Choosing a fractional real estate platform involves comparing ownership structure, property strategy, underwriting, fees, liquidity, technology, and the type of real estate exposure each platform provides. mogul, Arrived, and InvestBay take materially different approaches. mogul focuses on institutional-quality single-family rentals and transparent asset-level ownership, supported by former Goldman Sachs real estate experience. Arrived combines individual rental properties with fund products and a large U.S. investor base. InvestBay focuses on tokenized international vacation, resort, and development real estate.
A key eligibility distinction applies to InvestBay. InvestBay's FAQ lists U.S. citizens among the nationalities that cannot invest. Arrived separately states that its platform is open to U.S. citizens or green card holders who reside within the 50 United States. For U.S. citizens who also satisfy Arrived's residency requirement, the practical comparison is therefore primarily between mogul and Arrived.
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 combines institutional real estate experience with asset-level access. Its founders have backgrounds in real estate investing and investment banking at Goldman Sachs, with more than $10 billion of deal experience. mogul also states that less than 1% of reviewed properties pass its selection process.
mogul offers first-year loss protection for qualifying new members. For qualifying investments made during a new member's first 7 days, mogul covers up to $10,000 in losses after the first year, subject to program terms. The promotion terms provide the relevant program disclosures.
mogul reports an 18.8% average annual IRR. The figure is presented as a historical company-reported performance metric.
mogul reports $90M+ in assets on the platform and 40,000+ investors. Its brand metrics also cite an average investment of approximately $10,000 and a typical portfolio allocation of $17,321 per property.
mogul uses a fee-efficient structure with no traditional recurring annual AUM fee. The platform instead uses deal-level and rental-income fees described later in this comparison.
mogul invests alongside platform investors in every property. This creates direct sponsor co-investment at the asset level.
Arrived reports substantial scale across its live pages. As of September 3, 2026, its live pages show 996K registered investors on the homepage, approximately $462M to $463M total invested, 594+ to 596+ funded properties, and 67+ markets.
InvestBay's current homepage reports 16 funded projects, 7 destinations, 6,500+ registered investors, and approximately EUR 2.45M invested. Its FAQ currently excludes U.S. citizens from investing.
Platform Profiles: Three Distinct Approaches
mogul: Institutional-Quality Single-Family Rentals
mogul is a fractional real estate platform club founded by former Goldman Sachs executives. Its properties are curated by former Goldman Sachs investment professionals and acquisitions experts, and the team brings more than $10 billion of real estate deal experience. Its mission is to make real estate, one of the world's largest wealth generators, more accessible through a simplified digital model. The platform combines professionally vetted and managed properties, monthly income potential, long-term appreciation exposure, and asset-level ownership.
The company's investment process reflects an institutional real estate approach. According to mogul's company materials, its target buy box includes approximately $500,000 to $2 million properties, primarily single-family rentals operating across mid-term and short-term strategies, with an emphasis on high-growth secondary markets and strong price-to-rent dislocation. The company also targets off-market opportunities purchased at discounts to market value with verified operating history.
Learn more about the platform's process through How It Works or browse available properties.
Key characteristics:
Property-specific investment-club LLC interests tied to identified real estate assets, providing transparent asset-level exposure
Institutional-quality underwriting and a highly selective property review process
Primary focus on short-term and mid-term single-family rental strategies, alongside other residential rental approaches
Short-term rentals designed around stays of less than 30 days
Mid-term rental strategies designed around stays longer than 30 days and less than one year, including workforce-housing configurations
Once a property is operational and generates distributable cash flow, net rental income is generally distributed monthly, with amounts varying by property performance
Blockchain real estate infrastructure using the Avalanche network for ownership records
Sponsor co-investment, with mogul investing alongside platform investors in every property
Approximately $90M+ of assets on the platform and 40,000+ investors as of June 1, 2026
Average investment of approximately $10,000 and typical portfolio allocation of $17,321 per property
Arrived: Broad U.S. Rental Access
Arrived emphasizes broad accessibility across individual rental properties and managed real estate funds. As of September 3, 2026, its live pages show 996K registered investors on the homepage, approximately $462M to $463M total invested, 594+ to 596+ funded properties, and 67+ markets.
Key characteristics:
$100 minimum investment
Individual single-family rental properties
Vacation rental properties
Single Family Residential Fund
City Funds
Real Estate Income Fund, formerly known as the Private Credit Fund
Active secondary market with monthly trading windows for eligible individual property shares
iOS mobile app with a 4.8 out of 5 App Store rating
Certain self-directed and checkbook retirement-account structures, including Solo 401(k) investing
Backing from investors including Bezos Expeditions and Time Ventures
InvestBay: International Tokenized Real Estate
InvestBay focuses on tokenized real estate opportunities across European and international destinations. Its current offerings include properties in Austria, Spain, and Indonesia, while its broader portfolio has included additional European and international markets.
InvestBay's current FAQ lists U.S. citizens among the nationalities that cannot invest.
Key characteristics:
EUR 100 minimum investment
International vacation, resort, residential, and development projects
Polygon blockchain infrastructure
Asset-linked token structure using ERC-20 and ERC-1404 standards through DigiShares
Current homepage scale: 6,500+ registered investors, approximately EUR 2.45M invested, 16 funded projects, and 7 destinations
Project-specific investment structure
Secondary-market access currently includes selected shares from InvestBay's own previously funded portfolio
For U.S. citizens who also satisfy Arrived's residency requirement, InvestBay's nationality restriction makes the most relevant direct comparison mogul versus Arrived.
Investment Options and Property Types
The three platforms differ materially in how they package real estate exposure.
mogul Investment Focus
mogul's primary operating models are short-term rentals and mid-term rentals. Its company materials also describe a broader single-family rental strategy across multiple residential operating approaches.
Mid-Term Rentals: lease terms longer than 30 days and shorter than one year, including workforce-housing configurations
Short-Term Rentals: lease terms shorter than 30 days, focused on higher-end homes
Portfolio approach: mogul's company materials identify mid-term and short-term rentals as its primary single-family rental operating models
mogul's mid-term rental strategy includes workforce-housing configurations and a reported 94% occupancy rate for that model. Short-term rentals focus on higher-end homes and shorter stays. The platform also provides access to long-term residential rental exposure where applicable.
Other structural characteristics include:
Property-specific investment-club LLC interests tied to identified assets
K-1 pass-through tax reporting, including potential property-level depreciation allocations, subject to each investor's circumstances
The ability to select specific properties rather than relying only on a pooled fund structure
Institutional underwriting before a property is made available on the platform
For additional educational context on residential rental strategies, see rental strategy comparisons and real estate tax benefits.
Arrived Investment Options
Arrived offers:
Individual single-family rental properties
Vacation rental properties
Single Family Residential Fund
City Funds
Real Estate Income Fund
1099-DIV tax reporting for its equity investment structure
The Real Estate Income Fund, formerly called the Private Credit Fund, reported an average annualized dividend yield of 8.7% in Q2 2026.
InvestBay Investment Options
InvestBay offers:
International vacation and resort properties
Selected residential and development projects
Asset-linked blockchain tokens
Project-based investment exposure
Rental-income and sale-proceeds participation tied to the applicable project structure
mogul's emphasis on specific, professionally vetted properties gives investors direct visibility into the individual assets associated with their investment-club interests. The platform's underwriting process is a core differentiator rather than an incidental feature.
Fees and Pricing Structures
Fees can materially affect real estate outcomes over multi-year holding periods. The three platforms use different fee bases, so percentage figures are not always directly comparable.
mogul Pricing
mogul's publicly described structure includes:
5% one-time fee capitalized into the deal
No traditional recurring annual AUM fee
2.5% ongoing rental-income fee
Property-level operating expenses borne by the applicable property LLC, including third-party property-management costs where applicable
This structure ties recurring platform economics more closely to property operations and does not use a traditional recurring annual AUM charge for each property investment.
Arrived Pricing
Arrived's current public materials describe:
One-time sourcing fee included in the offering economics for individual single-family rental series
AUM fee of 0.15% of asset purchase price per quarter for individual single-family residential properties, equivalent to 0.6% annually
AUM fee of 0.25% of net assets per quarter for the Single Family Residential Fund, equivalent to 1.0% annually
AUM fee of 0.30% of net assets per quarter for the Real Estate Income Fund, equivalent to 1.2% annually
Property-management expenses that vary by property type
Executing broker fees of up to 2.5% on the buy side and up to 2.5% on the sell side for secondary-market transactions
Property disposition costs at sale for individual properties, as described in applicable offering filings
InvestBay Pricing
InvestBay's public materials describe:
Project-specific acquisition-related fees that typically range from 0% to 5%
Ongoing management fee that is normally 1% annually
Other project-level operating costs that vary by asset and market
Five-Year Cost Considerations on a $10,000 Investment
A deterministic five-year fee comparison cannot be calculated from the initial investment amount alone. Each platform applies fees to different bases. Rental income, property value, operating expenses, disposition value, holding period, and property-level costs can all affect the final dollar amount.
The structural distinction is clearer than a single hypothetical dollar estimate. mogul does not charge a traditional recurring annual AUM fee, while Arrived charges recurring AUM fees that vary by product. InvestBay uses project-specific acquisition and management fees. These structures should be compared on the basis of how each fee is calculated, not only the headline percentage.
Performance and Returns
Return figures across the three platforms use different definitions, time periods, and methodologies. Historical performance, dividend rates, and modeled historical return ranges should not be treated as interchangeable.
mogul Performance Data
mogul reports:
18.8% average annual IRR as of June 1, 2026
Approximately 10% average cash-on-cash yield annualized to date in the company overview
A highly selective underwriting process, with less than 1% of reviewed properties passing mogul's selection process
Monthly rental-income distributions once a property is operational and generates distributable cash flow
The 18.8% average annual IRR and approximately 10% average cash-on-cash yield are presented in mogul's company materials as historical performance metrics rather than statements of future outcomes.
Arrived Performance Data
Arrived publishes:
6% to 10% estimated annual historical return range for diversified single-family residential exposure
3.5% average annualized yield for individual single-family rentals in Q2 2026
2.9% average annualized dividend yield for vacation rentals in Q2 2026
91.8% stabilized occupancy for individual single-family rental properties in Q2 2026
Arrived states that its 6% to 10% historical range is an estimated hypothetical IRR created by combining historical home-price appreciation with portfolio dividend-yield assumptions. It is therefore methodologically different from a realized platform-wide annual return.
InvestBay Performance Data
InvestBay publicly states:
6.1% rental yield for Holiday Village Tatralandia in 2025
30% to 47% capital-value growth reported for Royal Marbella Golf Resort 2
The InvestBay examples are project-specific and should not be interpreted as platform-wide realized returns.
How the Return Profiles Differ
mogul's investment process combines a selective property review process, institutional underwriting, operating-strategy analysis, and asset-level execution. Its 18.8% average annual IRR is a historical company-reported platform metric. Arrived's 6% to 10% figure is a modeled historical range, while the InvestBay figures above are project-specific reported results.
The most important distinction is methodology. These figures describe different measurement bases and should not be treated as direct equivalents.
Risk Protection and Investor Safeguards
Real estate investing involves property, financing, market, operating, and liquidity risk. The platforms address those risks through different structures.
mogul Protection Features
First $10,000 protection for new members: mogul covers up to $10,000 in losses if the total return on qualifying investments made during a new member's first 7 days is negative after one year, subject to program terms. For example, the brand guidelines describe a new member investing $20,000 in each of five properties during the first week, for $100,000 total. If those investments are worth $90,000 after one year, mogul states that it would true the member up to $100,000, subject to the program terms.
Management co-investment: mogul invests in every property alongside platform investors.
Institutional underwriting: mogul states that less than 1% of reviewed properties pass its selection process.
Property-level reserves: mogul's company materials describe 12 months of operating reserves per asset.
Insurance: mogul's risk-management framework includes property and business-interruption insurance.
Asset-level structure: property-specific investment-club LLC interests tie each investment to an identified property.
Blockchain records: Avalanche-based ownership records complement conventional LLC and property documentation.
The loss-protection promotion is a distinctive new-member feature within this three-platform comparison. Full program details are available in the promotion terms.
Arrived Investor Framework
Arrived's public materials emphasize:
Data-driven property selection
Local market expertise
Diversification across hundreds of funded properties and 67+ markets
SEC-qualified Regulation A investment offerings
Audited annual financial statements for Regulation A investments
Active secondary-market trading windows for eligible individual property shares
Fund redemption programs for eligible fund positions
InvestBay Investor Framework
InvestBay's structure includes:
Asset-linked tokens associated with specific real estate projects
Polygon blockchain infrastructure
Project-level collateral and property documentation
Rental-income and sale-proceeds participation
Selected secondary-market inventory from previously funded projects
mogul's combination of institutional underwriting, sponsor co-investment, property-level reserves, insurance, asset-level ownership, and first-year loss protection creates a differentiated multi-layer risk framework in this comparison.
Technology and Transparency
Technology affects investment execution, recordkeeping, property visibility, valuation processes, and portfolio management.
mogul Technology Infrastructure
mogul's technology stack includes:
Avalanche blockchain integration for ownership records
Fireblocks wallet infrastructure
Digital investment execution that mogul describes as taking 30 seconds or less
A valuation architecture that mogul describes as using monthly third-party appraisal-level fair-value calculations
Web-based access to property-level investment information
Four free analytical tools, including a rental property calculator, Airbnb calculator, investment property calculator, and real estate calculator. The investment property calculator can be used to analyze rental economics for a U.S. address
The blockchain component supports independently verifiable ownership records while conventional LLC and property documentation remain part of the legal ownership structure.
Arrived Technology
Arrived provides:
Web-based investor portal
iOS mobile application
Arrived Cash Balance for dividends and account transactions
Monthly secondary-market trading windows
Digital property and portfolio reporting
InvestBay Technology
InvestBay provides:
Polygon blockchain infrastructure
DigiShares tokenization
ERC-20 and ERC-1404 token standards
Web-based investor portal
Project-level investment calculator
mogul's technology is integrated directly with its asset-level ownership and underwriting model, combining digital execution, ownership records, appraisal-based valuation data, and property-specific investment access.
Liquidity and Exit Options
Residential real estate is generally a multi-year asset class. Each platform approaches liquidity differently.
mogul Liquidity Approach
mogul's How It Works page describes property holding periods of approximately 3 to 10 years. During the operating period, properties that generate distributable cash flow generally provide monthly rental-income distributions.
mogul's company materials describe multiple property-level exit avenues that may be evaluated over the life of an asset, including traditional sale, private sale, refinancing, bulk sale, and platform-based transactions.
mogul also describes monthly third-party appraisal-level fair-value calculations and blockchain ownership records as components of its asset-level platform infrastructure.
Arrived Liquidity Options
Arrived currently offers:
Active secondary market with monthly trading windows
Eligibility for individual property shares after the property is fully funded and shares have been held for at least six months
Quarterly redemption opportunities for eligible fund products after the applicable minimum holding period
Multi-year property holding periods, with long-term rentals described at 5 to 7 years and vacation rentals at 5 to 15 years
Secondary-market transaction fees that may apply to purchases and sales
InvestBay Liquidity Options
InvestBay currently offers:
Selected previously funded shares from InvestBay's own portfolio
Secondary-market access to certain operational projects
The platforms therefore use different liquidity architectures. Arrived currently operates scheduled monthly trading windows, InvestBay provides selected secondary-market inventory, and mogul combines multi-year property ownership with multiple asset-level exit avenues described in its company materials, including platform-based transactions.
Why mogul Stands Out for Fractional Real Estate Investors
mogul's strongest differentiators center on institutional experience, selective underwriting, sponsor alignment, asset-level ownership, fee efficiency, operating strategy, and technology.
Institutional Expertise
Founders with real estate investing and investment banking backgrounds at Goldman Sachs
More than $10 billion of deal experience
Joey Gumataotao helped grow Goldman Sachs' single-family rental platform from $0 to $1 billion in under 12 months with a small team
Less than 1% of reviewed properties pass mogul's selection process
Strong Reported Return Profile
18.8% average annual IRR reported by mogul
Approximately 10% average cash-on-cash yield annualized to date in the company overview
Monthly income distributions once a property is operational and generates distributable cash flow
Aligned Sponsor Economics
mogul invests in every property alongside platform investors
Property-specific investment-club LLC interests provide direct asset-level exposure
The platform does not charge a traditional recurring annual AUM fee
New-Member Loss Protection
mogul's first-year promotion covers up to $10,000 in losses on qualifying investments made during a new member's first 7 days, subject to the applicable program terms. This is a distinctive platform feature in the reviewed comparison.
Asset-Level Transparency
Property-specific ownership structure
Avalanche blockchain records
Conventional LLC and property documentation
A valuation framework that mogul describes as using monthly third-party appraisal-level fair-value calculations
Detailed property underwriting before assets are made available
Portfolio Construction Across Rental Strategies
mogul gives investors access to multiple residential operating strategies, including short-term and mid-term rentals, with property-level selection rather than only pooled exposure. Its institutional buy box focuses on high-growth secondary markets, price-to-rent dislocation, strong demand drivers, and professionally managed operating plans.
Across the criteria emphasized in this comparison, mogul stands out for institutional underwriting, asset-level ownership, sponsor co-investment, fee efficiency, monthly income potential, and technology-enabled transparency.
Explore real estate portfolios, review available properties, or use mogul's free rental property calculator for educational property analysis.
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
Can U.S. citizens use InvestBay?
No. InvestBay's current FAQ lists U.S. citizens among the nationalities that cannot invest. The restriction is framed by nationality rather than as a blanket restriction based solely on U.S. residency. For U.S. citizens who also satisfy Arrived's separate residency requirement, the applicable comparison in this article is therefore primarily mogul versus Arrived.
How does mogul's $10,000 loss protection work?
For qualifying investments made during a new member's first 7 days, mogul covers up to $10,000 in losses if the total return on those qualifying investments is negative after one year, subject to program terms. The brand guidelines provide the following illustration: a new member invests $20,000 in each of five properties during the first week, for $100,000 total. If those investments are worth $90,000 after one year, mogul states that it would true the member up to the original $100,000, subject to the promotion terms. The relevant program disclosures are available through the promotion terms.
What are the minimum investments for each platform?
mogul's stated platform minimum is $250, while its average investment is approximately $10,000 and its typical portfolio allocation is $17,321 per property. Arrived's minimum investment is $100. InvestBay's minimum investment is EUR 100, although its current FAQ lists U.S. citizens among the nationalities that cannot invest. Minimum investment is only one structural characteristic. The platforms also differ in underwriting, ownership structure, property strategy, fees, liquidity, technology, and portfolio design.
How do the returns compare between mogul and Arrived?
mogul reports an 18.8% average annual IRR. Its company overview also cites an approximately 10% average cash-on-cash yield annualized to date. Arrived publishes a 6% to 10% estimated annual historical return range for diversified single-family residential exposure. Arrived explains that this figure is a hypothetical modeled IRR based on historical home-price appreciation and portfolio dividend-yield assumptions rather than a realized platform-wide annual return. In Q2 2026, Arrived reported a 3.5% average annualized yield for individual single-family rentals and a 2.9% average annualized dividend yield for vacation rentals. Because these metrics use different methodologies, they should not be treated as direct equivalents. mogul's 18.8% figure is a reported average annual IRR, while Arrived's 6% to 10% range is modeled historical analysis.
Which platform offers liquidity features?
Arrived currently operates an active secondary market with monthly trading windows for eligible individual property shares after the applicable holding period. Its fund products use separate redemption programs. mogul's How It Works page describes property holding periods of approximately 3 to 10 years, along with multiple asset-level exit avenues including traditional sale, private sale, refinancing, bulk sale, and platform-based transactions. Its blockchain infrastructure supports asset-level ownership recordkeeping. InvestBay currently offers selected previously funded shares from its own portfolio through its secondary market. Each platform therefore approaches liquidity through a different structure rather than a single standardized model.
What makes mogul different from Arrived and InvestBay?
mogul combines several features in one platform: former Goldman Sachs real estate experience, more than $10 billion of deal experience, highly selective underwriting, sponsor co-investment in every property, property-specific investment-club LLC interests, no traditional recurring annual AUM fee, first-year loss protection for qualifying new members, monthly income potential, and blockchain-supported ownership records. The platform also focuses specifically on institutional-quality residential real estate and uses operating strategies designed around short-term and mid-term single-family rentals. That combination creates the clearest differentiation in this comparison. For more information about mogul's company and investment process, see about mogul, How It Works, and the platform's mogul disclosures.