Choosing a fractional real estate platform requires understanding not just features and fees, but also operational stability. mogul and HoneyBricks represent fundamentally different approaches to property investment, and critically, different states of business operations. mogul delivers direct fractional ownership in single-family rentals through blockchain-backed technology and institutional-grade underwriting from former Goldman Sachs executives. HoneyBricks, meanwhile, historically offered tokenized commercial multifamily real estate investments, but has since been acquired by EquityMultiple and no longer operates as an independent platform. For investors evaluating these options today, this distinction is decisive.
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
HoneyBricks has been acquired by EquityMultiple and is no longer accepting new investors as an independent platform; existing investments are now managed through EquityMultiple
mogul remains actively operating with $40M+ in assets across the platform and 13,000+ investors
mogul offers accessible entry with typical investor allocations of ~$10k per property and no accreditation requirement, compared to HoneyBricks' historical $1,000 minimum and accredited-investor-only policy
mogul's team of former Goldman Sachs executives applies institutional-grade underwriting with less than 1% of reviewed properties passing their selection process
mogul provides monthly rental income distributions from actual rental revenue, while HoneyBricks historically paid quarterly
mogul covers up to $10,000 in losses on investments made within a new member's first 7 days if those investments show a loss after year one, a unique protection feature in fractional real estate
mogul's blockchain integration on the Avalanche network delivers real-time transparency into property performance and ownership records
When investors research fractional real estate platforms, comparing mogul and HoneyBricks reveals a clear conclusion: one platform continues actively serving investors while the other has exited independent operations. This comparison examines both platforms' historical approaches and explains why mogul's combination of accessibility, transparency, and institutional expertise makes it the definitive choice for investors seeking direct property ownership.
Understanding Platform Status: The Critical Difference
The most important distinction between mogul and HoneyBricks isn't about features or fees, it's about operational status.
HoneyBricks' current situation:
HoneyBricks joined forces with EquityMultiple and is no longer accepting investments as an independent platform. Former HoneyBricks investors now have their investments managed through EquityMultiple's infrastructure. New investors seeking HoneyBricks' offerings are redirected to EquityMultiple.
mogul's current operations:
mogul continues actively operating as a fractional real estate platform with:
$40M+ in assets across the platform
13,000+ investors on the platform
65+ properties under management
Ongoing property acquisitions and investor onboarding
This fundamental difference shapes every aspect of this comparison. While we'll examine HoneyBricks' historical model for context, investors researching these platforms today have one actively operating option: mogul.
Investment Models Reflect Different Philosophies
Before its acquisition, HoneyBricks and mogul took distinct approaches to fractional real estate.
HoneyBricks' historical approach:
Focused on tokenized commercial multifamily real estate
Required accredited investor status; U.S. accredited-investor status generally required income over $200,000 individually or $300,000 with a spouse/partner, or net worth over $1 million excluding a primary residence, with additional professional-credential pathways
Historically offered $1,000 minimum tokenized investments, while EquityMultiple's current platform starts at $5,000
Offered secondary market trading after 12-month hold period
Accepted fiat and cryptocurrency payments and supported crypto distributions, including Bitcoin or stablecoin-based rails, depending on the transaction
Offered tokenized shares in a curated set of multifamily syndication deals
mogul's active investment model:
Specializes in single-family residential rentals including short-term and mid-term strategies
Available to both accredited and non-accredited investors, subject to onboarding, KYC, and eligibility requirements
Typical investor allocation of ~$10k per property with accessible entry points
Direct LLC ownership stakes in individual properties
Monthly rental income distributions from actual revenue
Potential tax benefits, including depreciation-related deductions, that may pass through depending on the offering terms and the investor's tax situation (investors should consult a qualified tax professional)
Secondary market coming soon
The fundamental difference: HoneyBricks historically offered tokenized shares in commercial real estate deals managed by third-party sponsors. mogul delivers direct ownership in specific residential properties you can identify by address, with full visibility into each investment's performance.
Accessibility and Investor Requirements
Entry barriers significantly impact who can participate in fractional real estate.
HoneyBricks' historical requirements:
Historically required accredited investor status
$1,000 historical minimum investment, while EquityMultiple's current platform starts at $5,000
U.S. investors were required to be accredited; some secondary sources also described eligibility for non-U.S. persons or international investors
mogul's accessibility:
Available to both accredited and non-accredited investors, subject to onboarding, KYC, and eligibility requirements
Typical investor allocation of ~$10k per property
Some non-U.S. investors may be eligible, subject to onboarding, KYC, jurisdictional eligibility, and tax/legal considerations
Investment execution in under 30 seconds
mogul's approach democratizes access to institutional-quality real estate. While HoneyBricks was available to accredited investors meeting significant income or net worth thresholds, mogul enables both accredited and non-accredited investors, subject to onboarding and eligibility, to begin building a real estate portfolio.
Fee Structures and Value Comparison
Understanding costs helps investors evaluate long-term value.
HoneyBricks' historical fee structure:
No direct fees to investors; platform fees charged to sponsors
Fees embedded within sponsor deal economics
Return structures were defined within each sponsor's deal terms
mogul's fee structure:
one-time platform fee 5%, capital improvements, maintenance, or leasing work
No recurring annual management fees
All returns shown net of fees
mogul's fee structure, with no recurring annual management fee, can create meaningful long-term savings compared to platforms charging recurring annual management fees. The transparent approach ensures investors understand exactly what they're paying.
Performance and Return Profiles
Both platforms target double-digit returns, though with different asset class focuses.
HoneyBricks' historical performance:
Targeted 15%+ annual returns
Returns varied by sponsor and deal structure
Results were reported on a deal-by-deal basis
mogul's performance data:
18% average annual return across platform properties
Target annual returns: 15-20% IRR
Monthly yield distributions from actual rental income
mogul covers up to $10,000 in losses on investments made within a new member's first 7 days if those investments show a loss after year one
mogul's focus on single-family rentals positions investors in an asset class that has historically outperformed the S\&P 500, returning 13.8% IRR versus 9.8% IRR from 1993 to 2023, according to Federal Reserve and Case-Shiller Home Index data.
The $10,000 loss protection represents a unique feature in fractional real estate: if your total return on investments made within your first 7 days results in a loss during year one, mogul covers up to $10,000 from their own balance sheet.
Technology and Transparency
Technology infrastructure impacts both security and investor experience.
HoneyBricks' historical technology:
Blockchain-based tokenization for ownership records
Polygon-based token infrastructure (the Ethereum-compatible Polygon network)
Secondary market functionality after 12-month holds
mogul's technology infrastructure:
Avalanche blockchain integration for ownership records
Fireblocks enterprise custody for security
Real-time property performance metrics
Investment execution in under 30 seconds
Monthly valuation updates using third-party appraisal-level / appraisal-grade data and MLS-level comparable-sales data
Secondary market coming soon
mogul's blockchain backbone provides permanent, verifiable ownership records that exist independently of the platform itself. As Chris Larsen (Ripple co-founder) noted: "Blockchain can change real estate as an asset class, make it more accessible and tear down the barriers-to-enter. mogul is at the forefront of that change."
Property Selection and Due Diligence
Investment quality depends heavily on property selection methodology.
HoneyBricks' historical approach:
Third-party sponsors sourced and managed deals
Platform performed sponsor due diligence
Deal terms were determined at the individual sponsor level
Provided a focused selection of sponsor-managed deals
mogul's selection methodology:
Less than 1% of reviewed properties pass mogul's diligence process
Proprietary underwriting models combining AVMs and CMAs
mogul personally invests in every property offered
Research analysts and institutional partners identify maximum upside potential
65+ properties currently under management
The alignment of interests matters significantly: mogul's capital sits alongside investor capital in every property, ensuring management incentives match investor returns. mogul states that it personally invests alongside investors in every property offered, aligning platform and investor incentives.
mogul's free investment property calculator and rental property calculator enable investors to analyze any U.S. address using the same data and tools employed by top real estate firms.
Distribution Frequency and Cash Flow
For investors prioritizing regular income, distribution schedules significantly impact cash flow management.
HoneyBricks' historical distributions:
Quarterly distributions typical for commercial real estate
Distribution timing varied by sponsor and deal structure
mogul's distributions:
Monthly rental income payments proportional to ownership stake
Actual rental revenue (not projected estimates)
Potential yearly tax benefits, including depreciation-related deductions, that may pass through depending on the offering terms and the investor's tax situation (investors should consult a qualified tax professional)
Proceeds from eventual property sales after the applicable hold period; mogul docs describe a typical 5-7 year hold, while some mogul comparison content references broader 3-10 year timelines
mogul's monthly distribution model enables more frequent reinvestment opportunities, accelerating potential compounding compared to quarterly payment schedules.
Backing and Market Credibility
Platform credibility depends on leadership experience and investor backing.
HoneyBricks' historical credentials:
Founded in 2022
3,500+ investors and $180M in deals supported displayed on HoneyBricks' current site
Acquired by EquityMultiple in April 2024, after roughly two years of independent operation
mogul's credentials:
Founded by former Goldman Sachs real estate executives with $10 billion deal experience
$3.6 million seed round led by AY Ventures, with participation from Tim Draper & Associates (Tim Draper is an early Robinhood, SpaceX, and Tesla backer); mogul's earlier pre-seed financing was led by Tim Draper
Investors include Chris Larsen (Ripple co-founder), Rosa Rios (43rd U.S. Treasurer)
13,000+ investors on platform
$40M+ in assets across the platform
Featured in TechCrunch, Forbes, Wired, Fortune, Business Insider
Tim Draper noted: "We fully believe in how mogul's founding team is reshaping the real estate investment space and providing long-term wealth generation for its users."
Rosa Rios, the 43rd U.S. Treasurer, has highlighted mogul's blend of real estate and blockchain alongside the pedigree of mogul's founders, Alex and Joey.
Why mogul Is the Clear Choice
Investors comparing mogul and HoneyBricks face a straightforward decision: one platform actively serves investors while the other has been acquired.
Key advantages of mogul's approach:
Active operations: mogul continues accepting new investors and acquiring properties, while HoneyBricks redirects to EquityMultiple
Direct ownership: Invest in specific properties via LLC structures rather than pooled sponsor deals, so you know exactly which homes your capital supports
Broad accessibility: Available to both accredited and non-accredited investors, subject to onboarding, KYC, and eligibility requirements, compared to HoneyBricks' historical accredited-investor-only policy
Monthly income: Receive monthly distributions from actual rental revenue, enabling better cash flow management
Risk mitigation: Up to $10,000 loss protection for new members is unique among fractional real estate platforms
Institutional expertise: Former Goldman Sachs executives apply rigorous underwriting with less than 1% of reviewed properties passing muster
Blockchain transparency: Avalanche network integration provides immutable ownership records
Aligned interests: mogul personally invests in every property alongside platform investors
For investors seeking headache-free fractional real estate with monthly income potential, institutional-grade property selection, and direct ownership in single-family rentals, mogul represents the definitive choice. The combination of accessibility, transparency, and Goldman Sachs-level expertise creates compelling value, and unlike HoneyBricks, mogul remains actively operating and accepting investments.
Ready to explore fractional real estate? Analyze potential investments with mogul's free Airbnb calculator or schedule a call to discuss your investment objectives.
Disclaimer: The information provided in this guide is for educational purposes only and does not constitute financial, tax, or legal advice. Always consult with a licensed professional before making any financial or investment decisions.
Frequently Asked Questions
What happened to HoneyBricks?
HoneyBricks joined forces with EquityMultiple and is no longer operating as an independent fractional real estate platform. Existing HoneyBricks investors now have their investments managed through EquityMultiple, while new investors are directed to EquityMultiple's platform. This makes mogul the clear alternative for investors who were considering HoneyBricks for fractional real estate investing.
How does mogul compare to HoneyBricks' historical offerings?
While HoneyBricks focused on tokenized commercial multifamily real estate for accredited investors only, mogul specializes in single-family rentals accessible to both accredited and non-accredited investors, subject to onboarding and eligibility. mogul offers monthly distributions versus HoneyBricks' quarterly schedule, and mogul's team personally invests in every property, aligning incentives with investor returns. Most importantly, mogul remains actively operating while HoneyBricks has been acquired.
Do I need to be an accredited investor to use mogul?
No. Unlike HoneyBricks, which required accredited investor status, mogul is available to both accredited and non-accredited investors, subject to onboarding, KYC, and eligibility requirements. This accessibility enables first-time real estate investors, seasoned portfolio builders, and, subject to onboarding and jurisdictional eligibility, some non-U.S. investors to participate in institutional-quality property ownership. Learn more about how mogul works.
What kind of returns can I expect from investing with mogul?
mogul reports an 18% average annual return across platform properties, with target returns of 15-20% IRR. The platform focuses on single-family rentals, an asset class that has historically returned 13.8% IRR versus the S\&P 500's 9.8% from 1993-2023. For new members, mogul covers up to $10,000 in losses on investments made within the first 7 days if those investments show a loss after year one, providing unique downside protection.
How does mogul's $10,000 loss protection work?
If your total return on investments made within your first 7 days results in a loss during year one, mogul covers up to $10,000 from their own balance sheet. For example, if you invest $100k across multiple properties in your first 7 days and that portfolio declines to $90k after one year, mogul would restore your account to $100k. This protection feature is unique among fractional real estate platforms and demonstrates mogul's confidence in their property selection process.