Two more real estate apps just went dark — and the SEC filings warned us first

Two platforms a lot of beginners started with — Landa ($5 to buy a share of a rental home) and Cityfunds ($250 to bet on a city's home prices) — quietly stopped working in 2026. If you're in either, this matters. If you're not, the lesson matters more.

What actually happened

Landa is effectively defunct. SEC filings (CIK 0001815103) show a going-concern report, a "platform down" notice signed by the CEO, and a steady stream of foreclosure and disposition filings into April 2026 — plus a $35M+ lender lawsuit and 119 homes placed in court receivership amid allegations that tenant rent was rerouted.

Cityfunds isn't dead, but its FY2024 annual report (Form 1-K) carries an explicit going-concern doubt, total assets of just $6.93M, an abandoned primary offering, and a secondary market that froze in June 2025 — leaving investors unable to sell.

Why this is the only signal that matters

Neither failure was predictable from the yield charts. Both were predictable from the filings — recurring losses, paused offerings, going-concern language, a thin balance sheet. The marketing said "$5 to start." The 1-K said "substantial doubt."

Before you put a dollar into any small Reg A+ app, read its latest annual filing on SEC EDGAR. It's free, and it's the one place the company has to tell the truth.

The app shows you the upside. The SEC filing shows you the risk.

Read the full Landa breakdown → Read the full Cityfunds breakdown →

— Jorge