Goldman Sachs Exec Takes $150K Pay Cut for Real Estate Startup

At 29, Alex Blackwood made a bold decision that surprised his colleagues: he walked away from a $250,000 annual salary at Goldman Sachs to co-found mogul, a fractional real estate investment startup. Despite taking a $150,000 pay cut, Blackwood, now CEO, insists the career pivot was the right choice, prioritizing personal fulfillment over financial security.

Building a Real Estate Investment Platform

Blackwood launched mogul in September 2022 with fellow Goldman Sachs alum Joey Gumataotao. The platform allows investors to purchase shares in single-family homes and receive monthly dividends based on their ownership stake, with a minimum investment of just $250. The startup has already attracted over 13,000 investors and manages $40 million in assets. The company generates revenue through a 5% onboarding fee and 2.5% rental income commission.

Strategic Growth and Ambitious Vision

Since its launch, mogul has secured approximately $8 million in funding across multiple rounds, including backing from prominent venture capitalist Tim Draper. The startup is projected to generate $3 million to $4 million in revenue by year-end, representing fourfold growth year-over-year. Blackwood’s unconventional marketing tactics—including distributing 400 postcards to apartment building residents that nearly got him evicted—have proven surprisingly effective, driving significant user acquisition.

Despite working the same demanding 100-hour weeks he logged at Goldman Sachs, Blackwood remains convinced of his decision. His ambitious vision extends beyond current success: he aims to build mogul into a company “bigger than Amazon.” This mindset encapsulates why, for many startup founders, the potential to build something transformative outweighs the immediate financial trade-offs of leaving established careers.