Allows you to invest in eREITs giving you exposure to a diversified portfolio of real estate. You can choose their Growth eREIT (equity), Income eREIT (debt/loans) or a regional eREITs: West Coast, Heartland and East Coast.
I recently invested in Fundrise's growth eREIT. They've already announced a quarterly 8% dividend payment so it looks like things are going fine so far. Compared to RealtyMogul, Fundrise has a much nicer looking platform. You can really tell that they put a lot into making the dashboard look nice and easy to use. My Fundrise investments have all been multifamily units whereas my RealtyMogul investments are in commercial property (self storage facility and office building so far).
eREIT's are not super liquid (you can only sell on a quarterly basis and there are restrictions) but I'm not investing a large % of my money into them so I don't really mind too much.
They recently introduced regional eREITs that target real estate investments in different parts of the US: East Coast, West Coast and Heartland. This way you can choose to invest in just one region and exclude the others. I'm happy with the platform so far and will definitely invest more money.
I put 15k in Fundrise's Income fund. I have received two quarterly payments, the first of which was early on during their build-up phase and it amounted to about 4% annual. The second payment was about 8% annual and it should pay out at this level or better in the future.
They say that I have the opportunity to sell my position or increase my buy-in every quarter but I have not looked into that option.
While I like RealtyShares better, Fundrise is ok.
edit: A major difference between a crowdfunded real estate platform and a traditional reit, is that the crowdfunded acts much more like private equity (including those risks) and is a completely separate entity from the market. A traditional reit has a tendency to track with stocks somewhat. Yes, these investments (the crowdfunded ones) are rather illiquid, but the hope is that you are getting a better return in trade.
I have some money with Fundrise. They don't require you to be an accredited investor, which is nice. Returns have been around 10-11%. It's kind of neat to see the individual properties/projects involved.
I put 10K into it this year to try and diversify into its middle market real estate holdings. I don't plan to sell any of it, and expect to make my money back (and more) when they close the fund in the future. As long as it is not a scam, it should do fairly well, but I know someone who works there, and trust that he is an honest guy and wouldn't put up with cheats. I did not tell him I invested since I didn't want to strain the friendship if it all goes south.