Choosing the right fractional real estate platform depends on your geographic eligibility, investment goals, and preferred ownership structure. mogul and InvestBay represent fundamentally different approaches to property investment, and for U.S. investors, there's a critical distinction that makes the choice straightforward. mogul delivers direct fractional ownership in U.S. single-family rentals through LLC structures and institutional-grade underwriting, while InvestBay offers tokenized interests in European and international vacation properties.
The most significant difference: InvestBay's published investor eligibility rules list the United States among prohibited citizenships, making mogul the accessible choice for American investors seeking fractional real estate exposure.
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
U.S. investor access: mogul welcomes eligible U.S. investors, including non-accredited investors; InvestBay's published eligibility restrictions include U.S. citizens.
Property selection: mogul's Goldman Sachs real estate alumni apply institutional-grade underwriting, with less than 1% of reviewed properties passing its selection process.
First-year loss protection: mogul covers up to $10,000 in qualifying losses on eligible investments made within a new member's first seven days, measured after one year and subject to promotion terms.
Return measures: mogul has an 18.8% historical average annual IRR as of June 1, 2026, and a 12%–20% target IRR range as of September 28, 2026. InvestBay displays an 8%–10% general target annual return range, with project-specific estimates.
Fees: mogul charges a one-time platform fee of up to 5% of the property purchase price, capitalized into the investment. InvestBay's acquisition, operating, and success fees vary by token issue.
The platforms also differ geographically. InvestBay offers vacation and resort projects in locations including Mallorca, Tenerife, Bali, Cape Verde, and Austria. mogul concentrates on U.S. residential rentals with identifiable underlying homes and member interests in the LLCs that hold them. Both provide property-specific information, but the legal form of the investor's interest differs.
Understanding Each Platform's Core Positioning
InvestBay is a property-linked token investment platform founded in 2022 in the Czech Republic. It offers exposure to vacation and resort properties across European and international destinations, including Spain, Indonesia, Cape Verde, Croatia, and Austria. Its IBUNIT tokens are issued under the European Union's MiCA framework, and its January 2025 white paper identifies an Article 16 exemption from issuer authorization. The platform uses Polygon blockchain technology and DigiShares infrastructure.
mogul focuses on U.S. residential rental properties. Founded by former Goldman Sachs real estate professionals with over $10 billion in collective investing experience, it offers short-term, mid-term, and long-term rental strategies. Members acquire interests in property-specific, state-registered LLCs that hold title to identifiable homes. The LLC membership interest carries applicable economic and governance rights under the operating agreement.
The key distinction: InvestBay provides contractual rights associated with asset-linked tokens, while mogul offers ownership interests in property-specific U.S. LLCs.
Geographic Eligibility: The Critical Distinction
InvestBay's published citizenship restrictions include the United States. mogul serves eligible investors in the U.S. residential property market.
InvestBay's geographic eligibility and focus:
Lists U.S. citizens among those ineligible to invest
Offers European and international vacation and resort properties
Issues tokens under the EU MiCA framework
Generally processes investments and distributions in EUR or CZK
mogul's investor accessibility:
Welcomes eligible accredited and non-accredited U.S. investors
Offers homes across U.S. markets, including Texas and California
Uses property-specific LLC membership structures
Provides potential real estate tax benefits through partnership-taxed LLCs
Offers USD-denominated investments and property-level reporting
For U.S. citizens, this eligibility difference is decisive: mogul provides access to its U.S. rental-property offerings, while InvestBay's published restrictions exclude their participation.
Investment Offerings Reflect Different Markets
InvestBay's property portfolio:
European vacation and resort properties, including Mallorca, Tenerife, Croatia, and Austria
International projects in Bali, Cape Verde, and Dubai
Projects involving rental operations and, in some cases, development
16 funded projects listed on its English-language website
Property-linked IBUNIT token issues
mogul's investment offerings:
Short-term rentals, including vacation rental homes
Mid-term rentals serving extended-stay and workforce housing demand
Long-term residential rentals with longer lease arrangements
Partnership-taxed LLC interests with potential depreciation allocations
Individual single-family properties selected by members
Both platforms link investment opportunities to identifiable properties. mogul's residential focus gives members access to individual U.S. homes and their rental-income projections, operating expenses, and property-specific financial scenarios.
Ownership Structure and Legal Framework
The platforms operate through different ownership and regulatory frameworks.
InvestBay's token structure:
IBUNIT asset-linked tokens convey contractual rights to applicable rental income, sale proceeds, redemption, and specified voting decisions
Tokens are recorded using Polygon blockchain infrastructure and DigiShares technology
The January 2025 white paper identifies an Article 16 issuer-authorization exemption under MiCA
InvestBay or the applicable underlying entity holds the property, with token-holder rights established in the relevant documents
Token-holder interests are distinct from direct deed ownership of a property
mogul's LLC membership model:
Each selected property is held in a state-registered LLC
Members receive LLC interests with applicable economic and governance rights
Ownership and voting arrangements follow the LLC operating agreement
Partnership-taxed LLCs generally provide Schedule K-1 documentation
The LLC holds legal title to the underlying home
U.S. LLC tax classification depends on the entity's circumstances and tax elections. mogul's partnership-taxed property LLCs can allocate rental income, depreciation, and other tax items through Schedule K-1, subject to investor-specific limitations.
Fees and Investment Costs
Both platforms disclose costs based on their respective investment structures.
InvestBay's fee structure:
Minimum investment of €100 or CZK 2,500
Acquisition fees specified for individual token issues
Operating fees set by the applicable project terms
Potential administrative or collateral-related costs under the relevant documentation
Success or sale-related fees specified by project
mogul's fee structure:
Average investment of approximately $10,000 per property
One-Time Platform Fee: mogul charges a one-time platform fee of up to 5% of the property purchase price, capitalized into the investment
No traditional recurring annual AUM-based management fee on invested equity
Property-level operating and management expenses follow the investment terms
mogul's platform fee is calculated on property purchase price and capitalized into the transaction. InvestBay's token documentation provides for project-specific acquisition, operating, and success fees. These different fee bases affect how overall investment costs are calculated.
Historical Performance and Projected Returns
The platforms report different measures of performance and expected returns. Historical IRR and forward-looking annual target returns should not be treated as equivalent.
InvestBay's return information:
General target annual return range of approximately 8%–10%
Project estimates include 6%–8% for an Austrian resort, 9% for a Mallorca offering, and 10% for a Bali offering
Rental income and eventual property-sale proceeds contribute to project results
Forecasts depend on individual project assumptions and operating periods
Project payments generally use EUR or CZK, depending on terms
mogul's performance data:
18.8% historical average annual IRR as of June 1, 2026
12%–20% target IRR range as of September 28, 2026
Generally distributes available net rental income monthly once properties are operational
80% repeat-investment rate as of October 13, 2026
Neither historical performance nor target returns guarantee individual investment outcomes. mogul also offers up to $10,000 in qualifying first-year loss coverage for eligible new-member investments made within the first seven days, measured after one year and subject to promotion terms.
Technology and Transparency Approaches
InvestBay's technology:
Polygon blockchain used for token records
DigiShares token issuance and management technology
Digital records and project-specific investment documentation
mogul's technology infrastructure:
Avalanche blockchain supporting property-specific ownership records
Fireblocks custody infrastructure
Monthly property-value estimates informed by third-party appraisal-level data
Proprietary underwriting and property performance reporting
mogul's blockchain records complement the LLC agreements establishing membership rights. InvestBay uses IBUNIT tokens linked to project-specific contractual rights. In both cases, the governing legal documents define what the investor holds.
mogul's Avalanche infrastructure also supports a planned secondary share-trading feature alongside its existing property-level reporting.
Property Selection and Due Diligence
InvestBay's property approach:
Focus on vacation, resort, and selected development properties
Projects include Wyndham-branded resort accommodations
Property selection and operating assumptions vary by offering
Project-specific materials describe expected rental operations and returns
mogul's property selection:
Less than 1% of reviewed properties pass mogul's diligence process
Proprietary underwriting combines automated valuation models (AVMs), comparable market analysis, and operational projections
Institutional real estate expertise from its Goldman Sachs alumni founders
mogul's team co-invests alongside members in every offered property
A 12% minimum projected IRR hurdle, including applicable one-time fees, applies during property screening
mogul's free investment property calculator provides rental income, ROI, IRR, and cash-on-cash return projections for U.S. addresses under adjustable scenarios. The 12% hurdle is an underwriting criterion, not a guaranteed return.
Distribution Frequency and Cash Flow
Distribution schedules depend on the investment structure and underlying property operations.
InvestBay distributions:
Monthly or quarterly payments, depending on the project
Payments begin according to the applicable project's funding, operating, and distribution terms
Proceeds generally paid in EUR or CZK
mogul distributions:
Generally distributes available net rental income monthly once a property is operational
Cash distributions reflect each member's economic interest and the investment terms
Partnership-taxed property LLCs generally issue annual Schedule K-1 forms for allocated tax items
Members receive applicable proceeds upon property sale, typically after a 3–10-year hold
mogul's monthly rental distributions provide a regular schedule for receiving available property income. Cash distributions and taxable income are separate calculations; Schedule K-1 reporting may include allocations of depreciation and other items.
Backing and Market Credibility
InvestBay's background:
Founded in 2022 and based originally in the Czech Republic
Uses DigiShares technology for tokenization
Issues IBUNIT asset-linked tokens under its documented MiCA framework
Lists 16 funded projects and more than 6,500 registered investors on its English-language website
mogul's background:
Founded by former Goldman Sachs real estate professionals
Raised $3.6 million in seed financing in 2023
Closed a $15.5 million Series A led by Draper Associates in October 2026, bringing total company funding above $23.6 million
Investors include Tim Draper, Chris Larsen, and Rosa Rios
$110 million in assets on the platform as of June 1, 2026
50,000+ users as of September 28, 2026
150+ properties acquired nationwide as of October 13, 2026
The October 13, 2026 funding announcement details mogul's Series A and continued development of its AI-supported property sourcing and investment operations. The financing followed the company's growth in property acquisitions and user participation.
Holding Periods and Liquidity
The platforms have different investment holding and transfer arrangements.
InvestBay's liquidity approach:
An existing secondary-market section offers interests held in InvestBay's inventory
Peer-to-peer token transfers are described as a planned feature
The January 2025 token terms include a redemption mechanism subject to valuation and settlement rules, with settlement permitted within two years of a qualifying request
Project-specific sale and exit arrangements
mogul's holding-period approach:
Property investments generally follow a 3–10-year holding period
Monthly property-value estimates use third-party appraisal-level data
Blockchain infrastructure supports a planned secondary share-trading feature
Available net rental income is generally distributed monthly once properties are operational
How mogul Differs from InvestBay for U.S. Investors
For American investors, the primary distinction is eligibility. InvestBay's published citizenship restrictions include the United States, while mogul welcomes eligible U.S. investors and offers property-specific residential real estate investing.
Key differentiators of mogul's approach:
U.S. investor access: Eligible accredited and non-accredited investors can access residential property offerings.
Property-specific LLC interests: Members select identifiable homes and receive applicable economic and governance rights.
Historical and target returns: An 18.8% historical average annual IRR as of June 1, 2026, alongside a 12%–20% target range as of September 28, 2026.
Monthly rental distributions: Available net rental income is generally distributed monthly after properties become operational.
First-year loss protection: Up to $10,000 in qualifying losses on eligible first-seven-day investments, assessed after one year.
One-time fee structure: A platform fee of up to 5% of property purchase price, capitalized into the investment, without a traditional recurring annual AUM fee.
Institutional underwriting: Former Goldman Sachs real estate professionals oversee screening in which fewer than 1% of reviewed properties qualify.
Property-level tax reporting: Partnership-taxed LLCs may allocate depreciation and other tax items through Schedule K-1, subject to individual tax circumstances.
Team co-investment: mogul's team co-invests alongside members in every offered property.
Blockchain records: Avalanche integration supports verifiable ownership records and planned share-trading functionality.
mogul combines residential real estate investing, professional management, monthly rental-income potential, and individual-property underwriting for U.S. investors. Its free Airbnb calculator supports short-term rental analysis, and available investment properties can be explored through mogul's 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
Can U.S. investors use InvestBay's platform?
InvestBay's published eligibility rules list the United States among prohibited citizenships, so U.S. citizens are excluded under those rules. mogul welcomes eligible U.S. investors and offers membership interests in property-specific residential rental LLCs, with potential K-1 tax reporting and depreciation allocations.
What is the difference between mogul's LLC structure and InvestBay's tokenized ownership?
mogul members hold interests in LLCs that own identifiable homes, with rights established under the relevant LLC agreement. InvestBay issues IBUNIT tokens carrying contractual rights associated with particular properties, including applicable rental income, sale proceeds, redemption, and voting. The ownership structures and tax reporting frameworks differ.
How does mogul select properties for investment?
Less than 1% of reviewed properties pass mogul's institutional-grade underwriting process. Research analysts use automated valuation models, comparable-market analysis, and property-level operating assumptions, including a 12% minimum projected IRR hurdle. mogul's team co-invests alongside members in every offered property.
What kind of returns can I expect from investing with mogul?
mogul has an 18.8% historical average annual IRR as of June 1, 2026, and a 12%–20% target IRR range as of September 28, 2026. Historical results and investment targets are different measures, and neither guarantees future returns. Individual results depend on property operations, financing, and holding periods.
Does mogul offer liquidity options for fractional property ownership?
mogul generally holds properties for 3–10 years while distributing available net rental income monthly once operational. Members receive monthly property-value estimates informed by third-party data. Its Avalanche-based infrastructure supports planned secondary-market share trading, alongside the established property-sale process.