RealtyMogul Review: What Changed and What Investors Get Now

What changed

RealtyMogul review: what is it, and how does it work now?

This RealtyMogul review finds both of its REITs closed to new money and one sponsor offering open on October 27, 2026. RealtyMogul (realtymogul.com), founded in 2012, built two businesses: private placements from outside sponsors for accredited investors, and two non-traded real estate investment trusts (REITs) open to non-accredited investors.

By October 27, 2026, both had changed:

• The investment-opportunities page showed one equity offering marked "Open to Invest," with a $35,000 minimum. A $50,000-minimum fund and both REITs were "Waitlisted." A banner said "new institutional-quality commercial real estate opportunities are on the horizon."
• The affiliated broker-dealer, RM Securities, LLC, filed to withdraw on July 11, 2025; BrokerCheck shows it terminated September 9, 2025. The REITs paused new cash subscriptions that day; the pause continues.
• Both REITs, the Income REIT and the Apartment Growth REIT, suspended share repurchases on April 21, 2026.

Ownership changed too. On November 6, 2025, the parent, Realty Mogul, Co., merged into RM Investor, LLC, which is managed by The Wideman Company, LLC. Co-founder Jilliene Helman stepped down as CEO. Christopher D. Wideman has been CEO of the REITs' manager since December 2025 and signs both REITs' filings as CEO.

The new owner's announcement said The Wideman Company will co-invest in "every new real estate opportunity listed." It also said members had invested over $1.2 billion into more than $8 billion of real estate as of October 2025.

Public record

Is RealtyMogul legit?

Here is what the public record shows. RealtyMogul's adviser is SEC-registered, its REITs file with the SEC, and its 2025 and 2026 changes are disclosed in those filings. These are the records anyone can check:

• RM Adviser, LLC (CRD 283877), which manages both REITs, has been an SEC-registered investment adviser since July 15, 2016. It filed its latest Form ADV on October 20, 2026.
• RM Securities, LLC (CRD 323671) shows as terminated on FINRA BrokerCheck, with a status date of September 9, 2025, and no disclosures listed.
• Both REITs file annual, semiannual and current reports under Regulation A on SEC EDGAR.
• As of June 30, 2026, each REIT said it was "not named as a defendant in any active or pending litigation."

Registration shows which rules a firm reports under. It does not make any investment safe. The guide to checking a sponsor's record shows how to run these searches yourself.

What do RealtyMogul reviews from investors say?

RealtyMogul reviews on Trustpilot are mostly negative. On October 27, 2026, it had a TrustScore of 1.3 out of 5 from 70 reviews, and 96% of them rated it 1 out of 5. Common themes in recent reviews are the suspended repurchases, falling share values, and lower or paused distributions. Review sites reflect the people who chose to post, so treat the themes as questions to raise, not as facts.

Who can invest

What is the RealtyMogul minimum investment, and who can invest?

The RealtyMogul minimum investment is $5,000 for its REITs, with $1,000 add-ons, and typically $25,000 or $35,000 for private placements, according to its FAQ. The rules differ by product:

• REITs: open to non-accredited investors under Regulation A. Non-accredited investors can generally put in no more than 10% of the greater of their annual income or net worth.
• Private placements: accredited investors only. One was open on October 27, 2026.

In practice, new money cannot go into the REITs right now. Both REIT pages say the REITs are "currently paused for new investors." On September 10, 2026, the Income REIT requested withdrawal of a new offering statement it had filed in October 2025. Its filings say it plans to resume selling shares later, directly through the RealtyMogul platform, with no timing given. The accredited investor guide explains the income and net worth tests.

Fee layers

What are RealtyMogul's fees?

RealtyMogul's fees sit mostly inside its REITs and with sponsors, not on your account. "Joining RealtyMogul and using the platform is free," its FAQ says. On private placements, it "charges the sponsor a fee for the use of the platform," and each sponsor's own fees apply.

REIT holders bear several layers, paid by the REIT or its properties:

• Asset management fee to RM Adviser: 1.00% a year of NAV (Income REIT) or 1.25% (Apartment Growth REIT).
• Organization and offering costs of up to 3% of gross offering proceeds. The REITs expect no selling commissions on future sales.
• Property-level asset management fees of up to 3.5% of a property's effective gross income on some Income REIT investments, plus loan servicing fees.
• Affiliate fees. In 2026, affiliates of The Wideman Company earned asset management, property management and acquisition fees on some Income REIT investments. They included a 1.98% acquisition fee, about $2.0 million, on the Truist Plaza investment, which the affiliates invested back into that deal.

Track record

What returns has RealtyMogul reported?

RealtyMogul reports positive long-run figures for both REITs, while its 2026 filings show lower share values and smaller distributions. Each figure below is the company's own, with its date.

• Income REIT: a hypothetical $10,000 invested at its 2016 start, with distributions reinvested, was worth $14,512 through December 15, 2025, its web page says.
• Apartment Growth REIT: a hypothetical $10,000 invested at its 2017 start was worth $11,777 through October 15, 2025, net of advisory fees and transaction costs.
• Income REIT NAV: $7.49 a share at December 31, 2025, $6.85 at March 31, 2026 and $6.79 at June 30, 2026.
• Apartment Growth REIT NAV: $7.62 a share at December 31, 2025, $6.85 at March 31, 2026 and $6.36 at June 30, 2026.
• Income REIT distributions: about 6.0% of NAV a year in November 2025, 4.0% in December, 3.0% in early 2026 and 1.5% since April 2026.
• Apartment Growth REIT distributions: none for the quarter that began October 1, 2025, or any quarter since, under a "Temporary Distribution Pause."

Recent exits also came in below their original underwriting. On August 20, 2026, the Income REIT sold three Portland-area apartment investments. It expects equity multiples of about 0.3x, 0.6x and 0.5x, against 2.4x, 1.9x and 2.6x in the original underwriting. The company cited legislative changes and market headwinds, and plans to redeploy the proceeds. In March 2026, the Apartment Growth REIT transferred one property to its lender in lieu of foreclosure.

RealtyMogul notes that hypothetical results are for information only and that past performance does not guarantee future results.

Getting out

Can you get money out of RealtyMogul, and what can current investors do?

You cannot get money out of RealtyMogul's REITs through repurchases right now. Both boards suspended their share repurchase programs on April 21, 2026, and no longer accept requests. The filings say the aim was "to preserve liquidity and support" each REIT's "broader capital allocation and portfolio repositioning strategy." Before that, the Income REIT capped repurchases at 5.0% a year. The distribution reinvestment plans are also suspended, so distributions are paid in cash. The SEC warns that non-traded REIT redemption programs "may be discontinued at the discretion of the REIT without notice."

The shares do not trade on an exchange. Each REIT's filings say its NAV is not the price you would get if you tried to sell. The Income REIT says it may raise cash through asset sales and future capital raises. Over time it may also consider a sale, a merger or a listing, but it gives no timeline.

Current investors can still take these steps:

• Read each new Form 1-U on SEC EDGAR for NAV, distribution and repurchase updates.
• Keep your Form 1099s and cost basis. REIT holders get 1099s; private placement investors get K-1s from the sponsor.
• If you hold shares in an IRA, ask your IRA custodian how illiquid shares are handled for required minimum distributions.
• For a private placement, ask the sponsor in writing about reporting and the expected exit date.

The guides to non-traded REIT repurchase limits and selling private real estate early explain how suspensions and secondary sales work.

Fit

Who may RealtyMogul fit, and who may want something else?

RealtyMogul may fit accredited investors weighing its one open sponsor offering ($35,000 minimum). Existing REIT holders still get SEC reports and an Income REIT distribution, but repurchases are suspended with no end date given. It may also suit investors watching for new offerings under the new owner.

Others may want something else:

• Anyone who wants to put new money into a REIT now, since both are paused for new investors.
• Anyone who may need cash back on a schedule.
• Non-accredited investors looking for an open, low-minimum fund. The page on RealtyMogul alternatives covers RealtyMogul vs Fundrise and others.

Side by side

How does RealtyMogul compare with Relli?

RealtyMogul and Relli have both listed offerings from outside sponsors, with sponsors paying the platform. On October 27, 2026, RealtyMogul had one offering open to invest and Relli had 5. Relli also has clear limits: a small number of open offerings, higher minimums and mostly accredited investors.

Before you invest

What should you ask before investing with RealtyMogul?

Before investing with RealtyMogul, ask questions you can check against its filings:

1. When will repurchases resume, and how will requests be handled when they do?
2. What is the latest NAV, and who sets it?
3. Is the current distribution covered by cash flow from operations?
4. Which fees go to the manager and to Wideman affiliates, at the REIT and property level?
5. How will new offerings be sold now that the broker-dealer has withdrawn?
6. For any platform: who picks the deal, who pays the platform, and how do you get money out?

The guide to choosing a real estate investment platform turns that last question into a checklist.