Relli vs Fundrise: Who Picks the Deals?

Who chooses

Who picks the deals on Fundrise and on Relli?

Fundrise picks the deals on Fundrise, while on Relli you pick the sponsor's offering yourself. Fundrise's own team chooses, buys, runs and values the properties inside Fundrise's funds, and you buy shares of those funds. On Relli, you compare offerings from independent sponsors, choose one, and talk to the sponsor running it before you decide.

What is the Fundrise minimum, and can you invest if you are not accredited?

The Fundrise minimum investment is $10 through its investment plans, and anyone can invest, accredited or not. Individual fund prospectuses list higher amounts. The Innovation Fund (VCX) trades on the New York Stock Exchange (NYSE), so its minimum is one share.

Relli is built for a different investor. Most offerings on Relli are for accredited investors, and the sponsor confirms eligibility before you invest. Listed offerings have started from $25,000, set by each sponsor. If you are not accredited, or want to start with a small amount, Fundrise-type funds are where to look. The Fundrise alternatives page lists others.

Fundrise's $10 is far below what private real estate usually asks. Relli's analysis of U.S. Securities and Exchange Commission (SEC) data covered 540 real estate pooled-fund offerings filed on Form D from October 2025 to September 2026. Where a minimum was set, the median was $50,000.

Model contrast

How does Fundrise compare with a sponsor marketplace like Relli?

Fundrise is a single manager selling its own funds, while Relli is a marketplace where independent sponsors list their own offerings. The table puts the two side by side on the points that matter most for this choice.

Costs

What are Fundrise's fees, and how does Fundrise make money?

Fundrise's fees are a 0.15% advisory fee and a 0.85% annual management fee, and those fees are how it makes money. Together they come to about 1% a year on its real estate funds, according to Fundrise's help center (accessed October 20, 2026). The Innovation Fund's management fee is 1.85%.

Each fund also pays its own operating expenses, and the funds' prospectuses put total annual expenses at about 1.6% to 2.1%. Fundrise's homepage says it takes no promote or carried interest.

Fundrise's parent, Rise Companies Corp., reported $33.0 million of revenue and a $7.1 million net loss for the first half of 2026. The figures are from its quarterly report for the period ended June 30, 2026. On $10,000 in a Fundrise real estate fund, the two headline fees come to $100 a year ($15 advisory and $85 management), before fund expenses.

How do costs work on Relli?

Costs on Relli work the other way round from Fundrise: investors pay Relli $0 today, and sponsors pay Relli a subscription to list. Each sponsor then sets its own fees for its offering, such as acquisition, asset management and disposition fees.

Many also take a promote: a larger share of profits for the sponsor once investors pass a set return. Those terms differ from offering to offering and are in each sponsor's documents.

So Fundrise's fees are simpler to compare, while Relli's platform cost is zero but each offering's sponsor fees need reading. The guide to syndication fees and the sponsor promote shows what to look for.

Fund or offering

Is Fundrise a real estate syndication?

Fundrise is not a real estate syndication in the usual sense. A syndication pools investors into one identified property or portfolio run by a sponsor. Fundrise sells shares of its own diversified funds:

• The Flagship Real Estate Fund and the Income Real Estate Fund, both SEC-registered interval funds.
• The Fundrise eREIT, a Regulation A real estate investment trust (REIT) that absorbed seven older eREITs on April 29, 2026.
• The Innovation Fund (VCX), a pre-IPO technology fund listed on the NYSE in March 2026.

Relli lists both kinds of private investment, each from an independent sponsor: single-property syndications, multi-property funds and some joint ventures. The difference between a fund vs a single syndication is mostly about how much you know before you invest and who makes the decisions after.

Getting money out

How do Fundrise redemptions work?

Fundrise redemptions run through quarterly repurchase offers. Each quarter, the Flagship and Income funds offer to buy back a set share of their stock, recently 5% of shares. Requests above that are filled pro rata, so you may get only part of what you ask for. SEC Rule 23c-3 lets an interval fund buy up to 2% more of its shares before it prorates.

Repurchases are not guaranteed. The Fundrise alternatives guide works through how long a full withdrawal takes. The eREIT's redemptions have also been limited, and VCX shares are sold on the NYSE like any listed stock.

Relli offerings generally have no repurchase window. Private real estate is illiquid, and there is usually no market to sell your interest. Expect to hold for the full term, often several years. That makes Relli a fit only for money you will not need soon. The guide on getting out of a private investment early covers the rare exceptions.

Taxes and results

Does Fundrise send a K-1 or a 1099?

The Fundrise eREIT sends a Form 1099-DIV, not a K-1, because it is a REIT. Internal Revenue Service (IRS) rules give REIT investors a 1099-DIV. Check each Fundrise fund's tax documents for the form it issues.

On Relli the same rule applies offering by offering. A partnership, limited liability company (LLC) or joint venture sends a Schedule K-1 from the sponsor, and a REIT offering sends a Form 1099-DIV.

Partnerships file by March 15 and can extend six months. A K-1 can therefore lawfully arrive as late as September 15 (for tax year 2026, September 15, 2027). If you want to avoid K-1s, ask how an offering is taxed before you invest. The K-1 guide explains what the form means for your return. This is general information, not tax advice.

How does Fundrise report its returns?

Fundrise reports its results in public filings with the SEC. Its funds file as registered or Regulation A offerings, and its parent files quarterly reports. Third-party sites disagree on several of its annual return figures. Check Fundrise's own disclosures for current numbers rather than a review site's table.

Relli offerings show target returns, which are each sponsor's projections, not results. Each sponsor's past deals are in its own track record. Relli was founded in 2023 and has no platform-wide realized track record yet. Any private real estate investment can lose money.

Which suits you

Should you use Fundrise, Relli or both?

Fundrise fits investors who want one manager to pick for them, while Relli fits accredited investors who want to choose the sponsor. Fundrise is open to investors of any status from $10. On Relli, independent sponsors' listed offerings have started from $25,000.

Next questions

Can you combine Fundrise and Relli, and where do Arrived and Mogul fit?

Fundrise and Relli can be used together, and Arrived and Mogul both sell small interests in rental homes.

Nine checks

Which nine questions did Relli check for Fundrise?

Relli checked Fundrise and its own platform on October 20, 2026, on nine questions. The questions cover who picks and who sponsors the properties, who can invest and the minimum.

The questions also cover platform fees, other costs, getting money out, tax forms and who you talk to. Fundrise facts come from its help center and homepage, its funds' SEC filings and Rise Companies' quarterly report for the period ended June 30, 2026. Relli facts come from relli.co.

• Nothing here is scored or ranked, and no platform paid to be included.
• Fundrise's card comes first because the page's question starts from who picks the deals.
• We left out year-by-year Fundrise returns, because public sources disagree on several years.