Choosing the right fractional real estate platform determines how effectively you build wealth through property ownership. mogul, Arrived, and HoneyBricks represent three distinct approaches to real estate investing, though one critical development shapes this comparison: HoneyBricks was acquired by EquityMultiple in April 2024 and no longer accepts new investments. This leaves mogul and Arrived as the active platforms for investors seeking fractional ownership, with mogul delivering direct single-family rental ownership led by former Goldman Sachs real estate professionals, while Arrived offers both individual-property series and diversified fund products with REIT-style reporting structures. Understanding these distinctions helps investors identify which approach aligns with their income objectives and wealth-building strategy.
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 real estate professionals applies institutional-grade underwriting with less than 1% of reviewed properties passing their selection process, requiring a minimum 12%+ projected IRR for deal approval
- mogul provides monthly rental income distributions from actual property-level rental revenue through direct LLC ownership; while Arrived also currently reports monthly distributions for most products, mogul's direct ownership structure ensures distributions reflect true property-level performance
- 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 unique risk mitigation feature not offered by Arrived or any other major fractional platform
- HoneyBricks is no longer accepting new investments following its acquisition by EquityMultiple, making this comparison primarily relevant for investors who previously considered the platform
- mogul's blockchain integration on the Avalanche network delivers real-time transparency into property performance and ownership records
- mogul reports 18.8% average annual IRR compared to Arrived's estimated 6-10% annual total return range for single-family rental strategies, based on historical home-price and dividend-yield assumptions
When evaluating fractional real estate platforms, the comparison between mogul and Arrived reveals fundamentally different investment philosophies. While HoneyBricks previously offered tokenized commercial real estate, its discontinuation leaves investors with two primary residential-focused options. mogul's combination of institutional expertise, monthly cash flow, and unique loss protection creates compelling value for investors seeking direct property ownership with strong return potential.
Understanding Each Platform's Core Positioning
mogul positions itself as the institutional-grade fractional real estate platform for investors seeking direct ownership in single-family rentals. Founded by former Goldman Sachs Real Estate Investment Group members with $10 billion deal experience, mogul applies the same rigorous underwriting used for billion-dollar institutional deals to residential properties. The platform specializes in short-term rentals, mid-term rentals, and long-term residential investments through LLC ownership structures.
Arrived operates as a residential real estate platform with 969,000+ investors and $416M+ total invested. The platform offers single-family rentals, vacation rentals, an SFR Fund, and Private Credit products through individual-property series and diversified fund structures. Arrived's model focuses on accessibility with low minimums and diversified product offerings.
HoneyBricks previously focused on commercial multifamily real estate using Polygon/Ethereum-compatible tokenization. The platform served accredited investors with typical investment-manager minimums around $5,000 per legacy materials (though minimums could vary by offering) and emphasized blockchain-enabled liquidity. However, following its April 2024 acquisition, HoneyBricks no longer accepts new investments, and existing investors have been transitioned to EquityMultiple management.
The fundamental distinction: mogul delivers direct LLC ownership in specific residential properties you can identify by address, while Arrived offers both individual-property series and diversified fund products using REIT-style reporting structures, and HoneyBricks is no longer an option for new investors.
Investment Options Reflect Different Strategic Approaches
mogul's investment offerings focus on:
- Short-term rentals (Airbnb-style properties generating higher yields)
- Mid-term rentals (30+ day stays addressing workforce housing demand)
- Long-term residential rentals with stable tenant relationships
- Direct LLC ownership stakes in individual properties
- Built-in tax advantages including depreciation deductions
mogul's model enables investors to select specific properties rather than investing in pooled funds, providing complete transparency into exactly where capital is deployed.
Arrived's investment options include:
- Single-family rentals (individual property shares)
- Vacation rentals targeting short-term rental income
- SFR Fund for diversified residential exposure
- Private Credit Fund with 8.1%+ annualized yield (Q1 2026)
- Self-directed IRA compatibility
HoneyBricks' investment options included (historical):
- Commercial multifamily properties
- Tokenized real estate on Polygon/Ethereum-compatible blockchain
- Secondary market trading for token liquidity
- Accredited investor-only offerings
For investors previously considering HoneyBricks' commercial real estate focus, mogul's single-family approach offers an alternative with historically strong performance. According to mogul's internal analysis using Federal Reserve and Case-Shiller-related data, single-family rentals returned approximately 13.8% IRR versus the S\&P 500's 9.8% IRR from 1993-2023.
Pricing Structures Show Distinct Value Propositions
Understanding fee structures reveals each platform's impact on long-term returns.
mogul's pricing structure:
- Typical investor allocation of ~$10k per property
- 3% one-time platform/onboarding fee, plus a conditional 2% setup fee if the property requires setup to make it rent-ready; both fees are capitalized into the deal
- 2.5% ongoing fee on rental income
- No recurring annual management fees
- All property management included
Arrived's pricing structure:
- $100 minimum investment
- 3.5% sourcing fee for single-family rentals (5% for vacation rentals)
- 0.6% annual management fee for individual SFR (1.0% for SFR Fund)
- 8-25% property management fees (typically 8% of gross rental income for SFR; 15-25% for vacation rentals)
- Secondary market broker compensation: up to 2.5% on each side of a trade (verify current terms with Arrived)
HoneyBricks' pricing structure (historical):
- $5,000 typical minimum per legacy materials (minimums could vary by offering)
- No investor fees; fees charged to sponsors
- Marketplace trading fees for secondary transactions
5-Year Cost Comparison on $10,000 Investment:
mogul:
- Upfront Fees: ~$300-$500 (3% base platform fee + conditional 2% setup fee)
- Annual Management (5 years): $0
- Ongoing Revenue Fees: ~$200
- Total 5-Year Costs: ~$500-$700*
Arrived (SFR):
- Upfront Fees: ~$350 (3.5%)
- Annual Management (5 years): ~$300 (0.6% x 5)
- Ongoing Revenue Fees: Included
- Total 5-Year Costs: ~$650+**
*mogul's 3% platform/onboarding fee applies to all deals; the additional 2% setup fee applies only if the property requires setup to make it rent-ready. Both fees are capitalized into the deal. The ongoing revenue-fee estimate of ~$200 assumes approximately $8,000 in cumulative rental income over five years; actual costs will vary based on rental income generated.
**This comparison reflects platform-level sourcing and AUM fees only. Arrived investors also bear property-level operating expenses and property management fees (typically 8% of gross rental income for SFR; 15-25% for vacation rentals), which affect net returns and are not reflected in this comparison.
mogul's front-loaded fee structure with zero ongoing annual management charges creates meaningful long-term value across the longer holds that real estate positions typically require for optimal returns, and the cost advantage continues to grow as the investment horizon extends.
Target Investors Align with Different Objectives
mogul primarily serves:
- First-time real estate investors entering the asset class
- Existing property owners evaluating portfolio performance
- Seasoned investors seeking risk-adjusted returns outside volatile public markets
- Tech-forward investors valuing blockchain transparency
- Those prioritizing monthly income from real estate
Arrived primarily serves:
- Budget-conscious investors with smaller capital allocations
- Those prioritizing tax simplicity (1099-DIV vs. K-1)
- Investors seeking secondary market liquidity options
- Diversification-focused portfolios across multiple product lines
HoneyBricks previously served:
- Accredited investors only
- Those seeking commercial multifamily exposure
- Blockchain-focused investors preferring tokenized ownership
This distinction matters fundamentally. Investors seeking institutional-grade property selection with strong return potential benefit from mogul's Goldman Sachs pedigree and rigorous underwriting. The platform enables portfolio building one carefully vetted property at a time, with full visibility into each investment's performance.
Performance and Return Profiles
Both active platforms report performance metrics, though the return profiles differ significantly.
mogul's performance data:
- 18.8% average annual returns (IRR) across platform properties
- Target annual returns: 15-20% IRR
- Monthly yield distributions from actual rental income
- 12%+ minimum projected IRR required for property listing approval
- mogul covers up to $10,000 in losses on investments made within a new member's first 7 days
Arrived's performance data:
- Estimated 6-10% annual total return range for single-family rental strategies, based on historical home-price and dividend-yield assumptions; actual realized returns vary by property, product, timing, and market conditions
- 8.1%+ annualized yield on Private Credit Fund (Q1 2026)
- 3.9% average dividend yield across SFR portfolio (2025)
- 95.89% portfolio occupancy rate (2025 average)
- Monthly distributions for most current products
HoneyBricks' performance data (historical):
- Target/illustrative return figures published (e.g., +15% annual returns, +5% cash-on-cash); realized historical performance not clearly disclosed before the EquityMultiple acquisition
- Platform operated from 2022-2024 (2-year track record)
The $10,000 loss protection represents a unique feature in fractional real estate: if your total return on investments made within your first 7 days results in a loss during year one, mogul covers up to $10,000 from their own balance sheet. No other major fractional platform offers this protection feature.
mogul's higher reported returns reflect its highly selective property approval process: with less than 1% of reviewed properties passing institutional-grade underwriting, only deals meeting strict return thresholds reach investors.
Technology and Transparency Approaches
mogul's technology infrastructure:
- Avalanche blockchain integration for ownership records
- Fireblocks enterprise custody for security
- Real-time property performance metrics
- Investment execution in under 30 seconds
- Monthly property valuations via third-party appraisal data
- Planned secondary market for share trading
Arrived's technology:
- Web-based investor portal
- Mobile app with 4.8/5 rating on Apple App Store
- Active secondary market with monthly trading windows (one-week window per month for eligible shares held at least six months)
- 57,000+ orders in first 3 weeks of secondary market launch
HoneyBricks' technology (historical):
- Polygon/Ethereum-compatible tokenization
- Secondary market trading via blockchain tokens (now discontinued)
- Platform discontinued following acquisition
mogul's blockchain backbone provides permanent, verifiable ownership records that exist independently of the platform itself. This infrastructure positions mogul to offer trading capabilities as the platform scales, addressing the liquidity challenges inherent in real estate investing.
Property Selection and Due Diligence
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 personally invests in every property offered
- 12%+ projected IRR hurdle for deal approval
- Research analysts and institutional partners identify maximum upside potential
Arrived's selection process:
- Curated property selection
- 20+ years team experience in property selection
- Focus on growing markets with rental demand
- 565+ properties funded across portfolio
HoneyBricks' selection process (historical):
- Pre-vetted by HoneyBricks committee
- Less than 1% of submitted deals approved
- Focus on commercial multifamily properties
The alignment of interests matters: mogul's capital sits alongside investor capital in every property, ensuring management incentives match investor returns. This co-investment model creates accountability absent from pooled fund structures.
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, projecting rental income, ROI, IRR, and cash-on-cash yields across multiple scenarios.
Distribution Frequency and Cash Flow
For investors prioritizing regular income, distribution schedules significantly impact cash flow management.
mogul distributions:
- Monthly rental income payments proportional to ownership stake
- Actual rental revenue (not projected estimates)
- Yearly tax benefits including depreciation deductions
- Proceeds from eventual property sales after 3-10 year holds
Arrived distributions:
- Monthly distributions for most current products, with dividends typically paid around the 25th of each month
- 6-month minimum hold before redemption eligibility
- Dividends from rental income and appreciation upon sale
HoneyBricks distributions (historical):
- Varied by deal structure
- Sponsor-dependent payment schedules
mogul's monthly distribution model delivers income tied directly to actual property-level rental revenue through its direct LLC ownership structure, ensuring full transparency into the specific property generating each payment and enabling consistent compounding of real estate income over time.
Liquidity and Secondary Market Options
Real estate investments are inherently less liquid than public stocks, but platforms address this differently.
mogul's liquidity approach:
- Blockchain-backed ownership enables planned secondary market
- Monthly property valuations via third-party appraisal data
- Properties held for 3-10 years with exit upon sale
- Secondary trading market in development
Arrived's liquidity approach:
- Active secondary market launched November 2025
- Monthly trading windows (one-week window per month for eligible shares held at least six months)
- 57,000+ orders in first 3 weeks
- Broker compensation up to 2.5% on each side of a trade per transaction (verify current terms with Arrived)
- Secondary-market shares may sell above or below purchase price; liquidity depends on buyer demand, and investors should not assume immediate par-value exits
HoneyBricks' liquidity approach (historical):
- Polygon/Ethereum-compatible token trading
- Secondary marketplace (now discontinued)
mogul's blockchain infrastructure on the Avalanche network positions the platform to enable future trading capabilities while maintaining its institutional-grade property selection, addressing both return potential and long-term exit options as the platform scales.
Backing and Market Credibility
mogul's credentials:
- Founded by former Goldman Sachs Real Estate Investment Group members Alex Blackwood and Joey Gumataotao
- $10 billion collective deal experience
- $3.6M seed round led by Anitha Vadavatha / AY Ventures, with participation from Draper Associates, Draper B1, InterVest, Draper Dragon, and Blizzard Avalanche Ecosystem Fund
- Investors include Chris Larsen (Ripple co-founder), Rosa Rios (43rd U.S. Treasurer)
- Featured in TechCrunch, Forbes, Wired, Fortune, Business Insider
Arrived's credentials:
- 969,000+ registered investors
- $416M+ total invested
- $83 million+ distributed to investors
- Amazon founder Jeff Bezos among early backers (via Bezos Expeditions)
HoneyBricks' credentials (historical):
- 3,500+ investors before acquisition
- $180 million in deals supported pre-acquisition
- 4.6/5 TrustPilot rating (historical)
- Acquired by EquityMultiple April 2024
Tim Draper and Draper Associates expressed support for mogul's founding team and its approach to reshaping real estate investing and generating long-term wealth.
Tax Implications and Reporting
mogul's tax structure:
- K-1 tax reporting (property-level LLC structure taxed as a partnership)
- Direct depreciation deductions passed to investors
- K-1 documentation tied to individual investments (investors in multiple properties can expect K-1s for each property-level LLC)
- Pass-through taxation reflects true property ownership
Arrived's tax structure:
- 1099-DIV tax reporting for most products; note that vacation rental offerings are not structured as REITs and are taxed as corporations for reporting purposes
- Simpler tax filing with single form
- Tax character of distributions depends on the 1099-DIV category reported; investors should consult a tax professional
HoneyBricks' tax structure (historical):
- Varied by deal structure
- Sponsor-dependent reporting
Arrived's 1099-DIV reporting offers simplicity for most investors (though vacation rental offerings are taxed differently), while mogul's K-1 structure reflects actual property ownership with full depreciation benefits, potentially more valuable for investors in higher tax brackets seeking to offset income. Learn more about tax planning for real estate investors.
Why mogul Delivers Superior Value for Real Estate Investors
For investors evaluating fractional real estate platforms, especially those who previously considered HoneyBricks, mogul offers compelling advantages.
Key advantages of mogul's approach:
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Direct ownership: Invest in specific properties via LLC structures rather than pooled funds. Know exactly which homes your capital supports, with full visibility into each property's performance metrics.
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Superior return potential: mogul reports 18.8% average annual IRR versus Arrived's estimated 6-10% annual total return range, reflecting institutional-grade property selection where only deals meeting strict return thresholds reach investors.
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Monthly income: Receive monthly distributions from actual property-level rental revenue through direct LLC ownership, with full transparency into the specific property generating each payment.
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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 unique among fractional real estate platforms.
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Institutional expertise: Former Goldman Sachs real estate professionals apply the same rigorous underwriting used for billion-dollar institutional deals, with less than 1% of reviewed properties passing muster.
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Blockchain transparency: Avalanche network integration provides immutable ownership records and enables future secondary market liquidity.
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Aligned interests: mogul personally invests in every property alongside platform investors, ensuring management prioritizes returns.
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No compounding AUM fees: Front-loaded fee structure with zero annual management charges creates savings that compound over the longer holds that real estate positions typically require for optimal returns.
For investors seeking headache-free fractional real estate with monthly income potential, institutional-grade property selection, and direct ownership in 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.
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 happened to HoneyBricks and can I still invest there?
HoneyBricks was acquired by EquityMultiple in April 2024 and no longer accepts new investments. Existing HoneyBricks investors have been transitioned to EquityMultiple management for their legacy positions. For investors who were considering HoneyBricks' blockchain-based real estate approach, mogul offers similar technology advantages, including Avalanche blockchain integration for ownership records, while focusing on single-family residential rather than commercial multifamily properties.
How do mogul's returns compare to Arrived's performance?
mogul reports 18.8% average annual IRR across platform properties, while Arrived estimates a 6-10% annual total return range for single-family rental strategies, based on historical home-price and dividend-yield assumptions. This difference reflects mogul's highly selective property approval process, where less than 1% of reviewed properties pass institutional-grade underwriting and must meet a minimum 12%+ projected IRR hurdle. Both figures represent past or estimated performance; actual results will vary based on market conditions, property selection, and hold periods.
Which platform is best for first-time real estate investors?
For first-time investors prioritizing return potential and direct property ownership, mogul's platform offers unique advantages. The $10,000 loss protection for new members, covering losses on investments made within your first 7 days if those investments show a loss after year one, provides downside protection as you learn the platform. mogul's free investment property calculator also lets you analyze any U.S. address before committing capital. For investors focused primarily on low entry points, Arrived's $100 minimum offers accessibility, though with different return profiles.
How do the tax implications differ between mogul and Arrived?
mogul uses LLC ownership structures resulting in K-1 tax reporting, which passes through depreciation deductions and treats investors as direct property owners. This can benefit investors in higher tax brackets through depreciation write-offs. Arrived generally provides 1099-DIV reporting for most products, simplifying tax filing; however, vacation rental offerings are not structured as REITs and are taxed differently. Consider consulting a tax professional to understand which structure best fits your situation.
What liquidity options exist for exiting investments?
Arrived currently offers an active secondary market with monthly trading windows (one-week window per month for eligible shares held at least six months); secondary-market shares may sell above or below purchase price depending on buyer demand, and investors should not assume immediate par-value exits. mogul's blockchain infrastructure positions it for planned secondary market capabilities, with monthly property valuations via third-party appraisal data providing transparent pricing. Properties are typically held for 3-10 years with proceeds distributed upon sale. Real estate investments remain less liquid than public stocks regardless of platform, and investors should plan for appropriate holding periods.
Can international investors use these platforms?
mogul's platform supports international investors seeking U.S. real estate exposure. The digital-first approach with Google and LinkedIn authentication, blockchain-backed ownership records, and online investment execution makes cross-border participation straightforward. International investors receive the same monthly distributions, tax documentation, and governance rights as domestic investors. Arrived currently limits investing to U.S. citizens or green-card holders residing in the 50 U.S. states and does not accept international investors. For specific eligibility requirements, verify directly with each platform.