Choosing the right fractional real estate platform shapes how you build wealth through property ownership. mogul, Arrived, and EquityMultiple represent three distinct approaches to real estate investing, each serving different investor profiles and objectives. mogul delivers fractional membership interests in property-specific LLCs tied to identifiable single-family rentals, supported by blockchain-based ownership records and institutional-grade underwriting from former Goldman Sachs executives. Arrived focuses on accessible entry points for residential properties, while EquityMultiple serves accredited investors seeking commercial real estate exposure. Understanding these distinctions helps investors select the platform that aligns with their capital, risk tolerance, and income objectives.
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
mogul's team of former Goldman Sachs executives applies institutional-grade underwriting, with less than 1% of reviewed properties passing its selection process
mogul reports an average investment of approximately $10,000, with a typical portfolio allocation of $17,321 per property across professionally vetted properties
mogul distributes investors' proportional share of distributable net rental income monthly once a property is operational and cash-flowing, after applicable operating expenses, debt service, fees, capital expenditures, and reserves
mogul covers up to $10,000 in losses on investments made within a new member's first 7 days if those investments show a loss after year one, a distinctive risk mitigation feature in the fractional real estate space
mogul's blockchain integration on the Avalanche network delivers real-time proof of ownership, with valuation and performance updates posted monthly
mogul charges no recurring annual AUM-based management fee, a fee-efficient structure across multi-year holds relative to recurring-AUM models
mogul enables non-accredited investors to access institutional-quality real estate, subject to eligibility and compliance requirements, while EquityMultiple is limited to accredited investors
Arrived reports a large registered investor base, with approximately 983,000 registered investors as of July 2026 and an operational secondary market
EquityMultiple focuses on commercial real estate with a 12.10% post-IC net IRR across 58 realized deals
Understanding Each Platform's Core Positioning
These three platforms serve fundamentally different market segments and investment philosophies, making the comparison essential for investors evaluating their options.
mogul positions itself as an institutional-grade fractional real estate platform club built by real estate investors for real estate investors. Founded by Goldman Sachs alumni with more than $10 billion in collective deal experience, mogul specializes in short-term, mid-term, and long-term residential rentals. mogul reports more than $90 million in assets on the platform and more than 40,000 investors in its latest 2026 materials. Rather than pooling investments into funds, mogul offers fractional membership interests in a property-specific investment-club LLC associated with the entity that owns each home, providing property-level economic and governance exposure.
Arrived operates as one of the larger fractional real estate platforms by user count, backed by notable investors including Jeff Bezos through Bezos Expeditions. The platform has facilitated approximately $446 million in total investments as of July 2026 across its property offerings, including single-family rentals, vacation rentals, and the Real Estate Income Fund (formerly the Private Credit Fund).
EquityMultiple serves accredited investors seeking commercial real estate exposure. EquityMultiple reports $500M+ facilitated and $4B+ in underlying transaction value, while independent EDGAR analysis identified approximately $285.4 million of equity raised across 201 Form D entities through 2026. EquityMultiple offers multiple product types including Alpine Notes (short-term promissory notes), the Ascent Income Fund (an open-ended private debt fund), and EMIP equity vehicles.
The fundamental difference: mogul provides property-specific ownership exposure through LLC membership interests in individual homes you can identify by address, Arrived offers residential exposure across individual properties and diversified funds, and EquityMultiple provides accredited investors commercial-real-estate exposure through several structures, including short-term notes, a private debt fund, and equity SPV/fund vehicles.
Investment Options and Property Types
Each platform structures its offerings differently, reflecting their target markets and investment philosophies.
mogul's investment offerings include:
Short-term rentals (stays under 30 days, with mogul currently targeting roughly 10% to 12% levered yield; yield varies by property and strategy)
Mid-term rentals (30+ day stays targeting workforce housing demand, with target NOI yields of roughly 10% to 12%)
Long-term residential rentals with stable tenant relationships
Fractional membership interests in property-specific LLCs tied to individual properties
Schedule K-1 reporting with potential pass-through allocations of depreciation and other property-level tax items, subject to investor-specific limitations
Arrived's investment portfolio includes:
Single-family rental properties
Vacation rental properties (short-term rentals)
SFR Fund for diversified residential exposure
Real Estate Income Fund (formerly Private Credit Fund), which delivered an 8.1% to 8.4% annualized yield during 2025
Form 1099-DIV reporting; individual distributions may be characterized as ordinary dividends/income, capital-gain distributions, or return of capital depending on the applicable tax treatment
EquityMultiple's offerings encompass:
Alpine Notes (short-term promissory notes with 3 to 9 month terms at 6.0% to 7.35% APY)
Ascent Income Fund, an open-ended commercial real estate private-debt fund targeting quarterly distributions
EMIP equity vehicles and historically deal-specific SPVs for commercial properties
Debt and equity flexibility based on investor risk tolerance
mogul's model enables investors to select specific properties rather than investing in pooled funds, providing transparency into exactly which home their capital supports. Use mogul's free real estate calculator to analyze potential investments before committing capital.
Pricing Structures and Fee Comparison
Fee structures significantly impact long-term returns, particularly over the multi-year hold periods typical in real estate investing.
mogul's pricing structure:
mogul summarizes the upfront charge as a 5% fee capitalized into the deal, calculated from the property purchase price; other mogul materials itemize this as a 3% platform/onboarding fee plus a potential 2% setup fee where rent-ready preparation is required. Offering-specific documents govern.
2.5% of rental income ongoing
No recurring annual AUM-based management fee
mogul handles and coordinates property management; property-level operating expenses, including applicable third-party management costs, are borne by the Property LLC and may reduce distributable income
Illustrative five-year cost on a $10,000 investment: mogul's own first-party examples model approximately $650 under one stated scenario and roughly $500 to $700 depending on whether the conditional setup fee applies and on rental income
Arrived's pricing structure:
3.5% sourcing fee for SFR properties (5% for vacation rentals)
0.6% annual asset-management fee on applicable individual SFR series, calculated from property purchase price; other Arrived entities and vacation-rental structures use different fee arrangements
Property management of approximately 8% for SFR and generally 15% to 20% for vacation rentals, depending on the property-management arrangement
6% to 7% disposition costs and fees at sale
EquityMultiple's pricing structure:
0% upfront for Alpine Notes (4% EM Advisor fee in offering documents)
Ascent Income Fund: annual management fee of 1.0% to 1.25%, tiered by investment amount
Ascent Income Fund: 20% carried interest after an 8% preferred return under the PPM
Specific EMIP vehicles can include sponsor-layer acquisition fees, and fee architecture varies by offering
mogul's front-loaded structure with no recurring AUM-based fee supports fee efficiency across multi-year holds relative to recurring-AUM models. The dollar impact depends on investment amount, rental income, holding period, and the applicable upfront and rent-based fees, so any five-year figure is best read as a scenario-specific illustration.
Target Investor Profiles
Understanding which platform serves your investor profile helps narrow the decision.
mogul primarily serves:
First-time real estate investors entering the asset class
Existing property owners evaluating portfolio performance
Investors seeking monthly income potential from residential real estate
Tech-forward investors valuing blockchain-based ownership records
Non-accredited investors seeking institutional-grade opportunities
Arrived primarily serves:
Beginning investors with smaller capital allocations
Those prioritizing Form 1099-DIV reporting
Investors seeking operational secondary market liquidity
Those wanting diversified fund options alongside individual properties
EquityMultiple primarily serves:
Accredited investors who satisfy applicable SEC net-worth, income, or other qualifying criteria
Those seeking commercial real estate exposure (office, hotel, industrial)
Investors comfortable with longer lockup periods
Those preferring short-term debt options (Alpine Notes)
This distinction matters fundamentally. Investors building their first real estate portfolio or seeking property-specific residential exposure benefit from mogul's combination of accessibility and institutional rigor. mogul reports that roughly 90% of investors make a second investment, and when they do, follow-on investments average approximately 3x the initial amount, a strong reported repeat-investment metric.
Performance and Return Profiles
Return expectations vary significantly across platforms based on asset class, strategy, and verification methodology.
mogul's performance metrics:
18.8% average annual return across platform properties, compared with 9% for the S\&P 500
Target annual IRR of 15% to 20%, presented as a target rather than an assured outcome
Target weighted levered yields of 11% to 13%
Monthly distributions of distributable net rental income once a property is operational and cash-flowing
$10,000 loss protection for new member investments (first 7 days)
Arrived's performance data:
3.9% average dividend yield on SFR in 2025
18.6% average total return across 173 exited properties, platform-reported and non-annualized, covering exited properties only rather than the full portfolio, and not stated as an IRR or annual return
Real Estate Income Fund: Arrived-reported 8.7% average annualized dividend yield in Q2 2026
95.89% average stabilized SFR occupancy in 2025
EquityMultiple's performance data:
12.10% post-IC net IRR across 58 realized deals
Alpine Notes: 6.0% to 7.35% APY with 3 to 9 month terms
Ascent Income Fund: annualized yields of 9.64% in Q1 2025 and 5.84% in Q2 2025
mogul's focus on single-family rentals positions investors in an asset class that generates returns from both rental income and home-price appreciation. Drawing on NAREIT, U.S. Federal Reserve, Case-Shiller Home Index, and Bloomberg data, mogul reports that single-family rentals produced a 13.8% IRR versus 9.8% for the S\&P 500 over 1993 to 2023, with roughly 45% less volatility (2.3% versus 4.2% standard deviation). Real-world results vary by market, financing, expenses, and holding period.
Technology and Transparency Approaches
Platform technology significantly impacts investor experience, ownership verification, and potential liquidity options.
mogul's technology infrastructure:
Avalanche blockchain integration for ownership records
Fireblocks enterprise custody for security
Real-time proof of ownership on the blockchain, with valuation and performance updates posted monthly
Monthly property valuations via third-party appraisal-level data
Planned secondary market for share trading
Arrived's technology features:
Web-based investor portal
Operational secondary market (launched November 2025)
Monthly trading windows after a six-month holding period
Quarterly financial reporting
EquityMultiple's technology features:
Online investment portal
Regulation D private-placement documentation, with Form D notices filed through SEC EDGAR and detailed terms contained in applicable PPMs and offering documents
Alpine Notes with structured maturity dates
Fund-level redemption requests (quarterly, at GP discretion)
mogul's blockchain backbone provides permanent, verifiable ownership records that exist independently of the platform itself. This infrastructure also enables the planned secondary market for share trading, addressing the liquidity considerations inherent in real estate investing.
Property Selection and Due Diligence
The rigor of property selection directly impacts investment quality and returns.
mogul's selection methodology:
Less than 1% of reviewed properties pass mogul's diligence process
Proprietary underwriting models combining AVMs and CMAs
Goldman Sachs-level institutional analysis
mogul invests in every property offered on the platform
Research analysts and institutional partners identify maximum upside potential
Arrived's operating approach includes:
Professional property evaluation
Market analysis and financial projections
Third-party property management partnerships
Focus on markets with strong rental demand
EquityMultiple's stated approach includes:
Background checks and deal structuring review
Focus on institutional-quality commercial properties
Experience evaluation for operating partners
The alignment of interests matters: mogul invests alongside members in every property, creating financial alignment between the platform and investors.
mogul's free investment property calculator and rental property calculator enable investors to analyze any U.S. address using the same data and tools employed by top real estate firms.
Distribution Frequency and Cash Flow
For investors prioritizing regular income, distribution schedules significantly impact cash flow management and reinvestment opportunities.
mogul distributions:
Monthly distributions of distributable net rental income, proportional to ownership stake, once a property is operational and cash-flowing, after applicable operating expenses, debt service, fees, capital expenditures, and reserves
Distribution amounts depend on actual property performance
Potential yearly tax benefits including depreciation allocations, subject to investor-specific limitations
Proceeds from eventual property sales after 3 to 10 year holds
Arrived distributions:
Individual income-producing properties begin paying monthly dividends once income-producing
The Single Family Residential Fund and the Real Estate Income Fund are currently expected to pay monthly
Form 1099-DIV reporting
EquityMultiple distributions:
Alpine Notes: interest and principal at maturity (3 to 9 months)
Ascent Income Fund: quarterly distributions
Individual deals: varies by structure
Both mogul and Arrived target monthly payments on income-producing residential assets. What differs is the underlying exposure: mogul's monthly distributions flow from the distributable net rental income of a specific home you selected, rather than from a fund-level allocation, which supports more direct visibility into what is generating your compounding cash flow.
Tax Treatment and Reporting
Tax implications differ substantially across platforms based on ownership structure.
mogul's tax treatment:
Schedule K-1 reporting from a partnership-taxed property structure
Depreciation and other property-level tax items may be allocated through to investors, potentially reducing taxable rental income
Whether resulting losses are currently usable depends on basis, at-risk rules, applicable IRS loss-limitation rules, income, and other investor-specific factors
After-tax outcomes vary with each investor's own circumstances
Arrived's tax treatment:
Form 1099-DIV reporting
Distributions may be characterized as ordinary dividends/income, capital-gain distributions, or return of capital depending on the applicable tax treatment
EquityMultiple's tax treatment:
K-1 forms for Ascent and EMIP investments
1099-INT for debt products (Alpine Notes)
Partnership pass-through for applicable products
For tax-conscious investors, mogul's partnership-taxed K-1 structure can allocate depreciation and other property-level items directly to investors, which differs from a 1099-DIV structure. Actual after-tax results depend on each investor's circumstances, and investors can review their situation with a licensed tax professional.
Backing and Market Credibility
Platform credibility stems from investor backing, operational history, and market recognition.
mogul's credentials:
Founded by former Goldman Sachs executives with real estate investing and investment banking backgrounds
$3.6 million seed round led by Anitha Vadavatha of AY Ventures, with participation from Draper Associates and other investors; Tim Draper (early Robinhood, SpaceX, Tesla backer) had also backed mogul at the pre-seed stage
Investors and advisors include Chris Larsen (Ripple co-founder) and Rosa Rios (43rd U.S. Treasurer)
Featured in Forbes, TechCrunch, Wired, Axios, Fortune, Yahoo! Finance, and Bloomberg
Arrived's credentials:
Investor backing includes Jeff Bezos and Marc Benioff
Approximately 983,000 registered investors as of July 2026
Approximately $446 million invested through the platform as of July 2026
EquityMultiple's credentials:
Strategic investment from Marcus & Millichap
$500M+ facilitated and $4B+ in underlying transaction value reported by the platform; independent EDGAR analysis identified approximately $285.4 million of equity raised across 201 Form D entities through 2026
Founded 2015 with 10+ year operational history
Tim Draper, Founding Partner of Draper Associates, has said that mogul "unlocks equity for investment property owners and takes the work out of ownership."
Liquidity and Exit Strategies
Real estate investments typically require longer holding periods than public securities, making liquidity options an important consideration.
mogul's liquidity approach:
Intended property holding periods of approximately 3 to 10 years, with offering documents controlling each specific investment
Monthly distributions of distributable net rental income once a property is operational and cash-flowing
Monthly property valuations via third-party appraisal-level data
Planned secondary market for share trading, built on the blockchain ownership record
$10,000 loss protection mitigates early-stage risk for new members
Arrived's liquidity options:
Secondary market operational (launched November 2025)
Monthly trading windows after a six-month holding period
Fund products with varying redemption terms
EquityMultiple's liquidity terms:
Alpine Notes with 3 to 9 month maturities
Ascent Income Fund: one-year lockup, then quarterly redemption opportunities subject to GP terms and discretion
Individual deals: hold until property sale or refinance
Why mogul Stands Out for Fractional Real Estate Investors
When evaluating these three platforms, mogul emerges as the compelling choice for investors seeking institutional-grade real estate with accessible entry and aligned incentives.
Key advantages of mogul's approach:
Property-specific ownership exposure: Hold fractional membership interests in a property-specific LLC tied to an identifiable home, rather than units in a pooled fund. Know exactly which property your capital supports, with visibility into that property's performance.
Monthly income from a home you chose: Once a property is operational and cash-flowing, receive your proportional share of distributable net rental income monthly, supporting cash flow management and tied to the performance of a specific asset rather than a fund-level average.
Risk mitigation: mogul covers up to $10,000 in losses on investments made within a new member's first 7 days if those investments show a loss after year one, a protection feature distinctive among fractional real estate platforms.
Fee-efficient structure: mogul charges no recurring annual AUM-based management fee, supporting fee efficiency across multi-year holds relative to recurring-AUM models.
Institutional expertise: Former Goldman Sachs executives apply the same rigorous underwriting used for billion-dollar institutional deals, with less than 1% of reviewed properties passing its diligence process.
Blockchain transparency: Avalanche network integration provides immutable ownership records and enables future secondary market liquidity.
Aligned interests: mogul invests alongside members in every property, creating financial alignment between the platform and investors.
Property-level tax reporting: The partnership-taxed K-1 structure can allocate depreciation and other property-level tax items to investors, subject to each investor's own basis, at-risk, and applicable IRS loss-limitation rules.
Accessibility: mogul enables non-accredited investors to access institutional-quality real estate, with a reported average investment of approximately $10,000 and professionally vetted and managed properties.
For investors seeking headache-free fractional real estate with monthly income potential, institutional-grade property selection, and property-specific exposure to single-family rentals, mogul represents the superior approach to building a real estate portfolio. The combination of accessibility, transparency, and Goldman Sachs-level expertise creates compelling value.
Members also benefit from community features like mogul Clubs, which distribute up to 2% in rewards to members, plus a give $50, get $50 referral program that pays $50 when a friend invests.
Ready to explore fractional real estate? Analyze potential investments with mogul's free Airbnb calculator or schedule a call to discuss your investment objectives.
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 is the minimum investment required for mogul, Arrived, and EquityMultiple?
mogul centers its offering on the quality of the underlying homes rather than on a minimum. mogul reports an average investment of approximately $10,000 and a typical portfolio allocation of $17,321 per property. Arrived offers a $100 minimum, making it accessible for beginning investors with smaller capital. EquityMultiple minimums vary by product: approximately $1,000 for certain Alpine Notes, $5,000 for Ascent and BPD products, and roughly $15,000+ for current EMIP equity offerings, subject to offering-specific terms and manager discretion. Additionally, EquityMultiple is limited to accredited investors, while mogul and Arrived serve non-accredited investors. For those building diversified portfolios, mogul's structure enables allocation across multiple properties while maintaining property-specific exposure in each.
How do these platforms differ in terms of property types and asset classes?
mogul specializes in residential single-family rentals including short-term, mid-term, and long-term strategies. Drawing on NAREIT, U.S. Federal Reserve, Case-Shiller Home Index, and Bloomberg data, mogul reports that single-family rentals produced a 13.8% IRR versus 9.8% for the S\&P 500 over 1993 to 2023, with roughly 45% less volatility. Arrived focuses on similar residential properties including SFR and vacation rentals, plus fund options. EquityMultiple offers commercial real estate including office, multifamily, hotel, and industrial properties. For investors seeking exposure to specific homes with transparent property-level reporting, mogul's platform provides that direct connection to underlying residential assets.
Which platform offers the best fee structure for long-term investors?
mogul's front-loaded structure carries no recurring annual AUM-based management fee, supporting fee efficiency across typical multi-year real estate hold periods. mogul's own first-party illustrations model a five-year cost on a $10,000 investment at approximately $650 under one stated scenario, or roughly $500 to $700 depending on whether the conditional setup fee applies and on rental income; these are scenario-specific illustrations. Arrived charges a 0.6% annual asset-management fee on applicable individual SFR series plus property management of roughly 8% for SFR and 15% to 20% for vacation rentals. EquityMultiple's Ascent Income Fund carries an annual management fee of 1.0% to 1.25% plus 20% carried interest after an 8% preferred return. For investors with multi-year horizons, the absence of a recurring AUM-based fee is the structural difference to weigh.
How do tax implications differ between these platforms?
mogul's partnership-taxed property structure may allocate depreciation and other property-level tax items through Schedule K-1. Those allocations may reduce taxable rental income, while actual after-tax results and the current usability of deductions depend on each investor's basis, at-risk rules, applicable IRS loss-limitation rules, and income. Arrived uses Form 1099-DIV reporting, and individual distributions may be characterized as ordinary dividends/income, capital-gain distributions, or return of capital. EquityMultiple provides K-1 forms for Ascent and EMIP investments, and 1099-INT for Alpine Notes. Investors interested in property-level depreciation allocations can review mogul's ownership structure with a licensed tax professional.
What protections exist for new investors on these platforms?
mogul offers $10,000 loss protection for new members: if your total return on investments made within your first 7 days shows a loss after one year, mogul covers up to $10,000 from its own balance sheet capital. This risk mitigation feature is distinctive to mogul among fractional real estate platforms. Additionally, mogul invests alongside members in every property, creating financial alignment between the platform and investors. Arrived and EquityMultiple provide standard investment disclosures and due diligence processes.