What Happened to Landa App: 18 Sales, 3.0% Back to Investors

Updated October 20, 2026 — six more Landa sales, and 3.0% of the money has now reached investors. Landa App LLC and Landa App 2 LLC each filed a Form 1-U on October 20, 2026. Five Landa App LLC series sold their properties between August 20 and September 28, 2026 for $593,176.52 in total: two returned cash ($4,376.10, or $0.44 a share, and $6,983.85, or $0.70 a share) and three returned nothing. One Landa App 2 LLC series (126 Wildwood Road, Stockbridge) sold on August 31 for $147,000 and returned nothing. One of the five, 8667 Ashley Way, appears in the July 23 filing as borrowing $4,000 from Landa Financing LLC at 10%; it sold on September 15 for $95,000 and the filing says the proceeds were used in their entirety to pay liabilities and expenses. Across the 18 sales we can now total, gross proceeds were $2,106,671.40 and $62,913.57 reached investors, or 3.0% (it was 3.8% for the first twelve). Neither new filing mentions the Allison Lending case or any other litigation, and the newest Landa App 3 LLC filing is still the Form 1-U of September 16, 2026 (EDGAR filing lists checked October 20, 2026).

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.

Those filings matter more because the periodic reports have stopped. Sixteen annual or half-year reports (Forms 1-K and 1-SA) had fallen due and were not on EDGAR on November 3, 2026, across Landa App LLC, Landa App 2 LLC, Landa App 3 LLC and Landa Financing LLC. The last one any of the three series issuers filed is dated January 3, 2025; since then they have filed 48 Forms 1-U (EDGAR filing lists read November 3, 2026; a 1-K is due 120 days after year-end and a 1-SA 90 days after the period, under 17 CFR 230.257).

The eighteen sales

The first twelve rows are transcribed from the Form 1-U filed June 15, 2026 by Landa App LLC, covering sales completed between March 18 and June 1, 2026. The next five are from Landa App LLC’s Form 1-U of October 20, 2026 (sales between August 20 and September 28, 2026) and the last is from Landa App 2 LLC’s Form 1-U of the same date (August 31, 2026). The October 20 filing for Landa App LLC does not itemize liabilities and expenses; it states only the sale price, the cash available for distribution, and which sales used proceeds “in their entirety” to pay them. Where it does not say, the cell reads “Not itemized”.

3.0% of the gross sale proceeds reached investors ($62,913.57 of $2,106,671.40; the first twelve sales alone were 3.8%). The other 97.0% did not reach investors, and the filings say it went to liabilities and expenses. The nine earlier sales did better: the two Forms 1-U filed February 4, 2026 (Landa App LLC, one sale completed January 29; Landa App 2 LLC, one sale completed January 16) and the Form 1-U filed March 31, 2026 (seven sales completed in March) report $1,374,709.11 of gross sale prices and $293,145.27 distributed to investors, or 21.3% (two of the seven March sales returned nothing). Counting all 27 sales in the six Forms 1-U that report 2026 sales, gross sale prices were $3,481,380.51 and $356,058.84, or about 10.2%, reached investors (our arithmetic from the distribution columns as filed; the three amounts in the January 29 filing do not add up to its sale price, and we use its distribution column as filed). The filings’ own footnote is unambiguous about the thirteen zero-distribution series, and it is the same in both June and October: "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 ledger has 33 sales, not 18 or 27. Six more sales appear in Forms 1-U filed between August 26 and December 29, 2025. Five give amounts: 1246 Elgin Way, Riverdale (sold August 20, 2025 for $135,000, with $22,774.90 to investors; Form 1-U of August 26), and 1741 Park Lane, Griffin ($162,000), 593 Country Lane Drive ($87,000) and 729 Winter Lane ($102,000), both Jonesboro, and 7349 Exeter Court, Riverdale ($135,000), each with liabilities and expenses equal to the sale price and nothing distributed (Forms 1-U of September 9, December 8 and December 29, 2025). Together the five are $621,000 in sale prices and $22,774.90 to investors. The sixth, 808 Home Trail, Gastonia, North Carolina (Landa App 2 LLC), is given only as November 2025, with no amounts (Form 1-U of December 8, 2025). Add the 27 sales of 2026 and the Forms 1-U list 33 sales from August 26, 2025 to October 20, 2026; for the 32 with amounts, $378,833.74 of $4,102,380.51 (9.2%) reached investors, and in 19 of the 32 nothing did (our arithmetic from the 1-U tables; no 1-U says when a payment was made). For most sales the “liabilities and expenses” and “to investors” lines add up to the sale price; in nine sales they do not, with a net difference of $58,778.99, and the 1-U does not state how it is accounted for.

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. (“Returned” here is the cash paid before the sale plus the cash paid at the sale or dissolution, divided by the offering price per share. The 1-U column is headed “Dividends Distributed per Share”, and we read it as the total paid before the sale. The figures ignore what any holder paid on the in-app market, which could differ from the offering price.)

Three of 18 series returned more than their offering price. Fifteen did not. The spread runs from 2% 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 three that beat their offering price are the same three as in June; none of the six October sales did, and the best of them, 8653 Ashley Way, returned 42%.)

Per $1,000 of the offering price, the same 18 series returned between $16 (157 Wells Road) and $2,073 (8683 Ashley Way); the median was $374, and the three above $1,000 were 8683 ($2,073), 8679 ($1,518) and 8677 Ashley Way ($1,373) (Forms 1-U of June 15 and October 20, 2026; our arithmetic).

The worst case is worth stating precisely, because it is the one most likely to describe someone reading this. 157 Wells Road, Jenkinsburg: offered at $8.86 per share, paid $0.14 per share in cumulative dividends across its life, and returned nothing when it sold on September 28, 2026 for $155,000. That is about 2 cents back on the dollar. The next worst is 8667 Ashley Way (4%), and before the October filings the worst was 843 Tramore Drive, Stockbridge: offered at $13.26 per share, $0.93 per share in cumulative dividends, nothing at sale in May 2026, 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: "The Series did not realize any proceeds from the foreclosure sale." The property also remained subject to a senior first-priority security deed in favour of RBI Mortgages LLC, in the original principal amount of $1,070,000 (the filing does not say what balance is owed). The same filing's table, however, lists a foreclosure sale price of $252,444.16, total cash distributed to date of $11,094.46 ($1.27 a share), an offering price of $24.20 a share, cash available for distribution of $828.28 and a dissolution distribution of $1.39 a share, and the filing does not say how the two statements relate (Form 1-U of June 26, 2026).

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."

Landa App 3 LLC's Form 1-U of September 16, 2026 reports another loss: the series holding 6696 Mableton Parkway SE, Mableton, Georgia lost the property at a foreclosure sale on September 1, 2026, after it could not repay the bridge loan in full at maturity. The manager approved dissolution of the series and its units will be cancelled.

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.

The complaint itself is about one property. The magistrate judge's report of February 10, 2026 says Allison Lending sued "to foreclose on a mortgage encumbering one commercial property commonly known as 1363 Hancock Street." The other two addresses, 24 Ditmars Street and 132 Cornelia Street, come from Landa's own filing: Landa says Allison Lending asserted it acquired the borrower's membership interests through a purported UCC sale and caused deeds to be recorded transferring title to all three Brooklyn properties 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." The magistrate's report describes the other properties as "unrelated to the Property at issue here" and as the subject of separate state-court foreclosure actions.

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. The assertions about the sale are contested on both sides, but the court has ruled on the emergency requests: in the federal docket (No. 1:25-cv-01939) the district judge denied a temporary restraining order on November 16, 2025 and a preliminary injunction on November 20, 2025, and on February 10, 2026 a magistrate judge recommended denying the second request. The public docket (CourtListener, checked October 15, 2026) then lists settlement-conference entries in February 2026, a further "Report and Recommendations" on February 26, a status report on March 27, an order on July 23, a notice of appearance on September 21 and, on September 23, 2026, an entry titled "Notice of Acceptance with Offer of Judgment." We could not retrieve the text of those later entries, so we do not know who made or accepted the offer or on what terms. Read again on November 3, 2026, the docket also shows an application for a writ (No. 63) and a reassignment of the case (No. 64) on November 2 (CourtListener); a second case, 1363 Hancock LLC v. Landa App 3 LLC (No. 1:26-cv-06811), was removed to the same court on October 22, 2026, with a “Remand to State Court” entry on October 30 (CourtListener). We did not read the text of those entries. Whether the UCC sale itself was valid has not been decided in anything we could read. See our Landa review for the full case-by-case status.

Landa is not simply liquidating

The natural assumption is that this is an orderly wind-down. Landa App LLC's July filings complicate that, and its October 20 filing shows how the story ended for one of the properties involved.

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."

Those are not the only affiliate loans. Landa App LLC's Form 1-U of July 10, 2026 (accession 0001815103-26-000007) reports June loans from the same affiliate, also at 10% and due in June 2027, which it says "were made in response to imminent payment demands by senior lenders in connection with reinstatement amounts required to avoid events of default." Those loans were a way to cure lender demands, not to fund renovations.

Together with earlier loans, the Forms 1-U of the three series issuers filed from June 18, 2025 to July 23, 2026 list 178 loans to individual series totalling $725,737.54: $639,589.21 in 90 loans from the CEO personally (all at 0%), $84,309.49 in 85 from Landa Financing LLC (nearly all at 10%) and $1,838.84 in 3 from Landa Holdings, Inc., the manager. The largest batch was on June 15, 2025: 60 loans totalling $617,253.54 at 0% from the CEO personally, 53 to Landa App LLC series and 7 to Landa App 2 LLC series, made “in response to imminent payment demands by senior lenders in connection with reinstatement amounts required to avoid events of default” (Forms 1-U of June 18, 2025: Landa App LLC, Landa App 2 LLC).

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. The October 20 filing then reports that 8667 Ashley Way sold on September 15, 2026 for $95,000, about two months after the $4,000 loan was disclosed, and that “the proceeds from the sale were used in their entirety to pay liabilities and expenses.” Its investors received nothing: $0.24 a share in lifetime dividends against a $5.47 offering price. The filing does not say how much of the sale price went to the Landa Financing loan, and it reports no sale of the other four renovation properties. The same filing reports three other Ashley Way series (8652, 8653 and 8668) selling on August 20. Exiting and reinvesting on the same block may be perfectly rational asset-by-asset management, but it is not what a pure liquidation looks like, and for the investors in 8667 the renovation loan was followed by a sale that returned nothing. An investor deciding whether to keep waiting should know both.

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 thirteen of 18 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 October 20, 2026 — five sales between August 20 and September 28, 2026 (accession 0001815103-26-000010)
• Landa App 2 LLC, Form 1-U filed October 20, 2026 — the August 31, 2026 sale of 126 Wildwood Road (accession 0001875877-26-000005)
• Landa App LLC, Form 1-U filed February 4, 2026 — the January 29, 2026 sale of 773 Villa Way (accession 0001815103-26-000001)
• Landa App 2 LLC, Form 1-U filed February 4, 2026 — the January 16, 2026 sale of 303 Kellys Walk (accession 0001875877-26-000001)
• 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 July 10, 2026 — June affiliate loans at 10% made in response to senior lenders' payment demands
• Landa App 3 LLC, Form 1-U filed September 16, 2026 — the September 1 foreclosure sale of 6696 Mableton Parkway SE
• 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)
• Landa App LLC, Form 1-U filed August 26, 2025 — the August 20, 2025 sale of 1246 Elgin Way (accession 0001815103-25-000013)
• Landa App LLC, Form 1-U filed September 9, 2025 — the September 2, 2025 sale of 1741 Park Lane (accession 0001815103-25-000014)
• Landa App LLC, Form 1-U filed December 8, 2025 — the November 26, 2025 sales of 593 Country Lane Drive and 729 Winter Lane (accession 0001815103-25-000019)
• Landa App 2 LLC, Form 1-U filed December 8, 2025 — the November 2025 sale of 808 Home Trail (accession 0001875877-25-000008)
• Landa App LLC, Form 1-U filed December 29, 2025 — the September 26, 2025 sale of 7349 Exeter Court (accession 0001815103-25-000020)
• Landa App LLC, Form 1-U filed June 18, 2025 and Landa App 2 LLC, Form 1-U filed June 18, 2025 — the 60 loans of June 15, 2025 from the CEO personally (accessions 0001815103-25-000010 and 0001875877-25-000003)
• CourtListener dockets, read November 3, 2026: Allison Lending, LLC v. Landa App 3 LLC and 1363 Hancock LLC v. Landa App 3 LLC
• EDGAR filing lists of the four issuers, read November 3, 2026 — the 16 reports due and the 48 Forms 1-U since January 3, 2025

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: October 23, 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.