Fractional real estate platforms can provide access to residential property through very different ownership structures. mogul, Fundrise, and Roots represent three distinct models. mogul provides property-specific access through fractional membership interests in LLCs tied to identifiable residential properties. Fundrise generally provides diversified exposure through pooled real estate funds and eREIT structures. Roots operates a private residential REIT with a social impact component. These structural differences shape how investors see underlying assets, receive distributions, access tax reporting, and participate in property economics.
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 background: mogul was founded by former Goldman Sachs professionals with more than $10 billion in combined real estate deal experience. The platform applies institutional-style underwriting to professionally vetted and managed residential properties.
Property-specific ownership structure: mogul offers membership interests in property-specific LLCs tied to identifiable homes, with governance rights defined by the applicable operating agreement. Fundrise and Roots primarily use pooled investment structures.
Monthly income orientation: mogul is designed around monthly income from rental operations, with distributions generally made when a property is operational and distributable net rental income is available. Fundrise distribution timing varies by vehicle, while Roots generally reports quarterly distributions.
First-year protection: qualifying new members can receive first-year loss protection of up to $10,000 on investments made during their first 7 days, subject to the program terms. This adds a distinctive protection feature to mogul's platform model.
Technology-enabled ownership: mogul uses blockchain infrastructure as an additional ownership-record layer and uses digital infrastructure to support property-level transparency.
Reported performance: mogul reports an 18.8% average annual return measured as IRR across platform properties as of June 1, 2026. Fundrise reported a 6.24% advisory-client-account return for 2025, while its Flagship Fund returned 1.3% in 2025. Roots reported a 13.13% CAGR from July 1, 2021 through July 10, 2026. These figures use different methodologies and periods, so they should be read as separate reported metrics rather than as a like-for-like ranking.
Fee structure: mogul does not charge a traditional recurring AUM-based management fee on invested equity. Fundrise and Roots use different fund and property-level expense structures, so direct fee comparisons depend on the specific vehicle and investment structure.
When evaluating these platforms, the most important distinction is structural. Fundrise reported $3.43 billion in assets under management and more than 404,000 active investor accounts as of June 30, 2026. Roots reported approximately $134.3 million in net asset value as of July 10, 2026. mogul takes a more property-specific approach, combining asset-level selection, institutional underwriting, technology-enabled ownership records, and direct visibility into identifiable single-family rental investments.
Understanding Each Platform's Core Positioning
mogul is a fractional real estate platform club founded by former Goldman Sachs executives. Its primary operating models are single-family short-term and mid-term rentals. Rather than allocating investor capital only through a pooled portfolio, mogul gives members access to interests in property-specific LLCs associated with identifiable homes. Ownership is represented through the LLC interest, with economic and governance rights defined by the applicable operating agreement. The platform is designed to make real estate investing more accessible and headache-free while preserving property-level visibility.
Fundrise was founded in 2012 and offers diversified exposure through pooled real estate vehicles, including its Flagship Real Estate Fund, Income Real Estate Fund, and current eREIT structures. Its model is designed around professionally managed portfolio allocation across multiple real estate investments.
Roots operates a pooled private residential REIT with a social impact mission. Its REIT entity was formed in December 2020 and began operations in 2021. Roots also uses a renter wealth-building model in which eligible renter rewards can be invested in fund units.
The central distinction is that mogul connects investors to fractional membership interests in property-specific LLCs tied to identifiable homes, while Fundrise and Roots generally allocate capital through pooled investment vehicles. That property-level structure gives mogul members direct visibility into the assets associated with their investment interests.
Investment Options and Ownership Structures
mogul's investment offerings focus on:
Short-term rentals, including high-end homes operated for stays of less than 30 days, with potentially higher revenue or yield than traditional long-term rentals depending on market, occupancy, pricing, expenses, and property performance
Mid-term rentals, generally using stays longer than 30 days to address workforce and temporary-housing demand
Long-term residential rentals and buy and hold strategies where available
Sale-leaseback strategies referenced in mogul public materials, with availability varying by offering
Property-specific LLC membership interests tied to individual investment properties
Potential allocation of depreciation and other property-level tax items through Schedule K-1, depending on the applicable structure and investor circumstances
mogul's supplied company materials describe a target buy box of approximately $500,000 to $2 million per property, with a focus on high-growth secondary markets, strong price-to-rent dislocation, and opportunities sourced through institutional and local relationships. The materials also describe 12 months of operating reserves per asset and professional property management teams with local market coverage.
Fundrise's investment portfolio includes:
The Flagship Real Estate Fund
The Income Real Estate Fund
Current eREIT structures
Exposure across residential, multifamily, industrial, and other real estate sectors
Traditional and Roth IRA support
Fund-based allocation across multiple underlying assets
Roots' investment structure includes:
REIT shares providing pooled residential real estate exposure
A renter wealth-building program that can convert eligible rewards into Roots fund units
Investor education and rewards programs
Self-directed retirement account access through a custodian
Quarterly distributions, subject to fund performance and manager discretion
mogul's model lets investors review individual assets before selecting a property-specific LLC interest. Members can see property underwriting, target yields, annual revenue, market comparisons, and other deal information rather than receiving exposure only through a pooled portfolio. Investors can also use mogul's free real estate calculator to model property economics.
Pricing Structures and Fee Comparisons
The platforms use different fee bases, so headline percentages should be interpreted in the context of each vehicle rather than converted into a single simplified cost comparison.
mogul's pricing structure:
The brand guidelines describe an average investment of approximately $10,000 and a typical portfolio allocation of $17,321 per property
A 3% platform fee plus a possible 2% setup fee when rent-ready preparation is required, calculated on the property purchase price and capitalized into the transaction
No traditional recurring AUM-based management fee on invested equity
Professional property management is coordinated within the operating structure, while property-level operating expenses remain part of each asset's economics
For legal and fee information, investors can review mogul's platform disclosures.
Fundrise's pricing structure:
A $10 minimum for taxable accounts
A commonly described advisory and management fee structure of approximately 1% for its real estate funds
Vehicle-specific expenses that can differ from the headline advisory and management fee
The May 2026 Income Fund prospectus listed a 0.85% management fee and 2.13% total annual fund operating expenses under its stated assumptions, excluding certain indirectly borne property-level expenses
Roots' pricing structure:
A $100 minimum investment
Published per-investment transaction fees, with fee waivers available through certain Roots membership programs
No advertised investor-level AUM fee, while the REIT bears manager and property-level fees and expenses
A quarterly redemption framework in which units held for less than one year are generally redeemed at 92% of applicable NAV, subject to program terms and limits
mogul's fee distinction is straightforward: the platform does not charge a traditional recurring AUM-based management fee on invested equity. That structure keeps the platform-level fee model closely connected to the underlying property transaction rather than a recurring percentage of investor equity.
Performance Metrics and Return Profiles
Historical performance figures across mogul, Fundrise, and Roots use different calculation methods, periods, and investment populations.
mogul's performance data:
18.8% average annual return measured as IRR across platform properties as of June 1, 2026, as reported by mogul
A 15% to 20% target levered return range in mogul's underwriting framework
Monthly income orientation through rental operations
First-year protection of up to $10,000 for qualifying new member investments made within the first 7 days, subject to the promotion terms
mogul's supplied company overview also reports a weighted target range of approximately 17% to 22% for mid-term rentals and approximately 13% to 18% for short-term rentals. These are underwriting targets used in the platform's investment framework, not promised outcomes.
Fundrise's performance data:
6.24% return for advisory client accounts in 2025
1.3% return for the Flagship Fund in 2025
Approximately 14 years of operating history in 2026 based on its 2012 founding date
Roots' performance data:
13.13% compound annual growth rate from July 1, 2021 through July 10, 2026
12.01% trailing 12-month return through July 10, 2026
Operating history since 2021
Quarterly distributions subject to fund performance and manager discretion
These reported performance measures are not directly comparable. mogul's figure is an average annual IRR across platform properties, Fundrise's 6.24% figure is an advisory-client-account return for one year, and Roots reports a multi-year CAGR. Different time periods, cash flow assumptions, investment populations, and calculation methods can produce materially different headline figures.
mogul's first-year protection adds another platform feature to the return framework. If the aggregate total return after one year on qualifying investments made during a new member's first 7 days is negative, mogul states that it can cover up to $10,000 of that loss from its own balance sheet, subject to the program terms.
Technology Infrastructure and Transparency
mogul's technology infrastructure:
Avalanche-based blockchain real estate infrastructure as an additional, independently verifiable ownership-record layer
Fireblocks secure digital-wallet infrastructure
Real-time property performance information through the mogul dashboard
Digital investment execution that mogul says can take approximately 30 seconds or less, subject to verification, funding, and eligibility
Monthly property valuation updates using third-party appraisal-level data
Technology intended to support a planned secondary market for share trading
mogul's blockchain layer complements conventional legal documentation for each property-specific LLC. The technology is designed to strengthen transparency, record keeping, and operational efficiency while keeping the investment tied to real residential property rather than a crypto asset.
Fundrise's technology includes:
RealAI, its AI-enabled real estate analytics platform
The Basis operating system for asset management
The Cornice operating system for investor servicing and fund management
Mobile applications for iOS and Android
A Connect API for financial platforms and investment applications
Roots' technology includes:
A web-based investor portal
Native iOS and Android applications
Wealth building education and Investable Rewards within its mobile experience
Standard periodic reporting
mogul's technology is differentiated by its combination of property-level investment access, digital ownership records, and asset-specific performance visibility. This infrastructure supports a more transparent connection between the member's investment interest and the underlying residential property.
Property Selection and Due Diligence Approaches
mogul's selection methodology:
Less than 1% of reviewed properties pass mogul's reported diligence process
Institutional underwriting informed by the founders' Goldman Sachs real estate experience
Automated valuation models and comparative market analysis tools
Co-investment by mogul alongside members in every offered property, according to the platform's public materials
Research analysts and institutional partners using proprietary underwriting to identify properties with upside potential
Preference for operational or near-operational assets that can generate rental income without heavy renovation programs
Sourcing relationships that the company says can provide access to off-market and pre-market opportunities
The company overview describes a process that starts with a revolving acquisition pipeline, advances through underwriting and inspection, and continues through professional asset management and ongoing market monitoring. mogul's property selection process is designed to apply institutional discipline to individual residential assets.
Fundrise's vetting process:
Centralized fund manager underwriting and asset selection
Diversification across residential and commercial real estate
Fund-level risk management
Data-driven market analysis using RealAI
Roots' property selection:
Primary focus on single-family and multifamily residential real estate
Geographic concentration intended to support operating efficiency
Property strategy paired with its renter wealth-building model
626 properties totaling 761 doors reported as of July 10, 2026
mogul also provides free tools such as its investment property calculator and rental property calculator, which can model rental income, ROI, IRR, cash-on-cash yield, financing, and alternative scenarios for U.S. properties. mogul states that these tools use data and methods similar to those employed by leading real estate firms.
Distribution Frequency and Cash Flow Management
Distribution schedules affect when investors may receive cash from operating performance.
mogul distributions:
Generally proportional monthly distributions once a property is operational and distributable net rental income is available
Distribution amounts based on available net rental income from actual property operations
Potential allocation of property-level tax items, including depreciation, through Schedule K-1 where applicable
Participation in eventual property sale economics according to ownership percentage and the applicable operating agreement
Broad intended hold periods of 3 to 10 years, with roughly 5 to 7 years described by mogul as typical for many properties
The company overview describes monthly cash flow from rental income as a core part of mogul's return profile, alongside long-term appreciation potential.
Fundrise distributions:
Periodic distributions whose cadence and amount vary by vehicle and strategy
Different income and growth profiles across its real estate funds
Form 1099-DIV reporting for REIT investors where applicable
Roots distributions:
Quarterly distributions subject to fund performance and manager discretion
Form 1099-DIV reporting where required
A quarterly redemption program subject to fund-level and investor-level limits, available cash, stated conditions, and manager discretion
mogul's monthly distribution cadence can create more frequent opportunities to redeploy received cash. Any compound growth effect depends on the amount distributed, whether cash is reinvested, and the performance of subsequent investments.
Tax Benefits and Ownership Advantages
mogul's tax structure:
Property-specific LLC interests can use partnership tax treatment where applicable
Investors may receive Schedule K-1 reporting depending on the offering structure
Property-level depreciation and other tax items may be allocated through the partnership structure
Tax outcomes depend on basis, at-risk rules, tax classification, loss limitation rules, state taxation, and investor-specific circumstances
Property-level depreciation may reduce taxable rental income allocated to an investor, although the amount and current deductibility vary by property and investor circumstances.
This property-level structure can give qualifying investors access to tax characteristics that differ from a pooled REIT. mogul's educational resources also explain real estate tax benefits and depreciation concepts in greater detail.
Fundrise and Roots tax structure:
Fundrise REIT investors generally receive Form 1099-DIV reporting
Roots provides Form 1099-DIV information where required
REIT distributions can include ordinary dividends, capital gain dividends, and in some cases return of capital treatment
Investors in these REIT structures generally do not receive underlying property depreciation as direct partnership Schedule K-1 allocations because depreciation is accounted for at the entity level
The distinction is structural. mogul's property-specific LLC model can provide a different tax profile through property-level partnership allocations, while Fundrise and Roots generally use REIT reporting. The actual tax effect varies by investor and offering.
Backing and Market Credibility
mogul's credentials:
Founded by former Goldman Sachs real estate professionals with more than $10 billion in combined deal experience
Co-founder Joey Gumataotao helped build Goldman Sachs' single-family rental platform from zero to more than $1 billion of AUM in under 12 months, according to the supplied brand materials
A $3.6 million seed funding round led by Anitha Vadavatha of AY Ventures, with Draper Associates participation following an earlier pre-seed investment
Supporters identified in mogul materials include Chris Larsen and Rosa Rios, the 43rd Treasurer of the United States
Coverage across publications including TechCrunch, Forbes, WIRED, Fortune, Axios, and other financial and technology media
More than 40,000 investors on the platform, according to the supplied brand guidelines
More than $90 million in assets invested through the platform, according to the supplied brand guidelines
Fundrise's credentials:
Founded in 2012
$3.43 billion in assets under management as of June 30, 2026
More than 404,000 active investor accounts as of June 30, 2026
Roots' credentials:
REIT entity formed in December 2020 and operating since 2021
Approximately $134.3 million in net asset value as of July 10, 2026
More than 31,800 investors reported by Roots
A+ Better Business Bureau rating
Approximately $1.82 million reported as saved and invested through its renter wealth-building program as of July 10, 2026
mogul's combination of institutional real estate experience, property-level underwriting, technology infrastructure, and asset-specific investment access supports its positioning as a leading real estate platform for investors seeking direct visibility into income-producing residential properties.
Why mogul Delivers Superior Value for Real Estate Investors
The biggest difference between the three platforms is not simply scale or minimum investment. It is the way investors access real estate exposure.
Key advantages of mogul's approach:
Property-specific exposure: Members can select fractional interests tied to identifiable property listings, review asset-level underwriting, and participate through a dedicated LLC rather than relying only on pooled allocation.
Institutional real estate expertise: The founders bring more than $10 billion in combined real estate deal experience from Goldman Sachs, and the platform applies institutional underwriting disciplines to residential properties.
Strong reported platform returns: mogul reports an 18.8% average annual return measured as IRR across platform properties as of June 1, 2026, alongside a 15% to 20% weighted target levered return framework used for underwriting.
Monthly income orientation: mogul's operating model is built around rental income and generally proportional monthly distributions when distributable net rental income is available.
First-year protection: qualifying new members can receive up to $10,000 of loss protection during the first year for investments made in their first 7 days, subject to the promotion terms.
Fee-efficient platform structure: mogul does not charge a traditional recurring AUM-based management fee on invested equity.
Property-level tax allocations: qualifying offerings can provide Schedule K-1 allocations of depreciation and other property-level tax items, creating a different tax reporting profile from pooled REIT structures.
Technology-enabled transparency: Avalanche-based blockchain infrastructure provides an additional ownership-record layer, while the dashboard supports property-level performance visibility.
Aligned capital: mogul states that it invests alongside members in every offered property, creating direct financial alignment at the asset-level.
Professional operations: mogul coordinates professional management and uses property-level reserves, insurance, local operating teams, and institutional sourcing relationships as part of its operating model.
For investors who value identifiable assets, property-specific underwriting, monthly income potential, and a direct connection to professionally managed single-family rentals, mogul offers a differentiated combination of access, transparency, institutional discipline, and technology. Its model is designed to bring many of the economic characteristics of traditional real estate ownership into a streamlined digital platform.
Investors can explore current real estate investments, review how mogul works, or use the free Airbnb calculator for short-term rental analysis.
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, Fundrise, and Roots for real estate investing?
The main difference is ownership structure. mogul gives investors membership interests in property-specific LLCs tied to identifiable homes, with economic and governance rights defined by the applicable operating agreement. The investment interest is held through the LLC rather than through individual deed title. Fundrise and Roots generally use pooled investment vehicles in which investors hold interests in a fund or REIT rather than selecting individual underlying homes. For investors who value asset-level visibility, mogul's process creates a more direct connection to specific residential properties.
Which platform has the lowest starting investment?
Fundrise lists a $10 taxable-account minimum, while Roots lists a $100 minimum. mogul's brand materials emphasize an average investment of approximately $10,000 and a typical portfolio allocation of $17,321 per property rather than positioning the platform primarily around a low entry minimum. mogul differentiates its offering through property-specific ownership, institutional underwriting, monthly income orientation, and first-year protection of up to $10,000 for qualifying new member investments.
How do returns compare across mogul, Fundrise, and Roots?
mogul reports an 18.8% average annual return measured as IRR across platform properties as of June 1, 2026 and uses a weighted 15% to 20% target levered return range in its underwriting framework. Fundrise reported a 6.24% advisory-client-account return for 2025, with its Flagship Fund returning 1.3% for that year. Roots reported a 13.13% CAGR from July 1, 2021 through July 10, 2026 and a 12.01% trailing 12-month return through July 10, 2026. These figures use different calculation methods, periods, and investment populations, so they are not directly comparable.
Do any of these platforms offer secondary market liquidity?
Real estate investments generally have less liquidity than publicly traded securities. mogul's blockchain infrastructure is designed to support planned secondary market functionality. Fundrise offers repurchase or redemption mechanisms that vary by fund and applicable terms. Roots maintains a quarterly redemption program subject to fund-level and investor-level limits, available cash, and manager discretion.
What kind of tax benefits does each platform provide?
Tax treatment differs by ownership structure and investor circumstances. mogul's property-specific LLC structures may use partnership taxation and allocate depreciation and other property-level tax items through Schedule K-1. Fundrise and Roots REIT investors generally receive Form 1099-DIV reporting, with distribution character determined at the REIT level. This means mogul can provide a property-level partnership tax profile that differs from the pooled REIT model. Tax effects vary by investor and offering.
Can international investors use these platforms?
Eligible non-U.S. investors may be able to participate in mogul offerings subject to KYC, sanctions, jurisdictional, tax, legal, onboarding, and offering-specific requirements. For mogul, governance rights follow the applicable operating agreement, and distributions depend on available distributable cash flow. Fundrise currently limits platform investing to permanent U.S. residents and U.S.-based entities. Roots states that its fund is open to U.S. citizens and U.S. entities with a valid Tax Identification Number. Cross-border participation, tax forms, withholding, and reporting depend on the platform and investor circumstances.