Choosing a fractional real estate platform involves more than comparing headline returns or minimum investments. Ownership structure, property visibility, income cadence, fees, tax reporting, and liquidity design all shape the investor experience. mogul, Fundrise, and Streitwise approach these factors differently.
mogul is a fractional real estate platform club founded by former Goldman Sachs real estate professionals. It provides access to identified single family rentals through property-specific LLC membership interests. Fundrise primarily offers pooled real estate funds and REIT structures across diversified portfolios. Streitwise operates a non-traded REIT focused primarily on office properties.
For investors who prioritize asset-level selection, transparent property underwriting, monthly income potential, and a fee-efficient structure, mogul offers a differentiated way to access professionally vetted and managed residential real estate.
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 real estate professionals with more than $10 billion of reported deal experience. The platform states that less than 1% of reviewed properties pass its diligence process.
Property-specific exposure: mogul members invest through property-specific LLC membership interests tied to identified homes, allowing investors to evaluate the individual assets where their capital is deployed. Fundrise uses pooled investment vehicles, while Streitwise provides exposure through an office-focused non-traded REIT.
Monthly income potential: mogul is structured around monthly rental income distributions when a property is operational and has distributable net rental income. Fundrise's principal registered real estate funds generally use quarterly distributions, and Streitwise has historically declared distributions quarterly.
Technology-enabled records: mogul's Avalanche blockchain integration serves as a supplemental, independently verifiable ownership-record layer, while the investor dashboard provides property-level information and monthly property valuations.
First year loss protection promotion: under the applicable promotion terms, mogul covers up to $10,000 in aggregate losses on qualifying investments made during a new member's first 7 days if the aggregate total return on those qualifying investments is negative after one year, using mogul's balance-sheet capital. See the promotion disclaimer.
Fee-efficient model: mogul does not charge a traditional recurring AUM-based management fee on invested equity. Property-level operating expenses remain part of each property's economics. Certain Fundrise retail real estate investments state a 0.85% annual management fee plus a 0.15% annual advisory fee. Streitwise states a 2% annualized asset-management fee based on quarter-end NAV in its 2026 offering circular.
Current platform availability: mogul and Fundrise continue to offer investment access. Streitwise suspended its Offering effective June 25, 2026 and its stockholder redemption plan effective July 1, 2026, according to its 2026 semiannual report.
Understanding Each Platform's Approach
Each platform gives investors real estate exposure through a different legal and portfolio structure.
mogul focuses on income-producing residential properties and single family rentals. Its primary operating models emphasize short-term and mid-term strategies, while the broader platform also describes long-term rental exposure. Investors acquire membership interests in property-specific LLCs tied to identified homes rather than shares in one broad pooled portfolio. This technology-forward structure gives members asset-level visibility and a closer connection to each property's operating performance. These mogul structure details emphasize asset-level ownership through property-specific LLC interests rather than pooled exposure. Learn more about how mogul works.
Fundrise operates a broad alternative investment platform that includes registered real estate funds, a consolidated eREIT structure, and private investment funds. As of June 30, 2026, Fundrise reported approximately $3.43 billion in Investment Products AUM and more than 404,000 active investor accounts in an SEC filing. Its real estate model generally emphasizes pooled portfolio exposure rather than selection of individual underlying properties.
Streitwise operates 1st stREIT Office Inc., a Regulation A non-traded REIT focused primarily on office properties. As of June 30, 2026, the REIT continued to own and manage its office portfolio, while its Offering and stockholder redemption plan were suspended. SEC reporting provides the current status.
The central distinction is structural: mogul provides property-specific residential exposure, Fundrise provides managed pooled exposure, and Streitwise provides office REIT exposure.
Investment Structures: Property-Specific LLCs and Pooled Funds
mogul's Property-Specific LLCs
mogul structures investments through property-specific LLCs associated with identified residential properties. The model provides several features:
Asset-level economic exposure: Investors acquire membership interests tied to a specific property entity rather than individually deeded fractional title. This mogul ownership structure connects each investment to an identified underlying property.
Property visibility: Members can evaluate the identified home, underwriting assumptions, yield information, annual revenue, market comparisons, operating strategy, and other property-level economics before making an investment decision.
Ownership-weighted governance: Significant property decisions may be subject to member voting under the applicable operating agreement. mogul has described expenditures above $1,000 as subject to investor voting and supermajority rules, subject to each property's operating agreement. The mogul governance description centers on ownership-weighted voting for significant property decisions.
Property-level tax reporting: Depending on the offering structure, investors may receive Schedule K-1 reporting and allocations of property-level tax items such as depreciation. The availability and usability of those items depend on the offering and each investor's circumstances. Learn more about real estate tax benefits.
Monthly distributions when applicable: Distributions are generally processed monthly after a property is operational and generates distributable net rental income after applicable expenses, debt service where relevant, and reserves.
mogul's model lets investors evaluate properties one at a time and build exposure intentionally across identified assets. Its free real estate calculator can also be used to analyze real estate economics.
Fundrise's Pooled Real Estate Funds
Fundrise pools investor capital across managed investment vehicles. Its current platform includes registered funds, eREIT structures, and certain private funds. In 2026, seven legacy eREITs were consolidated into Fundrise eREIT, according to an SEC filing.
The pooled structure provides diversified portfolio exposure and professional portfolio management. Investors generally do not choose each underlying property individually. Fund tax reporting and distribution character depend on the specific vehicle and year.
Streitwise's Non-Traded REIT
Streitwise provides exposure through a non-traded REIT that is primarily invested in office properties. As of June 30, 2026, its reported portfolio included four office buildings across Missouri and Indiana. The investment is held through REIT shares rather than property-specific membership interests selected one property at a time. SEC filing
Entry Points and Investment Accessibility
mogul and Fundrise are designed to make professionally managed real estate accessible to individual investors, while Streitwise's current Offering is suspended.
mogul accessibility:
mogul reports an average investment of approximately $10,000 and a typical portfolio allocation of $17,321 per property.
Current member-facing property offerings are designed for eligible individual investors without a general accreditation requirement, subject to offering-specific eligibility.
The digital investing process is streamlined. After applicable onboarding, identity verification, funding, and eligibility steps, investment execution can occur in roughly 30 seconds.
Google and LinkedIn authentication are available as part of the streamlined onboarding experience.
Investors can select individual opportunities from the property marketplace rather than receiving only pooled portfolio exposure.
Fundrise accessibility:
Fundrise marketing materials filed with the SEC in 2026 advertised Flagship Fund access starting with as little as $10. SEC filed ad
Its principal retail real estate offerings are available to individual investors, while certain private vehicles have different eligibility requirements.
The pooled model provides broad managed exposure through managed investment vehicles.
Streitwise accessibility:
Its Regulation A structure historically permitted accredited and non-accredited investors, subject to applicable limits.
The Offering has been suspended since June 25, 2026, so new purchases through that Offering are not currently available. SEC filing
For investors who value property-level visibility, mogul enables portfolio construction one identified residential asset at a time. The diversified portfolio guide explains the broader role diversification can play in real estate investing.
Fee Structures and Long-Term Costs
The three platforms use different fee models, so headline percentages are not directly comparable without considering the fee base and investment structure.
mogul fee structure:
A 3% platform fee is calculated on the property purchase price and capitalized into the deal, with a possible additional 2% setup fee where applicable.
There is no traditional recurring AUM-based management fee on invested equity.
Professional property management and other property operating expenses remain part of the economics of the applicable property.
The structure is designed to keep platform-level recurring fees efficient while preserving professional property operations.
A general 3 to 10 year property ownership horizon is used, with roughly 5 to 7 years described as typical, although actual timing is property-specific.
Fundrise fee structure:
The Flagship Fund prospectus states a 0.85% annual management fee. 2026 prospectus
Certain Fundrise retail real estate investments also state a 0.15% annual advisory fee. SEC filing
Other Fundrise vehicles can have different fee schedules based on strategy and structure.
Streitwise fee structure:
Its 2026 offering circular states no acquisition fee.
It states a 2% annualized asset-management fee based on quarter-end NAV.
Property-level and offering expenses are also reflected in the REIT's economics. 2026 offering circular
Because mogul's platform fee is tied to property purchase price while Fundrise and Streitwise use recurring asset-based fees, a simple multi-year dollar comparison can obscure important structural differences. The most useful comparison is how each fee model interacts with the underlying ownership structure and the investor's preferred holding approach.
Performance Metrics and Historical Results
Historical results should be read carefully because the platforms report different measures across different periods and asset types.
mogul historical performance:
mogul reports an 18.8% average annual return (IRR) for platform assets as of June 1, 2026.
mogul also reports approximately 10% average annualized cash-on-cash yield to date across the relevant portfolio history.
These are historical platform metrics, not a commitment regarding future outcomes.
For more context on the metric itself, see what IRR means.
Fundrise historical performance:
Fundrise's Income Real Estate Fund reported an 8.27% total return for 2025. 2025 annual report
Fundrise reports average annual advisory-client-account returns of 6.24% in 2025, 5.75% in 2024, and negative 7.45% in 2023.
In a July 9, 2026 investor update, Fundrise reported a 6.18% net return for the Flagship Fund and 4.90% for the Income Fund during the first half of 2026. These are six-month results, not full-year annual returns.
Performance varies by fund, strategy, and period.
Streitwise historical distribution metric:
From January 1, 2017 through June 30, 2026, Streitwise reported a 6.92% weighted average annualized distribution yield based on a $10 purchase price. This is a distribution yield metric rather than total return or IRR. 2026 semiannual report
The metrics are not direct equivalents. mogul's reported average annual return, Fundrise fund total returns, and Streitwise distribution yields use different methodologies, periods, and asset mixes. For investors evaluating the underlying exposure rather than only the headline metric, mogul's single family rental focus provides a clear residential asset-level framework.
Distribution Frequency and Cash Flow
Income cadence differs across the platforms.
mogul distributions:
Generally processed monthly once a property is operational and generates distributable net rental income.
Based on net rental income after applicable operating expenses, debt service where relevant, fees, and reserves.
Paid proportionally according to the investor's ownership interest in the relevant property entity.
Includes proportionate participation in eventual property-sale proceeds over the applicable ownership period.
The broader mechanics of rental income and operating performance are explained in mogul's cash flow guide.
Fundrise distributions:
Principal registered real estate funds generally declare distributions quarterly, subject to the applicable fund's board and distribution policy. Income Fund report
A dividend reinvestment plan is available for the Flagship Fund. 2026 prospectus
Distribution amounts vary by vehicle and operating results.
Streitwise distributions:
Distributions have historically been declared quarterly by the board.
The company declared a $0.04 per share distribution for the second quarter of 2026. 2026 semiannual report
Distribution levels are determined by the board based on the REIT's operations and applicable requirements.
For investors who value more frequent property-level income cadence, mogul's generally monthly distribution model can create more frequent reinvestment opportunities than quarterly payment schedules when properties generate distributable net rental income.
Tax Reporting and Investor Rights
The ownership structures can create materially different tax reporting and governance experiences.
mogul tax and governance characteristics:
Property-specific partnership structures can provide Schedule K-1 reporting, depending on the applicable offering.
Depreciation and other property-level tax items may be allocated through the partnership structure.
Ownership-weighted governance rights can apply to significant property decisions under the relevant operating agreement.
Governance rights are tied to ownership interest and remain subject to the applicable LLC operating agreement.
The usefulness of any tax item depends on each investor's basis, at-risk amount, activity classification, state tax circumstances, and other applicable tax rules. The tax treatment of distributions also depends on the character of the underlying income and each investor's circumstances.
For educational background, see mogul's guide to property tax benefits.
Fundrise and Streitwise tax structure:
Tax reporting follows the structure of each fund or REIT vehicle.
Distribution character can include ordinary income, capital gain, and return of capital depending on the vehicle and year.
Fundrise's Income Real Estate Fund estimated its 2025 distributions at approximately 93% ordinary income, 4% capital gain, and 3% return of capital. 2025 annual report
Investors in pooled vehicles generally hold fund or REIT interests rather than direct governance rights over each underlying property.
For investors who value property-level tax allocations and asset-level governance, mogul's LLC structure provides a different ownership experience from pooled REIT exposure.
Liquidity and Exit Structures
Real estate platforms use different mechanisms for long-term ownership and potential liquidity.
mogul liquidity approach:
A general 3 to 10 year ownership horizon is used at the property level, with roughly 5 to 7 years described as typical and actual timing determined by the applicable property's strategy and circumstances.
Property values are generally updated monthly using third-party appraisal-level data.
mogul identifies a secondary market as a planned future feature intended to allow eligible investors to list shares, supported by monthly fair-market-value estimates and its technology infrastructure. See how mogul works.
mogul's Avalanche blockchain integration is used as a supplemental, independently verifiable ownership-record layer and is intended to support planned future functionality. For background on the technology, see blockchain in real estate.
Fundrise liquidity approach:
Its registered interval funds generally conduct quarterly repurchase offers under each fund's applicable terms. SEC notice
Repurchase mechanics, limits, and timing vary by vehicle.
Streitwise liquidity approach:
The stockholder redemption plan has been suspended since July 1, 2026.
The company has stated that it is evaluating strategic alternatives that could provide liquidity to stockholders. SEC filing
These structures reflect different approaches: mogul is building around property-level ownership and a planned secondary market, Fundrise uses periodic fund repurchases, and Streitwise is currently operating with its redemption program suspended.
Platform Status and Current Scale
mogul
40,000+ investors on platform.
$90M+ of assets on platform.
More than 65 properties managed by mogul.
Founders with more than $10 billion of reported real estate deal experience from their Goldman Sachs backgrounds.
Actively operating with current property offerings.
Current live property marketplace with active investment flows through the mogul marketplace.
Tim Draper, Chris Larsen, and Rosa Rios are identified among mogul's investors and supporters. The about mogul page provides additional company background.
Fundrise
Approximately $3.43 billion in Investment Products AUM as of June 30, 2026.
More than 404,000 active investor accounts as of June 30, 2026.
A platform history dating to 2012.
A current product lineup spanning registered funds, eREIT structures, and private vehicles. SEC filing
Streitwise
Continues to operate and manage its office real estate portfolio.
Its Offering has been suspended since June 25, 2026.
Its stockholder redemption plan has been suspended since July 1, 2026.
The company has stated that it is evaluating strategic alternatives. 2026 semiannual report
For investors considering new platform access, mogul combines current property availability with asset-level selection, institutional underwriting experience, and a residential real estate focus.
Property Selection and Due Diligence
The platforms also differ in how investors interact with underlying asset selection.
mogul selection methodology:
Less than 1% of reviewed properties reportedly pass the platform's diligence process.
Underwriting is informed by the founders' Goldman Sachs real estate experience and more than $10 billion of reported deal experience.
The strategy focuses on professionally vetted residential properties across short-term, mid-term, and broader long-term rental exposure.
Proprietary underwriting models combine automated valuation models and comparative market analyses.
Research analysts and institutional partners support property sourcing and underwriting.
mogul states that it invests alongside platform members in every property offered, aligning its economics with members.
Asset-level information gives investors visibility into the identified property before they invest.
Investors can also use mogul's free investment property calculator and rental property calculator to evaluate property economics for U.S. properties. mogul states that its calculators use data and tools comparable to those used by top real estate firms. This mogul calculator positioning emphasizes institutional-style data and analysis in a digital toolset.
Fundrise selection approach:
Professional managers select and manage investments within each fund's mandate.
Investors receive exposure to a managed portfolio rather than selecting each underlying property.
The platform spans residential, industrial, credit, and other real estate strategies depending on the vehicle.
Streitwise selection approach:
The REIT manager selects and manages the office properties held by the vehicle.
Investors hold shares in the REIT rather than choosing each underlying office property separately.
For investors who want asset-level choice instead of only manager-directed pooling, mogul's property-specific model provides a clear distinction.
Why mogul Stands Out for Fractional Real Estate Investors
mogul combines property-specific ownership, institutional real estate experience, technology-enabled recordkeeping, and professional property operations in one platform.
Key advantages of mogul's approach:
Property-specific LLC interests: Members can choose identified property listings rather than receiving only pooled exposure.
Monthly income potential: Once a property is operational and has distributable net rental income, distributions are generally processed monthly.
First year protection promotion: mogul covers up to $10,000 in aggregate losses on qualifying investments made during a new member's first 7 days if the aggregate total return on those qualifying investments is negative after one year, using mogul's balance-sheet capital and subject to the promotion terms.
Fee-efficient platform model: mogul does not charge a traditional recurring AUM-based management fee on invested equity.
Property-level tax structure: Property-specific partnerships can provide Schedule K-1 reporting and allocations of applicable property-level tax items.
Institutional underwriting background: The founders bring Goldman Sachs real estate experience and more than $10 billion of reported deal experience. See about mogul.
Selective property process: Less than 1% of reviewed properties reportedly pass mogul's diligence process.
Technology-enabled ownership records: mogul's Avalanche blockchain integration supports a supplemental, independently verifiable ownership-record layer while the investor dashboard provides property-level information and monthly property valuations.
Aligned economics: mogul states that it invests alongside platform members in every property offered.
Current property access: Investors can review live opportunities through the property marketplace. mogul remains actively operating with current property offerings.
For investors seeking headache-free fractional real estate with asset-level transparency, professional property management, and monthly income potential, mogul offers a differentiated alternative to pooled real estate funds and non-traded REIT structures. Its combination of property selection, institutional underwriting experience, and technology-enabled ownership is designed to make residential real estate investing more accessible while preserving the connection to identifiable underlying assets.
To learn more about portfolio construction, see mogul's guide to building a property portfolio. Investors can also explore the free Airbnb calculator or schedule a call with mogul.
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 Streitwise?
mogul provides property-specific LLC membership interests tied to identified residential properties. Fundrise primarily provides pooled exposure through managed real estate funds and related vehicles. Streitwise provides exposure through a non-traded REIT focused primarily on office properties. For investors who value asset-level selection and transparency into the specific property supporting an investment, mogul's fractional investing process offers a more direct property-level structure.
How do the investment entry points compare?
mogul reports an average investment of approximately $10,000 and a typical portfolio allocation of $17,321 per property, while individual offerings can have lower entry points. Fundrise filed advertising materials in 2026 describing Flagship Fund access starting with as little as $10. Streitwise historically offered retail access under Regulation A, but its Offering is currently suspended. The platforms therefore differ not only in entry point but also in whether the investor is selecting a specific property or entering a pooled vehicle.
Does mogul currently offer a secondary market?
mogul describes a secondary market as a planned future feature intended to allow eligible investors to list shares, supported by monthly fair-market-value estimates and its technology infrastructure. Fundrise's registered interval funds generally use periodic repurchase offers, while Streitwise's stockholder redemption plan has been suspended since July 1, 2026.
How should historical performance be compared?
The reported metrics are not directly equivalent. mogul reports an 18.8% average annual return (IRR) for platform assets as of June 1, 2026. Fundrise reports average annual advisory-client-account returns of 6.24% in 2025, 5.75% in 2024, and negative 7.45% in 2023. Fundrise's Income Real Estate Fund reported an 8.27% total return for 2025, and Fundrise reported a 6.18% net return for the Flagship Fund and 4.90% for the Income Fund during the first half of 2026. Streitwise reported a 6.92% weighted average annualized distribution yield from January 1, 2017 through June 30, 2026 based on a $10 purchase price. Because these figures use different methodologies, asset mixes, and time periods, they are best understood as platform-specific historical metrics rather than direct equivalents.
Are there tax reporting differences?
Yes. mogul's property-specific partnership structures can provide Schedule K-1 reporting and may allocate depreciation and other property-level tax items. Fund and REIT vehicles can report distributions with different tax character depending on the vehicle and year. The applicable treatment depends on the investment structure and each investor's circumstances. For additional educational context, see mogul's guide to real estate tax benefits.