with no proceeds to the series
• Landa App 3 LLC, Form 1-U filed February 4, 2026 — the Allison Lending UCC and title dispute
• SEC EDGAR company pages: Landa App LLC (CIK 1815103), Landa App 2 LLC (CIK 1875877), Landa App 3 LLC (CIK 1886606)

Internal links: Landa App Review 2026 · Cardone Capital Alternatives · Real Estate Crowdfunding Failures · What Happened to PeerStreet · Bankruptcy-Remote Platforms · Red Flags in SEC Filings

Last updated: September 12, 2026. Every figure is transcribed from the Form 1-U filings linked above and the percentages are our arithmetic, shown in full so they can be checked. Litigation descriptions are the parties' contested assertions as recorded in those filings, not findings of fact. We have no position in Landa, no relationship with the company, and earn nothing from this page. This is analysis, not investment, legal or tax advice.

For the same exercise on a fund that is winding down rather than being foreclosed, see DiversyFund in 2026.