HoneyBricks Alternatives

HoneyBricks was a tokenized real estate investment platform that offered accredited investors access to commercial real estate through blockchain-based fractional ownership. Following its acquisition by EquityMultiple, investors seeking similar fractional real estate opportunities need to identify alternatives that match their investment goals. Whether you're looking for residential single-family rentals, commercial properties, or blockchain-enabled tokenization, the fractional real estate investing landscape offers several options. This guide examines seven alternatives that serve different investor needs as of 2026, starting with mogul, a platform founded by Goldman Sachs alumni that delivers institutional-grade single-family rental investments with monthly income distributions and zero ongoing AUM-based management fees.

Disclaimer: The information provided in this guide is for educational purposes only and does not constitute financial, tax, or legal advice. Always consult with a licensed professional before making any financial or investment decisions.

Key Takeaways

• Goldman Sachs alumni background informs institutional-style underwriting: Platforms founded by institutional real estate professionals, like mogul with its team of former Goldman Sachs real estate alumni with $10B+ in real estate investing/deal experience, apply rigorous underwriting, with less than 1% of reviewed properties passing diligence

• Fee structures significantly impact long-term returns: A 0% ongoing AUM-fee structure can save investors $500+ over 5 years on a $10,000 investment compared to 1% annual AUM fee competitors

• Property-level selection provides transparency: Platforms offering individual property investment allow investors to choose specific assets rather than pooled funds, with full visibility into underwriting and location details

• Monthly distributions provide more frequent access to rental income: Platforms with monthly income payouts offer more frequent access to rental income compared to quarterly alternatives

• Loss protection reduces entry barriers: mogul's coverage of up to $10,000 in losses for new investors on first-year investments provides meaningful risk mitigation not found elsewhere

• Accreditation requirements limit access: Several platforms require investors to meet SEC accreditation standards (individual net worth over $1 million excluding primary residence, or income over $200,000 individually / $300,000 jointly with a spouse or spousal equivalent in each of the two most recent years), while others like mogul support both accredited and non-accredited investors, subject to onboarding and eligibility

1. mogul

mogul delivers institutional-quality single-family rental investments to investors through a fractional ownership model. Founded by Goldman Sachs investor with $10B+ in real estate investing/deal experience, the platform brings Wall Street-level underwriting to everyday investors seeking monthly income from residential properties.

How Does mogul Work?

mogul's investment process enables investors to build real estate portfolios through direct fractional ownership in individual properties. Key highlights:

• Property Selection: Browse available properties and select specific investments rather than pooled funds

• LLC Structure: Each property is held in a state-registered LLC, giving investors proportional membership interests; pass-through tax benefits such as depreciation may apply depending on offering terms and the investor's tax situation

• Monthly Income: Receive actual rental income distributions monthly, not projected returns

• Governance Rights: Proportional voting rights on major decisions based on ownership stake

• Tax Advantages: mogul's LLC/pass-through structure may allow depreciation deductions to be allocated to eligible investors, while REIT shareholders generally do not receive direct depreciation pass-through

Performance Metrics

mogul's track record demonstrates consistent performance across its portfolio:

• 18.8% average annual IRR with target returns of 15-20%

• Less than 1% of properties reviewed pass the platform's due diligence process

• Team personally invests in every property offered, aligning incentives with investors

Fee Structure

mogul's fee model eliminates ongoing AUM-based management charges that compound over time:

• Upfront Fees: 3% onboarding/platform fee plus a 2% setup/rent-ready fee if the property requires setup; these fees are capitalized into the deal and projected returns are shown net of these fees

• Ongoing AUM-Based Management Fees: 0%

• Ongoing Property-Management Fee: 2.5% of collected rent (charged on collected rent)

New Investor Protection

mogul provides up to $10,000 in loss coverage for investments made within your first 7 days if those investments show a loss after one year, a risk mitigation feature unique in the fractional real estate space.

Best For: Investors seeking 15%-20% target IRR single-family rental investments with monthly income distributions and zero ongoing AUM-based management fees from a team with proven Wall Street real estate experience.

2. Ark7

Ark7 offers fractional ownership in rental properties at $20 per share. The platform focuses on single-family rentals and condos across U.S. markets.

Key Features

• $20 minimum investment for individual property selection

• 220,000+ investors on the platform

• Monthly dividend distributions

• Secondary market via PPEX ATS after 12 months

• IRA investment options available

• Zero annual AUM fees

Performance Data

• 4.37% annualized dividend return (April 2026) plus appreciation

• 93.59% occupancy rate across portfolio (April 2026)

• Less than 0.02% property acceptance rate

Fee Structure

• 3% sourcing fee upfront

• 0% annual AUM fees

• 8-15% of rental income for property management

Best For: Investors interested in individual property selection with a low minimum investment and access to a secondary market.

3. Fundrise

Fundrise operates as an automated real estate investment platform with a $10 minimum investment. The platform primarily offers pooled real estate investment products rather than individual property selection; its current lineup includes real estate funds such as the Flagship Real Estate Fund and Income Real Estate Fund.

Key Features

• $10 minimum investment

• Over 405,000 active investor accounts and 2.5 million+ active users as of September 30, 2025

• Fully automated portfolio diversification

• Operating since 2012

• Quarterly distributions

• No accreditation required

Performance Data

• The Fundrise Flagship Real Estate Fund reported a 7.47% net return for 2024

• Annual advisory-client returns have varied significantly by year; see Fundrise's track record page for current figures

Fee Structure

• 0% upfront fees

• ~1% annual fees (0.15% advisory + 0.85% fund management)

• Fundrise generally reviews liquidation requests quarterly; the Flagship Fund and Income Fund do not currently charge an early redemption penalty, while some legacy eREIT/eFund shares may be subject to early-redemption restrictions or penalties

Best For: Investors seeking a low-minimum, automated approach to diversified real estate exposure.

4. Arrived

Arrived focuses on single-family rentals and vacation rental properties, having deployed $414 million total across 562+ funded properties in 66+ active markets. The platform emphasizes long-term hold strategies across both traditional and short-term rental markets.

Key Features

• $100 minimum investment

• $414 million total invested, $77 million distributed to investors, 562+ properties funded, and 66+ active markets

• Single-family and vacation rental specialization

• Monthly/quarterly distributions

• No accreditation required (subject to U.S. eligibility requirements)

Performance Data

• Arrived's official returns page reports $77 million distributed to investors and provides realized case-study data, including The Centennial's 34.7% investor return over four years

• In Q1 2026, Arrived reported a 3.6% average annualized dividend rate for individual SFR properties, 4.2% for the SFR Fund, and 1.53% for vacation rentals

• 5-7 year typical hold periods

Fee Structure

• 3.5-5% sourcing fee upfront

• AUM fees vary by product; individual SFR properties carry a 0.15% per quarter (approximately 0.60% annualized) fee on the asset purchase price

• 8-20% property management fees

• Arrived offers a secondary market for eligible investors; fees and availability are subject to Arrived's current secondary-market terms

Best For: Investors seeking vacation rental exposure alongside traditional single-family rentals.

5. EquityMultiple

EquityMultiple provides institutional-grade commercial real estate investments and acquired HoneyBricks, making it a direct successor for former HoneyBricks investors. The platform requires accredited investor status and focuses on larger commercial deals.

Key Features

• $5,000 minimum investment

• 50,000+ investors on platform

• Commercial real estate focus

• Accredited investors only (individual net worth over $1 million excluding primary residence, or income over $200,000 individually / $300,000 jointly with a spouse or spousal equivalent)

• $325 million+ distributed to investors

• Individual deal and fund options

Performance Data

• ~5% property acceptance rate through rigorous vetting

• Return targets vary by structure: debt offerings may target 7-12% APR, preferred equity may target 7-12% current preferred returns, and common equity may target mid-teens net IRRs

• Hold periods vary by product type; common equity deals may have multi-year holds, while debt, preferred equity, or note products can have shorter target durations

Fee Structure

• Fees vary by deal structure

• Common equity generally carries a 0.5%-1.5% annual monitoring/reporting fee; debt and preferred equity typically include a servicing fee; fund and note products have separate fee terms

• Deal-specific performance fees

Best For: Accredited investors specifically seeking commercial real estate exposure or those transitioning from HoneyBricks looking for a similar platform.

6. RealtyMogul

RealtyMogul offers both individual commercial property investments and REIT products, having deployed over $1.2 billion across various real estate deals. In November 2025, The Wideman Company acquired RealtyMogul from its venture investors. The platform serves both accredited and non-accredited investors through different product tiers.

Key Features

• $5,000 minimum for individual deals

• RealtyMogul has offered REIT products for non-accredited investors; however, as of current RealtyMogul pages, both listed REITs are paused for new investors during offering-circular refreshes

• Commercial property focus

• Monthly/quarterly distributions

Performance Data

• $1.2 billion+ deployed across investments

• Commercial real estate diversification across property types

Fee Structure

• ~3% offering fee cap

• 1-1.25% annual management fees

• 1.5% typical asset management

Best For: Investors seeking commercial real estate through individual property investments.

7. Lofty.ai

Lofty.ai offers blockchain-based tokenized real estate with a secondary marketplace where investors can list or trade tokens without a traditional holding period; actual liquidity depends on buyer demand, pricing, and order matching. Built on the Algorand blockchain, the platform enables investors to buy and sell property tokens without waiting for traditional hold periods.

Key Features

• $50 minimum investment

• Secondary marketplace where investors can list or trade tokens without a traditional holding period; actual execution depends on buyer demand and order matching

• Daily rental income distributions

• Blockchain-based tokenization on Algorand

• DAO governance with investor voting rights

• No accreditation required

Performance Data

• ~150 properties tokenized on platform

• $100M+ invested across portfolio

• Algorand network fees are very low, but investors should distinguish network fees from Lofty's marketplace platform fees, which are separate

Fee Structure

• No traditional annual AUM fee

• 3% marketplace fee on buy and sell orders for traded properties

Best For: Investors interested in blockchain-enabled real estate tokenization with secondary-market trading access.

Why mogul Stands Out for Fractional Real Estate Investing

Institutional Expertise Driving Superior Returns

mogul was founded by Goldman Sachs real estate alumni who collectively have $10B+ in real estate investing/deal experience. This background informs mogul's institutional-style underwriting process, resulting in less than 1% of reviewed properties making it onto the platform. The platform reports an 18.8% average annual IRR compared to single-digit returns at many competing platforms.

Fee Structure That Maximizes Your Returns

While many platforms charge 1% or more in annual AUM-based management fees that compound over time, mogul charges no recurring AUM-based management fees. A 0% ongoing AUM-fee structure can save investors $500+ over 5 years on a $10,000 investment compared to 1% annual AUM fee competitors. mogul collects upfront/capitalized fees and an ongoing 2.5% of collected rent for property management, so its ongoing property-management revenue is tied to rent collection.

Monthly Income from Real Rental Properties

mogul provides monthly rental income payments to investors. These are actual rental payments from tenants, not projected returns, giving investors more frequent access to cash flow than quarterly distribution models. Properties range from short-term rentals and mid-term rentals to traditional long-term rental arrangements, allowing investors to select their preferred rental strategy.

Property-Level Transparency and Proportional Governance Rights

mogul enables investors to choose specific properties rather than pooled funds, with full visibility into underwriting, location details, and financial projections. The platform describes a super-majority/proportional governance model for major decisions; investor control depends on the applicable offering documents and ownership distribution. For those wanting to analyze potential investments beforehand, mogul offers free tools including a rental property calculator and Airbnb calculator that mogul says use the same data, tools, and analytical methods employed by top real estate firms.

Unique Risk Protection for New Investors

mogul offers up to $10,000 in loss coverage for investments made within your first 7 days if those investments show a loss after one year. This protection, funded by mogul's own balance sheet capital, provides meaningful downside mitigation not available on competing platforms.

Aligned Incentives Through Co-Investment

The mogul team personally invests in every property offered on the platform alongside investors. This co-investment model ensures management's interests are directly aligned with investor returns; when investors succeed, the team succeeds.

For investors seeking a HoneyBricks alternative that delivers institutional-quality single-family rental investments with monthly income, no recurring AUM-based management fees, and proven expertise from Goldman Sachs alumni, mogul provides a compelling option. Browse available properties to see current investment opportunities.

Disclaimer: The information provided in this guide is for educational purposes only and does not constitute financial, tax, or legal advice. Always consult with a licensed professional before making any financial or investment decisions.

Frequently Asked Questions

What happened to HoneyBricks?

HoneyBricks was acquired by EquityMultiple, which now serves former HoneyBricks investors. The acquisition consolidated HoneyBricks' tokenized commercial real estate offerings into EquityMultiple's broader platform, which continues to focus on institutional-grade commercial properties for accredited investors.

What is the difference between fractional real estate and REITs?

Fractional real estate platforms may provide exposure through LLC interests, series LLCs, fund shares, or tokenized securities/interests depending on the platform and offering. This differs from publicly traded REIT ownership, where you own shares in a trust that holds multiple properties and cannot select individual assets. Platforms using pass-through LLC structures, like mogul, may allow depreciation deductions to be allocated to eligible investors, while REIT shareholders generally do not receive direct depreciation pass-through; tax treatment is structure- and investor-specific. Platforms like mogul offer direct fractional ownership rather than REIT structures.

How do fractional real estate platforms generate returns for investors?

Returns come from three primary sources: monthly rental income from tenants, property appreciation over the hold period, and tax benefits that may include depreciation deductions depending on the offering structure and the investor's tax situation. mogul reports 18.8% average annual IRR combining these return streams.

Are there liquidity options available for fractional real estate investments?

Liquidity varies significantly by platform. Lofty.ai offers a secondary marketplace where investors can list or trade tokens without a traditional holding period, though actual execution depends on buyer demand and order matching. Ark7 provides secondary market access via PPEX ATS after 12 months. Fundrise generally reviews liquidation requests quarterly; the Flagship Fund and Income Fund do not currently charge an early redemption penalty, while some legacy products may be subject to early-redemption restrictions. mogul structures its investments for long-term wealth generation, with typical hold periods of 3-10 years designed to capture the full appreciation and income potential of each property, with exit proceeds distributed to investors upon property sale.

Can international investors participate in U.S. fractional real estate platforms?

International eligibility varies materially by platform. Some major U.S. platforms restrict participation to U.S. residents, citizens, green-card holders, or U.S.-based entities. Eligibility for international investors should be confirmed during onboarding, and non-U.S. investors should consult qualified tax and legal advisors.

What are the typical risks associated with fractional real estate investing?

Key risks include property value fluctuations, vacancy periods affecting rental income, and market-specific economic conditions. mogul addresses these concerns through rigorous property vetting (less than 1% acceptance rate), professional property management, and loss protection for new investors covering up to $10,000 in first-year losses on initial investments.