Platform comparison
Alternatives to the Big Real Estate Crowdfunding Sites
Beyond the big names
- Direct with a sponsor
- Form D median minimum $50,000
- Sponsor marketplace
- Relli: from $50,000, mostly accredited
- DSTs
- Form D median minimum $100,000
- Property-share apps
- Ark7 $20 a share; Mogul $250
- Note platforms
- Groundfloor $10; Alpine Notes $5,000
- Non-traded REITs
- $2,500 at BREIT, most share classes
Platform sites, Form CRS and SEC filings; Relli analysis of SEC Form D data, Oct 2025 to Sep 2026. Checked Nov 2, 2026.
The short answer
The main alternatives to big real estate crowdfunding sites are sponsor marketplaces such as Relli, investing directly with a sponsor, and investor clubs. DSTs through 1031 specialists, smaller apps such as Ark7 and Lofty, note platforms and non-traded REITs are other routes. They differ most in who picks the deal and whether you can talk to the sponsor.
Beyond the big names
- Direct with a sponsor
- Form D median minimum $50,000
- Sponsor marketplace
- Relli: from $50,000, mostly accredited
- DSTs
- Form D median minimum $100,000
- Property-share apps
- Ark7 $20 a share; Mogul $250
- Note platforms
- Groundfloor $10; Alpine Notes $5,000
- Non-traded REITs
- $2,500 at BREIT, most share classes
Platform sites, Form CRS and SEC filings; Relli analysis of SEC Form D data, Oct 2025 to Sep 2026. Checked Nov 2, 2026.
- The big names have changed. Crowd Street listed 10 funds and REITs and no single-sponsor deal on November 2, 2026.
- Most sponsor deals are never advertised. 69.9% of 4,172 real estate Form D filings (Oct 2025 to Sep 2026) used Rule 506(b).
- Direct deals take bigger checks. The median stated minimum was $50,000 for real estate Form D filings and $100,000 for DSTs.
- DSTs carry commissions. 75.2% of DST and TIC Form D filings reported sales commissions, at a median of 6.0% of the offering.
In this guide · 6 sections
- What are the alternatives to the big real estate crowdfunding sites?
- Why do investors look beyond the big-name crowdfunding sites?
- How does each alternative work?
- What are the alternatives to big-name national syndicators?
- Which alternative fits larger checks, retirement accounts or 1031 money?
- How did Relli compare these alternatives?
Short answer
What are the alternatives to the big real estate crowdfunding sites?
The main alternatives to big-name real estate crowdfunding sites are sponsor marketplaces such as Relli, investing directly with a sponsor, and investor clubs. Others are DSTs through 1031 specialists, smaller property-share apps, note and debt platforms, and private or non-traded REITs. Each route changes who picks the deal and who you deal with.
The table orders the seven routes by how directly you choose the deal and deal with the sponsor, from most direct to least. Investing directly with a sponsor comes first, since no platform stands between you. A sponsor marketplace is next: you still deal with the sponsor, but find it through a platform.
| Route | Examples | Who picks the deal | Who you deal with | Who can invest | Typical starting amount |
|---|---|---|---|---|---|
| Direct with a sponsor | A sponsor's own site or investor portal | You pick the sponsor; it picks the property | The sponsor | Mostly accredited | $50,000 Form D median |
| Sponsor marketplace | Relli | You pick an offering among several sponsors; the sponsor picks the property | The sponsor's team, directly | Mostly accredited | From $50,000, set by each sponsor |
| Investor clubs and syndication groups | Local clubs, professional groups, forums | You, among deals the group brings | The organizer, then the sponsor | Usually accredited | Set by each deal |
| DSTs through 1031 specialists | Realized 1031 and other broker-dealers | You pick a trust; its trustee runs it | A broker-dealer representative | Accredited | $100,000 Form D median |
| Smaller property-share apps | Ark7, Lofty, Mogul | You pick a home; the app buys it | The app | Often anyone | $20 to $250 |
| Note and debt platforms | Groundfloor, EquityMultiple Alpine Notes, Concreit | You pick a loan or note; the platform lends | The platform | Varies by product | $10 to $5,000 |
| Private and non-traded REITs, interval funds | Large managers' funds, sold through brokers and advisers | The fund manager | A broker, an adviser or the fund | Non-traded: the public, with suitability rules; private: mostly accredited | $2,500 at BREIT for most share classes |
The big names today
Why do investors look beyond the big-name crowdfunding sites?
Many investors look elsewhere because the big names have changed since 2024. Several no longer sell what older lists say they do. Here is what their own pages and filings showed in October and November 2026.
- Crowd Street (formerly CrowdStreet) listed 10 funds and REITs from large managers, and no single-sponsor deal, on November 2, 2026. It is for accredited investors.
- Fundrise sells only its own funds, from $10, so one manager picks every property.
- RealtyMogul's two REITs suspended repurchases on April 21, 2026, and are closed to new money.
- EquityMultiple has been run by Larson Capital Management since August 1, 2026, and its FAQ says Larson will sponsor most new offerings.
- Groundfloor's 2026 filings state an auditor's "substantial doubt" about going concern.
- Yieldstreet renamed itself Willow Wealth in late 2025.
So the usual reasons to leave are a wish to choose the sponsor, to write a larger check, or to avoid relying on one platform. For a named site, start with the CrowdStreet alternatives or Fundrise alternatives pages. This page covers the routes beyond any one brand.
Route by route
How does each alternative work?
The seven routes differ most in two things: whose judgment picks the property, and whether you can question the people running it.
Investing directly with a sponsor
One sponsor at a time · Regulation D
- Form D median minimum
- $50,000
- Who can invest
- Mostly accredited
You can invest straight from a sponsor's own site or investor portal. Relli's study of 4,172 real estate Form D filings from October 2025 to September 2026 found a median stated minimum of $50,000. Of those filings, 69.9% used Rule 506(b), which bars advertising, so many deals reach only investors a sponsor already knows.
Good fit if you
- Already know a sponsor you trust
- Will vet the sponsor yourself
Not a fit if you
- Want to compare several sponsors at once
Relli
Sponsor marketplace · Many independent sponsors
- Minimum
- From $50,000
- Who can invest
- Mostly accredited
Relli is a private real estate marketplace. Established sponsors list apartment, retail and fund offerings, each reviewed before listing. You compare them side by side and talk directly to the sponsor running the one you pick. The sponsor confirms eligibility before you invest. Relli was founded in 2023, keeps a smaller, curated set of offerings and has no resale market.
Good fit if you
- Want to choose among many sponsors
- Want to talk to the sponsor first
Not a fit if you
- Want to start below $50,000
- May need the money within a few years
Investor clubs and syndication groups
Introductions · Usually accredited
- Minimum
- Set by each deal
- Who can invest
- Usually accredited
Local clubs, professional groups and online forums such as BiggerPockets share introductions to sponsors. SEC staff accept that referrals in an informal network of experienced investors can help build the relationship a Rule 506(b) deal needs. Ask whether the organizer is paid per investor, since that can be broker activity.
Good fit if you
- Want peers' views on sponsors
Not a fit if you
- Want a platform's review before listing
DSTs through 1031 specialists
Delaware statutory trusts · Broker-dealers
- Form D median minimum
- $100,000
- Who can invest
- Accredited
A Delaware statutory trust (DST) can take 1031 exchange money, which a syndication interest generally cannot. DSTs are sold mostly by broker-dealers. Realized 1031 says its marketplace lists 30 to 50 DSTs from more than 45 sponsors, for accredited investors only. In Relli's Form D analysis, 75.2% of DST and TIC filings reported sales commissions, at a median of 6.0%.
Good fit if you
- Are deferring gain from a property sale
Not a fit if you
- Want a sponsor that can refinance or re-lease freely
Smaller property-share apps
Ark7, Lofty, Mogul · Single homes
- Minimum
- $20 to $250
- Who can invest
- Often anyone
These apps buy rental homes and sell slices, so the app is the sponsor of every offering. Ark7 sells shares from $20 through a FINRA broker-dealer. Lofty sells tokenized shares that often cost about $50 or less and says it is "not a registered broker-dealer." Mogul says its investments start at $250.
Good fit if you
- Want small stakes in single homes
Not a fit if you
- Want commercial or apartment deals
Note and debt platforms
Loans and short-term notes
- Minimum
- $10 to $5,000
- Who can invest
- Varies
Groundfloor sells slices of developer loans from $10, with no fees to invest, but its 2026 filings flag going-concern doubt. EquityMultiple's Alpine Notes run 3, 6 or 9 months from $5,000, for accredited investors. Concreit runs its own debt fund and says withdrawals usually take about a week.
Good fit if you
- Want terms measured in months
Not a fit if you
- Want to own property, not loans
Private and non-traded REITs, interval funds
Manager picks · Capped repurchases
- Minimum
- $2,500 at BREIT, most classes
- Who can invest
- Varies by type
Large managers sell these through brokers and advisers. Exits run through capped repurchase plans. Blackstone's BREIT caps repurchases at 2% of net asset value a month and 5% a quarter. Its board can buy back fewer shares or none. Investor.gov says non-traded REIT selling costs "usually total approximately 9 to 10 percent."
Good fit if you
- Want one diversified holding
Not a fit if you
- Want to choose the property or sponsor
Beyond national syndicators
What are the alternatives to big-name national syndicators?
The alternative to a big national syndicator is usually a mid-size or regional sponsor with a focused strategy. You reach these sponsors directly, through referrals or on a sponsor marketplace. Real estate issuers file Form D from every part of the country. Texas led with 14.4% of offerings in the year to September 2026, followed by California and Florida.
A smaller sponsor is not lower risk by default. Check the same things you would check with a large one:
- Every past deal, sold and unsold, with projected and actual results side by side.
- How much of its own money is in the deal, compared with its fees in dollars.
- Its principals' Form D history on SEC EDGAR, and any record on FINRA BrokerCheck.
The guide to sponsor fees and the promote shows how to total a deal's fees. A comparison of syndication platforms lists the sites that carry sponsor deals.
By goal
Which alternative fits larger checks, retirement accounts or 1031 money?
The right route depends on the money you have and the account it sits in. The cards cover the goals investors ask about most.
What are the alternatives to crowdfunding sites for larger checks?
Direct sponsor offerings and sponsor marketplaces suit larger checks, since minimums of $25,000 to $100,000 are common. That was the middle half of stated minimums in Relli's Form D study. The guide to investing $100,000 to $1 million covers spreading that money.
What are the alternatives for retirement accounts?
Many sponsors accept self-directed IRA money, and Fundrise offers Traditional and Roth IRAs. A custodian does not vet the deal, and leveraged property can owe unrelated business income tax. See private real estate in retirement accounts.
What are the alternatives for 1031 deals?
DSTs and tenancy-in-common shares can take 1031 money; syndication and marketplace interests generally cannot. Relli does not list DSTs today.
What are the alternatives for sponsor access?
A sponsor marketplace or a direct relationship gives the most sponsor access. On a fund platform, your questions go to the manager's investor relations team instead.
What if I am not accredited?
Arrived, Lofty, Mogul, Fundrise and most Groundfloor products accept non-accredited investors. The real estate crowdfunding sites compared page groups sites by who can invest.
Four checks
How did Relli compare these alternatives?
Relli checked each route on November 2, 2026, with the same questions: who picks the deal, who you deal with, who can invest and the typical starting amount. We read each platform's own pages first, then SEC and FINRA records (EDGAR filings, Form CRS, BrokerCheck and the SEC's Form D data). Figures from press and forums are named.
- No platform paid to be included or reviewed this page.
- Routes are ordered by how directly you choose the deal and deal with the sponsor, not scored or ranked.
- Relli is included with the same facts and its limits, because it is a real option for some readers and because you should know who wrote the page.
For a checklist that works on any platform, read how to choose a real estate investment platform.
Sources
- Crowd Street offerings, Crowd Street (accessed Nov 2, 2026)
- Crowd Street Form CRS (client relationship summary), Crowd Street (May 18, 2026)
- What are Fundrise's fees?, Fundrise (accessed Nov 2, 2026)
- Fundrise home page (account types, including IRAs), Fundrise (accessed Nov 2, 2026)
- RealtyMogul Income REIT, Inc. semiannual report (Form 1-SA), SEC EDGAR (Sep 28, 2026)
- EquityMultiple FAQ (Larson license, minimums, accreditation), EquityMultiple (accessed Oct 27, 2026)
- Groundfloor Yield, LLC semiannual report (Form 1-SA), SEC EDGAR (filed Oct 1, 2026)
- Groundfloor home page, products and disclosures, Groundfloor (accessed Nov 2, 2026)
- Willow Wealth review, Finder (updated Oct 2, 2026)
- Form D data sets, SEC Division of Economic and Risk Analysis (Oct 2025 to Sep 2026, pulled Oct 20, 2026)
- 17 CFR 230.506, Rule 506(b) and 506(c), eCFR (current as of Oct 16, 2026)
- Securities Act Rules, Compliance and Disclosure Interpretations, SEC Division of Corporation Finance (accessed Oct 20, 2026)
- Rev. Rul. 2004-86, Internal Revenue Bulletin 2004-33, Internal Revenue Service (Aug 16, 2004)
- Realized 1031 home page (DST marketplace), Realized Financial, Inc. (accessed Nov 2, 2026)
- Ark7 home page, Ark7 (figures as of May 2026, accessed Nov 2, 2026)
- Lofty home page, Lofty AI, Inc. (accessed Nov 2, 2026)
- Mogul home page, FAQ and site disclosures, Mogul Technologies, Inc. (accessed Oct 20, 2026)
- Concreit home page, Concreit (accessed Oct 20, 2026)
- Blackstone Real Estate Income Trust, Supplement No. 1 to the prospectus dated April 17, 2026, SEC EDGAR (Apr 22, 2026)
- Real Estate Investment Trusts (REITs), Investor.gov (SEC) (accessed Oct 27, 2026)
- Open offerings, Relli (accessed Nov 2, 2026)
- How Relli works, Relli (accessed Oct 20, 2026)
