Not a scam, just bad at RE investing.
Fundrise is a legitimate company, not a scam. But after 4 years of parking thousands of dollars with the company, my net return is -0.3%. So literally I would have been better putting cash in my mattress or leaving it in my 0% interest checking account. I did a comparison, and my returns with a traditional REIT would have been almost 26%. I'm dumbfounded that a company with such slick marketing and such lofty rhetoric could underperform so wildly. The worst part is that now that I've finally decided to close my account and redeem my cash, they estimate I'll lose another 10% in order to redeem. By the way, this redemption will happen in more than 90 days, and they're just going to keep my money until then. So my $5,000 investment will be more like $4,400 after 4.5 full years. I 1,000% would not recommend investing with them. Just put your money in a traditional REIT instead.