Choosing the right fractional real estate platform requires understanding differences in ownership structure, fee design, investment selection, income cadence, and asset exposure. mogul, Fundrise, and HoneyBricks represent distinct approaches. HoneyBricks was acquired by EquityMultiple on April 2, 2024 and is no longer an independent platform accepting new investors, making it primarily historical context in a 2026 comparison. The April 2024 acquisition and current HoneyBricks status support that distinction. Among the two active options in this comparison, mogul's property-specific single-family rental model differs materially from Fundrise's fund structure.
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
HoneyBricks is historical context in 2026. It was acquired on April 2, 2024, no longer operates as an independent platform, and no longer accepts new investors under the HoneyBricks brand. Legacy interests continue following the acquisition.
mogul combines institutional real estate experience with asset-level selection. Its former Goldman Sachs professionals bring more than $10 billion of deal experience, while property selection is designed so that less than 1% of reviewed properties pass the platform's diligence process.
mogul emphasizes monthly income. Once a property is operational and generates distributable net rental income, mogul generally processes proportional distributions monthly. Fundrise's Income Real Estate Fund expects to declare and make distributions on a quarterly basis, or more or less frequently as determined by its board, according to its 2026 SEC filing.
mogul offers first-year loss protection for new members. mogul covers up to $10,000 in losses on investments made within a new member's first 7 days if the combined return on those investments is negative after one year, using its own balance sheet capital, subject to the promotion terms.
mogul does not charge a traditional recurring annual AUM fee. The platform discloses a one-time fee of up to 5% calculated on property purchase price, structured as a 3% platform fee plus a conditional 2% setup fee, and an ongoing 2.5% fee on rental income. Fundrise reports a 0.15% advisory fee for applicable Fundrise investment funds, excluding the Innovation Fund, while the Income Fund reports a 0.85% management fee. The Income Fund also reports additional fund operating expenses, and other Fundrise products can use different fee schedules.
mogul enables individual property selection. Investors can select identified properties and purchase property-specific investment club LLC membership interests rather than receiving only fund-level allocation.
mogul uses blockchain infrastructure for ownership records. Ownership interests are recorded on Avalanche for independently verifiable records, including verification via Snowtrace. Its blockchain infrastructure is separate from the investor dashboard, which provides property performance, distribution, and valuation visibility.
Understanding Fractional Real Estate Investment Platforms
Fractional real estate investing can provide access to real estate without requiring an investor to acquire and operate an entire property directly. The platforms in this comparison differ most in whether exposure is tied to a specific asset or a pooled vehicle.
mogul is a fractional real estate platform club focused on income-producing residential properties. It was founded by former Goldman Sachs real estate professionals with more than $10 billion of deal experience. The platform facilitates property-specific investment club LLC membership interests tied to identified homes, providing asset-level economic and governance exposure through the LLC that owns each property rather than individually deeded fractional title. As of June 1, 2026, mogul reports more than $90 million of assets on the platform and more than 40,000 investors. More company information is available on about mogul.
Fundrise was founded in 2012 and primarily provides pooled fund exposure. As of June 30, 2026, Fundrise reported approximately $3.4 billion in AUM and more than 404,000 active investor accounts in an SEC company filing. Its real estate strategies include single-family residential, multifamily, industrial, real estate credit, and other investments.
HoneyBricks historically offered tokenized fractional exposure to commercial multifamily properties. It was acquired in April 2024 and no longer operates independently for new investors. Historical HoneyBricks offerings required accredited status for U.S. investors under Regulation D, while certain non-U.S. investors could participate under Regulation S. The platform used Polygon-based digital securities.
The central structural distinction is straightforward: mogul allows investors to select identified residential properties and hold property-specific LLC membership interests, while ordinary retail Fundrise investors generally select funds or investment plans rather than individual underlying properties. Fundrise still provides asset-level disclosures on many underlying holdings.
Investment Strategies and Property Types
The three platforms were built around different real estate strategies and ownership structures.
mogul's residential strategies include:
Short-term rentals, generally involving stays under 30 days at higher-end residential properties.
Mid-term rentals, generally involving stays longer than 30 days and shorter than one year, with a workforce housing orientation.
Long-term residential rentals with longer tenant relationships.
Sale-leaseback arrangements.
Property-specific investment club LLC membership interests tied to individual properties.
Potential property-level tax allocations, including depreciation, through K-1 reporting, subject to the offering and each investor's tax circumstances.
Fundrise's investment structure includes:
Pooled fund exposure across multiple properties and other real estate investments.
Diversified exposure that can include single-family residential, multifamily, industrial, and real estate credit.
Retail access that generally centers on funds or investment plans rather than selection of individual underlying properties, as described in its relationship summary.
Property and project disclosures across many underlying holdings.
The Innovation Fund, which was listed on the NYSE under ticker VCX on March 19, 2026, according to an SEC filing.
HoneyBricks, historically, included:
Commercial multifamily properties.
Accredited investor requirements for U.S. investors, with separate Regulation S eligibility for certain non-U.S. investors.
Polygon-based digital securities.
A token-based ownership and transfer model before the April 2024 acquisition.
mogul's model gives investors the ability to review individual property underwriting, operating assumptions, revenue information, and market comparisons before making their own investment decision. Fundrise generally allocates investors through pooled products, while still providing substantial asset-level disclosure. mogul's free Airbnb calculator can also model short-term rental scenarios for U.S. addresses.
Accessibility and Platform Tools
Accessibility is broader than account minimums. It also includes accreditation requirements, transparency, analysis tools, and the amount of control an investor has over asset selection.
mogul's accessibility is centered on retail eligibility, institutional-quality properties, asset-level transparency, and streamlined digital participation rather than minimum investment size. mogul reports an average investment of approximately $10,000 and a typical portfolio allocation of $17,321 per property; a $250 current minimum remains available for eligible property offerings. Fundrise also offers broad retail access through its fund-based model, while HoneyBricks historically required accredited status for U.S. investors and used separate Regulation S eligibility for certain non-U.S. investors. Because investors can select individual properties, mogul also supports building diversified real estate portfolios incrementally across multiple properties.
Accreditation access:
mogul: Available to non-accredited investors, subject to applicable eligibility requirements. Its fractional investing guide provides additional context.
Fundrise: Many core retail offerings are available to non-accredited investors, while certain private offerings are limited to accredited investors.
HoneyBricks: Historical U.S. offerings required accredited investor status, while certain non-U.S. offerings used Regulation S eligibility.
mogul also provides four free real estate analysis tools that can be accessed without account creation:
Investment Property Calculator: Models ROI, IRR, MOIC, cash on cash yield, and rental investment scenarios for U.S. addresses.
Rental Property Calculator: Focuses on rental income and property-level scenario analysis.
Airbnb Calculator: Analyzes short-term rental scenarios using data from millions of Airbnb listings.
Real Estate Calculator: Compares levered and unlevered real estate return scenarios.
mogul states that these calculators use the same data and analytical frameworks used by top real estate firms, giving investors another way to evaluate property economics independently.
Returns, Income Cadence, and Performance Context
Return metrics should be interpreted within the structure of each product because IRR, distribution rate, cash on cash yield, and total return are not interchangeable measurements.
mogul performance information includes:
An 18.8% average annual return across platform assets, as reported by mogul as of June 1, 2026 on about mogul.
A record monthly yield of 2.6% achieved on the platform.
Monthly processing of proportional distributions once a property is operational and generates distributable net rental income after applicable expenses, debt service, fees, capital expenditures, and reserves.
Fundrise performance context includes:
The Fundrise Income Real Estate Fund is designed around current income and expects to declare and make distributions on a quarterly basis, or more or less frequently as determined by its board, according to its 2026 SEC filing.
Approximately 8% annualized distribution rate for the Income Fund in April 2026 was reported by Fundrise as a distribution-rate metric rather than a total-return figure.
Fundrise reporting also describes its performance measure as average total returns of Fundrise Advisors client accounts, net of fees. Those measures are structurally different from property-level IRR figures.
Its core interval funds use product-specific distribution policies and quarterly repurchase structures.
HoneyBricks historical performance context: HoneyBricks published performance and cash yield information while it was operating independently. Because it is no longer a current standalone option for new investors, that information is best viewed as historical platform context.
mogul's loss protection: For new members, mogul covers up to $10,000 in losses on investments made during the member's first 7 days if the combined value of those investments is lower after one year. The protection uses mogul balance sheet capital and is subject to the promotion terms.
Fees and Liquidity
Fee structures differ because the platforms use different investment vehicles and fee bases.
mogul's fee structure:
A one-time fee of up to 5% calculated on property purchase price and capitalized in the deal, structured as a 3% platform fee plus a conditional 2% setup fee.
A 0% traditional recurring AUM fee.
An ongoing 2.5% fee on rental income.
Professional property management arranged by mogul, with property-level operating expenses, including applicable third-party management costs, borne by the property and reflected in distributable income.
Additional legal and regulatory context is available through mogul's platform disclosures.
Fundrise's core real estate fee structure:
A 0.15% annual advisory fee for applicable Fundrise investment funds, excluding the Innovation Fund, according to the March 2026 relationship summary.
A 0.85% annual management fee for the Income Fund, according to SEC fund reporting.
The Income Fund also reports additional fund operating expenses beyond its 0.85% management fee, and other Fundrise products can use different fee structures.
HoneyBricks, historically: Fees varied by deal and offering structure before the platform was acquired.
A simple five-year dollar-cost comparison based only on headline percentages would not be like for like. mogul's one-time fee is calculated on property purchase price, while Fundrise fees are generally assessed through advisory and fund-level structures. The economic impact depends on the applicable vehicle, fee base, holding period, and investment performance.
mogul's Planned Secondary Market
Real estate generally operates on a longer holding horizon than publicly traded securities, and each platform uses a different liquidity structure.
mogul: Properties have an intended holding period of 3 to 10 years. Once a property generates distributable net rental income, proportional distributions may be processed monthly. mogul's blockchain infrastructure supports a planned secondary market for ownership-interest trading at fair market value. The platform has described fair value as being calculated monthly using third-party appraisal-level data.
Fundrise: The Income Fund and Flagship Fund provide scheduled quarterly repurchase opportunities, subject to each fund's terms and available repurchase capacity. The Income Fund's 2026 SEC filing describes quarterly repurchase offers as part of its interval fund structure.
HoneyBricks: The platform historically promoted peer-to-peer token transfers through a token-based secondary-market model. Following the acquisition, that former transfer model is historical rather than a current standalone HoneyBricks offering.
Institutional Credibility and Property Selection
mogul's investment process is rooted in the founders' institutional real estate background and a selective residential acquisition strategy.
mogul's institutional foundation includes:
Former Goldman Sachs real estate professionals with more than $10 billion of deal experience.
A $3.6 million seed round led by AY Ventures, with participation from Tim Draper & Associates. Draper had also backed mogul at the pre-seed stage. The round is covered in mogul's seed funding announcement.
Investors and backers including Chris Larsen and Rosa Rios, the 43rd Treasurer of the United States.
Media coverage that has included TechCrunch, Forbes, Wired, Fox Business, and Fortune.
Fundrise's operating history includes:
A 2012 founding date.
Approximately $3.4 billion in AUM as of June 30, 2026.
More than 404,000 active investor accounts as of June 30, 2026.
A long operating history across pooled real estate products and other alternative investment strategies.
mogul's Sub-1% Property Selection Process
mogul's property selection process applies institutional-style underwriting standards:
Less than 1% of reviewed properties pass the diligence process.
Proprietary underwriting models combine automated valuation models with comparable-market analysis approaches.
Research analysts and institutional partners identify properties with upside potential.
mogul states that it personally invests in every property offered on the platform.
That co-investment places mogul capital alongside investor capital in each offered property and creates direct financial alignment around asset performance.
Pooled Fund Exposure vs. Property-Specific Ownership
The distinction between pooled fund exposure and property-specific LLC membership interests shapes how much asset selection and governance visibility an investor receives.
Fundrise pooled fund characteristics include:
Capital pooled across multiple properties and other real estate investments.
Retail investors generally selecting funds or investment plans rather than individual underlying properties.
Property-level and project-level disclosures across many underlying holdings.
Professional fund management and diversified exposure.
Core real estate products that include the Flagship Fund and Income Fund.
Fund-level governance rather than governance rights over individual underlying properties.
mogul property-specific ownership characteristics include:
Membership interests in property-specific investment club LLCs tied to identified properties, with ownership held through the LLC associated with each home.
Full visibility into the exact property holdings selected by the investor.
Proportional governance rights on decisions exceeding $1,000.
Potential property-level appreciation and tax allocations, including depreciation through K-1 reporting, subject to the offering and the investor's circumstances.
Monthly processing of proportional distributions when a property generates distributable net rental income.
For investors who value asset-level selection and governance, mogul's property-specific structure provides a direct line between the investment selected and the underlying residential asset.
Market Positioning and Investor Backing
mogul has continued to build scale while retaining a property-specific single-family rental model.
mogul's reported platform traction includes:
More than $90 million in assets on the platform.
More than 40,000 investors on the platform.
600+ units displayed on mogul's current homepage.
A typical portfolio allocation of $17,321 per property.
An average investment of approximately $10,000.
A reported 90% second investment rate, with repeat investors investing 3x their first investment when they invest again.
Fundrise's reported scale includes:
Approximately $3.4 billion in AUM as of June 30, 2026.
More than 404,000 active investor accounts as of June 30, 2026.
The NYSE-listed Innovation Fund trades under ticker VCX.
Broad exposure across real estate and other alternative asset strategies.
HoneyBricks historical scale included:
$180M in deals supported, as reported on its legacy site.
3,500+ investors, as reported on its legacy site.
A historical tokenized multifamily model before its 2024 acquisition.
mogul's Seed Round and Backers
mogul's $3.6 million seed round was led by AY Ventures with participation from Tim Draper & Associates, building on earlier pre-seed backing. The company also identifies Chris Larsen and Rosa Rios among its investors and supporters.
Tim Draper: An early backer who has publicly emphasized the founding team's experience and the platform's technology-enabled approach.
Chris Larsen: Identified by mogul as an investor and supporter who has highlighted blockchain's potential to make real estate more accessible.
Rosa Rios: The 43rd Treasurer of the United States has highlighted the combination of real estate, technology, and the founders' institutional pedigree.
This combination of institutional real estate experience, technology investors, and asset-level execution supports mogul's positioning as a leading real estate platform.
Why mogul Delivers Superior Value for Real Estate Investors
For a 2026 comparison, HoneyBricks is a historical platform rather than a current independent option. That leaves mogul and Fundrise as the two active platforms in this article, with fundamentally different approaches. Fundrise emphasizes pooled portfolios, while mogul emphasizes identified residential assets, property-specific ownership interests, and monthly income potential.
Key advantages of mogul's approach include:
Property-specific ownership transparency: Investors can select specific properties and hold membership interests in the investment club LLC associated with those identified homes.
Monthly income cadence: Once a property is operational and produces distributable net rental income, mogul generally processes proportional distributions monthly. That cadence can support ongoing cash flow visibility and, when distributions are available, reinvestment opportunities over time.
First-year loss protection: mogul covers up to $10,000 in losses on qualifying investments made during a new member's first 7 days if the combined return is negative after one year, subject to the promotion terms.
No traditional recurring AUM fee: mogul uses a property-based fee structure rather than a recurring annual balance-based AUM charge, while also disclosing an ongoing 2.5% rental income fee and a one-time fee of up to 5% calculated on property purchase price.
Institutional-style underwriting: The former Goldman Sachs team brings more than $10 billion of real estate and investment banking experience, and less than 1% of reviewed properties pass mogul's selection process.
Blockchain-enabled ownership records: mogul uses Avalanche for immutable, independently verifiable ownership records, including Snowtrace verification, while its platform dashboard separately provides property performance, distribution, and valuation information. The blockchain model also supports planned future secondary market functionality.
Aligned interests: mogul states that it invests in every property offered on the platform alongside investors.
Property selection control: Investors can choose specific markets and rental strategies, including short-term, mid-term, and long-term residential strategies, rather than receiving only fund-level allocation.
Institutional property sourcing: mogul's operating model targets high-growth secondary markets, price-to-rent dislocation, and off-market opportunities purchased roughly 8% to 10% below market value with verified operating actuals, according to its institutional materials.
Operating reserves and professional management: mogul's institutional materials describe 12 months of operating reserves per asset and boots-on-the-ground property management teams with in-house brokerage capabilities.
For investors evaluating headache-free fractional real estate with property-level transparency, monthly income potential, institutional underwriting, and direct selection of single-family rental assets, mogul offers the more asset-specific experience in this comparison and the stronger fit for investors who value control over the exact residential properties their capital supports.
mogul's free investment property calculator can be used to explore property economics, and investors who want to learn more about the platform can schedule a call.
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 primary difference between mogul and Fundrise?
mogul lets investors select specific properties and purchase membership interests in property-specific investment club LLCs tied to identified homes. This provides property-level economic and governance exposure through the LLC associated with each identified home. Fundrise funds hold multiple properties and other investments, and ordinary retail investors generally select funds or investment plans rather than individual underlying assets. Fundrise still provides property and project disclosures on many holdings. mogul's structure gives investors visibility into the exact properties their capital supports, along with proportional governance rights on decisions exceeding $1,000.
How does mogul's $10,000 loss protection work?
mogul covers up to $10,000 in losses for new members if the combined return on investments made within their first 7 days is negative after one year. The protection is funded from mogul's own balance sheet capital. For the example used in mogul's brand materials, if a new member invests $100,000 across 5 properties during the first 7 days and the combined value is $90,000 after one year, mogul would true the member up by $10,000, subject to the promotion terms.
What fees are associated with mogul?
mogul does not charge a traditional recurring annual AUM fee. It discloses a one-time fee of up to 5% calculated on property purchase price and capitalized in the deal, structured as a 3% platform fee plus a conditional 2% setup fee, plus an ongoing 2.5% fee on rental income. Property-level operating expenses, including applicable third-party management costs, are borne by the property and reflected in distributable income. Fundrise reports a 0.15% annual advisory fee for applicable Fundrise investment funds, excluding the Innovation Fund, while the Income Fund reports a 0.85% management fee and additional fund operating expenses. Other Fundrise products can use different fee structures.
What liquidity structures do the three platforms use?
mogul properties have an intended holding period of 3 to 10 years, and mogul describes a planned secondary market supported by its blockchain infrastructure, with fair value described as being calculated monthly using third-party appraisal-level data. Fundrise's Income Fund and Flagship Fund provide scheduled quarterly repurchase opportunities subject to fund terms and capacity. HoneyBricks historically used a token transfer model, but it no longer operates as an independent platform for new investments following its April 2024 acquisition.
Can international investors use mogul?
Eligible non-U.S. investors may be able to invest through mogul, subject to KYC, sanctions, jurisdictional, tax, and legal requirements. mogul's digital-first platform and blockchain-backed ownership records support online participation, and mogul says an investment can be executed in less than 30 seconds. Cross-border tax forms, withholding, and reporting requirements can differ by investor and jurisdiction.
How does mogul select properties?
mogul applies institutional-style underwriting, with less than 1% of reviewed properties passing its selection process. The platform's research analysts and institutional partners use proprietary models combining automated valuation models and comparable-market analysis approaches. Former Goldman Sachs real estate professionals with more than $10 billion of deal experience inform this process. mogul also states that it invests in every property offered on the platform, creating direct financial alignment with investors. Its free real estate calculator provides a way to explore the analytical framework used to assess real estate scenarios.