Fractional real estate and co-ownership models can reduce the capital required to gain exposure to property economics or ownership while shifting much of the day-to-day management work to a platform or professional manager. mogul, Arrived, and Pacaso represent three distinct approaches. mogul is a fractional real estate platform club founded by former Goldman Sachs executives and focused on income-producing residential properties through transparent, asset-level ownership. Arrived offers individual rental-property shares, diversified rental-property funds, vacation-rental investments, and real-estate-backed credit exposure, while this comparison focuses on Pacaso's luxury second-home co-ownership product for personal use.
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 says its team of former Goldman Sachs executives brings more than $10 billion in institutional deal experience and applies institutional-style underwriting with less than 1% of reviewed properties passing its selection process, while mogul reports 18.8% average annual returns (IRR) as of June 1, 2026
mogul states that it 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, subject to the applicable promotion terms. This is a distinctive new-member feature
mogul generally makes monthly distributions once a property is operational and has distributable net rental income, after applicable expenses, debt service, fees, capital expenditures, and reserves; Arrived currently pays or expects monthly dividends on income-producing individual properties, its Single Family Residential Fund, and its Real Estate Income Fund; Pacaso owners are not permitted to rent out their usage
Platform access differs materially: mogul reports an average investment of approximately $10,000 and a typical portfolio allocation of $17,321 per property. Arrived's $100 minimum investment and Pacaso's interests from 1/8 to 1/2 of a luxury second home reflect different access models. Pacaso 1/8 interests commonly start around $200,000
Pacaso's second-home co-ownership product serves a fundamentally different purpose than mogul and Arrived's income-oriented offerings: personal luxury second-home access rather than rental-income investing
mogul's blockchain integration records ownership interests on the Avalanche network and is designed to support secondary-market and transfer functionality
mogul platform scale: mogul reports $90 million or more of assets invested through the platform, more than 40,000 investors on the platform, and a 90% second-investment rate; when investors invest a second time, the second investment is 3 times their first investment
When evaluating fractional real estate platforms, the choice between mogul, Arrived, and Pacaso reflects three distinct philosophies. While each reduces some of the burdens associated with buying and managing an entire property, mogul's combination of property-specific ownership economics, institutional-style selection, monthly income potential, team co-investment, and stated loss protection creates compelling value for income-focused real estate investors.
Fractional Real Estate Investing: Unpacking Different Models
Fractional real estate investing enables multiple investors to obtain economic exposure to properties or property-owning entities without purchasing an entire asset individually. However, each platform structures ownership differently, affecting rights, returns, taxes, and liquidity.
mogul's Property-Specific LLC Ownership Model
mogul offers membership interests in property-specific LLCs tied to identified income-generating residential homes. Ownership is represented through those property-specific LLC interests rather than individually deeded fractional title. When you invest with mogul, you receive:
LLC membership interests tied to specific properties you can identify by address
Monthly distributions of distributable net rental income once a property is operational and cash-flowing, proportional to ownership and after applicable expenses, debt service, fees, capital expenditures, and reserves
Potential K-1 allocations of depreciation and other property-level tax items, with actual deductibility and usability depending on the offering and each investor's tax circumstances. mogul also provides educational material on real estate tax benefits
Property-level governance rights, with exact mechanics governed by the applicable LLC documents
Proportional participation in eventual property-sale proceeds after a 3 to 10 year intended hold
This structure gives investors property-level exposure to a specific home rather than only pooled exposure where an individual underlying property is not selected by the investor. mogul explains the broader digital investment process in its platform materials.
Arrived's Series LLC Structure
For Arrived's individual-property offerings, investors purchase interests in the individual Series LLC that owns the specific home. Arrived separately offers diversified pooled funds and real-estate-backed credit products. As of July 2026, Arrived reported approximately 983,000 registered investors, $446 million invested, $96 million distributed, and 562+ funded properties. Individual-property and fund investments start at $100.
Pacaso's Vacation Co-Ownership Model
Pacaso's second-home co-ownership product operates fundamentally differently from mogul and Arrived's income-oriented offerings. Rather than focusing on rental investment income, that Pacaso product provides equity co-ownership in luxury second homes for personal use. Current Pacaso materials describe ownership interests ranging from 1/8 to 1/2 of a specific home, with 1/8 shares commonly starting around $200,000 and homes offered across 40+ destinations. Pacaso owners cannot rent out their usage, so they do not receive rental income. Any financial gain or loss is generally realized through resale of the ownership interest and depends on resale price, fees, and ongoing ownership costs.
The key distinction for the products compared here: mogul and Arrived serve investors seeking real-estate income and wealth-building exposure, while Pacaso's second-home co-ownership product serves buyers seeking luxury second-home access.
Comparing Investment Focus: Property Types and Markets
Each platform specializes in different property types and geographic markets, shaping its economic profile and risk characteristics.
mogul's Rental Property Focus
mogul specializes in income-generating residential properties across multiple rental strategies:
Short-term rentals with stays of fewer than 30 days
Mid-term rentals with stays greater than 30 days and less than one year
Long-term rentals with longer tenant relationships
Sale-leaseback arrangements for additional deal flow
mogul invests across selected residential markets, including Houston and Dallas, and has offered properties in California. Its current single-family-rental materials describe market selection as considering demand, rent growth, appreciation potential, financing, expenses, and property-specific underwriting.
Arrived's Diversified Approach
Arrived offers individual single-family-rental equity, vacation-rental equity, diversified rental-property funds, City Funds, and the Real Estate Income Fund. The platform spans multiple U.S. markets. As of July 2026, Arrived reported 562+ funded properties, allowing investors to build exposure across numerous homes and strategies.
Pacaso's Luxury Destination Focus
Pacaso concentrates on luxury second homes in destination markets across the United States, Mexico, and Europe and the Caribbean, with a 40+ destination footprint. Pacaso materials describe the model as serving affluent and high-net-worth second-home buyers, including in its international expansion materials. One-eighth interests commonly start around $200,000, with pricing varying materially by home and destination.
Investment Accessibility and Entry Points
For investors evaluating how to get started in real estate, accessibility varies significantly across these platforms.
Minimum Investment Requirements
mogul reports an average investment of approximately $10,000 and a typical portfolio allocation of $17,321 per property. Its formal minimum is $250, while the larger figures describe reported investor allocations rather than minimum requirements.
Arrived has a $100 minimum across its offerings, subject to its eligibility rules. Arrived states that investors currently must be a U.S. citizen or green-card holder, reside within one of the 50 U.S. states, and be at least 18 years old.
Pacaso generally offers ownership interests from 1/8 to 1/2 of a specific luxury second home, with 1/8 shares commonly starting around $200,000. This premium entry point reflects Pacaso's luxury second-home focus and personal-use model.
Accreditation Requirements
The specific property and home-ownership products compared here can be available without accredited-investor status, but for different reasons and under different structures:
mogul states that both accredited and non-accredited investors may participate, subject to eligibility and onboarding requirements. mogul facilitates access through an investment club structure, while investment decisions remain with each investor
Arrived states that eligible investors do not need to be accredited for individual-property offerings, the Single Family Residential Fund, the Real Estate Income Fund, or City Funds
Pacaso states that purchasing a Pacaso second-home ownership interest does not require accredited-investor status. Pacaso's separate 2025 Regulation A Class D common-stock offering was a different product and closed on October 2, 2025
Onboarding Process
mogul states that its streamlined digital process can support investment execution in 30 seconds or less, with allocations up to $250,000. Investors can browse available properties, review property-level underwriting, and commit capital digitally. Arrived likewise supports online investment access. For the Pacaso product compared here, the transaction is a second-home co-ownership purchase rather than a rental-property investment product, so its purchase process is best understood on its own terms.
Returns and Risk Mitigation: What to Expect
Performance metrics vary significantly across these three models, and the available figures are not directly comparable.
mogul's Return Profile
mogul reports an 18.8% average annual return, measured as IRR, as of June 1, 2026. This is a historical platform performance metric, not a commitment regarding future results. Property-level economics can include:
Monthly distributable net rental income once a property is operational and cash-flowing
Property appreciation over the holding period
Potential tax allocations, including depreciation, subject to the offering and the investor's individual tax circumstances
Leverage, which is incorporated into property underwriting and can amplify property-level equity outcomes
mogul's focus on single-family rentals positions investors in an asset class that mogul cites as having delivered 13.8% IRR from 1993 to 2023 versus 9.8% for the S\&P 500. Historical comparisons depend on consistent return methodologies, and past performance is not a promise of future results.
Loss Protection: mogul states that it 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. The feature is part of mogul's stated new-member promotion and is subject to the applicable promotion terms.
Arrived's Return Profile
Arrived reported a 3.9% average annualized dividend yield across its long-term rentals in 2025. That is an income-yield metric, not a total-return or IRR figure, so it should not be compared directly with mogul's reported IRR. Arrived also reported 95.89% average stabilized occupancy for qualifying single-family-rental properties in 2025. Arrived defines stabilized occupancy as single-family homes that are occupied or at least 90 days rent-ready after initial improvements and states that the figures include only stabilized IPO properties, are unaudited, and are subject to change. As of July 2026, Arrived reported $96 million in cumulative distributions.
Pacaso's Resale-Driven Financial Outcome
Pacaso's second-home co-ownership model does not provide owner rental income because renting out owner usage is not permitted. Pacaso markets its homes as luxury second homes rather than investment vehicles, so financial outcomes are generally realized when an ownership interest is resold. In Pacaso's April 2026 resale report, the company said that more than 400 completed resales through the end of 2025 had an average 6% resale share-price appreciation, 73% sold above the original share price, and average time on market of 99 days. The 6% figure is not an annualized return. Owners also bear acquisition and operating costs. Pacaso materials describe an acquisition charge around 12% plus ongoing operating costs, along with recurring platform or management charges that vary by home.
Risk Comparison
New-Member Feature
mogul: First $10k protection under the stated promotion terms
Arrived: Product-specific investor framework
Pacaso: Professionally managed co-ownership framework
Income Orientation
mogul: Monthly distributions of distributable net rental income once operational
Arrived: Monthly dividends on current income-producing products
Pacaso: Personal-use second-home ownership with resale economics
Alignment
mogul: mogul states that it co-invests in every property offered
Arrived: Platform-managed property and fund offerings
Pacaso: Property-specific LLC co-ownership
Selection Approach
mogul: mogul reports less than 1% of reviewed properties pass diligence
Arrived: Product-specific property and fund underwriting
Pacaso: Luxury second-home and destination focus
Liquidity Options: When Can You Sell?
Real estate inherently carries liquidity constraints compared with public markets, but each platform approaches exits differently.
mogul's Liquidity Approach
mogul describes a 3 to 10 year investment horizon, during which qualifying properties may make monthly distributions once they are operational and have distributable net rental income. mogul says it provides monthly property valuations using third-party appraisal-level data, which supports fair-market-value transparency. Its Avalanche-based ownership infrastructure provides verifiable digital records and is designed to support secondary-market and transfer functionality alongside the platform's long-term ownership framework.
Arrived's Secondary Market
Arrived operates a secondary market for eligible individual-property shares. Properties become eligible after they are fully funded and held for at least six months, and trading occurs during scheduled monthly windows. Arrived states that sales depend on buyer demand, market conditions, and pricing. Arrived funds use separate redemption mechanisms, generally with quarterly redemption opportunities, rather than this individual-property secondary market.
Pacaso's Resale Process
Pacaso's second-home co-ownership product operates a resale marketplace. Its April 2026 report states an average time on market of 99 days across more than 400 completed resales through the end of 2025 and a 6% seller commission. The mechanisms are not directly comparable: Arrived uses scheduled monthly trading windows after an eligibility period, Pacaso uses a conventional resale process for a home ownership interest, and mogul combines a long-term property ownership framework with blockchain infrastructure designed to support transfer functionality. The products therefore use materially different ownership lifecycle models.
Behind the Scenes: Underwriting and Property Management
The rigor of property selection and quality of ongoing management significantly affect investor outcomes.
mogul's Institutional-Grade Selection
mogul describes an institutional-style property selection process informed by its team's prior real estate experience:
Less than 1% of reviewed properties pass mogul's diligence process
Proprietary underwriting uses nationwide data, inspections, and internal investment-committee review
mogul says its team of former Goldman Sachs executives brings more than $10 billion in institutional deal experience
Team co-investment: mogul states that it co-invests in every property offered
This process is designed to identify property-level upside while managing downside risk. mogul's capital alongside investor capital in each offered property financially aligns the platform's property-level economic interests with its investors.
Full-Service Property Management
All three models shift substantial day-to-day operational work away from individual investors or owners, but the underlying costs differ:
mogul: mogul coordinates professional property management, with property-level management and operating expenses incorporated into distributable cash-flow calculations
Arrived: Management is handled through the platform and its property management relationships, with product-specific operating and fee structures
Pacaso: Pacaso provides professional second-home management and SmartStay scheduling, with home-specific ownership and operating costs
For investors seeking hands-off rental-property exposure, mogul and Arrived both remove much of the landlord workload. In mogul's model, professional management is coordinated for investors, with property-level operating expenses incorporated into distributable cash-flow calculations.
Who Are These Platforms For?
Each platform serves distinct investor profiles and objectives.
mogul Investor Profile
mogul serves investors prioritizing:
Monthly rental-income potential from property-specific LLC interests once properties are operational and have distributable net rental income
Strong reported platform performance, with mogul reporting an 18.8% average annual IRR as of June 1, 2026
Institutional-style property selection with transparent property-level underwriting
Risk mitigation through mogul's stated up to $10,000 loss-protection feature for investments made within a new member's first 7 days if those investments show a loss after year one
Blockchain transparency through verifiable Avalanche ownership records
The platform's Goldman Sachs background and single-family-rental focus appeal to investors seeking property-level residential exposure with institutional-style analysis. mogul reports that more than $90 million of assets have been invested through the platform, more than 40,000 investors are on the platform, and 90% of investors invest a second time; when they do, the second investment is 3 times their first investment. mogul says its $3.6 million seed round was led by Anitha Vadavatha of AY Ventures with participation from Tim Draper & Associates.
The company separately says its advisors and investors include Chris Larsen, Ripple co-founder and executive chairman, and Rosa Rios, 43rd Treasurer of the United States.
Arrived Investor Profile
Arrived serves investors prioritizing:
$100 minimum investment
Broad diversification options across individual properties, funds, and real-estate-backed credit products
A functioning secondary market for eligible individual-property shares, subject to the six-month eligibility rule and scheduled monthly trading windows, with transactions dependent on buyer demand and market conditions
Scale, with 983,000 registered investors and 562+ funded properties reported as of July 2026
Pacaso Buyer Profile
Pacaso's second-home co-ownership product serves buyers prioritizing:
Luxury vacation-home access for personal use
Global destination options across 40+ locations
Professional property management and SmartStay scheduling
Exposure to the resale value of a specific second-home ownership interest, rather than rental income
Pacaso is an alternative to full second-home ownership and other vacation-property access models, but its LLC equity co-ownership structure differs materially from a conventional timeshare.
Beyond Investment: Tools and Resources
mogul's Free Investment Calculators
mogul provides four free investment calculators. Its Investment Property Calculator can analyze any U.S. address, and mogul says its calculator suite uses data and analytical frameworks comparable to those used by professional real estate firms:
Investment Property Calculator: Analyzes rental investment potential with ROI, IRR, MOIC, and cash-on-cash yield estimates
Rental Property Calculator: Estimates rental income and returns
Airbnb Calculator: Specializes in short-term rental analysis using data mogul says is drawn from millions of listings
Real Estate Calculator: Covers levered versus unlevered returns and financing variables
These tools allow investors to compare base, bear, and bull scenarios across short-term and long-term rental strategies.
Technology Infrastructure
mogul's platform uses blockchain technology for ownership recordkeeping:
Avalanche network integration provides immutable, independently verifiable ownership records
Blockchain records supplement conventional LLC and property documentation rather than replacing those records
Fireblocks wallet and security infrastructure supports the digital ownership records
Property performance, rental-distribution, and valuation information is presented through the platform dashboard
Monthly third-party appraisal-level valuations support transparent fair-market-value calculations
This infrastructure supports transparent ownership recordkeeping and is designed to support secondary-market and transfer functionality as the platform develops.
Why mogul Delivers Superior Value for Income-Focused Investors
For investors seeking property-level rental economics, monthly income potential, institutional-style selection, and technology-enabled ownership records, mogul offers a particularly strong combination of features relative to Arrived and Pacaso's second-home co-ownership product.
Key Advantages of mogul's Approach
Strong reported return profile: mogul reports an 18.8% average annual IRR as of June 1, 2026. Arrived's cited 3.9% 2025 long-term-rental figure is a dividend yield rather than a total-return metric, and Pacaso's second-home co-ownership product is a personal-use model without owner rental income, so those figures should not be treated as direct IRR comparisons
Distinctive risk mitigation: mogul states that it 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, subject to the stated promotion terms
Institutional expertise: mogul says its team of former Goldman Sachs executives brings more than $10 billion in institutional deal experience and applies rigorous underwriting, with less than 1% of reviewed properties passing selection
Aligned interests: mogul states that it invests in every offered property alongside platform investors, financially aligning its property-level economic interests with investors
Monthly income focus: once a property is operational and has distributable net rental income, mogul generally makes monthly distributions after applicable expenses, debt service, fees, capital expenditures, and reserves
Blockchain transparency: Avalanche integration provides independently verifiable ownership records and infrastructure designed to support secondary-market and transfer functionality
Property-level tax allocations: investors may receive K-1 allocations of depreciation and other property-level tax items, subject to the offering and each investor's circumstances
Free analytical tools: the platform provides four free calculators for evaluating real estate opportunities
Platform Fit by Objective
mogul is best aligned with readers focused on:
Monthly rental-income potential from property-specific residential assets
Institutional-style property selection and team co-investment
mogul's stated up to $10,000 loss-protection feature for investments made within a new member's first 7 days if those investments show a loss after year one
Verifiable ownership records and infrastructure designed to support transfer functionality
Arrived is oriented toward readers focused on:
A $100 minimum investment
Diversification across individual properties, pooled funds, and real-estate-backed credit products
A functioning secondary market for eligible individual-property shares, with scheduled monthly trading windows after the applicable eligibility period and transactions dependent on buyer demand and market conditions
Pacaso is oriented toward buyers focused on:
Personal luxury second-home access rather than rental investment income
High-end properties across 40+ destination markets
Professional management and shared ownership of a specific vacation home
For investors building real estate portfolios around income generation and property-level residential ownership economics, mogul's combination of former Goldman Sachs executive experience, monthly net-rental distribution potential, team co-investment, its stated up to $10,000 loss-protection feature, streamlined digital access, and blockchain transparency creates the strongest fit among the products compared here.
mogul also provides free real estate calculators, current property listings, and platform disclosures for readers who want to learn more.
mogul also offers its Give $50, Get $50 referral promotion: members can refer a friend and receive $50 when the friend invests, subject to the referral terms.
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 main difference between mogul, Arrived, and Pacaso?
mogul and Arrived both offer income-oriented real-estate investments, while the Pacaso product compared here serves luxury second-home co-ownership for personal use. mogul offers property-specific LLC membership interests tied to identified single-family rentals, with monthly distributions of distributable net rental income once properties are operational, and mogul reports 18.8% average annual IRR as of June 1, 2026. Arrived offers individual rental-property shares, pooled funds, and real-estate-backed credit products with a $100 minimum. Pacaso offers 1/8 to 1/2 ownership interests in luxury second homes, commonly starting around $200,000 for a 1/8 interest, and owners do not receive rental income.
How do returns compare between mogul, Arrived, and Pacaso?
The reported metrics are not directly comparable. mogul reports 18.8% average annual returns measured as IRR as of June 1, 2026. Arrived reported a 3.9% average annualized dividend yield across long-term rentals in 2025, which is an income-yield metric rather than a total return or IRR. For Pacaso's second-home co-ownership product, the newer resale dataset reported 6% average resale share-price appreciation across more than 400 resales through the end of 2025; that figure is not annualized, and Pacaso owners do not receive rental income. For an income-focused investor, mogul's model is more directly aligned with property-level rental cash flow and total-return underwriting.
Can I invest if I'm not an accredited investor?
Yes, but the eligibility frameworks differ. mogul states that accredited and non-accredited investors may participate, subject to eligibility and onboarding requirements, through its investment club structure. Arrived allows eligible non-accredited investors in its current real estate offerings. Pacaso states that accredited-investor status is not required to buy a Pacaso second-home interest.
How liquid are investments in these platforms?
Real estate investments are inherently less liquid than public stocks, but the exit mechanisms vary. Arrived operates a functioning secondary market for eligible individual-property shares after the property is fully funded and the shares have been held for at least six months; trading occurs during scheduled monthly windows, with transactions dependent on buyer demand and market conditions. mogul provides monthly third-party appraisal-level valuations and uses blockchain infrastructure designed to support secondary-market and transfer functionality. Pacaso's second-home co-ownership product operates a resale marketplace and reported an average time on market of 99 days and a 6% seller commission across its cited resale dataset. These mechanisms differ too much to support a blanket claim that one is always the most liquid.
What fees should I expect with each platform?
mogul currently states that it collects a 5% fee capitalized in the deal. Other mogul materials describe the structure as a 3% onboarding or platform fee plus a 2% setup fee where applicable, together with an ongoing 2.5% fee on rental income and no traditional recurring annual AUM fee on invested equity. Property operating expenses remain part of each underlying asset's economics. Arrived uses product-specific fee structures across its offerings. Pacaso materials describe an acquisition charge around 12% plus pro rata property operating costs, with additional recurring platform or management charges that vary by home. Because the platforms use different fee bases and ownership models, headline percentages are not directly comparable.