Real estate investment platforms can differ substantially in ownership structure, diversification, income cadence, and investor access. mogul provides property-specific fractional ownership through LLC membership interests tied to identifiable single-family rentals, Fundrise offers diversified real estate funds with low minimums, and Cadre historically focused on institutional commercial real estate for accredited investors. Yieldstreet acquired Cadre in January 2024, and Yieldstreet changed its name to Willow Wealth in November 2025. Existing Cadre investors can still access the Cadre portal, while new investors are directed to Willow Wealth. These distinctions separate property-specific residential LLC ownership from fund-based investing and legacy institutional commercial real estate structures.
Disclaimer: The information provided in this guide is for educational purposes only and does not constitute financial, tax, or legal advice. Always consult with a licensed professional before making any financial or investment decisions.
Key Takeaways
mogul's team of former Goldman Sachs real estate professionals applies institutional-style underwriting, and the company reports that less than 1% of reviewed properties pass its selection process. Current mogul materials report an average investment of approximately $10,000 and separately report a typical portfolio allocation of $17,321 per property
mogul generally makes monthly distributions once a property is operational and has distributable net rental income, while relevant Fundrise real estate products generally use quarterly distributions and some legacy Cadre investments generally distributed available cash quarterly, subject to vehicle and property performance
mogul states that qualifying investments made during a new member's first 7 days are eligible for first-year loss protection, and if their aggregate total return reflects a covered loss after one year, mogul will cover qualifying losses up to $10,000, subject to the applicable promotion terms
mogul's Avalanche blockchain infrastructure provides independently verifiable ownership records, while its dashboard provides property-performance information and monthly property valuations using third-party appraisal-level data
mogul does not charge a traditional recurring AUM-based management fee on invested equity, while Fundrise's standard real estate fund structure generally combines a 0.85% management fee with a 0.15% advisory fee, for approximately 1.00% annually
mogul is available to eligible non-accredited as well as accredited investors, while legacy Cadre offerings commonly used accredited-investor eligibility, with a January 2021 Direct Access Fund overview listing a $50,000 minimum commitment. Current Willow account and offering structures differ from legacy Cadre terms
When investors evaluate real estate platforms, the choice between mogul, Fundrise, and Cadre represents three philosophies toward property investment. Fundrise reported $3.4 billion in assets under management and more than 404,000 active investor accounts as of June 30, 2026 in an SEC filing, while Cadre's widely cited legacy aggregate performance figure was approximately 27.6% realized net IRR based on data through December 31, 2022, as reported in a Cadre release. mogul brings a technology-forward approach informed by former Goldman Sachs real estate experience to the single-family rental market. For investors prioritizing property-level selection, transparency, and institutional-style underwriting, mogul's combination of accessibility and asset-specific exposure can offer a compelling alternative to pooled funds and legacy accredited-only deal structures.
Understanding Each Platform's Core Positioning
Fundrise positions itself as an accessible gateway to diversified real estate, offering exposure through pooled real estate funds. Founded in 2012, Fundrise reported $3.4 billion in AUM and more than 404,000 active investor accounts as of June 30, 2026. The platform may appeal to investors seeking hands-off exposure to real estate through fund-level allocation.
Cadre historically operated as a platform for accredited investors seeking institutional commercial real estate deals. Founded in 2014 and backed by firms including Andreessen Horowitz, Goldman Sachs, and Khosla Ventures, Cadre's widely cited legacy aggregate performance figure was approximately 27.6% realized net IRR based on data through December 31, 2022, as reported in a Cadre release. Yieldstreet acquired Cadre in January 2024. Yieldstreet subsequently changed its name to Willow Wealth in November 2025. Existing Cadre investors retain portal access, while new investors are directed to Willow Wealth.
mogul takes a focused approach to fractional real estate. Founded by former Goldman Sachs real estate professionals with more than $10 billion in combined deal experience, mogul specializes in single-family residential rentals including short-term and mid-term strategies. Rather than pooling investments into a fund, mogul provides property-specific fractional ownership through membership interests in LLCs tied to identifiable homes. The property-owning LLC holds title, while investors hold membership interests that provide property-level economic and governance exposure.
The fundamental difference: Fundrise investors acquire shares of pooled funds, legacy Cadre investors accessed institutional commercial real estate deals, while mogul investors hold membership interests in property-specific LLCs tied to identifiable residential properties.
Investment Structures Reflect Different Strategic Approaches
Fundrise's investment portfolio includes:
eREITs and other funds that hold diversified private real estate assets
Quarterly distributions for relevant real estate products
Automatic recurring investments allocated according to the investor's selected investment plan, with the underlying funds providing diversified asset exposure
$10 minimum investment for eligible taxable accounts
Traditional and Roth IRA account support
This structure may appeal to investors seeking diversified exposure through managed funds without selecting individual properties.
Cadre's investment offerings (historical):
Individual commercial real estate deals
Office, multifamily, and industrial properties
Legacy minimums varied by product and period; a January 2021 Direct Access Fund overview listed a $50,000 minimum commitment
Accredited-investor eligibility. Under the SEC's current definition, individuals can qualify through specified income, net-worth, or professional-credential tests
Legacy quarterly secondary-market trading windows for certain investments
Note: Yieldstreet acquired Cadre in January 2024, Yieldstreet became Willow Wealth in November 2025, and new investors are now directed to Willow Wealth while existing Cadre investors retain portal access. Current Willow account minimums and offering-specific minimums differ from legacy Cadre terms.
mogul's investment offerings focus on:
Short-term rentals, including Airbnb-style properties with property- and market-specific operating profiles
Mid-term rentals, including stays longer than 30 days and shorter than one year that can address workforce housing, traveling-professional, and extended-stay demand
Property-specific LLCs that may allocate depreciation and other property-level tax items through Schedule K-1 reporting, with actual tax treatment depending on the offering and each investor's circumstances
Property-specific LLC membership interests tied to individual properties
mogul's model enables investors to select specific properties rather than investing only through pooled funds, providing transparency into exactly where capital is deployed. mogul property pages present underwriting assumptions, revenue inputs, and market comparisons. The free real estate calculator can also be used for property scenario analysis.
Pricing Structures Show Distinct Value Propositions
The pricing models reveal each platform's approach to investor value, but the fee bases are not directly interchangeable.
Fundrise's pricing structure:
$10 minimum investment for eligible taxable accounts
0.15% advisory fee + 0.85% management fee \= approximately 1.00% annually for the standard real estate fund structure
Most Fundrise funds use quarterly liquidity mechanisms under the applicable product terms
Cadre and Willow pricing structure:
Legacy minimums varied by product and period; a January 2021 Direct Access Fund overview listed a $50,000 minimum commitment
Current Willow disclosures describe annual fund asset-management fees as averaging approximately 1% to 1.5% of then-current equity value in the June 2026 Regulation Best Interest disclosure
Certain vehicles can also bear administration fees, placement or acquisition fees, and performance-related economics depending on the offering
Current Willow Form CRS states that non-discretionary advisory services have no formal account minimum, discretionary managed accounts require a $25,000 opening balance, and individual offerings can impose separate minimums
mogul's pricing structure:
mogul reports an average investment of approximately $10,000 and separately reports a typical portfolio allocation of $17,321 per property
3% platform fee, plus a possible 2% setup fee where applicable, both calculated on the property purchase price and capitalized into the transaction, for a total capitalized amount of up to 5% of the property purchase price
No traditional recurring AUM-based management fee on invested equity
Professional property management is coordinated by mogul, with property-level operating expenses, reserves, and offering-specific economics reflected in the applicable offering structure
Fee structure comparison:
mogul
Upfront/transaction-level fees: 3% platform fee plus a possible 2% setup fee, calculated on property purchase price and capitalized into the transaction.
Recurring fees: No traditional recurring AUM fee on invested equity.
Important modeling note: The capitalized fee is calculated at the property level rather than as a direct percentage of an investor's $10,000 contribution.
Fundrise
Upfront/transaction-level fees: Varies by product.
Recurring fees: Standard real estate fund structure generally combines 0.85% management + 0.15% advisory.
Important modeling note: The combined 1.00% annual figure reflects the 0.85% real estate fund management fee plus the 0.15% advisory fee.
Cadre / Willow
Upfront/transaction-level fees: Vehicle-specific and may include placement, acquisition, transaction, or other fees.
Recurring fees: Current Willow disclosures describe annual fund asset-management fees as averaging about 1% to 1.5% of then-current equity value, with other vehicle-specific economics possible.
Important modeling note: Overall costs vary by vehicle because fee structures are offering-specific.
mogul's structure means there is no traditional recurring AUM-based fee on invested equity, with property-level operating expenses and offering-specific economics reflected separately at the asset level. Investments generally use 3-10 year hold frameworks, with timing determined by the property and offering structure.
Target Investors Align with Different Objectives
Fundrise may appeal to investors seeking:
A low initial entry point
Pooled diversification rather than individual property selection
Automatic recurring investment features
A more hands-off, fund-based real estate allocation
Legacy Cadre may have appealed to:
Accredited investors meeting applicable SEC eligibility criteria
Investors able to meet legacy minimum requirements, including the $50,000 minimum commitment listed in a January 2021 Direct Access Fund overview
Investors seeking commercial real estate exposure
Investors comfortable with institutionally structured private-market deals and longer-term holding periods
mogul's model is designed for:
First-time real estate investors building portfolios
Existing property owners evaluating portfolio performance
Seasoned investors seeking risk-adjusted returns outside volatile public markets
Tech-forward investors valuing blockchain-verifiable ownership records
Those seeking potential monthly income from real estate
This distinction matters fundamentally. mogul enables building diversified property portfolios one property at a time, with full visibility into each investment property's performance. mogul is available to eligible non-accredited as well as accredited investors, subject to onboarding, KYC, applicable law, offering-specific requirements, and availability.
Performance and Return Profiles
The platforms report different performance metrics, and those figures are not always directly comparable across structures or methodologies.
Fundrise's performance data:
2025 Fundrise Advisors advisory-client-account return: 6.24%
2024 Fundrise Advisors advisory-client-account return: 5.75%
2023 Fundrise Advisors advisory-client-account return: -7.45%
Founded in 2012, giving Fundrise approximately 14 years of operating history as of 2026
Fundrise states that these advisory-client-account figures do not represent every individual investor's performance or the performance of an individual or aggregate Regulation A fund.
Cadre's performance data (historical, pre-acquisition):
Cadre's last widely cited legacy aggregate performance figure was approximately 27.6% realized net IRR based on data through December 31, 2022
The commonly cited legacy Cadre aggregate performance figure reflects realized investments through December 31, 2022
mogul's performance data:
18.8% average annual return across platform assets as of June 1, 2026, as reported by mogul; mogul's company materials also describe 18.8% as average IRR
Generally monthly distributions once a property is operational and has distributable net rental income, with amounts varying based on property performance and available distributable cash
Qualifying investments made during a new member's first 7 days are eligible for mogul's first-year loss protection; if their aggregate total return reflects a covered loss after one year, mogul states that it will cover qualifying losses up to $10,000, subject to the applicable promotion terms
The $10,000 first-year loss protection applies to qualifying investments made during a new member's first 7 days if their aggregate total return reflects a covered loss after one year, with coverage governed by mogul's applicable promotion terms.
Technology and Transparency Approaches
Fundrise's technology:
Mobile app and web access
Quarterly investor and performance updates, with additional reporting and disclosures varying by fund
Automatic investment features with recurring contributions
Online account management through the Fundrise platform
Cadre's technology (historical and current access):
Web-based investor portal for existing Cadre investors
Legacy quarterly secondary-market trading windows for certain investments
Current Willow Wealth Markets operates an ATS for interests in certain real estate private funds, subject to transaction-specific liquidity and availability
mogul's technology infrastructure:
Avalanche blockchain integration for independently verifiable ownership records
Fireblocks digital-wallet and security infrastructure
Dashboard access to property-performance information
Investment execution marketed as possible in under 30 seconds
Monthly property valuations using third-party appraisal-level data
mogul's blockchain infrastructure provides independently verifiable ownership records and is designed to support secondary-market share trading as the platform expands its ownership functionality.
Property Selection and Due Diligence
Fundrise's vetting process:
Fundrise identifies, acquires, and manages private real estate assets on behalf of its funds
Fund portfolios can span multiple real estate strategies, with diversification varying by fund and investment plan
Investors hold fund-level interests rather than direct interests in individual Fundrise properties, although Fundrise publishes asset-level and property-level portfolio disclosures
Cadre's vetting process (historical):
In-house underwriting of commercial real estate opportunities
Sponsor vetting as part of the historical underwriting process
Deal-specific terms and disclosures varied by offering
mogul's selection methodology:
Less than 1% of reviewed properties pass mogul's diligence process
Proprietary underwriting models combining AVMs and CMAs
Institutional-style underwriting informed by the founders' Goldman Sachs real estate experience
mogul states that company or founder capital is invested alongside members in every offered property
Research analysts and institutional partners use proprietary underwriting to identify properties mogul believes offer attractive upside potential
The alignment of interests matters: mogul states that company or founder capital sits alongside member capital in every property, helping align economic incentives.
mogul states that its free investment property calculator and rental property calculator can analyze any U.S. address using data and analytical methods comparable to those used by professional real estate firms.
Distribution Frequency and Cash Flow
For investors prioritizing regular income, distribution schedules can affect cash flow planning.
Fundrise distributions:
Quarterly dividend distributions for relevant real estate products
Automatic dividend reinvestment according to the investor's chosen investment plan
Dividends are not guaranteed and are expected to fluctuate throughout the year
Cadre distributions (historical):
Some legacy Cadre investments, including the Direct Access Fund, generally distributed available cash quarterly
Amount and timing depended on property and vehicle performance
mogul distributions:
Generally monthly distributions once a property is operational and generates distributable net rental income, proportional to each member's interest
Distribution amounts reflect available distributable cash after applicable property expenses, debt service, fees, capital expenditures, and reserves
Property-specific LLCs may allocate depreciation and other property-level tax items through Schedule K-1 reporting, with actual tax treatment depending on the offering and each investor's circumstances
Potential proceeds from eventual property sales after the applicable hold period
When distributions are available, mogul's monthly schedule can create more frequent reinvestment opportunities than quarterly payment schedules, which can support a more active compounding strategy.
Backing and Market Credibility
Fundrise's credentials:
Founded in 2012, giving it approximately 14 years of operating history as of 2026
$3.4 billion AUM and more than 404,000 active investor accounts as of June 30, 2026
Cadre's credentials (historical):
Founded in 2014 and backed by Andreessen Horowitz, Khosla Ventures, Goldman Sachs, and other investors
Yieldstreet acquired Cadre in January 2024
mogul's credentials:
Founded by former Goldman Sachs real estate professionals with more than $10 billion in combined deal experience
Raised a $3.6 million seed round led by Anitha Vadavatha of AY Ventures, with participation from Tim Draper-affiliated investors; mogul states that Tim Draper led an earlier pre-seed round
Investors and advisors include Chris Larsen, Ripple co-founder, and Rosa Rios, 43rd U.S. Treasurer
Featured in TechCrunch, Forbes, Wired, Yahoo Finance, and Fortune
More than $90 million of assets on the platform and more than 40,000 investors as of June 1, 2026
mogul says Tim Draper cited the founding team's experience and ambition as drivers of Draper Associates' investment and separately expressed support for the company's mission.
Liquidity and Secondary Markets
Private real estate and publicly traded securities use different liquidity structures. Each platform addresses transfer or redemption through its own mechanisms.
Fundrise liquidity:
Most Fundrise funds review liquidation requests quarterly
Redemption mechanics depend on the applicable fund terms
Cadre and Willow liquidity:
Legacy Cadre offered quarterly secondary-market trading windows for certain investments
Current Willow Wealth Markets operates an ATS for interests in certain real estate private funds
Transaction availability depends on the applicable private-market vehicle and transaction terms
mogul liquidity:
Properties generally use 3-10 year hold frameworks, with monthly distributions once a property is operational and has distributable net rental income
Monthly property valuations using third-party appraisal-level data
Blockchain infrastructure designed to support secondary-market share trading and future transfer capabilities
mogul's technology foundation incorporates infrastructure designed to support secondary-market functionality and additional transfer capabilities as the platform scales.
Why mogul Offers a Differentiated Value Proposition for Property-Level Investors
Investors seeking accessible entry into real estate can choose among pooled funds, private institutional deals, and property-specific residential LLC interests.
Key advantages of mogul's approach:
Property-specific ownership structure: The structure uses membership interests in LLCs tied to specific properties rather than only pooled fund interests. The property-owning LLC holds title, while investors receive property-level economic and governance exposure.
Monthly income potential: Once a property is operational and has distributable net rental income, mogul generally makes monthly distributions proportional to ownership interest. Amounts vary with actual property performance and available distributable cash.
Risk mitigation: Qualifying investments made during a new member's first 7 days are eligible for mogul's first-year loss protection; if their aggregate total return reflects a covered loss after one year, mogul states that it will cover qualifying losses up to $10,000, subject to the applicable promotion terms.
No traditional recurring AUM fee: mogul does not charge a traditional recurring AUM-based management fee on invested equity. Property-level operating expenses, reserves, and offering-specific economics are reflected separately at the asset level.
Institutional expertise: Former Goldman Sachs real estate professionals apply institutional-style underwriting, and mogul reports that less than 1% of reviewed properties pass selection.
Blockchain transparency: Avalanche integration provides independently verifiable ownership records and is designed to support future secondary-market functionality.
Aligned interests: mogul states that company or founder capital is invested alongside members in every property, helping align economic incentives.
Accessibility: mogul's platform is available to eligible non-accredited as well as accredited investors, subject to onboarding, KYC, applicable law, offering-specific requirements, and availability. mogul reports an average investment of approximately $10,000.
Reported historical platform performance: mogul reports an 18.8% average annual return across platform assets as of June 1, 2026, a historical platform metric that is distinct from Fundrise's advisory-client-account return series.
For investors prioritizing property-level selection, potential monthly distributions, institutional-style underwriting, and technology-enabled ownership records, mogul offers a differentiated and potentially more attractive approach than pooled or legacy accredited-only structures. That value proposition is strongest for investors who specifically want identifiable residential assets rather than broad fund exposure.
mogul also provides a free Airbnb calculator for short-term rental scenario analysis and a schedule a call page for platform-related questions.
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 difference between fractional real estate ownership and fund-based investing?
Fractional ownership through mogul means investors hold membership interests in property-specific LLCs tied to identifiable homes. The LLC holds title to the property, while investors receive property-level economic and governance exposure. Fund-based platforms like Fundrise issue fund shares rather than direct interests in individual properties. Fundrise real estate funds hold diversified private real estate assets, which can include property equity, preferred equity, private credit, and other real-estate-related investments. For investors who value selecting identifiable residential assets, fractional ownership through mogul's platform provides that property-specific connection.
How does mogul select properties for investment?
mogul applies institutional-style underwriting informed by its founders' Goldman Sachs real estate experience, and the company reports that less than 1% of reviewed properties pass its diligence process. The platform's research analysts and institutional partners use proprietary models combining automated valuation models (AVMs) and comparative market analysis (CMA) tools to identify properties mogul believes offer attractive upside potential. mogul also states that company or founder capital is invested alongside members in every offered property, helping align economic incentives. mogul's free investment property calculator provides a public example of its data-driven property analysis for U.S. addresses.
Can non-accredited investors use mogul?
Yes. mogul is available to eligible non-accredited as well as accredited investors, subject to onboarding, KYC, applicable law, offering-specific requirements, and availability. Legacy Cadre offerings historically targeted accredited investors. Under the SEC's current accredited-investor definition, an individual can qualify through income above $200,000 individually or $300,000 jointly in each of the prior two years with a reasonable expectation of the same in the current year, net worth above $1 million excluding the primary residence, or certain qualifying professional credentials.
What historical return metric does mogul report?
mogul reports an 18.8% average annual return across platform assets as of June 1, 2026. This is a historical platform metric and does not describe an individual investor outcome. mogul provides property-level underwriting with revenue assumptions, market comparisons, and scenario analysis. For qualifying new-member investments made during the first 7 days, mogul states that if their aggregate total return reflects a covered loss after one year, it will cover qualifying losses up to $10,000, subject to the applicable promotion terms.
How does distribution frequency differ between these platforms?
Once a property is operational and generates distributable net rental income, mogul generally makes monthly distributions proportional to each member's interest. Amounts depend on property performance and available distributable cash. Fundrise real estate products generally use quarterly distributions. Some legacy Cadre investments, including the Direct Access Fund, generally distributed available cash quarterly, with timing and amounts dependent on vehicle and property performance. When distributions are available, mogul's monthly schedule can create more frequent opportunities to reinvest and compound returns.
Is Cadre still accepting new investors?
Cadre's live site directs new investors to Willow Wealth, while existing Cadre investors retain access to the Cadre portal. Yieldstreet acquired Cadre in January 2024, and Yieldstreet changed its name to Willow Wealth in November 2025. By contrast, mogul's single-family rental model offers property-specific LLC interests and access for eligible non-accredited investors.