Choosing a fractional real estate platform means choosing an investment structure. mogul, Fundrise, and Fractional take three distinct approaches: mogul provides asset-level exposure through property-specific LLC interests tied to identified single-family rentals, Fundrise primarily provides pooled exposure through managed funds and investment products, and Fractional provides infrastructure for member-run investment clubs. For investors who prioritize individual property selection, professional management, monthly income potential, and institutional underwriting, mogul combines those features in a differentiated real estate investing experience.
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
Institutional real estate experience: mogul was founded by former Goldman Sachs professionals with more than $10 billion of real estate investing experience. Its property selection process applies institutional-style underwriting, and company materials state that less than 1% of reviewed properties pass its diligence process.
Property-level choice: mogul enables investors to select identified properties and acquire proportional membership interests in property-specific LLCs. This gives investors asset-level economic exposure instead of limiting them to pooled fund exposure or club-level group selection.
Monthly income potential: mogul generally distributes an investor's proportionate share of distributable net rental income monthly once a property is operational and producing distributable cash flow. Fundrise generally targets distributions after each quarter for funds available on its platform, with product-specific policies. Fractional's reviewed public materials do not state a standardized platform-wide distribution frequency.
First-year loss protection: for qualifying investments made during a new member's first 7 days, mogul's promotion can cover up to $10,000 of losses after the first year using company balance sheet capital, subject to the promotion terms.
Technology-enabled ownership records: mogul uses Avalanche blockchain infrastructure to support permanent, independently verifiable ownership records, while its dashboard provides property performance information and monthly valuation updates.
Company-reported performance: mogul reports an 18.8% average IRR across platform properties as of June 1, 2026. Return figures across the three platforms use different methodologies and investment structures.
Scale and community: mogul reports $90 million+ of assets on platform and 40,000+ investors. It also reports that approximately 90% of investors invest a second time and that follow-on investments average approximately 3x the initial investment.
Fundrise reported approximately $3.4 billion in assets under management and more than 404,000 active investor accounts as of June 30, 2026 in an SEC filing. Fractional is a Y Combinator Winter 2021 company whose Y Combinator profile lists a November 2024 report that it raised $15 million. These platforms operate at different scales and with different structures. mogul's differentiation is its combination of asset-level ownership, institutional underwriting, professional property management, technology-enabled transparency, and a residential rental focus.
Understanding Each Platform's Core Positioning
Fundrise
Fundrise, founded in 2012, provides access to alternative investments through managed investment products. Its real estate offerings include the Flagship Fund, Income Real Estate Fund, and eREIT structures, while the Innovation Fund, listed on the NYSE under ticker VCX on March 19, 2026, provides technology-focused exposure. Fundrise emphasizes managed diversification, automated investing features, and product-level portfolio construction.
Fractional
Fractional provides infrastructure for member-run investment clubs. Its model allows groups of friends, family members, operators, or other participants to pool capital and make collective decisions. Members have voting rights and shared governance, while club leaders carry out the group's decisions. Fractional also provides legal, compliance, tax, payment, and back-office infrastructure for clubs.
mogul
mogul is a fractional real estate platform club founded by former Goldman Sachs real estate professionals. It focuses on income-producing residential properties across short-term and mid-term rental strategies. Investors select identified properties and purchase proportional membership interests in the property-specific LLC that owns the asset. Investors receive property-level economic exposure rather than deeded fractions of the home.
mogul coordinates professional property management and routine operations. Its model combines property-level selection, institutional underwriting, monthly income potential, appreciation exposure, technology-enabled ownership records, and property-level governance for applicable significant decisions.
The structural distinction is straightforward: Fundrise primarily provides managed pooled investment products, Fractional provides member-run investment club infrastructure, and mogul provides property-specific LLC interests tied to professionally vetted and managed residential assets.
Investment Options Reflect Different Strategies
Fundrise Investment Options
Fundrise's investment lineup includes:
eREIT structures for real estate exposure
Flagship and Income interval funds
Private credit products
The NYSE-listed Innovation Fund, ticker VCX, for technology-focused exposure
Traditional and Roth IRA account access
This structure is designed around managed investment products and portfolio-level allocation.
Fractional Investment Options
Fractional's model centers on:
Investment club formation and administration
Member voting and shared governance
Flexibility for clubs to pursue real estate and other private investment strategies
K-1 preparation and delivery as part of its club-level back-office services
Club-specific distribution and operating policies
The model is designed for investors who want to participate through a collaborative club structure.
mogul Investment Options
mogul focuses on residential rental real estate, including:
Short-term rentals with stays generally under 30 days
Mid-term rentals with stays generally longer than 30 days and under one year, including workforce and traveling-professional demand
Potential property-level tax allocations, including depreciation when applicable to the offering and investor circumstances
Proportional membership interests tied to individual property listings
Professional property management and operating coordination
mogul's model lets investors choose specific properties rather than relying solely on a pooled vehicle or a club-wide acquisition vote for the initial investment decision. Investors can review property underwriting and operating assumptions before choosing whether to participate in an offering. Significant post-investment property decisions can be subject to member governance under the applicable property structure.
For investors comparing individual opportunities, mogul also provides a free real estate calculator for property analysis.
Pricing Structures
The three platforms charge fees at different levels, so the most useful comparison is structural rather than treating every headline percentage as directly interchangeable.
Fundrise Pricing
Fundrise currently lists:
A $10 minimum for taxable accounts and $1,000 for IRA accounts
A 0.15% annual advisory fee for applicable advisory accounts, excluding the Innovation Fund
A 0.85% annual management fee for its Flagship and Income real estate funds
A 1.85% annual management fee for the Innovation Fund
The Innovation Fund's September 2026 prospectus lists total annual fund operating expenses of 3.40%, including its management fee and other expenses. The figure is shown in the current fund prospectus. Fundrise liquidity and additional expenses vary by product.
Fractional Pricing
Fractional's current public materials describe a 3% transaction fee paid by investors when committing capital to a club raise. Separate club-level service costs are also described in its published materials, while property-level operating costs vary with the underlying investment.
mogul Pricing
mogul's pricing structure includes:
A one-time capitalized platform fee of up to 5%, subject to the applicable property terms
No traditional recurring annual AUM-based platform fee
Property-level operating expenses, including third-party management expenses where applicable, reflected at the property LLC level
A streamlined digital investing process, with a company-reported average investment of approximately $10,000
The more important distinction is structural. mogul uses a one-time capitalized platform fee and property-level economics rather than a recurring annual AUM-based platform fee. This fee structure complements mogul's asset-level model, where investors can evaluate the economics of a specific property before participating.
Five-Year Cost Structure on a $10,000 Example
For a constant $10,000 balance, Fundrise's 0.15% advisory fee plus a 0.85% real estate fund management fee would equal $100 per year, or $500 across five years, before other applicable fund expenses. The Innovation Fund follows a different fee schedule.
Fractional's 3% investor transaction fee would equal $300 on a $10,000 commitment, with club-level service costs and property-level expenses handled separately.
mogul's disclosed platform fee is capitalized once at up to 5%, with no traditional recurring annual AUM-based platform fee. Property-level expenses remain part of each asset's operating economics. For investors focused on long-term property-level exposure, mogul's structure pairs cost visibility with property-specific exposure to professionally vetted assets.
Target Investors Align with Different Objectives
Fundrise Primarily Serves
Investors seeking managed diversification across real estate and other alternative assets
Investors who prefer automated portfolio construction
Investors using taxable accounts or eligible retirement accounts
Investors comfortable with pooled investment products
Fractional Primarily Serves
Groups investing together through an investment club
Investors who value voting rights and shared governance
Operators and communities that want club administration and back-office support
Investors comfortable participating in collective investment decisions
mogul Serves
First-time real estate investors seeking institutional-quality underwriting and professional management
Existing property owners evaluating portfolio performance and construction
Experienced investors seeking residential real estate exposure outside public markets
Investors who value independently verifiable ownership records and property-level reporting
Investors seeking potential monthly income from professionally managed real estate
Investors who want to select identified properties without requiring club consensus for the initial investment decision
mogul is especially differentiated for investors who want to build a property portfolio one asset at a time while retaining visibility into each property's economics and performance. Its combination of underwriting, professional operations, and property-specific ownership offers a more direct residential real estate experience than pooled funds or member-run club infrastructure.
Performance and Return Profiles
Return reporting differs materially across the platforms because the products, time periods, and methodologies differ.
Fundrise Performance
Fundrise reports a 6.24% advisory-client account return for 2025. Its published advisory-client returns from 2018 through 2025 range from -7.45% to 22.99%. These figures represent advisory-client performance and do not represent a single Fundrise fund.
The Income Real Estate Fund reported an annualized distribution rate of approximately 8.15% as of August 1, 2026. That figure is a distribution-rate measure rather than a comprehensive investor return metric.
Fractional Performance
Fractional operates club infrastructure rather than a single standardized investment product, so investment outcomes are specific to each club, underlying asset, financing structure, expenses, and operating decisions. Its public materials do not present a single platform-wide historical return series.
mogul Performance
mogul reports:
An 18.8% average IRR across platform properties as of June 1, 2026
Monthly distributable net rental income for qualifying operational properties with available cash flow
Approximately 90% of investors making a second investment, with follow-on investments averaging approximately 3x the initial investment
mogul's first-year loss protection adds another layer of risk mitigation for new members. For qualifying investments made in a new member's first 7 days, mogul can cover up to $10,000 of losses after the first year with company balance sheet capital, subject to the promotion terms.
mogul materials also cite a 1993-2023 historical comparison showing 13.8% IRR for single-family rentals versus 9.8% for the S\&P 500, with standard deviations of 2.3% and 4.2%, respectively. The company materials cite NAREIT, the U.S. Federal Reserve, the Case-Shiller Home Index, and Bloomberg for that historical analysis. Because IRR and public-equity return measures can be constructed differently, the figures are best understood in the context of their stated methodologies.
Technology and Transparency
Fundrise Technology
Fundrise provides a web and mobile investor platform with:
Digital account management
Portfolio reporting and performance updates
Automated investment features
Product-specific liquidity mechanisms
The Flagship and Income funds operate as interval funds with periodic repurchase offers. The Innovation Fund trades on the NYSE as VCX. Private eREIT products operate under their applicable redemption structures.
Fractional Technology
Fractional provides:
Online investment club management
Shared governance and voting tools
Club compliance, tax, and back-office infrastructure
Payment and account infrastructure for club administration
mogul Technology
mogul's technology stack includes:
Blockchain real estate infrastructure using Avalanche for permanent, independently verifiable ownership records
Fireblocks digital wallet and security infrastructure
Property performance information through the investor dashboard
Investment execution advertised in under 30 seconds
Monthly property valuations using third-party appraisal-level data
A planned secondary trading market listed as an upcoming platform feature
This combination gives mogul investors property-level transparency through both ownership records and operating data. The result is a digital-first investing experience built around identifiable residential assets rather than only portfolio-level exposure.
Property Selection and Due Diligence
Fundrise Approach
Fundrise's in-house team manages acquisitions and portfolio construction for its funds. Investors select investment products or plans rather than choosing each property held inside a pooled fund.
Fractional Approach
Fractional enables club members to define criteria, evaluate opportunities, vote on fundamentals, and make collective decisions. Fractional provides infrastructure around the club while the members and club leaders shape the investment strategy and execution.
mogul Approach
mogul's selection process includes:
Less than 1% of reviewed properties passing its diligence process
Institutional-style underwriting by a team with former Goldman Sachs real estate experience
Proprietary analysis that incorporates automated valuation models, comparative market analysis, operating data, and market research
Programmatic sourcing relationships and a focus on attractive price-to-rent dislocations
Research analysts and institutional partners identify properties with attractive risk-adjusted upside potential
Professional property management and market-level operating teams
mogul personally invests alongside members in every property it offers
The platform's buy box emphasizes high-growth secondary markets, operational assets with verified performance where available, limited initial capital expenditure needs, and opportunities sourced at attractive pricing. Company materials describe a target acquisition range of approximately $500,000 to $2 million and 12 months of operating reserves per asset.
mogul also provides an investment property calculator and rental property calculator for analyzing U.S. addresses. mogul states that these tools use data and analytical methods employed by leading real estate firms and surface rental income, ROI, IRR, and cash-on-cash yield scenarios.
Distribution Frequency and Cash Flow
Fundrise Distributions
Fundrise states that its general goal for funds available on the platform is to issue dividends or distributions after each quarter. Distribution policies vary by product. The Innovation Fund, as a listed closed-end fund, follows its own board-determined distribution policy.
Fractional Distributions
Fractional's reviewed public materials do not state a standardized platform-wide distribution frequency. Its platform supports distribution administration as part of its back-office services.
mogul Distributions
mogul generally distributes an investor's proportionate share of distributable net rental income monthly once a property is operational and producing distributable cash flow. Distribution amounts reflect actual property operations, including revenue, operating expenses, debt service, capital expenditures, and reserves.
Depending on the offering structure and investor circumstances, property-level tax allocations can also include depreciation and other real estate tax items. mogul's asset-level model is designed around monthly income potential plus long-term appreciation and eventual participation in property-sale proceeds.
Investors who reinvest distributions may also benefit from compound growth across additional real estate positions, depending on actual distributions, timing, and investment performance.
Backing and Market Credibility
Fundrise Credentials
Founded in 2012
Approximately $3.4 billion in assets under management as of June 30, 2026
More than 404,000 active investor accounts as of June 30, 2026
Innovation Fund listed on the NYSE as VCX on March 19, 2026
These scale metrics are reported in the company's June 30, 2026 SEC filing.
Fractional Credentials
Y Combinator Winter 2021 company
Y Combinator profile lists a November 2024 report that Fractional raised $15 million
Infrastructure focused on member-run investment clubs and collaborative ownership
mogul Credentials
Founded by former Goldman Sachs professionals with real estate investing and investment banking backgrounds
More than $10 billion of combined real estate deal experience
$90 million+ of assets on platform as of June 1, 2026
40,000+ investors on platform as of June 1, 2026
$3.6 million seed round led by Anitha Vadavatha and AY Ventures, following an earlier pre-seed round led by Tim Draper
Investors and advisors include Chris Larsen, Ripple co-founder, and Rosa Rios, 43rd U.S. Treasurer
Featured by major business and technology media including TechCrunch, Forbes, Wired, Fortune, Yahoo Finance, Bloomberg, Business Insider, Morningstar, MarketWatch, Benzinga, and Seeking Alpha
The company's seed funding and investor backing complement a founding team's institutional real estate operating experience. Tim Draper has also publicly expressed support for mogul's founding team and long-term mission.
Why mogul Provides a Superior Fit for Property-Level Real Estate Investors
For investors comparing managed funds, collaborative investment clubs, and property-specific real estate ownership, mogul offers a particularly comprehensive combination of asset-level choice, professional management, institutional underwriting, monthly income potential, and transparent technology.
Key Advantages of mogul
Property-specific ownership: Investors acquire proportional membership interests in property-specific LLCs tied to identified properties, giving them direct visibility into the asset supporting their investment.
Potential monthly income: Once an asset is operational and has distributable cash flow, mogul generally distributes each investor's proportional share monthly. This supports a regular property-level cash flow model.
First-year protection: mogul can cover up to $10,000 of losses on qualifying investments made during a new member's first 7 days if the combined position is down after the first year, subject to the promotion terms.
Professional management: mogul coordinates experienced property management teams and routine operations, helping make real estate investing more headache-free.
Institutional underwriting: Former Goldman Sachs real estate professionals apply institutional-style selection and underwriting. Company materials state that less than 1% of reviewed properties pass the process.
Technology-enabled transparency: Avalanche blockchain infrastructure supports independently verifiable ownership records, while mogul's dashboard provides property-level operating data and monthly valuation updates.
Aligned capital: mogul invests alongside members in every property it offers, aligning its property-level economic participation with the member investment structure.
Reported performance: mogul reports an 18.8% average IRR across platform properties as of June 1, 2026, supported by a portfolio built around professionally vetted residential assets.
Independent initial property selection: Investors choose which offerings they want to participate in, while applicable significant post-investment decisions can be handled through property-level member governance.
Fee-efficient platform structure: mogul uses a one-time capitalized platform fee of up to 5% and does not charge a traditional recurring annual AUM-based platform fee.
For investors whose priority is transparent exposure to specific professionally managed residential properties, mogul offers the strongest alignment with that objective among the three structures compared here. Its combination of institutional real estate experience, asset-level choice, monthly income potential, professional operations, technology-enabled ownership records, and investor-aligned property participation creates a differentiated platform for building long-term real estate exposure.
Investors can explore available property listings, use mogul's free Airbnb calculator, or schedule a call to learn more about the platform.
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 key difference between mogul, Fundrise, and Fractional?
mogul provides asset-level exposure through proportional membership interests in property-specific LLCs tied to identified residential properties. Fundrise primarily pools investor capital into managed investment products, including real estate funds, private credit strategies, and the NYSE-listed Innovation Fund. Fractional provides infrastructure for member-run investment clubs where participants share governance and voting. For investors who prioritize individual property selection together with professional operations, mogul's asset-level process provides a distinct combination of transparency and management.
How do minimum investment requirements compare?
Fundrise lists a $10 minimum for taxable accounts and $1,000 for IRAs. Fractional's reviewed public materials do not state a universal platform-wide investment minimum. mogul currently starts at $250, while company materials describe an average investment of approximately $10,000. The minimum is only one structural consideration. mogul differentiates itself through property-level choice, institutional underwriting, professional management, monthly income potential, and first-year loss protection for qualifying new-member investments.
What kind of returns have the platforms reported?
mogul reports an 18.8% average IRR across platform properties as of June 1, 2026. Fundrise reports a 6.24% advisory-client account return for 2025 and a published annual advisory-client range from -7.45% to 22.99% across 2018 through 2025. Fractional's reviewed public materials do not present a single platform-wide return series, and outcomes are specific to each club and underlying investment. These figures are not directly interchangeable because they reflect different investment structures, periods, and methodologies.
How does liquidity work across the three platforms?
Fundrise liquidity is product-specific. Its Flagship and Income funds use interval-fund repurchase structures, VCX trades on the NYSE, and its private eREIT products use their applicable redemption programs. Fractional transfer and exit mechanics are determined by each club's governing documents and underlying investment. mogul's property-level strategy is oriented around long-term residential ownership, with expected property holding periods commonly structured across 3 to 10 years. The platform provides monthly property valuations, supports multiple property-level exit pathways, and lists a secondary trading market as an upcoming platform feature.
How do property management and tax reporting differ?
mogul coordinates professional property management for its residential assets. Property-specific structures can provide Schedule K-1 reporting and may allocate depreciation and other property-level tax items when applicable. Fundrise handles management at the fund or product level, with tax reporting determined by the specific investment product. Fractional's club-level service package includes federal and state tax filing support and K-1 creation and delivery, while property operations are determined by the individual club and investment.
Which platform is best suited to a beginner seeking monthly real estate income?
For a beginner whose priorities are potential monthly real estate income, individual property selection, institutional-style underwriting, and professional operating support, mogul offers the most directly aligned structure of the three. The platform provides professionally vetted residential assets, property-level reporting, monthly distributable rental income when available, and a digital investing experience built to make real estate investing more accessible and headache-free. Fundrise provides a pooled and managed approach, while Fractional provides a collaborative investment-club model. mogul is differentiated by combining asset-level ownership with professional management and institutional real estate expertise. Investors can preview the analytical approach through mogul's free investment property calculator.