Fundrise vs Arrived vs FISYN With $5,000: What Their SEC Filings Say About Fees, Returns and Getting Your Money Out (2026)

Why this page exists

Ask around about these three with $5,000 in your pocket and you will get four different answers about FISYN alone: it is accredited-only; it needs $50,000; it is a Reg A fund with a $1,000 class; it is probably a scam. You will also hear anything from "a few days" to "months" for how long Fundrise takes to give money back.

Every one of those questions has a written answer, in a document the company itself filed with the SEC. This page puts those answers side by side, with the filing and its date next to each number, and marks what the filings do not tell you. Where a number comes from a company's website instead of a filing, it says so.

Disclosure: CrowdfundedWealth has no affiliate relationship with Fundrise, Arrived or FISYN and earns nothing if you invest with any of them. Arrived has no affiliate programme; Fundrise declined our application; we have never approached FISYN. There are no affiliate links on this page.

The short version, side by side

Sources for every cell are in the sections below and in the downloadable CSV. The Arrived minimum you will see in its app ($100) comes from Arrived's platform, not from the Arrived Homes 5 circular, which sets no per-investor minimum.

The rule that decides whether you can put $5,000 in at all

Before fees or returns, check the wrapper, because it sets who is allowed to buy.

Arrived and FISYN both sell under Tier 2 of Regulation A. Under Rule 251(d)(2)(i)(C) of Regulation A, a non-accredited individual can put no more than 10% of the greater of annual income or net worth (net worth excluding your home) into a Tier 2 offering whose shares are not listed on an exchange. Both circulars repeat it. In practice: to put $5,000 into one of these offerings you need at least $50,000 of income or $50,000 of net worth. A 26-year-old earning $50,000 or more clears it; a student with savings and no salary may not. You sign a statement saying you qualify, and the company may reject you if you do not.

The Fundrise Flagship fund is not a Reg A offering. It is registered under the Investment Company Act of 1940, and its prospectus has no income or net-worth test; it asks financial advisers to consider suitability and says the fund "should not be viewed as a complete investment program."

And this is where the FISYN confusion comes from. FISYN Fund II runs two offerings in one vehicle. The Reg A one is open to non-accredited investors: Class B from $1,000 (10% annual preferred return) and Class A from $25,000 (12%), both at $110.00 per interest (Form 253G2, May 1, 2025). The other is a Rule 506(c) private offering, accredited investors only, $15,000 minimum, which had taken in $24,512,020 from 307 investors by July 15, 2026. Someone who only saw the Form D would say "accredited-only". Nobody's filing says $50,000.

Fundrise: what the Flagship fund's filings say

What it is. The fund Fundrise markets as its Flagship Real Estate Fund is Fundrise Real Estate Interval Fund, LLC (CIK 1777677). It is taxed as a REIT, so distributions arrive on a 1099-DIV. At December 31, 2025, 95% of its net assets were six real estate joint ventures with Fundrise affiliates, all valued by model rather than by a market price; we broke that down in what the Flagship fund actually holds.

Minimum and fees. The prospectus of April 30, 2026 says: "The minimum initial investment for Shares of the Fund is $1,000," and that the fund "reserves the right to modify or waive the minimum." If the Fundrise app shows you a lower starting amount, the prospectus is still the legal document, and it lets the fund waive the minimum. Its fee table: 0.85% management fee, 0.24% general expenses, 0.50% marketing, 0.19% interest, 1.78% in total, no sales load. The actual figure for the six months to June 30, 2026 was 2.04% annualised including interest on its new borrowing, or 1.54% without it (Form N-CSRS, August 31, 2026).

Returns, from the fund's own financial highlights.

Two things to know about the good half-year. First, it came from selling, not earning: the fund booked a $164.1 million realized gain on affiliated investments, partly offset by an $81.8 million unrealized loss, while its net investment income was a loss of $9.8 million. Its total investment income for the six months was $2.88 million; its marketing expense alone was $3.11 million. The gain is consistent with the fund selling down its stake in the affiliated Innovation Fund, which listed on the NYSE as VCX. Second, NAV then fell from $12.52 to $11.93 between June 30 and August 27, about 4.7% in two months. In every period of its financial highlights, the fund's distributions are shown as return of capital, which lowers your tax basis rather than being income.

Getting your money out. This is the part most answers get wrong in both directions. It is neither "a few days" nor "locked for years." The fund's repurchase notice of August 28, 2026 spells out the clock:

1. One window per quarter. You submit a request from the settings page of your account before the deadline, 11:59pm Eastern on the last day of the quarter (the current window closes September 30, 2026). Miss it and you wait for the next quarter.
2. Priced later. The price is NAV on the Repurchase Pricing Date, up to 14 days after the deadline, not the NAV on the day you asked.
3. Paid within 7 days of pricing. The fund "expects to make payments for all shares repurchased no more than seven (7) calendar days after the Repurchase Pricing Date."
4. Capped at 5% of the fund. The offer is for up to 5% of outstanding shares. Under Rule 23c-3 the fund may take up to 2% more; beyond that, requests are cut back pro rata. The fund's annual report says it is "likely" to offer only the minimum 5% and that "a Shareholder may not be able to sell their shares when or in the amount that they desire."

Best case: you ask just before a deadline and have cash about three weeks later. Worst normal case: you decide the day after a deadline and wait roughly three months for the next one, plus those three weeks. Bad case: everyone wants out in the same quarter and you are paid only part of your request.

How has the cap held up? In the offers with deadlines of December 31, 2025 and March 31, 2026 the fund bought back 5,864,719 shares ($69.3 million) and 7,837,527 shares ($100.0 million), both more than 5% of the fund. What it has never published is how many shares were asked for, so whether anyone was prorated cannot be confirmed from outside; we went through that gap, and the rule that seems to require the number, in our reading of the September 2026 offer. One detail for a $5,000 investor: at $11.93 your stake is about 419 shares, so the fund's priority for holders of fewer than 100 shares does not apply to you.

If your Fundrise account also holds the eREIT. Fundrise's older non-traded REITs merged on April 29, 2026 into Fundrise eREIT, LLC (CIK 2093809), which runs a different, discretionary redemption plan. Its 10-Q for the June quarter says holders asked to redeem about 7,256,000 shares after the merger; about 2,400,000 were honored at $9.99; 4,856,000 "remain outstanding" because requests exceeded the quarterly limit, a baseline of 2.50% of NAV that the manager raised to 4.00% for that quarter. Its September distribution works out to about 0.25% a year at $9.87 a share (8-K, September 1, 2026). Which funds a new $5,000 account is placed in depends on the plan you choose in the app; we could not confirm from the filings whether new money goes into the eREIT today.

Arrived: two products with two different exits

Arrived sells two kinds of thing, and they should not be confused.

1. Shares of one house. Each rental home is its own "series" of a Reg A Tier 2 LLC. The current offering circular, for Arrived Homes 5, LLC (CIK 2032732) (Form 1-A POS, May 20, 2026), prices each interest at $10.00, of which $0.10 is an underwriter discount and $9.90 reaches the series. The manager takes a one-time sourcing fee of 3.5% of the purchase price of the house and an annual asset management fee of 0.6% of the purchase price, paid out of rent, and may keep part of the property management fee up to 8% of rent. Each series elects to be taxed as a REIT, and Arrived's monthly filings say holders "will be issued a Form 1099-DIV."

The line a beginner needs is under "Redemption Provisions": "The interests are not redeemable." Your ways out are selling to another investor on the secondary market run through the PPEX ATS, where the circular says an active market "may not develop or be sustained", or waiting until Arrived sells the house.

How the houses are doing, from Arrived's own filings: across the 240 homes of the original Arrived Homes, LLC with a full year of history, median NAV was $9.71 on July 25, 2026 against the $10.00 issue price, and 207 of the 240 were worth less than a year earlier (our full dataset). In the September 23, 2026 dividend declaration, 150 series received a dividend, up from 147 in August, out of the 241 we counted in August; the median payment among those that paid was $0.032 per interest for the month, about 3.84% a year on $10.00 (our arithmetic). The newer vintages pay more often than the oldest fund.

2. The pooled fund. Arrived SFR Genesis Fund, LLC (CIK 1982615) owns a pool of single-family rentals and a note receivable. Its circular (Form 1-A POS, June 9, 2026) sets a $100 minimum and a 1.0% annual asset management fee, and it does have a redemption plan:

The circular is explicit that this is not a promise: "we are not obligated to redeem common shares under the redemption plan," and the manager may "amend, suspend, or terminate the redemption plan at any time without prior notice." So far it has paid: the fund's 2025 annual report says about 280,033 shares were submitted for redemption in 2025 and "100% of such requests were honored," about $2.8 million. The same report shows the business underneath: $1,346,183 of rental income in 2025, a net loss of $77,166, and $735,726 of distributions. NAV was $10.01 on July 25, 2026 (253G2, July 28, 2026), almost exactly where it started in 2023.

FISYN Fund II: what its filings say

We read every FISYN filing in detail in our full FISYN Fund II review. Here is what matters for someone deciding about $1,000 to $5,000.

Is it legit? It is a real, SEC-qualified Reg A Tier 2 offering with a filing history, and nothing in the public record alleges fraud. "Legit" and "suitable for your first $5,000" are different questions, and the filings answer the second one fairly clearly.

What you would buy. Class B interests at $110.00, from $1,000, of which $4.95 per interest (4.5%) goes to the broker, DealMaker Securities. The circular describes undeveloped Texas land bought to rezone and sell, with investors due a cumulative, non-compounding preferred return of 10% (Class B) or 12% (Class A), then their capital back, then 20% of the remaining cash, with 80% going to the manager's Class M interests.

What it charges (Form 253G2, May 1, 2025):

• Acquisition fee of up to 5% of each property's purchase price
• Asset management fee of 6% of capital used in the first year of operations, then 1% a year
• Disposition fee of up to 2% of each sale price
• 80% of distributable cash after the preferred return and return of capital

When it pays. The website advertises monthly distributions. The circular says the company "will make quarterly distributions" subject to distributable cash, does "not intend to operate the Properties," and "will only be able to make distributions upon the disposition of a Property."

Revenue against advertising. Its only periodic financial report, the Form 1-SA for January 1 to June 30, 2025, states "The Company generated $0 of revenues" and lists $801,476.20 of expenses, of which $546,084.50 (68.1%) was advertising and marketing and $124,696.80 management fees. Any distribution paid in that period could not have come from the land.

Getting out. We found no redemption programme in the circular. It says: "there is no market for our securities," "Investors should be prepared to hold our Interests indefinitely," and the manager "may refuse a transfer of Interest(s) for any number of reasons." A Form 1-U of November 10, 2025 added side letters that can grant different "withdrawal rights" to investors, which the company intends to use for its Rule 506(c) investors and "does not intend" to offer to Reg A investors.

Reporting. Tier 2 issuers must file an audited annual report on Form 1-K within 120 days of fiscal year end under Rule 257(b)(1) of Regulation A. For FISYN Fund II's 2025 year that was April 30, 2026. On September 27, 2026 its EDGAR filing list still showed no Form 1-K; the latest filing was the July 15, 2026 Form D/A. Its semi-annual report for the first half of 2026 is due within 90 days of June 30 under Rule 257(b)(3), so on September 28, 2026. If either appears, it supersedes the numbers above.

Tax. The circular says investors get a Schedule K-1 each year. K-1s often arrive later than 1099s and can make a simple tax return more complicated.

What "returns" mean on each platform

The three do not report comparable numbers, so be careful comparing a headline figure from one with a headline figure from another.

• Fundrise reports a total return on NAV for the whole fund: 4.03% a year for five years, 1.33% for 2025. It is audited and it is net of fund expenses.
• Arrived reports a NAV and a dividend per house. A yield quoted across only the houses that paid is higher than the yield across all houses, because a house paying nothing drops out of the average; we measured that gap in the Arrived dataset.
• FISYN advertises a 31.3% five-year investor return on one site and 29.25% on another. Neither appears in its filings, and neither can belong to FISYN Fund II, whose Reg A offering began on May 1, 2025. The preferred return of 10% or 12% is a promise about the order of payments when there is cash to pay, not a yield.

The option nobody selling these three will mention

If what you want is real estate in your portfolio, a public REIT index ETF does that for a fraction of the cost, and it is the benchmark every platform above should be judged against.

Sources: Vanguard Real Estate ETF summary prospectus, May 28, 2026; Schwab U.S. REIT ETF summary prospectus, June 26, 2026.

The trade-off is real in both directions. A REIT ETF will show you a -24% or -28% quarter on your screen; a private fund's NAV is set by appraisal and moves more slowly, which feels calmer and is not the same thing as being safer. What the ETF does not do is make you wait a quarter to get your money, or charge you 1.5 to 2 percentage points a year more for the privilege. We compared the two approaches at length in Fundrise vs REITs.

A plain-English decision for a first $5,000

If you might need this money within a year or two, none of the three platforms fits. That is not an opinion about the companies; it is what their own exit terms say. Keep it in cash or a high-yield savings account, or, if you can live with the price moving, a REIT index ETF you can sell on any trading day.

If you want real estate exposure and you are starting out, a low-cost REIT index ETF is the default the others have to beat. Over the five years to December 31, 2025, VNQ returned more per year than Fundrise Flagship (4.62% against 4.03%) at less than a tenth of the cost.

If you specifically want a private real estate fund, Fundrise Flagship is the most regulated of the three: a registered fund under the Investment Company Act, audited, with an exit it must offer every quarter by rule and cannot cut without a shareholder vote. Plan on getting out quarterly, not on demand, and on paying around 2% a year.

If you want to own slices of individual houses, Arrived's filings are unusually detailed, and that detail currently shows a median home below its issue price and a dividend that many homes do not pay. The individual shares cannot be redeemed. Arrived's pooled fund has a quarterly exit after six months, and it paid every 2025 request.

FISYN Fund II is the one we would not use for a first $5,000. Not because anything in the record says fraud, but because of what the filings do say: no revenue in its only report, two thirds of spending on advertising, a 6% first-year management fee, distributions that depend on selling land, no way out on your terms, a K-1, and an audited annual report nearly five months overdue. Those are the terms of a speculative, illiquid bet on a young sponsor. Money you can afford to lose entirely is the only money that belongs there, and a first $5,000 usually is not that money.

What to check before sending money anywhere

1. Find the legal entity and its CIK. The brand name is not what you are buying. Search the name on SEC EDGAR.
2. Open the latest annual report. Form 1-K for Reg A, N-CSR for a registered fund, 10-K for a reporting REIT. If it is missing or late, stop there.
3. Read "Redemption" or "Repurchase" in the circular or prospectus. Write down how often, how much, at what price, what fee, and whether the sponsor can suspend it.
4. Compare revenue with distributions. If a fund pays out more than it earns, the difference comes from somewhere: new investors' money, borrowing, or return of your own capital.
5. Add up the fees, including one-time ones like sourcing, acquisition and broker fees, which come off the top of your money before it is invested.
6. Check the 10% rule for any Reg A offering (Rule 251(d)(2)(i)(C)): 10% of the greater of your income or net worth, excluding your home.
7. Know your tax form. 1099-DIV is simple; a K-1 can arrive late and complicate your return.
8. Compare with a low-cost REIT index fund. If the private option cannot say why it should beat that after fees, it probably will not.

Our general version of this checklist, with examples of what each warning sign has looked like in practice, is eight red flags in platform filings.

What we could not verify

• Fundrise tendered amounts. Neither the N-CSR nor the N-CSRS states how many shares were tendered in any quarterly offer, so whether anyone was prorated is unknown.
• Which Fundrise vehicles a new $5,000 account buys today. That depends on the plan chosen in the app; the filings do not say, and we did not open an account.
• Fundrise account-level fees. The 1.78% and 2.04% figures are fund expenses from its filings. Any separate platform advisory fee would be set in the Fundrise account agreement, which we did not read for this page.
• Arrived's $100 minimum for single-home series. It is on Arrived's platform, not in the Arrived Homes 5 circular.
• Arrived's series count in September. We counted 150 paying series in the September 23, 2026 declaration; the 241 total is from our August count and may have changed.
• FISYN's current holdings, distributions and cash. No financial report after June 30, 2025 has been filed. The overdue Form 1-K would answer all three.
• FISYN's advertised 31.3% and 29.25% returns. Not in any filing.

FAQ

Related coverage

• FISYN Fund II review: the full filing read, including the related-party land purchases and the side-letter clause.
• Fundrise's September 2026 repurchase offer: the quarterly exit in detail, and the disclosure that is missing.
• Arrived NAV and dividend dataset: twelve months of per-house NAVs and dividends.
• Best platforms for non-accredited investors: other options that accept investors without accreditation.
• Real estate crowdfunding for beginners: how the category works before you pick a platform.

Last updated: September 27, 2026.