Choosing the right fractional real estate platform determines how efficiently your capital works toward building long-term wealth. mogul and Realbricks both offer fractional access to residential real estate, but they use different legal structures and different approaches to property selection, income distribution, and investment strategy. mogul provides interests in property-specific investment-club LLCs that own single-family rentals, backed by institutional-grade underwriting from a team with Goldman Sachs experience. Realbricks provides interests in property-specific Series LLC securities associated with long-term rental homes that Realbricks markets as acquired without conventional mortgage financing. Understanding these distinctions, including the difference between higher projected-return strategies with monthly distributions and Realbricks' generally quarterly, discretionary distributions, helps investors select the platform that matches their income objectives and risk tolerance.
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, founded by former Goldman Sachs real estate professionals, applies institutional-grade underwriting, with mogul reporting that fewer than 1% of reviewed properties pass its selection process. mogul targets a projected 15% to 20% annual IRR (a target, not a guarantee).
- mogul provides monthly rental income distributions, while Realbricks generally targets quarterly distributions that are discretionary and not guaranteed. Monthly payments give mogul investors more frequent potential reinvestment dates, though compounding occurs only when distributions are actually reinvested.
- 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. Realbricks does not publicly advertise a comparable first-year loss-protection program.
- mogul offers property strategy diversity including short-term, mid-term, and long-term residential rentals, and also lists sale-leaseback arrangements, while Realbricks currently focuses on long-term single-family rentals.
- The two platforms use different fee structures. mogul's current disclosures describe a 3% one-time platform fee, a possible additional 2% one-time setup fee when rent-ready work is required, and an ongoing 2.5% fee on collected rental income, with no traditional recurring annual AUM fee on invested equity. Realbricks contractually charges a 0.75% quarterly AUM fee (equivalent to roughly 3% annually) plus other fees, though it reported waiving the AUM and management fees for 2024 and 2025.
- Projected returns differ by property and metric. mogul reports a targeted 15% to 20% projected IRR and a company-reported 18.8% average annual IRR across platform properties, while Realbricks currently advertises roughly 3% to 5% estimated dividend yields and a 5% average estimated return on its homepage. IRR and dividend yield are different measures and are not directly comparable.
When investors evaluate fractional real estate platforms, the choice between mogul and Realbricks represents two distinct philosophies toward property investment. Realbricks reports more than 30,000 registered users and focuses on property purchases it markets as debt-light. mogul brings a team with Goldman Sachs experience and higher projected-return strategies to the single-family rental market. This comparison explains why, for investors who prioritize property-level selection, monthly distributions, multiple rental strategies, potential K-1 tax attributes, and institutional-style underwriting, mogul may provide a more suitable structure. Investors should separately evaluate financing, liquidity, offering-specific fees, projected returns, and their own tax circumstances.
Understanding Each Platform's Core Positioning
Realbricks positions itself as an accessible entry point into fractional real estate, emphasizing its $100 minimum investment (10 shares at $10 each) and a property-acquisition strategy it markets as being without conventional mortgages. The platform focuses on long-term single-family rentals. Its earlier inventory was concentrated in Omaha, Nebraska and Princeton, Texas; as of July 2026, its public marketplace also includes offerings associated with Memphis, Indiana and Louisville, Kentucky. Realbricks reports more than 30,000 registered users and highlights a five-star Google review rating on its website.
mogul takes a performance-focused approach to fractional real estate. Founded by Alex Blackwood and Joey Gumataotao, who previously worked in Goldman Sachs real estate and report more than $10 billion of collective investing experience, mogul specializes in short-term, mid-term, and long-term residential rentals, and also lists sale-leaseback arrangements, across high-growth Sun Belt markets. Rather than limiting properties to a single strategy, mogul offers diverse rental approaches through property-specific investment-club LLC structures, giving investors interests in specific homes with transparency into performance metrics.
The fundamental difference: Realbricks provides exposure through Series LLC securities tied to long-term rental homes it markets as debt-light, while mogul offers property-specific LLC interests across diversified rental strategies and broader geographic regions with institutional-grade underwriting. Realbricks markets its homes as acquired without conventional mortgages.
Investment Options Reflect Different Strategic Approaches
Realbricks' investment structure includes:
- Long-term single-family rentals
- Series LLC ownership interests (securities issued by a property-specific Series, not direct deeded title to the underlying home)
- Homes marketed as acquired without conventional mortgages
- Generally quarterly distributions, which are discretionary and not guaranteed
- Current public offerings associated with Omaha, NE; Princeton, TX; Memphis, IN; and Louisville, KY
- 9.8% ownership cap per property
This structure may appeal to investors seeking simplified exposure and a debt-light profile.
mogul's investment offerings focus on:
- Short-term rentals, which target higher revenue potential and capital appreciation
- Mid-term rentals (stays longer than 30 days and under a year, addressing workforce housing demand)
- Long-term residential rentals with stable tenant relationships
- Sale-leaseback arrangements
- Interests in a property-specific investment-club LLC that owns, directly or through a property-owning LLC (PropCo), an individual residential property
- K-1 tax forms, which may pass through depreciation and other tax items, subject to the offering and the investor's individual circumstances
- Properties across Texas, Arizona, California, and other Sun Belt growth markets
mogul's model enables investors to select specific properties and rental strategies rather than being limited to one approach, providing transparency into where capital is deployed and how it generates returns.
For example, while Realbricks currently offers long-term rental exposure, mogul investors can choose between properties like The Axelrod (a six-bedroom Houston short-term rental with a displayed 13.1% Year 1 yield) or The Bowser (a Dallas-area long-term rental), matching investment selection to personal income and growth objectives. Use mogul's free Airbnb calculator to analyze short-term rental potential on any U.S. address.
Pricing Structures Show Distinct Value Propositions
The pricing models reveal each platform's cost structure. Because both fee schedules include multiple components and Realbricks reported waiving some fees, any total-cost comparison should be treated as an illustration rather than an established fact.
Realbricks' fee structure (per its support materials and SEC filing):
- Minimum investment: $100 (10 shares at $10 each)
- AUM fee: 0.75% per quarter (equivalent to roughly 3% annually), assessed at the property or Series level
- Property management fee: approximately 8% of gross rent
- $2.50 buy or sell order fee
- Sourcing fee of up to 7% of property purchase price
- Renovation fee of up to 5.5% of capital-improvement costs
- Disposition fee of 6% to 8% of gross sale price
- Up to a 2% fee on certain manager advances or reimbursable expenses
- Manager entitlement to 20% of distributions beyond return of original capital upon Series liquidation
- Realbricks reported that its manager waived the AUM fee and the 8% gross-rent management fee for 2024 and 2025
mogul's fee structure (per its How It Works page and current comparison pages):
- Average investment of roughly $10,000 per member
- 3% one-time platform fee, included in the initial capitalization
- A possible additional 2% one-time setup fee if a property requires rent-ready work
- An ongoing 2.5% fee on collected rental income
- No traditional recurring annual AUM fee charged against invested equity
- All projected returns are presented net of disclosed fees
On a simplified basis, a one-time 5% assumption applied to a $10,000 allocation would equal $500, though actual one-time fees may be 3% or up to 5% depending on whether the offering incurs the additional setup fee. On the Realbricks side, using its simplified pro rata example, a 0.75% quarterly AUM fee on a $10,000 base would be about $75 per quarter, or roughly $1,500 over five years before any fee waivers. Whether either platform produces lower total costs depends on the individual property's rent, setup requirements, holding period, invested equity, transaction frequency, occupancy, and each platform's complete fee schedule, so a categorical conclusion cannot be drawn from these figures alone.
Target Investors Align with Different Objectives
Realbricks may appeal to:
- Beginners seeking a low entry point
- Investors preferring a debt-light profile
- Those prioritizing mobile app convenience
- Investors comfortable with generally quarterly, discretionary distributions
mogul may appeal to:
- First-time real estate investors seeking optimized projected returns
- Existing property owners evaluating portfolio performance
- Seasoned investors looking for institutional-grade opportunities
- Tech-forward investors valuing blockchain-verifiable records
- Those seeking monthly income and potential K-1 tax attributes
These are positioning statements rather than measured customer demographics. mogul is built for investors focused on institutional-quality properties and higher projected returns rather than on the lowest possible entry point, with a typical investment of roughly $10,000 per member. A larger allocation increases an investor's dollar exposure to a property interest, though it does not by itself change the percentage return. The platform enables diversified portfolio building one property at a time, with visibility into each investment's performance.
Performance and Return Profiles
Both platforms report performance metrics, though the nature of returns differs based on investment structure, strategy, and the measure used. IRR and dividend yield are different metrics and should not be presented as directly exceeding one another.
Realbricks' performance data:
- Currently advertises roughly 3% to 5% estimated dividend yields for featured offerings and a 5% average estimated return on its homepage
- Historical distributions have been reported on a generally quarterly basis
- Distributions are discretionary and not guaranteed on a predictable schedule
mogul's performance data:
- Company-reported 18.8% average annual returns (IRR) across platform properties
- Targeted 15% to 20% projected annual IRR (a target, not a guarantee)
- A 12% minimum projected-IRR hurdle, inclusive of one-time fees
- Monthly rental income distributions
- 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 $10,000 loss protection is a feature mogul describes: if an investor's total return on investments made within the first 7 days results in a loss during year one, mogul states that it covers up to $10,000 from its own balance sheet. Realbricks does not publicly advertise a comparable program.
mogul's focus on single-family rentals positions investors in an asset class that has historically outperformed the S\&P 500 on an annual basis from 1993 to 2023 (13.8% IRR vs. 9.8% IRR), according to Federal Reserve and Case-Shiller Home Index data.
Technology and Transparency Approaches
Realbricks' technology:
- Native iOS and Android mobile applications
- Plaid integration for bank connections
- Generally quarterly distributions when declared
- Annual (Form 1-K), semiannual (Form 1-SA), and current (Form 1-U) reporting under Regulation A
- SEC-qualified Regulation A offerings, with securities-related activity conducted through Dalmore Group LLC, a FINRA- and SIPC-member broker-dealer (offering circular)
mogul's technology infrastructure:
- Avalanche blockchain integration for ownership records, described as immutable and independently verifiable
- Investment execution in under 30 seconds
- Fair-market values for the planned secondary market described as calculated monthly using third-party appraisal-level data
- Real-time property performance metrics
- Google and LinkedIn authentication
mogul's blockchain records are described as permanent and independently verifiable. mogul states that this Avalanche-based infrastructure is intended to support a planned secondary market designed to provide added liquidity, which mogul currently labels "coming soon." Realbricks has similarly described plans for a secondary market through PPEX (North Capital ATS).
Property Selection and Due Diligence
Realbricks' vetting process:
- Vetting with stated high standards
- Homes marketed as acquired without conventional mortgages
- Current offerings associated with Omaha, NE; Princeton, TX; Memphis, IN; and Louisville, KY
- Realbricks states that its team has more than 100 years of combined experience
mogul's selection methodology:
- mogul reports that fewer than 1% of reviewed properties pass its diligence process
- Proprietary underwriting combining nationwide data, market-specific buy boxes, qualitative diligence, and inspections
- Institutional-style analysis with an internal investment committee and a 12% minimum projected-IRR hurdle
- mogul states that it personally invests in every property offered
- Research analysts and institutional partners identify upside potential
- Sun Belt growth markets with strong rent and value appreciation trends
mogul states that its capital sits alongside investor capital in every property, which helps align its economic interests with those of investors.
mogul's free investment property calculator and rental property calculator let investors analyze any U.S. address. mogul says these calculators use institutional-style property data and underwriting tools to project rental income, ROI, IRR, and cash-on-cash yields across multiple scenarios.
Distribution Frequency and Cash Flow
For investors prioritizing regular income, distribution schedules affect cash flow management and potential reinvestment.
Realbricks distributions:
- Generally quarterly when declared and supported by property performance; discretionary and not guaranteed four times per year
- Fees, where charged, are deducted from rental income before payouts
- Fewer scheduled reinvestment dates than a monthly schedule
mogul distributions:
- Monthly rental income payments proportional to ownership stake
- Actual rental revenue (not projected estimates)
- Yearly tax reporting that may include depreciation items via K-1 forms
- Proceeds from eventual property sales after holds generally lasting three to ten years
mogul's monthly distribution model provides up to 12 potential reinvestment dates per year, giving investors more frequent opportunities to redeploy capital than a quarterly schedule. Compounding occurs when an investor reinvests distributions, so the outcome depends on the timing and availability of offerings and the performance of subsequent investments. Investor.gov defines compound growth as earning a return on both invested principal and previously earned returns.
Tax Benefits and Reporting
Tax treatment represents one of the more significant differences between the platforms, though outcomes depend on each investor's circumstances.
Realbricks tax structure:
- Investors purchase interests in property-specific LLC Series, but the issuer (Neptune REM) and each Series have elected to be taxed as corporations
- Investors generally receive Form 1099-DIV rather than Schedule K-1
- Investors generally do not receive direct pass-through depreciation deductions simply because the issuer uses a Series LLC legal structure
mogul's tax reporting:
- K-1 partnership forms, which may pass through income, expenses, and depreciation items, subject to the offering and the investor's circumstances
- Property-specific LLC interests may provide property-level pass-through tax reporting
- Actual tax benefits vary by property and investor
Property-specific LLC interests may pass through depreciation and other tax items on a Schedule K-1. The amount and current usability of those benefits depend on the offering and the investor's individual tax circumstances, including basis, loss-limitation rules, at-risk rules, recapture, and holding period. Investors should consult a tax professional. Learn more about tax planning for real estate investors.
Backing and Market Credibility
Realbricks' credentials:
- Reports more than 30,000 registered users
- Highlights a five-star Google review rating on its website
- SEC-qualified Regulation A offerings; securities-related activity conducted through Dalmore Group LLC (a FINRA- and SIPC-member broker-dealer)
mogul's credentials:
- Founded by Alex Blackwood and Joey Gumataotao, former Goldman Sachs real estate professionals reporting more than $10 billion of collective investing experience
- Seed round of $3.6 million led by AY Ventures, with participation from Draper Associates and other investors
- Investors include Chris Larsen (Ripple co-founder) and Rosa Rios (43rd U.S. Treasurer)
- Reports $90 million in assets on the platform and more than 35,000 users, as of June 1, 2026
- Featured in TechCrunch, Forbes, Wired, Fox Business, and Fortune
- Partnership with The Players Company, an athlete-focused organization
Tim Draper has said that he believes mogul's founding team is reshaping real estate investing and providing long-term wealth-generation opportunities for its users. Rosa Rios stated: "Real Estate, Crowdfunding, Blockchain: three of my favorite concepts. When you combine them with the pedigree of Alex and Joey, I can't imagine a better team to design and execute the mogul strategy."
Why mogul May Deliver Strong Value for Real Estate Investors
Investors weighing fractional real estate face a choice between a debt-light, generally quarterly-distribution approach and a performance-focused approach with monthly distributions and multiple strategies.
Potential advantages of mogul's approach:
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Higher projected returns: mogul targets a projected 15% to 20% annual IRR and reports an 18.8% company-reported average annual IRR. These are targets and company-reported figures, not guarantees, and IRR is not directly comparable to a dividend yield.
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Monthly distributions: mogul provides monthly distributions from actual rental revenue, offering more frequent potential reinvestment dates than a quarterly schedule. Compounding depends on whether and how distributions are reinvested.
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Loss-protection program: 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. Realbricks does not publicly advertise a comparable program.
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Property strategy diversity: mogul offers short-term, mid-term, and long-term rentals plus sale-leasebacks, rather than being limited to long-term rentals.
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Potential tax attributes: K-1 partnership forms may pass through depreciation and other tax items, subject to the offering and the investor's circumstances.
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Fee structure: mogul charges a 3% one-time platform fee, a possible 2% setup fee when rent-ready work is required, and an ongoing 2.5% fee on collected rental income, with no traditional recurring annual AUM fee on invested equity. Whether this results in lower total costs than another platform depends on the specific property, holding period, and the other platform's complete fee schedule.
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Institutional-style underwriting: mogul's team with Goldman Sachs experience applies rigorous underwriting, with mogul reporting that fewer than 1% of reviewed properties pass its process.
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Geographic diversification: mogul offers properties across Sun Belt growth markets.
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Co-investment: mogul states that it invests alongside platform investors in every property, which may help align economic interests.
For investors who prioritize property-level selection, monthly income potential, institutional-grade property selection, and interests in single-family rentals, mogul may represent a suitable approach to building a real estate portfolio. Investors should separately evaluate financing, liquidity, offering-specific fees, projected returns, and their own tax circumstances, since mogul does not guarantee investment performance.
Ready to explore fractional real estate? Analyze potential investments with mogul's free real estate calculator or schedule a call to discuss your investment objectives.
Disclaimer: The information provided in this guide is for educational purposes only and does not constitute financial, tax, or legal advice. Always consult with a licensed professional before making any financial or investment decisions.
Frequently Asked Questions
What is the main difference between mogul and Realbricks?
mogul and Realbricks both offer fractional access to single-family rentals through property-specific LLC structures, but their approaches differ. mogul provides monthly distributions, targets a projected 15% to 20% annual IRR, offers diverse rental strategies (short-term, mid-term, long-term, and sale-leaseback), and provides K-1 tax reporting that may include depreciation items. Realbricks focuses on generally quarterly distributions, currently advertises roughly 3% to 5% estimated dividend yields, offers long-term rentals, and markets its homes as acquired without conventional mortgages. mogul's institutional-grade underwriting from a team with Goldman Sachs experience and its stated $10,000 loss-protection program for new members are among the factors that may make it a suitable choice for investors seeking optimized projected returns. IRR and dividend yield are different metrics and are not directly comparable.
How does mogul's loss protection work compared to Realbricks?
mogul states that it offers up to $10,000 in loss protection for new members: if an investor's total return on investments made within the first 7 days results in a loss during year one, mogul covers up to $10,000 from its own balance sheet. Realbricks does not publicly advertise a comparable first-year loss-protection program. This may make mogul's platform attractive for investors entering fractional real estate for the first time who want some downside protection while building familiarity with the asset class.
How does financing differ between mogul and Realbricks?
mogul uses property-level financing in certain offerings, with loan-to-value ratios generally in the 65% to 75% range and terms that vary by property. When a property's return exceeds its financing cost, this positive leverage can enhance equity returns and is one factor among several in mogul's projected returns. Realbricks markets its homes as acquired without conventional mortgages. For investors who value property-level financing, mogul's approach may offer distinct return characteristics.
Which platform offers different tax treatment?
mogul provides tax reporting through its property-specific LLC structure. Investors receive K-1 partnership forms, which may pass through depreciation and other tax items, subject to the offering and the investor's individual circumstances. The value and usability of those benefits depend on the investor's tax situation. Realbricks investors purchase interests in property-specific LLC Series, but the issuer and each Series have elected corporate tax treatment, and investors generally receive Form 1099-DIV rather than Schedule K-1, without direct pass-through depreciation deductions. Learn more about tax benefits of real estate investing.
Can I invest in both platforms to diversify?
Yes, investors can use multiple platforms. mogul's combination of monthly distributions, higher projected returns, property strategy diversity, and potential K-1 tax attributes may make it a primary choice for building a real estate portfolio, though suitability depends on each investor's objectives. mogul is designed for investors focused on institutional-quality properties and higher projected returns rather than on the lowest possible entry point, with a typical investment of roughly $10,000 per member. Investors should evaluate each platform's fees, financing, liquidity, and tax treatment against their own circumstances.
How do distribution frequencies compare between the platforms?
mogul distributes rental income monthly, while Realbricks generally targets quarterly distributions that are discretionary and not guaranteed. Monthly distributions provide more frequent potential reinvestment dates (up to 12 per year versus roughly 4 for a quarterly schedule). Compounding occurs when investors reinvest the cash, and the resulting return depends on the availability, timing, and performance of subsequent investments. For investors focused on maximizing cash flow, mogul's monthly schedule offers more frequent opportunities to redeploy capital.