Landa.app Be careful.
Today I would like to cover Landa.app. This is a company that has been around for a bit, and from what I can gather is on version 2 of their release. Let's jump right in, and take a look at the Good, The Bad, and The Ugly.
I was initially turned onto the Landa.app by a friend of mine who loves to try out new ways of creating income streams. In this instance Landa.app has the sparkling promise of letting you become a landlord and generating income from rent for as little as $5 USD. It also has the bonus that if you sign up using a referral code, you and your referral person get a bonus. All of this turned out to be true, I signed into Landa using his referral program and was granted a single share of ownership in a property. The initial sign-up process for me was a bit of a problem. In my case, they ask you to link a banking account to your Landa.app account. I did this using my savings account and validated the .02 deposit. This is where things went off the rails for me. My assumption was that since I validated with a savins account when I did my first deposit it would come out of said savins account. This was not the case, instead, Landa.app opted to pull the initial deposit from my checking account, creating a non-sufficent funds overdraft fee for me. So my dream of earning extra cash via real estate just cost me $20.00. I reached out to Land.apps support but, they were little to no help. I chalked this up to a learning experience and made attempt number two at funding my account. Attempt 2 was successful, but still odd since I never validated my checking account for ACH but the important part was I could now purchase a property.
Let me share a little bit about what I bought, and where I am with this investment. I obtained 1 free property valued at 6.33 (this was after the initial gift property was taken away due to my NSF issue). Apr $.02 May $.02 June $.05 July $.07 Aug $.07. As you can see it's not much but it's consistent with growth. This property has not gone up in value according to the Landa.app property page, but it was a gift that keeps on giving. Some of you may be thinking that Landa.app is great and you want to jump on board, but there are a few things to consider.
Landa.app is an investment, and they tell you in the documentation that it's a risky investment. This means that it's possible everything can go south and you lose everything you put in. The 2nd thing to consider is who is running the operations behind scenes operations and makes the decisions for Landa.app. If you look at Landa.app Linkedin profile you will find that the company lists itself as a software development company in addition to a real estate company. The other item that might be of concern is that a good portion of its employees are based within Israel according to Landa's Linked-in profile. "see screen shot below"
This might be a show-stopper for some, but in my case, I went ahead and bought a few shares of houses listed on their site. I will share that experience in future blog posts providing a bit more detail on the issues I encountered.
If after reading this you still want to get started with Landa.app check out the following link.
https://landa.app/ You can use a scanner to download the app and get started. If you would like my referral code leave a comment below, and I will send it to you.
If you have questions or comments please leave them below.
